A few years ago, when we moved to Lekki. I was jobless. Jobless because I had to stop what I was doing due to the long distance from my home to the workplace. It was not something painful because it was also close to the time the business folded up. But something really troubled me as at that time and that was how I was going to cope with idleness – sleeping and waking without having some work to go to or being engaged.
I began to reminisce over the popular saying that ‘an idle man is the devil’s workshop’ like it was a memory verse. Days went by, even months with all the connections I had, I couldn’t get a job I could manage for a start at my new location. But I’ve always known from the start that I was business-oriented. So I started conducting research on businesses.
How I could start one while I was at home, was how I discovered the wealth in the leather belt industry in Nigeria. Today, looking back at those days, I thank God for the joblessness that came my way then because it was through that joblessness I started this blog in 2016 through a sub-domain.
Aside from the massive income I could make from selling leather belts in Nigeria and the creation of the blog TheInfoWorth, my eyes were also opened to many other business opportunities. Many of which I could have started if I had the funds – capital. ‘Sometimes having the capital to turn your business ideas into live businesses is very important, even more, important than the business idea‘.
If I had just 2 Million naira stocked somewhere for me at that time, maybe, just maybe I’d have been a millionaire now. Which brings me to another point. ‘Having your capital already makes your startups faster’. The amazing thing about this is that I once thought of starting a MEN ACCESSORY BUSINESS but I was lazy about it then due to the little salary I was collecting then but joblessness opened my eyes.
So when I was ready I did not only go into the sales of leather belts but also went into the sales of cufflinks, bowties, ties, and so on. So today I want to teach you how to start a leather belt business in Nigeria with a little sum of money (20K or more), and yield massive profits. And hopefully, take it to the next level like having a big shop where you sell belts and other men’s accessories in Nigeria.
If you would really like to learn this, keep reading. We all know no man goes out without a belt on his waist. Whether the trouser is fitted or not, dressing is incomplete without a belt. I remember 2 occasions I went out without a belt on my waist. I basically felt empty for the majority of the day despite the fact that my trousers were perfectly fitted on my waist.
Capital Needed to Start Leather Belts Business
I remember back then after doing my market survey I started my belt business with just 20K and if I had continued the business it might have grown to #150,000 by now or more but unfortunately, I stopped and before I knew it I spent both my profit and capital in a short time.
Is Belt Business Profitable
One of the biggest problems in Nigeria is the ability to get an original product among lots of fakes. It took me a long time before I could finally differentiate between an original leather belt from a synthetic leather belt. This is because the Nigerian market is flooded with synthetic leather belts. Aside from this, the synthetic leather looks too much like Genuine leather belts.
This is why most buyers are swindled with their money. I remember one time my friend told me he bought a waist leather belt for 8,000 naira. And said it was the best belt he had bought in his lifetime. I shocked him when I told him the belt he bought was actually synthetic. The belt he bought was not supposed to be more than 1,500 naira if he was able to spot the difference.
My friend almost shed tears that day because he had lost about 6,500 naira to negligence. That’s life! So, buyers – men like you will be willing to buy and beg you to sell your belts to them if they are sure you’re selling premium leather. Another reason people are ready to buy original leather belts from you despite your selling double the price is they know it will last them for a long time.
My first leather belt is 12 years old and counting. Yes, that’s how long they can last.
How to Start a Belts Business in Nigeria
Here is the step-by-step guide on how to start buying and selling belts in Nigeria.
1. Get the Capital Needed
Many business gurus usually say raising capital is not a problem but I strongly disagree. Raising capital is always a problem if you are just starting out (first business) especially if it’s a business that requires huge capital but thanks God; this business just needs at least 20,000 naira for a start. When I was starting mine, it was my mum who assisted me with the capital I used.
I was very broke, so broke I couldn’t raise 10,000 naira on my own. If you are someone who is already working and wants to use this belt business as a side hustle, it will be easy for you to source funds. But if you’re not working and you’re broke, you’ll need to source your funds preferably from family – someone that believes in you. After getting your capital.
The next is to places where you can get your belts retail. Read our article on how to get funding for your business in Nigeria for more details on how to get capital.
2. Where to Buy Your Belts in Bulk
There are so many places in Nigeria to get your belts in bulk for resale depending on your location or area. If you’re somewhere in the east, I will suggest you go to any wholesale market around you – same also for the west but all stock comes from Aba market in Abia State. The most important thing as I said earlier is to be able to recognize the original from the fake.
Here in Lagos, I buy my belts from the popular Eko market. This choice should be for you also if you live in Lagos and its environs. There are major 2 types of belts in the belt industry. We have the formal belts used for formal occasions that demand you wear suits and the abstract used for informal outings that demand jeans and shirts or natives.
If you can’t sport the difference between these 2 types do not worry, as time goes by you will be able to. But just an eye-opener here is formal belts are usually smooth while informal or abstract belts have rough designs. Be on the lookout. Depending on the seller you should be able to buy at least 16 leather belts but I will advise buying more formal belts than the informal ones as people buy them more.
I buy my belts from Oliver in Eko market because; he also has some bonus benefits. In fact, he has been my customer since 2016.
3. Get the Cost Price of Each Belt
This is very important if you do not want to make a loss from your belt business. Try to know the price each belt costs so you can know how much you will them. I, for example, sell a belt for 3000 or 4000 if I bought the belt for 2,000. The profit I get depends on my selling power. I have even sold some belts of that same cost price for 5,000 naira each. So know the cost and decide how much you will sell them.
4. Repackage the Belts for Selling
Packaging is the real deal. Some professionals call it branding but I call it packaging because branding is expensive. This article would not have been complete if I did not add this part. People are attracted by the way production companies package their products so yours should not be different. I am not saying you should buy cartoons for the repackaging of your belts.
NO! I did not do that. All I did is roll them in a circle shape and add my price tag to it. Still looking for the pictures When I get them I’ll add them to the article.
5. Marketing your Belts
We all know it’s impossible to sell without letting (informing) people know about what you’re selling. Humans are not telepathic or psychics they can’t know what you sell without you opening your mouth to tell them. So; introduce people to your new-found business. My best advice here is to start with family and friends. If what you sell to them is good, they’ll definitely introduce your good to their friends, and the circle keeps going.
6. Sell on Jiji, Konga and Jumia
One of the best ways to sell your product fast is to inform people mainly your friends on social media but aside from social media, you can also customers/buyers on Jiji for free. You do not need to pay any registration or hidden fee there, unlike Jumia or Konga. But you will need to add that anyone purchasing will also be paying for the delivery fee separately.
With that, you can maximize your profit without losing anything in return. That’s the end of this article. Did I miss anything? Please let me know. Or do you have where you buy your belts at cheaper prices? Let us know in the comments. Thanks!
That’s all in this article. As usual, let me know if I missed any part of this article. Also, let me know if there are topics you want me to write about on the blog or talk about on our YouTube Channel or maybe our podcast.