How To Start Handbag Making Business in 2022
The handbag is an integral dressing for African women. They use it to complement their dressing. Bag making or bag usage cannot go out of vogue because Nigerian women use it day in day out. In this article, we’ll center our discussion on how to start a handbag making business in Nigeria.
You do not need to go through schooling before you can start a handbag making business. You can learn from a fashion entity, from YouTube, or from blogs that discuss bag making. if you remembered we have previously listed out all Bag Making Materials in Nigeria and Prices, that can get you started. The handbag business is a profitable and lucrative business.
Steps to Start Handbag Making Business
The following steps entail the processes you need to follow in order to start a handbag making business in Nigeria.
Choose the Kind of Handbag You want to Make or Sell
This stage is important because it is equivalent to you carving a niche for yourself. There are varieties of Handbags you can make. You have to choose one and focus on it. Before you choose a fashion handbag you intend to sell or produce, you need to do market research.
The market research involves surfing online and asking people which bag is very much on sale. The bag that people buy most should be your priority. You can choose the luxury style handbag or the usual handbag.
Source For Capital
After devising the bag you intend to make and sell, you should then proceed to source for capital. The capital entails the amount of money you’ll need to start your handbag making business.
The capital amount ranges from N50,000 to N1,000,000 depending on the scale you intend to start from.
Create a Plan for Your Business
It is important to note that no business can thrive without a plan. You should prepare a Business plan that entails what your business needs to strive or grow among other businesses.
You should document your financial expenses, operational and marketing blueprint. You can seek help creating a business plan for professionals who are versed in that field.
Start Producing Your Handbags
If you’re a producer of your handbags, you can proceed to start making them. You make them in varieties of sizes that’ll be appealing to your prospective customers.
If you’re not a maker of handbags, you can then choose to buy from wholesalers, retailers, or other makers. The best thing is for you to make the handbags yourself because you’re entitled to more profit.
Choose a Pricing System
This stage is highly important because it has nails you choose a price for the bags you’ve made or you’re selling. Check other individuals or companies making similar bags as you do and fix your price like they do theirs or get hints in the way they price their goods.
Price your goods in a way that you’ll earn profits from them at the end of the day.
Register Your Business
To make your handbag business legal, you have to register with a corporate body. You can register your business name with the Corporate Affairs Commission. Also, you can register as a sole proprietorship firm.
Create a Website and Sell Online
To sell your product, you can create a website in WordPress. You can also sell in other companies like Shopify, Jiji. ng, etc. You should take advantage of the online marketplace because people are willing to buy from them because they trust their products.
You’ll upload your products to your website and add a photograph for identification. The photographs should be of good quality and you should also include a catching product description.
Also, you can opt for advertising your products on your social media channels. This way, your friends and families get to know what you sell and they introduce you to people who’re interested in your handbags.
Promote Your Products Through Advertising and Branding
To attract people to your handbag making business, you should always advertise your products to prospective customers. Advertising helps your business to thrive because you get to meet prospective customers.
Advertising also helps to keep your present customers loyal. Don’t overlook advertising and branding. Branding also enables people to like your products.
Handbag making business is like other businesses that demand your smartness. You can’t know your way around the business unless you start it. You need to follow this step or procedure one after the other because it helps you to thrive in your handbag making business. Before you go, see also How To Start Leather Belt Business in Nigeria (2022)