The leather belt business has a lot of profits and benefits if you know your way around the business. This article is centered on explaining how to start leather belt business in Nigeria with just a measure amount of money. At the end of the day, you end up earning and accumulating a huge amount of profit.
The main problem in Nigeria with getting a belt is that it is difficult to differentiate a fake leather belt from an original one. The market is filled with synthetic leather belts and it looks real and genuine.
Starting a profitable leather belt business doesn’t require a special skill. You must be creative, interested in branding and promotion as well as have the business skills that’ll help you thrive in this field.
Steps to Start Leather Belt Business in Nigeria
We previously wrote about How to start a bag-making business, The following entails the necessary steps before you start this business.
Go Through Training
To successfully Start Leather Belt Business you need training not because you need a certification but because it enables you to start your leather belt manufacturing business. This training program will enable you to know about business planning, branding, marketing, Designing, etc.
It allows you to mingle with people who are versed in this field and learn from their experiences. This also allows you to build a solid relationship with other manufacturers.
Get Your Capital
Like most businesses, capital is a very important instrument in starting out. However, this business isn’t like other businesses that require huge capital input. To Start Leather Belt Business, you can start with as low as N20,000, you can start the leather belt business. If you choose to start on a small scale, then you don’t have to worry about having huge capital.
The quoted amount above is to Start Leather Belt Business on a small scale, to start on a large scale you will require more capital.
Prepare a Business Plan
A business plan is ideal and important for all types of businesses, leather business inclusive. This plan ensures the success and smooth running of your belt business.
You can consult professionals to help you draft a business plan if you aren’t versed enough in writing it.
Find Places to Buy Your Belt in Bulk
Depending on your location, there are numerous places to get your belt in bulk. You should go to a wholesale market to get your leather belt in bulk. The important thing is to be able to recognize an original product. You can get leather belts in the east at Aba Market in Abia state and in the South-west at Eko Market, Lagos state.
There are two different types of belts which are the formal belt and informal belt. The formal belts are used for a suit while the informal belts are used for informal outings where you need to wear jeans and a shirt or native. The formal belts are smooth while the informal ones are quite rough.
Branding entails choosing a suitable name for your leather belt business. You should choose a that matches what you do because branding goes a long way in creating a perspective in the minds of your prospective buyers.
Choose a name and logo that best communicate how you want people to perceive you. After creating a suitable name for your business, you should hire a graphics designer to create a logo that follows the trends of society.
Choose a Befitting Location
Location matters in any business endeavor. Choose a suitable location that makes you closer to your target audience. A populated environment with little or no competition will make you accessible to people that need your services.
Location is usually affected by the demand for such commodities, the purchasing power of the residents of that location, the number of leather belt manufacturing businesses in the area, the laws regulating the area, etc. Up
Location is important because it determines the success or otherwise of your leather belt business.
Register Your Business
You can register your business name with the corporate affairs commission. If you intend to start your leather belt business on a large scale, you’ll need to get your license or certificate to begin work.
Choose a Pricing System
Learning how to Start Leather Belt Business is to make a profit right? Learning to fix a befitting price for your products is therefore important. It helps you to prevent loss and make you receive money with respect to your efforts.
Marketing is also an integral part of a business. You should continuously create brand awareness and promotion so as to retain your current customers and accumulate prospective customers. Be proactive in marketing your product.
You can start with your friends and families. When you sell quality to them, they’ll introduce you to more people in your circle and you eventually enjoy the rapid profit.
Challenges You’re Likely To Experience in Belt Manufacturing Business
You might encounter the following challenges trying to Start Leather Belt Business:
- Finance: it really costs a huge money to produce quality belts. If you don’t have enough finance, this might probe a problem in producing quality.
- Competition: without competition, no business will grow so the competition in the leather belt business is quite tough. If you want to move beyond your peers or other belt manufacturing companies, you’ll need to never stop developing your creativity.
Having learned about how to start a leather belt business in Nigeria, then you should adopt the best practices in this industry. It is really possible to have a successful business if you follow all these tips.