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Monday, October 13, 2014

Business Opportunity: Gifts and Souvenir Shop

There is a huge business opportunity in providing bespoke gifts and souvenir items in Nigeria to mostly a middle class population and corporate organisations in Nigeria.

The market is quite huge judging from how much Nigerians are willing to spend to show affection and solidarity with others.

A recent market survey reveals that for parties (birthdays, weddings, gala nights, house warming) and other social events including even corporate events Nigerians spent at least N161 billion in 2013 in 4 states namely; Lagos, FCT, Rivers and Kano not including the rest of Nigeria which potentially spend huge amounts of money on renting event centers/halls, food items, gifts and souvenirs to name a few.

This trend of hosting big budget events is especially a cultural thing in Nigeria with huge economic implications. Entrepreneurs who are serious and willing to work hard can key into this opportunity and make mega bucks for themselves.

The Business Opportunities in Nigerian Social Events
If you’re wondering what some potential business opportunities in this sector might be have;

Gifts and Souvenir packaging
You can package gifts and souvenirs in goody bags which you could sell to event planners and organisers at say N200 profit per bag X number of bags you supply. Do the math, the bigger the event, the more profit.

 Event Centers/hall rentals
Renting halls and Event centers for wedding receptions, seminars, parties, workshops among other events is a potential money spinner. However you need to have a good marketing plan in place else you’d be in for a big merry-go round trip with your investment. But for many halls that charge between N500,000 to over N1,000,000 per day you can only imagine just how much there is to be made assuming you can hold 2 events a week. 

Party planning
Rich playboys won’t mind hiring a party planner just so they can have a party people will talk about for quite some time. Starting with 10% of total budget as your commission you may only need to plan 1 party a month to live large. 

Sale of Aso-ebi (local parlance for family uniforms)
This is especially common for traditional weddings and funerals. You’ll find this opportunity is very common in south western Nigeria but is gradually slipping away into other parts of southern Nigeria. On average a traditional wedding which could have as many as 600 guests who are expected to show support by purchasing Aso-ebi. At say N500 profit per item you could be looking at N300,000 profit per supply.

Food and Drink Supplies
People pay heavily for drinks and food at events sadly many of them go to waste because there event and party planners are often not hired. The reality is that for say an event hosting say 1000 guests food and drink supplies is calculated per guest. So you could charge N1,200 per guest and make as much as N300 per guest as profit.

Want to go into any social event related business and need a professionally written business plan that would guide you to success or need a plan to show investors? Give me a call: 0803 206 4106 and I’ll work you through the process.