The major selling point
of fashion design schools is that they can create a large number of entrepreneurs
and ease off unemployment as Tailoring
and Fashion design business is one of the lucrative businesses in Nigeria
that require minimal startup capital. It is based on this, that highly experienced
and skilled fashion designers can setup schools and academies to train
interested persons on how to become skilled clothiers and fashion designers.
The Business Opportunity for Fashion Design Training
in Nigeria
There is a huge market
for fashion design training in Nigeria. A lot of young women who are tired of
job hunting find that learning a fashion based skill can help them make money
for themselves, earn respect from their peers and make them self-reliant. The men
are not left out. Some men actually take time to learn fashion design
specializing in mostly men’s clothing. Besides job seekers even people with
regular jobs but in need of backup plan in case of unemployment also embark on
vocational training in fashion design. So the market pool is quite large and is
not restricted to just a few cities in Nigeria as even in the semi-urban towns,
people acquaint themselves as apprentices with “tailors” to learn sewing.
The Potential Market Size of Fashion Design Training
in Nigeria
|
Course
Duration |
Number
of People Nationwide |
Average
Training fee (NGN) |
|
3 months |
60,000+ |
50,000 |
|
6 months |
90,000+ |
90,000 |
|
12 months |
40,000+ |
120,000 |
Based on this estimate, fashion schools in Nigeria
can cumulatively pool over 15 billion naira annually
If we are to estimate
the market size of people interested in learning fashion design in Nigeria and
how much they are willing to pay we should be looking at 190,000 people potentially
willing to spend between 50,000 and 120,000 naira to learn fashion designing
for 3 months to 12 months period. Most of these trainees would be looking for informal
arrangements but they could be convinced to try out more reliable formal
training.
|
Reasons why fashion design training is very popular in
Nigeria
|
Another opportunity that will help fashion schools grow in Nigeria is the use of social media and search engine marketing to promote training courses online. The use of digital marketing for Nigeria businesses is not only affordable but is becoming very effective for small businesses on a budget. A new fashion school should prepare itself to exploit these opportunities to grow.
The fact that entry
requirements into setting up or running a fashion school in Nigeria is not too
strident also means that people who have advanced skills in fashion design
business are not only eligible to set one up but they can partner with people
who have the money to setup a fashion design school that will offer better
structured and formal trainings leading to the growth of the fashion design
industry and creating wealth and new business opportunities as well.
But while a fashion
school should primarily teach technical skills needed for garment making,
styling and other relevant skills, there is the managerial and marketing aspect
that also deserves attention. The reality most fashion schools in Nigeria don’t
do this which creates a gap in this market. People should not only learn how
sew and design, but also run their businesses and find ways of selling them. A
lot of people will patronize a fashion design school with a good course outline
and training methods that will make them highly skilled and relevant. The business
therefore is very easy to market.
Challenges of Starting and Running a Fashion School
in Nigeria
Starting a fashion
school in Nigeria isn’t the main problem, keeping it afloat is the main problem
but even more pertinent making it profitable. Among numerous challenges the
following are briefly highlighted as factors that slow the growth or hamper
smooth running of fashion design schools in Nigeria.
- Stiff competition from many fashion design schools and academies both formal and informal
- Financing and growth is a major challenge for operators who want to expand and acquire new machines and equipment
- Developing a world class curriculum and syllabus can be tricky without affiliation to any major University or institute
- Difficulty in capturing the middle class market who can afford more advanced course fees
- Alternative online courses from overseas based professionals provide prospects with less expensive and even better perceived options for fashion design
How much is required to start a fashion school in
Nigeria?
If
you already have a fashion design business then you can already start an
informal fashion design school and slowly grow it. On the other hand if you
want to run a business that thrives on fees from enrollments alongside running
a fashion design business then this breakdown is just a sample.
|
Startup Costs in Naira |
|
|
6 Industrial Sewing
Machines |
900,000 |
|
Office Furniture and
supplies |
250,000 |
|
Contingency |
650,000 |
|
Other machines |
200,000 |
|
Cash at hand |
400,000 |
|
6 months salaries |
300,000 |
|
Rent (shop space
measuring 20 by 20m) |
600,000 |
|
Marketing |
300,000 |
|
Total |
3,600,000 |
This financial
projection is based on the assumption that the average training fee for this
sample is 150,000 naira and the total number of enrollments for the school is 40.
The operating costs is relatively low and the return on investment is high.
|
First year financial
projections |
|
|
Gross sales |
6,000,000 |
|
Cost of sales |
1,200,000 |
|
Gross profit |
4,800,000 |
|
Running expenses |
1,920,000 |
|
Profit before tax |
2,880,000 |
|
Taxation |
864,000 |
|
Profit after tax |
2,016,000 |
|
Breakeven month |
7th month |
|
Payback |
Middle of 2nd year
|
|
ROI |
67% (approximate) |
Paul Onwueme is a professional Business Plan writer since February 2014,
has achieved respectable results with his business plan writing service with
several of his clients securing funding and leaving positive feedback about his
writing service. You can connect with him via phone: 0803 206 4106 or
email: paulonwueme@gmail.com
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