There are many service businesses one can start with
little or no capital even from home and one of such businesses is Tailoring. The
good thing about this business is that you could start with just one sewing
machine from your bedroom and within months be handling jobs worth hundreds of
thousands of naira depending on how well you prove yourself.
The business typically involves taking customers
measurements and their requirements and sewing to type. The potential in the
business is vast but is only for the skilled and patient.
NB: Your skills and expertise should be your greatest
asset in this business and excellent rapport with customers else you could be
frustrated and be forced to make an early exit.
Opportunities
There are many companies and institutions that need to
have uniforms produced in bulk to be worn by their staff or members. Think about
churches, hotels, security guards companies, para-military institutions,
factories and hospitals to mention a few. Think of just how much contracts you
could potentially secure if say you’re contacted to sew uniforms for a primary
school with 1000 pupils or a security guards company that needs 300 uniforms
and there thousands of companies like that all over the country.
Besides this there’s also customized tailoring in which a
client wants his/her clothes sewn to their own tastes and specifications. For this
class of customers the price is premium and majority of people who fall into
this category are celebrities and upwardly mobile, trendy and socially active
folks who would rather rock expensive designer wares than buy common clothing.
Challenges
Tailoring is quite a challenging vocation to undertake as
there are so many people doing it with profit margin not so attractive but that
is if you are like every other tailor. The key to standing out and making a
brand that puts good cash in your pocket is excellence and efficiency. Can you
despite the challenges be an excellent and efficient tailoring service? One of
the key challenges is low purchasing power within the economy. People and even
companies complain of cash squeeze which makes it difficult for them to pay for
goods and services at premium prices so they’ll rather patronize someone else
who can offer them a lesser charge that could negatively affect your bottom line.
Besides the cash squeeze could also result in low patronage.
Marketing Strategy
Reaching your target market shouldn’t be a challenge once
you become a household name therefore the real strategy would be how to make
yourself well known within your niche. There are many ways to achieve this for
instance effective customer service, excellent branding, referrals and direct
marketing to clients.
Financial Summary
Industrial Sewing Machine: N80,000
Accessories (scissors, tape, threads etc): 10,000
Shop Space: N120,000
Furniture: N15,000
Others: N50,000
Total: N275,000
Do you need to
have a professionally written business plan? Contact me to write one for you:
0803 206 4106
