Fabric business is a very good and lucrative business, the CEO, Faite Marque Ventures, Abimbola Adepoju-Bonire told LEADERSHIP WEEKEND.
Report from Statista revealed that, revenue in the fashion/fabric business segment is projected to reach $1.70 billion in 2023, adding that, revenue is expected to show an annual growth rate (CAGR 2023-2027) of 10.72 per cent resulting in a projected market volume of $2.56 billion by 2027.
Adepoju-Bonire averred that Nigerians buy clothes, adding that, “they always want to look good at all time. Just the way, people cannot do without food, most Nigerians cannot do without clothes as it is one of the basic necessities of life.
“Despite the hash economic, Nigerians must buy clothes, if they are not doing naming ceremony, they are doing graduation ceremony; if they are not doing graduation, they will be doing wedding and sewing aseobi; if they are not doing wedding, they are doing burial, if they are not doing burial, they are doing photo shoot and church programmes as well.
“It is a profitable business. It is a business that you will do and earn profit at the end of the day. Although it is capital intensive, but at the same time, you will have a good return on investment.”
Nitty-gritty Of Fabric Business
Before one can venture into the business, he or she must have passion for it. “Passion is the first thing that will motivate you into doing the business. You must also be a fashion lover. You must love fashion and love to look good as well. You must also know the latest fabric designs. For instance, I love looking good and it gives me pleasure to see people around me looking good as well. I have passion for fashion. I know when there is the latest fabric in the market, and I keep my customers updated.
“You must also understand the market very well. I stand out in the fabric business in Abuja because I understand the market. You must know the type of fabric that people in different location love. For instance, when I was in Lagos, I sell a lot of lace, because the people in Lagos love lace a lot. However, when I moved to Abuja, I noticed that Abuja people like light fabrics, they like blinks, beaded fabric, embroidery and luxury.
“The first thing I did was to understand the market very well. I then move my business in that direction. It didn’t take me much time before I started having customers.
“Next, is to be innovative. I don’t just sell fabric, I can bead and put stones on clothes, I can do embroidery as well. I can also sew clothes. That makes my fabric cheaper than others,” the CEO revealed.
Starting Fabric Business In Nigeria
Though, fabric business is capital intensive, especially, when one is a wholesaler, Adepoju-Bonire stated, that one can decide to start small.
“Whichever way, you can be rest assured that there is huge profit. I didn’t start my business with big money, I started it 15 years ago with just N3,500. I remembered going to Yaba, to buy chiffon which was sold for N100 per yard. I will then sew them and sell them.
“In the same way, you can start the business with N20,000 and with passion and help of Jehovah, your business is sure to grow. My N3, 500 that I took to yaba, grew to N17,000 within one week, which later grew to about N34,000. I then decided to go to Aba, to buy in bulk. That is how I got to where I am today. So, you must not start with big money. Just have passion for fashion and leave the rest for Jehovah,” Adepoju-Bonire averred.
Challenges
Having access to soft loan is a very big challenge, the CEO, Faite Marque Ventures disclosed, adding that, the economy situation is also affecting fabric business. Adepoju-Bonire averred, “the increase in dollar rate, really affected us. Most of us import fabrics and must dealers request dollars. We do not have access to forex, so some of us resort to black market to buy dollars, which is very expensive, hence the reason why fabrics are so expensive. Sadly, when fabrics are too expensive and the economy is bad people will not buy.”
She however pleaded with the Central Bank of Nigeria (CBN) to grant the fabric industry access to soft loan.
“Government should also formulate policies that can help the economic to grow. Once people have money, they will look for ways to spend it. So I plead with government to make the economic stronger,” Adepoju-Bonire stated.
Advice
“You must have strong passion for fashion. You must have the passion to make people look good. You must be hardworking and be humble, because you will meet customers who don’t have manners. You must be able to accommodate them.
“You must not be selfish. You customer can tell you that they need a fabric at times that may not be favorable to you. Ensure you satisfy them accordingly. Don’t cut corners. I don’t sell fake and I don’t deceive my customers, that is what makes me stand out in Abuja
“Don’t give up. Don’t wait until you have millions of naira. If it is N40,000 that you have, start with it. With God’s help and when you show personal interest in your neighbors and friends, you will excel in the business,” she advised.
