In Nigeria, the revenue generated in the mattress market is projected to reach $0.33 billion by 2024, according to Statista report.
“When considering the total population, per person revenues of $1.43 are expected in Nigeria for the same year. Nigeria’s mattress market is experiencing a surge in demand due to increased urbanization and a growing middle class,” the report states.
Starting a Mattress Business
The first stage in launching a mattress business is to perform a demographic and psychographic analysis of people who sleep on mattresses. Since this group includes people of all ages and genders, the demographic composition for wholesale and retail mattress sales is comprehensive.
“So, if you are thinking of opening your own mattress wholesale and retail business, then you should make your target demographics all encompassing. It should include corporate executives, hospitals, hotels, hostels and every adult in the neighborhood where your mattress wholesale and Retail Company will be located,” a report by Profitable Venture says.
However, it’s crucial to note that certain mattress wholesale and retail businesses may choose to focus mostly on any or all of the following: king-sized, queen-sized, and other mattresses, bedding, and foundations.
Next is to carry out thorough market survey and costing of what is required to rent a store and the amount needed to stock the store with varieties of mattresses from different brands and also the cost to successfully run the business.
“Please note that most of the big and successful mattress wholesale and retail stores around started from the scratch and they were able to build a solid business brand. It takes dedications, hard work and determination to achieve business success,” the report adds.
Other things that must be put in place for a successful mattress business launch, are: “you must choose the most suitable legal entity, choose a catchy business name, discuss with an agent to know the best insurance policies for you, raise the needed startup capital, choose a suitable location for your business, hire employees for your technical and manpower needs, write a marketing plan packed with ideas and strategies, work out a reasonable pricing for your services and products, develop iron-clad competitive strategies to help you win, brainstorm possible ways to retain customers and develop strategies to boost brand awareness, the report by Profitable Venture advised.
Challenges
One of the major challenges one is likely going to face is the presence of established mattress wholesale and retail stores and even mattress manufacturers who are also into retailing via their showroom, the report states, while advising that the only way to avoid this challenge is to create one’s own market. “So also, unfavorable government policies can also hamper the growth of your mattress wholesale and retail business,” it says.
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