1.
The
Idea
A
good number of Nigerians, both males and more recently females use boxer
shorts. An exact figure may not be readily available but it is very plausible
that this number of boxer shorts users, are big enough for market
consideration.
Just
recently I came across a post on Nairaland.com by DKConcept, about starting a
Boxer Shorts Business with just 5,000 naira. The Author went on to explain how
the new Business man can travel to Aba or Onitsha in Nigeria, to buy
already-made Boxer shorts for 200 naira a piece, package 3 pieces in a Nylon
pack and sell the three (3) for 1000 naira. Thus making a profit of 350 naira on each pack of 3 (1000 naira) sold,
i.e. Removing about 50 naira for the packaging (Nylon & Label). You could
read more on this following the link at the end of the article.
N/B:
Travel cost (to & from Market) would also affect the profit margin (travel
cost could be spread on all items sold).
Today’s
startup Idea is to encourage more people more people to look into starting
their own Boxers shorts Businesses. You could go to the Market or wherever you
can get the materials (Cotton, bed sheet materials, Elastic bands etc.) instead
of buying already made boxers shorts. You would then meet your own tailor to
make your own boxer shorts as you desire.
This
might seem cheaper and could offer more in terms of profit margins but
remember, you would need to pay your tailor, which is a new cost to put into
financial considerations.
Idea Summary
1. Go
to market (Wherever you can get the right materials at the right cost)
2. Buy
the Nylons and other packaging related materials
3. Give
materials to your tailor to sew as desired
4. Package
and label your product (3 or 4 boxer shorts in one pack)
5.
Sell! Sell!! and Sell!!!
The
above summary is for those who would want to sew for themselves instead of
getting already made boxer shorts from the market.
2.
The Business
- Value Proposition: Comfort and freedom provided by the boxer shorts when worn by the Customers.
- Customer Segment: Males and females everywhere, Students, Youth Corpers, etc.
- Distribution Channels: Retail stores, other departmental stores, Schools and University Campuses, Online Media outlets (Social media – Instagram, FB, Twitter, etc), Website, Distribution Depot, Dedicated phone line, Sales team.
- Customer Relationship: Direct and Mass
- Key Activities: Selling, Negotiating, Packaging, Sewing, Logistics, Accounting, Customer service delivery,etc.
- Key Resources: Work related equipments (Sewing Machines, sealing machines, label printers, phone lines), Work force (Technical and non-technical staffs), delivery team and customer service support, etc.
- Key Partners: Retailers, Traders association, Relevant government regulatory agency
- Cost Structure: Transport cost to market, Initial materials purchase, tailoring charges, publicity and marketing, Salary and Wage bill, registrations and other necessary documentations
- Revenue Stream: Boxer short sales
3.
Competition
There
are already boxer shorts out there that would compete against any new entrant
into the market. You would have to do something different to standout. You may
get celebrities or influencers as models to endorse your new product.
Remember
people may have cheaper alternatives so you would need to do as much as you can
to prove to and convince your prospective customers to buy from you.
Distinguish
your product so you can attract and sell to distinguished Customers. Most of
the work to win this would be in the quality of finishing and packaging.
Tip: Take your product to meet the customers (One
distribution location to another, campuses etc.), don’t wait for them in
stores.
4.
Risks
As
with every business out there, so it is with this. You could lose your
customers if you buy inferior quality materials from the market. Do not be
tempted to cut corners all because you are trying to save cost and increase
profit margin.
Summary
You
can start your own boxer shorts business today.
Go through this article again, do as much independent research as you
possibly can, then get on with it.
Thanks
for following this series.
Links
Till
next week, stay inspired.
ARTICLE
BY MR EBIS
Follow
Mr. Ebis on twitter @mrebis
or
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business idea to share with us or want to advertise with us? CONTACT
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