As the year winds up, as usual, many folks have laid out their plans for next year. While others are shooting to pick up from the trauma of setbacks. This is normal, Donald Trump said; sometimes by losing a battle, you find a new way to win the war.

In simple terms, if your plans didn’t unfold for the year, own the failure, learn for from it, to better plan for the next year.

Looking at failure from this viewpoint is what we cause you to win, the next battle.

So, what is the most significant element that caused you not to achieve most of your goals, for the year?

I had asked this question, again and again, in each case, the response is the same; lack of finance and time are the usual answers.

The answers are valid, though that you lack something doesn’t hint that you can’t create it. Even, time, we can increase our time through delegation to get things done. Likewise, finance to execute our goals, we get funds through creating other streams of income.

When we create another stream of income, we deepening our resource base, this will make executing our goals that need finance much ease to execute.

In this article, I will explain how you will create another stream of income by starting men’s fashion brand as a side hustle with just 180K and you will double your income.

Why men’s fashion brand?

Men’s fashion is an increasingly growing niche market. In the last few years — the growth of the menswear market has outpaced that of the women’s market and is forecasted to grow by 22.5% by 2020 — totalling around $22.9 billion.

This is likely credited to a cultural shift pioneered by mainstream media, social media and entertainment, this cultural change is making most men, fashion-conscious unlike before.

If you explore Instagram, you will encounter trending men’s fashion influencers’ like hushpuppi “the Gucci guy”, Noble Igwe, Ebuka, etc.

This shift has left a robust market for men’s fashion entrepreneurs. Not just entrepreneurs’ everyone can tap into this opportunity. You might start off selling a handful of formal dress shirt and then expand into accessories, tees, casual, designer apparel, outerwear and more.

How to start:

Although it might seem daunting trying to break into an industry with so many established players — the size of the market leaves a lot of possibilities for cornering specific niches. Men’s fashion is something that half of the population demands in one form or another — so success depends on how well an entrepreneur knows their audience and can deliver products that will resonate to them.

To start just follow these simple five steps:

Define your brand:

This involves coming up with a brand name; a name that is catchy and memorable. Then, develop a brand identity around the name.

The importance of your brand identity is obvious–especially in the world of fashion. Clothing is highly personal because our clothing choices are one way we define our identity–to both ourselves and to the world. As a result, the brands we wear and the labels we display on our clothes become an extension of who we are and how we see ourselves.

Perhaps, position your brand to echo to your targeted market.

Register the brand with CAC

After you have developed your brand identity, next is to protect the name by registering the brand name with Corporate affairs commission, give and take, the cost will not exceed ₦20,000 for a business name registration. While if you opt for incorporation it will exceed, but for a start, the business enterprise is enough.

To complete the business documentation, immediately your business registration certificate is out, proceed to FIRS to get your Tax Identification Number certificate. You will need the certificate to open a corporate bank account.

It will cost you nothing to get this certificate, but if you do not apply for the certificate within 6 months after your business registration is out.

If it exceeds the grace period, they will require you to pay ₦10,000 penalty fee for doing not the right thing. Or you forget the business certificate and it will become invalid to use to run a business in Nigeria.

Prepare for manufacturing:

Unless you plan to sew every garment you sell, you must consider how your collection will be produced.

The garment production hub or the tailor hub is not just the means to an end–it’s the partner that will help you make your ideas a physical reality. So, making the right choice of clothing garment production is critical.

Well, this is the point we come in, to help maximize your effort.

At DFH (Dresnice Fashion Hub) we work with any client irrespective of the person’s production budget.

Our area of specialization is the production of men’s shirts and boxers, we offer exquisite finishing on a par with shirts made in East Asia.

At DFH we help not only in productions, we offer free production and marketing consultancy and also we provide all the shirt packaging accessories you need to package your products at a giveaway price. These accessories include a custom woven label, size tag, tag string, shirt’s fold cardboard paper, collar support and a plastic bag.

Breakdown of your production cost:

Assuming you want to start with 50 units, which the minimum we can go, you will need the sum of ₦185,800 to start. It takes 3 weeks to run out the production.

Woven label: 2.2 Height by 6.5 widths will cost you ₦20,500 for 1000 pieces. The unit price is ₦20.5

Shirt fold cardboard paper: 100 pieces goes for ₦2,200. The unit price is ₦22

Tag String: 1000 pieces go for ₦3500. Unit price is ₦3.5

Size Tag: 500 pieces in a roll goes for ₦2500 for each size. Unit price is ₦5, while if you are going for three different sizes, you multiply 3 by ₦2500

Brand Tag: 100 pieces go for ₦6500 for a superior grade, the unit price is ₦65

This will peg your packaging fee at ₦116 per unit shirt.

While for the production, we charge ₦1600 per unit, flat price.

The fabric cost will vary depending on where you opt to source for your fabrics, in Lagos, you can get your fabrics at Yaba or Oshodi market, respectively. On average, you will get quality shirt fabric; cotton at ₦1000 per yard, you need two yards to make a long sleeve shirt while you need 1 yard and a half to make a short-sleeve shirt.

In choosing a garment production hub you should plan to interview several factory locations to find the one that is a right fit for your business. Hence it is not mandatory you work with us to profit from this booming business. Remember that you ensure that you maintain healthy profits margins for your business, and manufacturing will be a large percentage of your budget. Getting the best deal from your manufacturer will definitely impact on your profit.

When you reach out to a manufacturer for the first time, they will have questions for you — questions that you should be equipped to answer. If you take the time to establish your budget, understand the production timeline and know your designs inside and out then you’ll be ready for them.

For the profit, I know is question begging for an answer in your mind. The profit margin will vary depending on your brand positioning. Positioning as a premium brand will increase your profit margin if you are selling a unit at ₦7500 or more, but it has its demerit, your volume of sales will not be fantastic.

If you positioned as fast fashion and sell at ₦5,500 you will make ₦1784 as profit, VAT inclusive. Your VAT is ₦89.2, so if you deduct the VAT it leaves you with ₦1695.8.

In this situation, volume sale will be your major concern, if in a month you have two sale cycle at 50 units per cycle, you will make roughly ₦169,580 for the two cycles.

To be continued.

In the next article: how you will create a sale strategy, the best sale channel to leverage and how you will promote your hustle on social media platforms.

Won’t you like to connect with us?

Call: 234–818 (028)-1777 Or Whatsapp: 234-817 (183)-6780

Or E-mail us: Dresniceinfodesk [AT] Gmail [dot] Com

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