Opening A Gift Shop

Success of such a venture will depend largely on the location - closest to the larger hotels, and tourist areas will be great for business. Remember, tourists WILL buy things the average native will regard as junk. It has novelty value for visitors.

I'm not sure what other similar shops are within the area you wish to base your business in, but it would matter little. Again, tourists are not likely to travel any great distance to get what they see as a bargain, so, a longer established shop say, 5 miles away is not likely to be a threat to your enterprise. Prices are a major factor though - African tourists MAY haggle, whilst the average European / American / Australian MAY just pay the asking price.

These are just the basics - you'll need to get sound advice from someone who knows the area / business better. You'll definitely need a business plan of sorts, and you'll need to work out where your stock'll come from, and what your mark up is likely to be.

Good luck, and stay safe.

u showing signs of mid life crisis,  hold on

i think u should take it real slow.until u are sure it is a better option i don't think u should quit your job.
a bird in hand is alwaya worth 2 in the bush.
next step,do a market survey be sure that the capital is there and that u wont start depending on your
profit immediately.in business,it is important that you ascertain your profit most times.
it also has to be located at a strategic position.
my aunt owns a giftshop close to some halls and gardens used for weddings almost every w/end
so her business is pretty lucrative.when i look at her i want to own a gift shop but location again.note also that location must affect the target audience.these r the things i think majorly ve to be put into consideration.

Nifex,

Nice one, congrats for taking this initiative, but remember that the beginner is not praised, its the finisher who is praised. Our end shall be greater than our beginnings!

Let me start by first saying, do not quit your job, thankfully u seem to be in naija where labour is somewhat cheap. I will start it as a hobby/ extra income / side kick etc business.

Secondly, what do u like, when u say gift shop, (its pretty huge) take a look at stop center in opebi. start small, finish big, start from something not only tourist would benefit from, but most importantly locals. remember that tourism has its season.

Start looking for where to source your products, u want something cheap (remember the average cost of living in naija), but u also don't want junk (ask God for wisodm here). You want things that would ultimately not tie your money down.

Also look at ways of getting to companies to offer gifts for their clients etc.

You have to do a LOT of research and be very confident. because its not going to be easy. Try not to compromise, remember that ultimately, if u compromise, u will loose good customers and keep trash.

Example, an aunt sells undies in naija - i thot they were expensive, but she said to me, i only want to attract ladies who know what it takes to wear a good bra. she is still in business and waxing stronger. Only people with ego for hand they branch her corner and they come in flocks.

So u will need to be able to make good judgements and I will not compromise.

You have to think about your location, it will determine alot, especially in naija where u could be stock in hold up for 4hrs, u may come up with an internet solution to that and also delivery - then think about how u want to collect money from internet customers and how to deliver their goods securely. also gaining the trust of people to use your website.

You have to be prepared to work like u have never before for next to nothing in the 1st 2years, yes! its harsh but its the truth. u will be working 2 jobs, getting paid for one and the one will ultimately be draining your brain, time, sleep, energy,  money etc.

Do you have kids /  u married? You may want to start considering all these factors if you're, who will look after your kids, how will u get quality time with your family / friends?

Ultimately, when this gets going u will be very disciplined, time focus etc or u may loose out.

Its a nice idea and could be a nice break through if u think about it properly.

Have u thot about partnership? There a quiet a few naijas in diaspora here (this is what this forum shld be about instead of the ajegunle war they have started 

Speak with a few of them, i am currently in a similar partnership with a friend in naija, it wasnt easy and i had a few burnt attempts but God made a way finally, but i kept trying o!

Wish u all the best.

Thanks

nifex,
i think you have to settle down and think about this project properly and i think you have to
put these points into consideration:

1 think about what you think you enjoying doing ,don't just jump into any type of  business

2 get a good location i mean accessible location with a good network of people
preferably working class people.

3 Before u do anything you have to put into consideration your initiial capital i.e
available funds.

for the type of products you intend to sell that will match your capital

5 manpower and finally the accounting software to use e.g daceasy etc

6 be brave because it is a major task u are about to embark on
you could send a mail to me for more information.

Good luck

kamali i beg i no go mind that your software oh
u can contact me on bimbliss@yahoo.com
thanks
want to start my tailoring business toowith other sales outlet such as jewelry store, fabric store shoe and bag store and a salon incuded

@nifex
yes the location is very key. You need a place that is vibrant -and not isolated.
I suggest you keep an eye out for shop openings.
Wish you all the best !

Hi poster,

u've already gotten great advice from everyone that's posted. Nice work yáll'.
Just wanted to add this. You nid to have a vision for your shop. If it's only about making money it will just end up as one of the shops we just see by the side of the road all over Lagos and other big cities.

You need to be able to see the end from the beginning. Meaning you can start small but you know how big you have to get and that's what drives you to achieve even more and more with the shop. You also need to identify what makes your shop different from other stores (is it your products, customer experience, size, range, what exactly differentiates u?) so you know and promote the store's Unique Selling Point. Most Naija organisations can't do this and that's why most of em don't last more than a few years before folding up.

But all said and done if you can identify how your shop is going to be special and you're sure this is what you really want to do then GO FOR IT!

I can help out with acquisition of quality stock like the ones below. (If that's the sort of thing you're after)

You can also sell things like kettles, irons, deep fat fryer, rice cooker, small household appliances. These are things that will sell all year round.

To your success.