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STARTING A FASHION ACADEMY IN NIGERIA | ALL YOU NEED TO KNOW

INTRODUCTION

In the Nigerian economy, there has been an imperative need like never before for various means of economic sustenance for the teeming population. To meet and satisfy this ever increasing need, a vast majority of the populace is engaged in various trades. This has on a large scale impacted positively for the financial empowerment of those involved in them. Fishing, trading, fashion designing, carpentry etc. are among the endless list of the seamless trade possibilities that abound for the lasting benefit of the citizenry
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This article will focus on fashion academy (cloth selling and fashion designing among others) as a business idea. There will be an extensive detailing on the concept of the business, product and service description, expected customers and competitors, competition strategies, among others. Such knowledge will arm a prospective fashion academy owner with an exhaustive idea of the general trade expectations he can have of the business as well as practical measures to work toward making the business productive.

CONCEPT AND NATURE

A fashion academy is an academy that deals with all sort of fashion oriented businesses. In view of the variety obtainable, any individual engaging in this form of business needs to be well informed, having a general knowledge of what is trending in the entertainment industry as well as an understanding of the dressing preferences of those in his immediate environment, their choice of attire and their favorite dressing categories.
To start off the business, a person needs to have at his disposal a wide array of cloths, designing ideas and patience for your customers, must own at least two to three sewing machines some fashion magazines and catalogues as well as a sound system for entertainment with a standby or semi-standby source of power supply.

PRODUCT AND SERVICE DESCRIPTION

PRODUCT

The products on display for sale in a fashion academy basically are cloths shoes, jewelry and bags among other fashion accessories. in periphery, some fashion academies may offer tradition attires of the afore mentioned items.

SERVICES

Asides the actual sales of fashion accessories, a person engaged in this business provides services to customers. Such services range from offering training to upcoming designers and tailors, upcoming models, fashion photographers, makeup artists. They also provide fashion assistance like makeup, sewing of cloths, dressing people for occasions among others. They also take stock of the history and favorites of each customer and offer well-informed suggestions to customers. After a purchase has been made, they let their customers try the cloths or shoes on to be sure it fits. Sometimes, a customer may place orders for a particular choice of cloths or shoes. The seller would then have the responsibility of searching them out and make the order ready as soon as possible.

BUSINESS IDEA/ VALUE PROPOSITION

An attractive business environment must be created. The whole atmosphere must exude multimedia. The choice of materials for the wall décor, the tunes playing up the sound system, the wall paintings as well as the choice of staff outfit must reflect what the store represents. Current fashion designs cloths makeup and shoes posters, magazines and catalogues stimulate interest in the purchase of the cloths shoes and makeup to be acquired. So do well-arranged, sorted and classified array of the fashion accessories especially when the trending ones occupy the conspicuous areas in the store.
In a simple and local setting, the fashion accessories to be sold should be such that have local appeal to a large proportion of the inhabitants.

EXPECTED CUSTOMERS/ COMPETITORS

CUSTOMERS

It is said that cloths defines us. However, note must be taken that individuals have their unique preferences. While young people are more inclined to wearing of tight and skimpy clothes, the older people are inclined to wearing things that a loosely fitted.
COMPETITORS

Competitors always abound in business. The fashion academy is no exception. There are some competitive forces that may seem to act against the business. Some of these may be itinerant cloth, makeup and other fashion accessories vendors, other people who are engaged in the same line of trade etc.

COMPETITIVE STRATEGY

In order to ensure competitive advantage, there must be a wide range and variety of fashion accessories on display for sale. A customer should at the very least be able to distinctively choose a substitute product from the array in an event where the accessory he set out to purchase is not available.

To encourage patronage, customers whose purchases worth a set benchmark and beyond could be rewarded with a free accessories of his choice. There could be sales bonanzas as well as seasonal trade discounts for customers. This is a good incentive that could provide competitive advantage as a few shops offer them. Additionally, free makeup tutorials and sewing tutorials could be made to interested customers.
Home delivery services, free SMS’s and mail alerts on new arrivals, related favorite attires, are sure bet ways to win the heart of customers and pool competitive advantage for the business enterprise. A friendly disposition must be maintained along with a kind tone of voice, proper decorum and respect to customers.

SUSTAINABILITY STRATEGY

In order to keep the business going and to ensure profitability, regular stock must be taken of the business. Inventories must be kept and regular account balances must be done in order to ascertain the number of sales made as well the expenditures incurred. In order to expand the business, loans could be obtained from banks.
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CONCLUSION

Having analyzed in full periphery the business idea of fashion academy its concept and nature along with the trade considerations that have a bearing on the business such as value proposition, competitive strategy, sustainability and others in full perspective, the conclusion is to be reached that this trade idea and concept is both feasible as well as potentially profitable. The full measure of the business and peak performance can be reached if the foregoing considerations are duly applied in the business. This would inevitably result in its general success.

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