My plans to make a profit this year Contest Entry by @swaylee

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Good morning everyone and welcome to my blog. Today I would be partaking in my first contest since becoming a verified member of the community. I saw the need to keep up the number of active posters and the topic of the contest caught my eye. I immediately picked it up because I have plans already and this is a way of sharing my plans with the community.

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As you all know, I am still a student and I don't necessarily have a business at the moment but I've been making plans and gathering experience to better my future business venture. I have thought of a reasonable amount of business ideas like selling nice shoes but those would be really expensive. I thought selling locally made oil perfumes but I realized that Nigerians and many other African countries prefer to buy foreign products as they are believed to be more trusted and standard. I also calculated the cost of mixing chemicals to make nice scents and the cost of beautiful bottles for the perfumes to have a really nice packaging. My profit would be so little so I thought up a third idea.

My business will be based in Nigeria and from my study of the Nigerian market, clothes sell for a really high price depending on what is trending and the looks of the clothes. So in this contest I would be making use of buying and selling of men's clothing.

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How I Can Ramp Up my Profit in this Business Venture

Clothing like other businesses can be delicate and if the right procedures are not taken, one would end up making numerous losses or not selling up to ¼ of their stock of clothing. Now I have put in 4 major ways to increase my profit this year and the years to come and these methods are aimed at creating awareness, creating a name, playing it smart, increased sales and following the trend.

1. Taking advantage of the cost difference amongst countries.

Over here people exploit their customers to a fault. One would buy bulk of clothes worth $2000 in the US or Turkey and come to Nigeria to double or even triple the money. Depending on the quality and beauty of the clothes added with the persuasive ability of the seller, they can sell off each cloth with over 250%. I plan to do something similar but in a favourable way. I would copy the same thing but my prices would be far more discounted and affordable. Now imagine something you bought for $78 in store A then you see the same thing in my store for $55 when we both bought it abroad for $27. This would go a long way to boost my sales whilst still retaining my 200% profit.

2. Promotion and Advertising!!!

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The importance of advertising can't be over emphasized. I know how many things I've bought because of ads. I plan on making a really attractive advert and publishing it on Church bulletins, flyers, other print media and as time goes on I would further expand my Target audience. There are business men and women whose business thrives from Facebook and Whatsapp advertisements. I can also advertise my business in this community. In the adverts, I would do well to mention that they are foreign clothes and the discount allocated to each wear. People especially here in Nigeria they tend to favour foreign products as they see locally made products as substandard.

3. Discounts

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I've already talked at length about this. Discounts promote bulk buying which inturn increases turnover. Let me use Jumia for instance, their advertising and discount is off the charts. From time to time, they give higher discounts based on the season/period for instance black Friday. They also offer sales to any part of Nigeria with a little fee if you want a door delivery.

4. Location of Target Audience

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Another great way to improve sales/profit is to place the business in the best place possible. I can't go to to an all girl school to sell male wears and vice versa so as a wise business man you would situate yourself in a place where guys can buy as much as they want and girls can come to buy for their male friends. When it comes to the kind of clothes I plan on selling, my Target audience would be the youths both those in high school and college so I would want my business to be in the midst of these two classes.
I might include delivery when a customer buys one of the products I advertise to standout more from the rest of the market.

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As Entrepreneurs, we have to consider alot before venturing into a business and this would include how we better the business in the long run. Businesses are to be treated as indefinite and expected to last for a long time. If you want yours to do the same, you have to plan ahead and be atleast a step ahead of your competitors.

I would like to invite @hazmat, @jueco and @sonia440 to join me in this contest.

[10% post payout to @businessactivity]

Post Name:	My plans to make a profit this year Contest Entry by @swaylee
Owner's name :	@swaylee
Business Address	Barnawa, Kaduna, Nigeria
About us	Link

Cc. @nane15 and steemcurator05