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How To Start Okrika Business In Nigeria And Make Lots Of Money

Discussion in 'General Business' started by serome, Aug 1, 2018.

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  1. serome

    serome Administrator Staff Member

    Hi it's me your loyal guy @serome. Today i decided to create this thread how you can start okrika business in Nigeria easily. So many people have been asking this online, some on facebook, informationhood and other different platforms on the internet. Today i want to share with my proudnairans my little idea how the can start okrika business in Nigeria. You can call it, second hand cloths, okrika, fairly used cloths etc, all of the above fits it.

    How to Start Okrika Business in Nigeria
    okrika bales.jpg
    Do you know that an idea of starting okrika business in Nigeria is a very cool idea and a lucrative one for that matter. You won't understand till you have started it or have seen someone doing it around you. Many people look down this business while some others are making millions and building houses, mansions to say in different area of Nigeria. Well also put in mind that not everyone all business will be lucrative for but but i have seen so many people getting rich from okrika business in Nigeria.


    Before i proceed are you aware that so many Nigerians today are wearing okrika knowingly and unknowingly? uhummm you won't know yet. Let me tell you now, most of the stock boutique you see around the road and streets are mostly been stock with first grade okrika.

    Telling you this won't make any brain let me just go straight the purpose for this post which is how to start okrika business in Nigeria.

    Some of us still don't know what the local name okrika mean. Well okrika is a Nigeria local name given to Used cloths. In other words it can as well be called tokunbo cloths and some areas of Nigeria call it gbogbo cloths. These used cloths are directly from America and Europe. The reason why people go for okrika cloths in Nigeria is because they are more original, direct stuck cloths and shoes. both okrika cloths, shoes and bags in Nigeria sells fast and lucrative. There are places where okrika retailers can buy bale known as in bulk in Nigeria but not everyone knows there, here is where you make the money. though i'm not going to show you only how you can become a wholesaler of okrika but as well how you can as well be retailer and make money incase you don't have enough cash to start the business as bulk seller.

    How to Sell Okrika as wholesaler in Nigeria
    If you have enough cash to start this business then it advisable to start buying in bulk and resell in bulk to retailers direct, it more profitable and as well fast sales. Some people think they need to be importers of okrika cloths, shoes or bags to be able to sell in bale to buyers. Now let me show you how you can start this business without you importing the cloths yourself.

    Okrika is contraband products in Nigeria, this is to say the federal government of Nigeria has ban the importation of okrika into the country, but can this really work? how come we still see okrika everywhere in the market today? oh maybe they are not doing the work proper. Ok have you seen police or customs arresting those buying this cloths? uhuh... was it not police man i saw buying okrika black trouser yesterday? hmm.

    The facts that this is the case the country can't do without it. Back to business, you can buy okrika bale directly from importers and have them sell to retailers. But how?

    Go to direct importers in Nigeria and buy two or three bale and take them to other states and sell to retailers at wholesale price same way you bought from the importers. does this make sense to you. If yes then you are real business oriented person but if no, please close your browser.

    To achieve success as a bulk seller in this business is easy, all that you need to do is go out there os sort for retailers and offer them good price so you supply to them. States like Delta, Anambra, Edo, cities like Abuja, port harcourt and so many in Nigeria are places to go sort for customers. You will make more money from customers who are not in Lagos.

    First grade of okrika cloths are very sharp, neat and looks exactly like new. A bale of okrika cloths directly from importers is cheap. As intended wholesaler you as, you can buy a bale for 30k - 60k and sell it out at 50k - 100k depending on the quality grade. If i should put it clear to you, some of the importers you will be buying from are not the direct importers, they as well buy from importers and sell out in bulk.

    If you are a smart entrepreneur, you can make over 1 million naira profit from this business in a month. You can as well own a boutique and still be doing this business. I know of so many people who make millions weekly from this business.

    How to Start Okrika Business With Small Amount of Money in Nigeria
    Do you have interest in starting okrika business from small and grow big? You are wise to think of this. So many people has as well made it from the stage into big level from starting small. One thing the devil will want to use in convincing you from archiving your aim on this business is shame. Yes i said shame. If you are that type that shame a lot, then forget it because you are not even destined to be rich. Go and look for office or factory job, it's better then. But trust me you will look back to those doing business someday.

    How can i sell okrika? just stay there and watch people get rich from okrika oh. You are not paying me a damn for this post i'm only doing my best to be helpful to youths like me so i don't have any aim of convincing you. i will only tell you the truth that if you can handle this business properly without shame then you can open big business and as well enlarge your okrika business to the highest level by selling in bulk in a very short time. Even me i still wear okrika till date, i'm not ashamed of it. even some governors in Nigeria wear okrika knowingly and unknowingly.

    In a bale of okrika you will find over 500 cloths inside it. The last time i bought okrika cloths, trouser was 1,000 naira and cloths was 800 naira. a bale of okreka is from 30k - 50k in Lagos.

    Analyzing
    Let say you bought first grade of okrika bale for 60,000 naira and find 170 cloths inside it. sorting it, you find 120 quality cloths that worth 1,000 each, and the other 50 that worth at least 500 naira each. Now let's do the calculation together. N1,000 x 120 pcs = N120,000. The N500 x 50 pcs = N25,000. now let's plus both together: N25,000 + N120,000 = 145,000 total. now let's remove our capital from this money and see the profit: N145,000 - N60,000 = N85,000. Wow this is to say you make N85,000 profit for something you can sell within two weeks or less than, which means you will be making N170k monthly.

    Tell me which company or factory will pay you 170k monthly? If you are supplying to shop owners you will be making more sales and more money this is to say you will be making up to 200k naira monthly.

    This is how lucrative okrika business is in Nigeria. Same applies to those selling okrika shoes and bags. come check my wardrobe, i have over 26 pairs of solid leader shoes or different types that you can't even find on new ones here in Nigeria. why won't i when my office is facing them, when they release new bale of shoes i always see the. you need to see how people admire my shoes both in church and any where i go to. i still hope of buying more because they are direct originals produced with best materials you con't find on new shoes anywhere in Nigeria.

    To start this business is not really difficult as you think, there are so many places you can get OK bales in Nigeria, but you must find you way to Lagos if you wish to buy from direct importers or else you buy from semi importers those who travel to buy from Lagos and take them to different states.

    If you wish to buy okrika bale in Lagos then go to Nigerian Shopping Arena in Oshodi Lagos State and proceed straight to the warehouse. I heard there are other places as well where you can buy orkika bale in Lagos. I have heard someone suggesting Alaba international market, Kotangowa market etc. i have as well told you the one i know about. you are free to do more research on your own to find more options.

    This is where i wish to end my thread, if you have question feel free to ask. For those of you who have idea of this business, i urge you to contribute to this. Everyone who have interest in business should join this forum as will share helpful ideas and help each other archive our dreams.

    We Nigeria youths must not remain poor. I hope this thread is helpful?
     
    Last edited: Aug 2, 2018
    Ebuka and Favour like this.
  2. Ada

    Ada Member

    Wow... Wow this is so amazing. I can't thank you enough boss. Please do you have direct contact to any of the dealer in Arena Oshodi ? If yes please send me.
     
    Ebuka likes this.
  3. Angela

    Angela Member

    Please where in Lagos can o get okrika directly from importers and how much can I get women where?
     
    Ebuka likes this.
  4. Favour

    Favour Member

    Thanks for the idea. Please how can I get okrima bale in Edo or Delta state? Another thing, since it's county banned will I be disturbed by customs if doing the business?.
     
    Ebuka likes this.
  5. Evawere

    Evawere Member

    So this people are making this much from this business ehn?. OK let's see bow it goes. Maybe boutique will be a good idea. Thanks my big brother from another. One love Naija entrepreneurs.
     
    Ebuka likes this.
  6. Jeff Naomi

    Jeff Naomi New Member

    Wow..this is my idea business. I have been hoping to get into dis business this month and this write up have given me more hope. Thanks so much
     
    Last edited: Sep 23, 2018
    Ebuka and serome like this.
  7. serome

    serome Administrator Staff Member

    You are welcome dear. If you need more details or any assistant, you can create a thread here on proudnaira or ask your question below. If i may ask, what state do you intend to start this business on?.
     
  8. Ada

    Ada Member

    Can you give us any importer contact details pls.
     
  9. Jeff Naomi

    Jeff Naomi New Member

    Port Harcourt Nigeria
     
  10. Victor

    Victor Member

    Wow this is amazing boss. How can someone who is not in Lagos go a out this business? If someone should come to Lagos for the very first time it will be kind of difficult to locate the mentioned Arena. Is it possible to have their contact
     
  11. franberry

    franberry New Member

    What of used designers bags and shoes and belts please.
     
  12. Sakura123

    Sakura123 New Member

    This is great information. I think it will be useful for those who want to open their business. I have a business for a long time. It brings me a good income. I'm really glad about it. It was hard for me to control everything and manage my business when I started. It was hard for me to handle it. I began to look for a way out of this situation. I decided to try to use the program to monitor and manage the business. I was not mistaken, because I felt better. olap performance and income began to grow!
     
  13. vssmindng

    vssmindng New Member

    Step By Step Guide To Registering a Business Name Or A Company In Nigeria.


    Registering your business is a very important step you must take to bring your business idea into reality.Most people commence business before registration and still do fine, but it is advised that you do this
    at the preliminary stage of your business planning process.

    In this post, i will guide you on the benefits you derive from registering your business and how you can go about it in Nigeria

    Here are the benefits of registering your business:

    It protects your business or trade name: once your business is registered you can be sure that no other individual, company or organization can trade in that name. But if its not registered, someone else can trade with the name and even stop you from using the name if he/she registers it before you!
    It gives your business legal recognition
    It promotes your brand and image.
    It gives your business some form of credibility and seriousness, hence customers are willing and comfortable dealing with you
    It Qualifies you to bid for contract and jobs both in the private and public sectors
    It helps you raise funding for you business from banks, development finance institutions, venture capital, institutional investors and individual fund providers
    It reduces your personal liability in the ordinary course of business: This is associated with the limited liability company model. When a company is registered, it becomes a legal person that can sue and be sued. So your business becomes independent and no one can come against you or your personal properties except when you use
    the company to commit fraud and other things that can make the corporate veil to be lifted
    It is a definite step towards institutionalizing your business

    I can go on and on. The main point here is to note that registering your business is not only legally necessary but also commercially beneficial. For instance, to open a business bank account, you must first present your business registration documents for verification by the bank.

    In Nigeria the organization that is responsible for business registration and regulation, including not-for profits organizations such as churches, mosques and NGOs is the Corporate Affairs Commission which was established by the Companies and Allied Matters Act 1990 as amended.

    Business registration can take either of two forms, viz: Registration of Business Names or Enterprise and the Incorporation of companies.

    The type of registration you need will depend on the structure of your business. Our law recognizes Six forms of business structures, namely:

    A. Sole proprietorship
    B. Partnership
    C. Registered Company.
    D.Unincorporated Associations
    E. Cooperative Society
    F. Incorporated Trustees

    If you are operating as a sole trader or you are operating as partnership with your friend or family member in a loosely or informal way, then you do not need more than the registration of business name or enterprise.

    Let me quickly go into the details…

    Registration of business names or enterprise

    If you are doing business with your real name, the law does not require that you register it, But if you are doing business in any name other than your real names, the law provides that you must register that name with which you operate your business.

    For Example;

    if Okonkwo Adamu operates a mini store in his true name as Okonkwo Adamu, he is not compelled to register such name. But if he operates as Okonkwo Superstores or Taiwo Mart or any other name other than his full name, he must register the name as an enterprise. In this case, the law recognizes him as Okonkwo Adamu trading as Okonkwo Super Stores, etc.

    Registration of business name is easy, requires limited documentation and is cheap. With as little as N10,000, you can get your certificate of registration of business names in few days. Registration of Business Names is covered under Part B of the Companies and Allied Matters Act, 1990.

    Incorporation of Company

    Incorporation of company on the other hand is ideal for more structured businesses and is necessarily required for limited liability companies.
    The limited liability company model is suitable for SME owners that want to properly structure their businesses and have better access to emerging opportunities.

    To some extent, the legal form your business takes will impact on your ability to take advantage of emerging opportunities but an important reason you should be interested in the kind of registration you give to your business is that the law treat each type differently, particularly in areas such as tax, business debts and personal liability. For example, a sole proprietor is liable for the debt of his business up to his personal assets, whereas promoters of a limited liability company
    are not so liable. The liability of the promoters of a limited liability company is limited to the extent of their investment in the company, except in case of a criminal investigation which will now allow the law to lift the corporate veil and hold those promoters personally liable for their actions in the company.

    Today, the Corporate affairs commission has made the registration of businesses and incorporation of company process very easy, by making it possible for people to run the registrations online and by-pass all the stress involved in offline registrations.

    Registration of businesses and incorporation of companies can now be initiated and concluded online through the website of the Corporate Affairs Commission. The CAC accredits professionals for the purposes of relating with the commission on the services they render. Most importantly, the law recognizes three categories of professionals as capable of engaging in company registration and administration business. These include Chartered Secretaries, Lawyers and Chartered Accountants who additionally have to be accredited by the CAC or work in organizations that are so accredited.

    Steps to follow in registering your business name or incorporating your company;

    Step 1- Decide on a Name

    The first step to registering your business is to decide on your business name. In naming your business or company, choose a name that conveys something either to represent the nature of your business or a name that define your goals, values or vision. The right name can make all the difference, so be creative in naming your business. It is also important to know that there are certain names that are prohibited by the law,and there are names that are restricted by the law. Prohibited names cannot be used at all, restricted names can only be used upon approval by the commission. Here are the list of prohibited and restricted names

    cannot be used at all, restricted names can only be used upon approval by the commission. Here are the list of prohibited and restricted names

    Prohibited Names:

    Names that are identical or closely similar to names already registered or reserved.
    Names that are capable of misleading as to nature or extent of the activities of the company.
    Names that are undesirable, offensive or otherwise contrary to public policy.
    Names that would violate any existing trade mark or business name except with the written consent of the owner of the trade mark or business name addressed to the Commission together with a copy of its certificate.

    Restricted Names:

    Names that require prior consent of the Commission before application for name reservation is submitted.
    Names that contain the words ‘Chamber of Commerce’ which must only be registered as a Company Limited by Guarantee.
    All proposed names to be registered as Companies Limited by Guarantee.
    Names that contain any of the following words: National, Federal, State, Government, Municipal, Chartered, Corporate Society, Building Society.
    Any other word that suggests that the company enjoys the patronage of Government or any of its Ministries, Departments or Agencies.
    Names that contains the word ‘Group’, ‘Holding’ or ‘Consortium’

    Application for Consent for Restricted Names:

    Application for Consent for restricted name should be addressed to the Registrar-General and submitted at the Head office or through any of the State offices together with evidence of payment of consent fee of ?5,000. Please see Companies Regulation 2012 for requirements for consent.

    To help you in choosing an available name, you can do a public search of the names in your mind to check if someone else has registered or reserved it.Also note that the Commission reserves the exclusive right to determine the availability of your proposed name. CLICK HERE TO CONDUCT NAME AVAILABILITY CHECK

    Step 2- Write Down What The Object of Your Business Is

    This is called the object clause and will be required as a major content of the memorandum of association of your company. Think through it carefully and write down the things that your business will be doing, i.e the services you are going to render. CAC requires your object to be itemized, simple, unambiguous and straight to the point. Some people make the mistake of putting many objects, both those they do and those they intend to do in the future. you need to know that some business requires lots of registrations other than the CAC registration. E.G SKUML registration and registration in professional bodies. Make sure you get all this facts before putting objects you intend to carry out in the future, we can help you with that if you consult us.

    Step 3- Decide on the Amount of authorised capital

    The authorized share capital you register in your incorporation document will impact on the overall cost of your registration. This is because in addition to paying CAC fees which is standard, you also pay stamp duty on your authorized capital. Stamp duty is usually a percentage of the capital, so the higher the capital, the higher the stamp duty payable. For SMEs operating in unregulated sectors where capital is not usually determined by the regulatory authority, a N1 million authorized capital is ideal for the purpose of incorporating your company. You can increase later to accommodate the demands of your operations.

    Step 4- Decide on who the subscribers to your share capital are:

    You will be required to provide and write the names of your initial shareholders. The law requires that a limited liability company must have a minimum of two subscribers. You are also required to state the amount of their subscription to the shares of the company. If your authorized share capital is 1 million Naira divided into 1 million shares of 1 Naira each, and you are the main person in the business, you can assign 80% of the shares to yourself and 20% percent to a brother or a friend. In such a way, you will still be in control of what goes on in your business, until you decide to relinquish such right by bringing in more people to subscribe to the shares of the company.

    Step 5- Write Down the names of the Directors

    Shareholders are different from directors. While the shareholders are those who provide the capital for the business, directors are those engaged in the oversight management function in the business. There must be a minimum of two directors for a limited liability company. Most SME’s will usually use their wives and children or family members to fulfill requirement 4 and 5, but it is advisable that when you are setting up a business you select to work with people who will add value either as shareholders or directors. The shareholders can also be directors of the company

    Once you have all this details, you then need to follow this process to effect the registration of your business

    Step 6- Create an Account on the CAC Portal

    You can conduct the registering of your business by yourself using the CAC online portal. To do this, you have to first create an account. Go to the CAC website and click on online registration, then click on register and fill out the forms as required. With your username and password, you can log in to the portal at any time and continue with the process of registration of your company.

    Step 7- Do A Name Availability Check

    Having created an account and received your login details, log into the portal, click on public search, type in the proposed name to see if there is existing company or business trading in that name. If there is a company trading in the name or using what is very similar to that name such that it is capable of causing confusion in the mind of the public, CAC will deny you the use of that name. If there are no existing companies or businesses using that name, then proceed to step 8

    Step 8- Reserve the Name

    You will use the business name reservation feature to reserve the name. If you do not incorporate your company within the period the name is on reservation, you stand the risk of losing the name to someone else who is ready. Reserved names will be available for 60 days after which it can be register-able by another person if you dont register it.

    Step 9- Complete the Online Registration Form (CAC 1.1)

    CAC 1.1 contains the information about your company. Fill it out and proceed to the next stage.

    Step 10- Pay the relevant Filing Fees and Stamp Duties.

    You will see the scale of fees on the portal. While the Filing Fees is payable to CAC, Stamp Duties is payable to the Federal Inland Revenue Service and is usually a percentage of the authorized capital.Remember, use 1 million share capital if you are just starting out and operating in an unregulated industry. When the need to increase your share capital arises in the future, you can always do so. Make sure to download the receipt of payment as they will be compiled along with the originals of the Memorandum and articles of association

    Step 11- Prepare, complete, scan and upload the pre-incorporation documents

    These documents include :

    Pre-incorporation form (Form CAC1.1) – this can also be completed online

    Part A – Company Address

    Part B – Authorised Share Capital

    Part C – Particulars of First Directors

    Part D – Particulars of Secretary

    Part E – Statutory Declaration of Compliance by a Legal Practitioner

    Even if you decide to incorporate your company by yourself, you will need the services of a lawyer, at least to complete Part E of registration form.

    Memorandum and Articles of Association

    In this document, you will state the object of your company, the authorized capital and the subscribers to the capital, the name of the company and internal governance structure. Your lawyer, accountant or chartered secretary will guide you in the preparation of your MEMART.

    Proficiency Certificate where required.

    For some kind of businesses, you may be required to show that you have the relevant skill and knowledge to do that business. Businesses like consulting, media practice, engineering services and the regulated services will require the submission of a proficiency certificate. Certificates issued by professional bodies usually serve this purpose.

    Means of Identification such as Drivers’s License, National Identity Card or International Passport of each of the directors and the Secretary is required

    Stamp Duty Receipt – this will be issued by the FIRS on payment of stamp duty. If you pay through remita, they send this receipt to your Email. Download it and add to the documents you will submit to CAC for collection of your certificate of incorporation

    Evidence of payment of Filing Fees – this is usually receipt issued by the CAC when you pay the filing fees. This can be downloaded after payment.Also print it out and attach to the MEMART which will be submitted to the commission before you get your certificate

    CAC will go through all these documents upon upload and revert to you if there are any queries. Sometimes, the reviewing officer may have issues with the object clauses and ask that you correct them. On satisfactory review of your documents and the payment of the relevant fees and stamp duties, your application for registration will be approved and same communicated to you via email.

    Step 12- Collection of Certificate of Incorporation and CTC of your documents

    On communication of the approval of your application for incorporation of your business, you will go to the CAC office nearest to you with all the documents you uploaded for review, submit these documents and you will be given the original copy of the Certificate of Incorporation and the Certified True Copies of the Incorporation Documents. (Note that you will be required to choose the CAC branch you intend to use for the purpose of collecting your certificate, choose the one closest to you as that is where the document will be sent to.

    Here are the documents you need to present to submit to the commission before they can give you your certificate.

    Business name:

    a. business name form CAC/BN/1, duely signed with the attached passport of the proprietor(s) of the business
    b. Payment reciept
    c. means of identification of the proprietor(s)

    Company:

    a. Duely signed CAC 1.1
    b. Memorandum and articles of association, duely signed by the subscribers
    c. copy of the means of identification of directors (international passport, drivers licence, national ID)
    d. Evidence of name approval
    e. Payment reciept for name reservation
    f. payment reciept for the incorporation of the company
    g. Stamp duties payment reciept
    h. Copy of your CAC card (usually given to lawyers, accountants, chartered secretaries or their Firms)

    Now you have completed the incorporation/registration of your company or business. This whole process, if all things are done right, will take not more than 7 days to complete. It is advised that you engage the services of a professional such as a lawyer, a chartered secretary, or a chartered accountant to guide you through because as easy as it looks, issues often arise along the line that may require the input of these professionals. Moreover, you will need to be guided through in the articulation of your Memorandum and Articles of Association, authorized capital decisions and even choice of name for your business.

    We at VSS MIND NG are on ground to handle all your business registrations and incorporation process with the highest level of professionalism. We will deliver within 3 – 5 days and have it sent to your address anywhere in Nigeria and beyond!

    Talk to us today to get a quote.

    Call: 08135088493
    Whatsapp: 08135088493,07062572683
    Email: joshuaukpabi@gmail.com
    Office: DFK3 K-City Plaza Wuse 2 Abuja
     
  14. Amanda

    Amanda New Member

    If you want to do this business, then you need importers and people knowledgeable in transportation. Recently, friends suggested a good company that is engaged in transportation and helps with all documents at customs. Customs brokers https://clearitusa.com/ are all very skilled. So there should be no problems. And for business the idea is very good.
     
  15. Sakura123

    Sakura123 New Member

    There are many ideas for business...
     
  16. Marinad

    Marinad New Member

    Yes...there are many good ideas for business...But I do not think that business is a good idea, because it is hard, long. You must have a special knowledge for this. There are many ways to earn money, that easier and faster! Many people get profit on Internet. it is really popular now. I make money on Forex trading. It is the best way to earn money because it can bring a really good money. Besides, I have a lot of free time. I like it. I have been working through the same broker for 3 years. It is Avatrade. You can read more www.avatrade-review.com . They are the best in this sphere.
     
  17. alisa7

    alisa7 New Member

    Paid Ads

    This will probably be the fastest way to making money online, BUT definitely one of the most expensive.

    You're almost guaranteed to lose money at first but if you keep doing it and you make sure your funnels are tight and the products you’re promoting convert well than you’ll start making money eventually.

    You just need a big enough pool of money that you're willing to lose. Also you're less in control of the traffic and money too.
     
  18. poliq

    poliq New Member

    I believe the most effective way to earn money is to build a popular app, for example a music one.
    There is not much to Develop an Android Music Player.

    The only help you’ll be getting for free is google which is sufficient

    You need to search for videos and blogs talking about music player development

    It will guide you step by step to develop your music player

    Starting from Service, notification builder to session and the UI required to create a Music player

    All these things are searchable and you’ll find an ample number of examples which will help you on your way to development

    I followed the same way and it helped me release this amazing music player application. Read an instruction here https://idapgroup.com/blog/much-cost-build-app-like-spotify/
     
  19. skillz

    skillz New Member

    Just found an easy way to earn money with Zinoly online just by viewing ad sponsored post and commenting. I just did my 1st payout now. https://zinoly.com/r/9760
     
  20. alisa7

    alisa7 New Member

    Maybe to make some channel about sport or to start exchange
     

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