A gift shop is any shop that specializes in the sales of items that are suitable to be given as gifts. Most gift shops normally focus on a given class or category of items to be put on sale.
There is actually a long list of category of items that can be focused on, but I will like to focus on those that are very marketable in Nigeria.
- Customized Gifts
These type of gifts are usually made as may be required by a particular customer. These can include handmade cards, mugs, paintings, carvings and so on. These types of gift shops would be most effectively run by those that have artistic tendencies.
- Seasonal / Celebratory Gifts
Nigerians are known to celebrate events such as birthdays, weddings, Valentine’s Day, Christmas, baby showers and other celebrations in grand style. In fact, most gift shops get their maximum patronage during these periods of celebrations.
This is another area where you can really make a good profit at the end of the day.
In the real sense of it, you can actually go “high and wide” with your imagination on the type of items that you intend to deal on. The most important thing is that you stick to an area where you know you have the passion and flair to detect marketable commodities.
You also need to consider your environment when you are thinking of the items you intend to sell in your gift shop.
Either way you intend to do the business, be rest assured that starting a gift shop is a very profitable business that has made numerous people to be successful in Nigeria. Most especially, it is a very good way for you to make some good money while doing something that you love.
After having a clear idea of your area of focus, it is then time to begin to put things on the ground. Here are some things that you will need to consider.
The location of your shop is of utmost importance to the survival of the business. This is because your location will ultimately determine the nature of customers that will patronize your business. This will in a way also determine the kind of gifts that you will have on display.
Still with respect to your location, for starters you do not necessarily need to rent or own a large shop. It is even advisable that you start small while you learn the ropes of the business.
Endeavour to get a place that will put you in good view of people in order for you to get the attention from people around.
Lastly on location, a place where your customers will have access to parking space will work very well, although if this is not possible you might not bother yourself with it.
- Shop Size
The shop size will largely depend on the capital that you have available to start off your business with. As earlier stated, it is advisable to start off small then progress as you learn the tricks of the trade. In a gift shop, the quality of your items matters a lot more than quantity. However, if you have the experience of running a similar business, or you have the capital, there is no restriction to the scale that you desire to operate on.
- Business Registration
In Nigeria, it is against the law to run any business without first registering it with the Corporate Affairs Commission (CAC) and other government agencies. In fact, if you have the mind of expanding your business further, it is imperative that you properly register the business from the onset. I am pretty sure that the last thing you want to happen to your business is for it to be shut down. In order to prevent such unfortunate occurrence from happening, it is better that you do the proper registration of the business.
- Stock Up Shop
After fulfilling the above, it is now time to stock up your shop with your assorted gift items. As I earlier mentioned, this business is largely a passion driven one. The kind of stock that you intend to purchase should be those that you have the passion and flair for.
You also need to consider the time of the year when you are stocking up your gift shop. For example, even if you stock up other celebratory gifts, as you are approaching the end of the year your main focus should be Christmas gifts. Also approaching the end of January to the beginning of February, you should change your attention to gifts that portray the valentine celebration period.
In other periods of the year you can stock your normal gift items.
You can buy quality products from USA and import it to Nigeria and sell on your gift shop.
In all that have been said so far, money is ultimately needed to execute your project. I would most likely be wide of the mark if I give a blanket amount as the required capital, because as earlier said, starting gift shops largely depends on the individual, in terms of stock, location and the shop.
The advice I will give here is that a proper market survey should be carried out in order to properly ascertain the cost that will be required to start off successfully.
As soon as the capital is known, you can now go ahead to start off if you have it readily available or raise the needed capital.