The future: fashion and business in Nigeria
(Excerpts of of my presentation in a whatsapp group: Growthnation)
Let me start by highlighting something I’ve noticed, i’ve seen two new classes that are currently on in Growthnation; the smartphone photography and graphics design! Few years ago we had none of that! The question now becomes what would be the fate of the graphics designer or photographer say 10 years from now? (*food for thought*)
It is no different from the fashion field.
Technology is evolving quickly how we live, work and relate with each other.
So if you are the guy planning to learn tailoring and open a corner shop, this may not go down well with you.
My assignment here is simple, to move you to think BIGGER! And just like one of my mentors Dr. Ubong King, i want to cause trouble.
Nigerians own too many small businesses! That is just the bitter truth. On my way from plaza to Nwaniba, I decided to peel my eyes out for the businesses we had and you could only find small tailoring shops, hair saloons, provision stores, boutiques, tons of smaller roadside traders, the largest of these were banks!
How then can we ever have jobs?
How then can our economy prosper?
I then started to wonder the reason for this. And I concluded that the cause is as a result of the following:
A. The need for survival: Most Nigerians start businesses basically to survive or because there are no jobs
B. Lack of the needed skills: We focus so much on the technical skills and ignore the 4-figure skills needed to grow large businesses
C. Lack of vision: Most people start businesses just by chance! They do not have the future in mind.
D. Lack of delayed gratification: the absence of "strategic" in our business models. This is the same with the government. We are not looking at how we can 15-20 to build rather we want now- now.
E. Lack of a collaboration: there is this "I must open my own" mentality. Why must we have 10 people doing the exact same thing!
F. Lack of R&D: We hardly carry out research to find how things can get done. It is no surprise that organisations in the USA are the ones telling us about our own country.
The truth is our businesses will only thrive when we create businesses that actually solve our problems.
Do you know why we are behind globally?, we have not given the world anything new!
We are simply importing solutions from other countries and just wishing we should be like that!
Let me shift a little from all that and quickly see the different business perspectives
1. Lifestyle: this group seeks to build a business to fund their lifestyle. We have alot of people in this category on social media. They dress for the kill, snap at locations, show off cars and generally glamourise their business of course to get you to buy. Lots of Nigerians are here.
2. Legacy: these are generational businesses that get passed from one generation to another. This is very popular with Indians and the Chinese.
3. Built to Sell: these are built to be sold eventually. This take place alot in the USA
4. Philosophy: this is where I would be laying emphasis. Particularly because there is a dire need for businesses with philosophies to be built. They are the kinds of businesses that truly make impact. They have in their core; innovation, vision and a dream. It has to built strategically overtime!
All of the big fashion brands you hear of today had some philosophy and were built over several years.
Why I'm I emphasizing philosophy based businesses here?
It is simply because the narrative is quickly changing. Technology is changing how business is done worldwide. Nigeria maybe behind but you would be shocked at how fast technology will adapt here. Years ago, a business model like Opay would have been impossible! Thanks to Google and Opera mini (QUICKTIP: Opay is not Nigerian), it is now! mediocre businesses have mottos A visionary one has a philosophy e.g Apple says the ones crazy enough to change the world are the ones who actually do
So tell me how big is your idea?
Will disrupt? Or will it be disrupted?
Having said all that, let's get back to the present before you start to wonder if this is about fashion or not!
Below are several opportunities that exist in fashion; This is much more compared to the popular 4 or 5. The fashion market is not as saturated as you think.
1. Fashion designing
2. Tailoring
3. Alterations
4. Fashion tech
5. Image consulting
6. Fashion influencer
7. Digital fashion illustrator
8. Fashion buyer
9. Retail
10. Eco-fashion
11. Production management
12. Styling
13. Fashion photography
14. Fashion marketing
15. Fabric design, and production
We're only taking advantage of things we only know too well and leaving out the endless opportunities that exist. Many are afraid they won't make money, other just dont know.
Whatever aspect of it you decide to go into; I advice the following;
1. Decide what you want to do or start and build the idea as you go
2. Decide your path. I personally followed the path of internships. Most people do. Just make sure you join an excellent business.
2. Build a product. Start thinking of what you want to sell. Pay attention to unexplored aspects of the business. Even if It is bespoke, retail, design or image services; find ways to innovate. Whatever you're selling has to solve a problem. This is going to be your biggest selling point.
3. Have a plan. Make it strategic and take out time to learn a few skills you would need to succeed e.g selling, marketing, structures
4. Determine your market. I personally made this mistake. I was selling shirts at 5k to a target market that could only afford 3k. So I had great product but very low turnover.
Research the Nigerian population and their financial capabilities. This way you would have your customer in mind.
3. Start. Alone or team up with someone with a like vision! talk is cheap execution is the koko. Most times, you don't get people to follow you till they can your vision.
4. Market, market, market. Marketing is king, it involves every activity around trying to get your products out. To be honest, the fashion at the boutique and bespoke tailoring level is quite saturated, that's where innovation and creativity comes. You need a unique selling point.
Your works speaks louder than marketing but effective marketing keeps you one step ahead.
As I round up, i leave you with this quote;
" Never believe a prediction that doesn't empower you. As young Nigerians, it is our duty to start changing the narrative "