Have you ever looked through your closet and felt like you don’t have enough clothes? Or is there an event you want to attend but have nothing to wear? This is a feeling everyone has had. 60% of people’s income go to what they wear and what they eat. You could decide to either go to a boutique or get that dress you really want for an exaggerated price, or you could decide to go for cheap and unique thrift clothes.
Young entrepreneur, Mike, discovered the gold mine that is Gikomba thanks to the lecturer’s strike in 2017. He could not stay at home idle. He had to find a way to make some extra bucks. He decided to rent a place at Gikomba and started selling Denims Jackets and Ripped Jeans. He currently owns two shops at Gikomba which are doing extremely well. He shares the secrets of hacking the Gikomba Market.
Have connections. Gikomba operates on connections. You need to know people around the market place and be in good books with them. This will help you in knowing the real prices of stuff. Otherwise, you will always get your stock at a high price and you will barely make any profits.
Identify the location and the size of the place you want. Prices of shops vary depending on the locality and the size. For Mike, he has two shops with monthly fees that are very different. For shop A, he pays KSH. 5000 and for shop B he pays KSH. 8000. If a shop is big and closer to the road, the price will be higher compared to a place that is a bit interior.
Buy in Bulk You need to buy your stock in bales which are known as ‘camera.’ It is cheaper to buy your stock in bales. However, the sorting of the clothes will be a bit hectic. You need to select the best. You don’t want to get clothes that no one will want to buy. These bales are sold in the Gikomba market.
Set the price this is where things get tricky. The price of your clothes cannot remain constant. The price will depend on a number of factors. The first is how many clothes you bought for your stock. Another thing is how much you bought your stock at. Prices of stock goes high depending on the season or the demand.
Keep in touch with your customers. Just like any business, you need to have a genius marketing strategy. This is the beauty of everything. You should always be in constant communication with your customers. This will help you know what they want and what is trending.
The outcome! All your hard work will not go to waste. The returns are usually worth the hustle. Mike makes approximately KSH. 350,000 per month on the higher side. This is good money. Something that can save you from being broke. If you want to start this kind of business, you will need patience hard work and aggressiveness and you will no doubt succeed.
For more information on the grind grab a copy of The Outsyder in The Nairobian every Friday.