Another fantastic contest is here; huge shout-out to @irenenavarroart, I think you are a business-minded individual for posing this inquiry so that individuals can talk about the kind of investments that they might select.
The topic of this week's inquiry is how you will invest $5,000 if given the opportunity?
Actually, $5000 is equivalent to around NGN4,900,000 in Nigerian currency. That's a huge sum that, notwithstanding the rise in prices for everything, it can support an investment as well.
I did have a sizable fashion-designing business in mind at the time I graduated from the university. Nevertheless, I preserved the strategy, which I'll be sharing in this piece.
I will devote in fashion design because I enjoy it, I wear most of my own sewn clothes, and if I could invest in any industry, it would be clothing.
When I was a student, I utilized it as a side business to make money by making wears for my friends and coworkers.
I sew this dress for my coworker.
I also made this skirt by myself.
Despite my pursuit of a digital expertise, this is something I strongly believe in.
How I intended to use the funds
Below is an illustration of how I would spend $5000 if it were given to me:
Acquiring an Electric Sewing Machine
The majority of designers will admit it, working on manual machines can occasionally be tedious and tiresome. When using a sewing machine pedal in particular, a lot of tension is placed between the toes, making it a little challenging to stand up soon after many hours of sitting.
To counterbalance this, I'll buy the following
(4) Electric Industrial Sewing Machine
Each one cost around NGN 200,000, and the reason I'm buying up to four is because I'll be hiring people. Therefore, the majority of seasoned fashion designers will likely collaborate with me.
Four industrial sewing machines(electric) would cost NGN800,000 in total.
(3) Looming Machines
The looming process, for which three of these machinery are required, makes your clothing appear attractive and well-made. They are additionally referred to as weavers machines.
I will spend NGN 750,000 on three of these machines.
(2) Industrial Manual Sewing Machine
The two manual machines, including mine, making a total of three manual machines, will perform the task excellently in the scenario of a power outage, which is a common occurrence.
Cost of two manually operated sewing machines: NGN 280,000
Sewing Aids
All sewing machines will receive sewing kits that come with all the necessary supplies. For a total of seven machines, this will cost NGN 42000
Maintenance Budget
If it's a machine, you need to budget for upkeep and fixes, which include replacing any worn-out components and service, if you want it to last.
My budget will be NGN200,000 for this.
Ready-made materials
The phrase simply refers to an unsewn cloth, which you will comprehend if you are a tailor. Buying pre-made materials is one of the beneficial ways fashion designers may gain notoriety, especially if you consider it a type of investment.
The price is NGN 500,000.
Workforce
I'll also hire staff, including a cook, who will be accountable for handling dishes in a competent manner. By guaranteeing a meal for yourself and your employees, you may easily cut down on the amount of money you invest on meals throughout the workday.
Lease a Space
I will operate the firm from a remote part of the city in order to be successful. Where the cost of rent for the shop is reasonable.
I'll budget for a two-year lease at a cost of NGN400,000.
Website
Using the internet properly is one of the best ways to advertise your company. We all desire to demonstrate our best by creating a website for our business, thus it will help the company reach a thirsty audience.
Along with this, I'll have a website that internet customers may access to place an order.
I also intend to use web advertising to promote my abilities and goods.
Running advertisements for a year might cost up to NGN300,000 on average.
Additionally, my brand will be promoted through radio and television advertisements. This may price for NGN300,000 for the duration of six months.
Business Licensing
Generating money is the only goal of investing, and until you are officially registered with the relevant authorities and obtained a license to operate, people won't trust your brand.
This will probably cost NGN200,000 to complete.
Miscellaneous
In my budget, I'll account for electricity, which could cost NGN 200,000 over the course of a year.
There will be additional things in the store, such an air conditioning system. I can purchase two for NGN200,000.
Other offerings to make some extra money
It is typical for business turnouts to vary. Along with it, I'll construct the following to offer income streams:
YouTube Monetized Channel
I'll post my videos on this channel demonstrating both my own abilities and those of my employees so that others are able to effortlessly pick them up.
Opening Opportunity for Training
Although not every individual really enjoys possessing a digital skill, some people may also decide to pair it with a hard skill such as fashion design. I will also provide training opportunities for those who are enthusiastic. E.g For parents who would really like their kids to acquire knowledge of fashion design, this is an excellent source of money.
Other Business Investment
One benefit of my business is that I may invest in sewing equipment like machines or even become an affiliate for businesses that sell sewing supplies and profit from those businesses as well.
After adding up all the necessary costs for this requirements, it summed up to NGN 4,172,000
Which a total of NGN 728,000 will be left.
I'll use this extra cash to run the company and meet any demands.
To sum Up
I'll be investing in the fashion industry. For this process it is incumbent for me to investigate sewing machine prices, maintenance costs, and durability before considering buying one. This will enable me to sustain them at the appropriate times so as not grow into an expense.
To gain more market exposure, I'll network with the city's top fashion designers as well.
Thank you for reviewing my investment strategy. Have a blessed week, please.
