The ideal reason for setting up a business is to make profits. In this article, we will focuses on how to make profits from the mitumba business in Kenya.
Being careful in choosing your location and knowing who your target customers are, will enable you to run a successful mitumba business in Kenya. Also, Consistency in introducing new items frequently requested by your existing clients is critical to your mitumba business success.
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How to Make Profits from Mitumba Business in Kenya
The Mitumba business is one of the most popular small businesses in Kenya. In light of the current economic realities, this is one area where the seller can maintain both the customer’s appearance and still maintain their ability to afford the high cost of living. Many people, especially young people, choose mitumba because it is always affordable and convenient.
What Exactly Is the Mitumba Business?
Kenyans refer to the mitumba business as the selling of secondhand goods like clothes, bags, shoes, and other accessories. One can make a lot of money by selling these products in Kenya because they are typically imported in huge quantities and at slightly lower prices than those in the Kenyan market. The mitumba business is also cheap to start because it requires little startup capital, but there are factors to consider if you want to make profits from your goods.
Ways to Profit From Your Mitumba Business
Here are ways to make profits for your Mitumba business.
Research on the Products That Are in high demand
Start with a thorough research into products that are in high demand, then introduce them in to the market. The likelihood of generating sales and making money increases when the quantity of available goods meets market demand. One way on how to make profits from the mitumba business in Kenya is by having the right product that meets the market demand.
This is a critical plan that most Mitumba business people miss. They want to bring secondhand clothes that one of their competitors sold in surplus, forgetting that each and everyone has their own day. They fail to listen to customers’ demands but rather lose focus by seeing how well their competitors profited from a particular product. That easily means your competitor has already flooded the market with that product, so what will the customers need next? Did your competitor sell shoes? The customers may be looking for socks or pants to match their shoes.
Find an Open Place to Locate More Customers
More customers mean more money, generating more profits. It’s even a bigger step to take your mitumba business online with the best pictures of your clothes or shoes and give an accurate location of your physical shop. If online isn’t your thing, consider taking your mitumba business near the rest of the top market places constructed for the same purpose. Booking a space in a built marketplace is essential because more customers can always window shop as they buy from other sellers, and you could own them tomorrow. Making profits from your mitumba business means investing your time and effort. Look out for new places being built or other businesses in the market which are unfortunately being closed.
Have a Reputable and Reliable Supplier
Another important consideration on how to make profits from the mitumba business in Kenya is having a supplier who is reliable with the kind of goods you sell. Your supplier can be from the local open markets, such as Gikomba in Nairobi, or international, which you must import. Still, buying the goods at a wholesale price is reasonable, making more profits. You can do this by randomly selecting your mitumba in open markets or purchasing them in bales. This is because you risk losing your already earned and existing customers when you fail to get your mitumba products to market on time.
Who are your Target Customer?
I’ve observed pregnant women always looking for newborn clothes, and you can guess which type of clothes they prefer, mitumba. Additionally, most mothers who are parenting depends on mitumba products to raise their children. Young adults are also the most dependent on secondhand clothes of a specific type and taste, one of which is hoodies. Therefore, it is always good to know and understand your target, and it will help you to gain more customers thus resulting in more profits.
Keep your Prices at Bay
It is always good to keep up with the market price, but it is also necessary to understand the quality of your products when pricing them. The newly introduced product you have just bought from your supplier should at least come at a high price. Kenyans refer to them as “cameras.” The pricing will help you make some profits before the products are evenly selected, and many of them are sold and have paid back their cost price and made some profits. Then you can lower the prices. Not all bales come in with high-quality clothes, too. You should make selections with the products. Some products come with defects, so you have to know how to price them since you need to sell them all.
Keep up with the Seasons
Some of the mitumba are seasonal. When schools are being opened, you will notice that most parents are looking for jackets for their kids. in terms of weather conditions too. You can sell gumboots, jackets, or heavy hoodies when the rainy season starts, taking advantage of the current situation.
The Mitumba business in Kenya is one kind of business that has helped people from the middle class to make a living and afford the high cost of living. The mitumba business requires a small amount of capital compared to many businesses you can start. Making profits goes hand in hand with how well you strategize your mitumba business. Keeping up with the market demand and bringing your products to your customers are two ways how to profit from the mitumba business in Kenya. Your product prices also should go with the market prices and the quality of your products.