Phone accessories business is one business that moves very well which people neglects. It is a great money spinner if you handle it well. It is profitable. The good thing about this business is that you can start it with a little sum. In this post, we’ll be treating how to start phone accessories business in Nigeria with 1 million naira.
Before we go into the details of this, you should know that in this business, there’s little to lose. The products you’re selling do not expire easily. Therefore, you don’t have to be scared. You only have to study your market and get the products they need.
Next, we’re getting down to the tips and guide on how to start this business.
How to Start Phone Accessories Business in Nigeria with 1 million naira
1. You should first of all learn the processes and procedure of the business. By learning the procedure, there is higher chances you won’t perform badly in the business.
2. Study your the intending buyers and the market to know the type of products they prefer. I know phone accessories are phone accessories, and there aren’t much differences. However, you should study your market and intending buyers.
What type of products do they buy?
How much are they worth? Some might buy more expensive, or even cheaper, products?
What damages more or what do they use more there? For instance, a place where the voltage of power is usually unstable, you are bound to make sale of chargers faster.
Ask a lot of questions, and study the market to know what moves more.
3. Get a good location where you can easily be seen. For this, if you can get at a busy road leading to a market it’s better. You can even sell on weekends, too, age the market is closed.
4. You should paint your shop and beautify it as best as you can. You can also go ahead and put a small speaker in the shop, playing soft music. These things attract Nigerians easily.
5. You stock your shop. You should buy original products from the cheapest source you can buy. The cheaper your products, the more sales you make. You can buy from Lagos, Nigeria, to be waybilled to you.
6. Next, you advertise your shop by putting signposts outside you shop, and telling people what you sell. You can convince them to tell their friends as well.
7. You can partner with a phone repairer or you repair the phones yourself after learning. Thus, you sell phone accessories and repair phones–two sources of income.
In addition, you can also add POS, recharge cards sale, payment for NEPA, DSTV, tax, charging of phone, and selling of drinks and snacks to what you do.
8. With 1 million naira, you can do all these things. Let’s break down how the expenses would go.
200K or below for shop. (Don’t spend too much for rent for the shop. Find a cheaper shop in a good location. Cut down your cost as lower as possible).
100K for the design, decorations, and advertisement of the shop.
700K for your initial stock of phone accessories.
Depending on how you sell, the faster you sell the products, the faster you head to the market.
With time, you add up the sales of other items and services you would render.
9. As the business picks, you can make profit of 2K to 15K daily depending on the sales. The more business you do in the shop, the more sales you make.
This post has examined in a great way how to start phone accessories business in Nigeria with 1 million naira. You have to follow the steps, do it well, and things will fall in line well. A lot of people have succeeded in this business, so you can succeed in the business as well.