There are over 100 million active mobile phone users in Nigeria. Since the introduction of mobile phones into the country in 2001, many business opportunities have been created and many millionaires have sprouted up and some are still sprouting. The mobile phone business has a very big market and leaves room for new players to come in. Every market player takes his/her share of the market. It’s kind of a free market to enter for anybody that’s ready for business.
100 million users rely on essential and non-essential phone accessories to enjoy the full functionality of their mobile phones. The introduction of smartphones also created some new markets for new products: micro USB chargers, iPhone chargers, type-c USB chargers, handsfree, screen guards, power banks, pouch, wireless chargers, wireless handsfree, etc. These accessories have become things we can hardly do without and it makes selling phone accessories in Nigeria very profitable. It’s an existing market, so you shouldn’t bother if you will be able to find customers for your accessories.
I think it’s good to write about this profitable business for people who are looking forward to entering it in Nigeria. This business can be run as a full-time business and side hustle.
HOW PROFITABLE ARE PHONE ACCESSORIES SELLING?
Let’s take for instance: you can get an original fast USB charger for N1, 000 at wholesale price, and you sell it at the rate of N2, 000—that’s 100% profit on a single item. Some customers can even pay more than this. In addition, the non-too-original charger goes for N500 at wholesale price in the market, and you sell it to your customers for N1, 500—that’s 150% profit.
You can buy an original earphone at wholesale price in the market for N900 per one and you sell it to your customers for N1, 500 or N2, 000. In this business, you will need to use price discrimination. Some customers are capable of paying N3, 000 for the earphone conveniently. Try and size any customer before you give him/her the price. But one thing: ensure you make it extremely easy for those who can pay more to get the product easily—you can take a bike to deliver the product.
WHAT WILL YOU SELL?
The answer is simple: phone accessories. Mobile phones have so many accessories, and I would like to list them here in order to be able to know which ones you will like to sell.
- Charger ( Corded and Wireless)
- Earphones ( Corded and Wireless)
- Power bank
- Memory card
- OTG flash drive
- Bluetooth speaker
- Screen guard
- Phone car holder
- Phone table holder
- On-hear headset
- Solar charger
- Smart watch
- Fitness tracker
Business advice: If you are starting small without a shop, maybe you want to be selling online or in a show glass or in someone else’s shop, go for products that don’t fade out in the market. Products like Charger, USB cables, USB adapters, OTG flash drives, earphones, power banks, memory card, Bluetooth speaker don’t fade out quickly compared to cover, screen guard, pouch, etc.
HOW MUCH DO YOU NEED TO START THE BUSINESS?
Starting a phone accessories business as a retailer doesn’t require a huge amount of capital. There is no need for you to wait till you have a million naira in your account before you can start. If you are starting without renting a shop, especially in Lagos, you can enter the business with as little as N10, 000 only and you reinvest the profit back into the business. A sum of N10, 000 will get you 3 pieces of original USB charger, 3 pieces of original iPhone charger, 2 pieces of the original corded earpiece, 2 pieces of original USB cable, and 2 original USB adapters.
If you are renting a shop to start the business, you may need to have something like N300, 000 — N400, 000 or more—it depends on the location and the size of the shop you are renting. A busy location is good for this business. If you must rent a shop on the street, let it be close to the junction where people are passing regularly. Also, your shop must be easily accessible for people. Someone like me can’t climb stairs because I want to buy a charger. A tiny shop on a major road is better than a spacious shop on the inner street. You may also consider selling at both wholesale and retail price to grow the business quickly.
WHERE WILL YOU BE BUYING YOUR PRODUCTS FROM?
- The Computer Village, Ikeja is a good place to buy your products at wholesale price.
- The Alaba International market makes sense for business too.
- Import from China. (Mini-importation)
- Funmimall sells mobile phone accessories at Computer Village and Alaba prices.
HOW WILL CUSTOMERS LEARN ABOUT YOUR BUSINESS?
- Rent a shop at a good location.
- Create awareness in your business environment in any little way—like playing music or a recorded voice: “buy your phone charger here!” every day.
- Let your business be on the Google map.
- Create a free Google My Business profile for your business.
- Advertise your products on Jiji.ng.
- Encourage your customers to refer new customers to you and reward them for it.
- Create a free Facebook page for your business.
- You are dealing with human beings, you must be friendly with your customers. Greet and treat them well.
- Ensure you always put a smile on your face.
- Be enthusiastic about your business.
- Make it easy for your customers to buy from you.
- Always have products in stock.
I believe that if you handle this business the way you suppose to, it can fetch you a decent income to live on. How you are running your business is more important than the business itself. So, run it well.
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If you have a contrary opinion or suggestion or question or contribution, please, do leave a comment in the tab below and I will reply ASAP. I would really like to hear from you.
I just published an ebook about how to start a phone accessories business and make money in Nigeria.