Do you want to start a lucrative electronics and electrical parts/accessories business in Nigeria but don’t know how? No issues. This blog post will guide you on how to begin and make money from the business.
Before you start a business in Nigeria or any country in Africa, pause and ask yourself this question: what problem I’m I solving for people with this idea? The businesses that record profit and are successful solve essential problems for the masses on this continent.
In Nigeria, more than 70% of the population spend 40% of their income on feeding and 40% on basic necessities. This tells you that your business idea needs to offer a product/service in this category if you want to record success in no time. No doubt, the consumer electronics and electrical accessories business falls into the category of basic necessities that people need daily.
In this age and time, it’s hard to live without electricity and electrical appliances. Every day you need water, oxygen, electricity, even an Internet connection to function fully as a human.
One of the most profitable businesses you can dive into in Nigeria and Africa is the electrical parts and consumer electronics business. Unarguably, Nigeria is the biggest importer of electronics in Africa. And the number of imported items in this line of business keep growing year by year. The market is huge and you can come into it and make money in the business.
So long as people exist on this planet and they need electricity, this business will continue to be profitable for anyone who engages in it and knows how to run a business.
We know some millionaires in Nigeria whose source of wealth is electrical accessories and electronics. There are multimillionaires electronics importers at Alaba International Market, Ojo, Lagos, Nigeria. You’ll be surprised if you have an idea of how much these guys are controlling and how many products enter the country through them.
For sure, you don’t need some special skills to engage in this kind of business. But I will recommend that you be that kind person that loves electronics and business. That’s all. You can always learn more as you stay in business.
In this blog post, you will learn how to start selling consumer electronics and electrical parts in Nigeria and make serious money.
What are consumer electronics?
Consumer electronics are electronics appliances/devices produced to be used by consumers and not for commercial purposes. These are the kinds of electronics we use in our various homes.
Here are the examples of consumer electronics:
- Sound system.
- Pressing iron.
- Air conditioner.
- Washing machine.
- DVD player.
- Toasting machine, etc.
The list of consumer electronics is endless.
What are electrical accessories?
Electrical accessories are the items used in industrial and domestic electrical wiring.
Here are the examples of electrical accessories:
- Wires and cables.
- Lamp holder.
- Distribution board.
- Extension socket, etc.
WHERE TO BUY CONSUMER ELECTRONICS AND ELECTRICAL PARTS/ACCESSORIES AT WHOLESALE PRICE IN NIGERIA
Generally speaking, if your business is a product-based one, it is a must to figure out where you will be buying the product(s) you want to be selling low, and you sell high to customers to make profits except if you want to be making the product(s) by yourself.
In the consumer electronics and electrical parts/accessories business, the products are not made by you, so you are buying the products. No doubt, there are various means you can buy the products, but I recommend this method of buying from wholesalers in the market, and I can tell you why. This method makes you able to see, touch and confirm the quality of the products you are putting money on. And the risks involved are quite low compared to importing by yourself.
Lagos Island Markets and Alaba International Markets are the places where you can buy your electrical parts/accessories and consumer electronics at wholesale prices and make good profits in Nigeria. Navigating through Alaba International Market requires market experience and knowledge, else as a newbie in the market, you may fall prey to people who dupe for a living.
All kinds of consumer electronics and electrical parts/accessories are sold at wholesale prices in the market. You need to test the testable items before leaving the wholesalers’ shops/stores except you are guaranteed that faulty or broken or non-working items would be changed if there is a need.
Getting to Alaba International Market, Ojo is easy if you know how to move around Lagos. Anywhere you are in Lagos, find your way to Oshodi; board a bus to Mile 2; alight at the last bus stop; ask anybody where you can board a bus going to Alaba Market or you can take okada to Alaba at the last bus stop; drop at Volks; then enter Keke napep to the market. There you are.
STEP BY STEP GUIDE ON HOW TO START THE CONSUMER ELECTRONICS AND ELECTRICAL ACCESSORIES BUSINESS IN NIGERIA
As you are getting familiar with the business now, the next thing is how to get started step by step. Let’s go:
Get your capital set
You need to have some amount of money that you will use to stock your shop/store except if you want to buy on credit which is not good enough for a new person in the business. It is even hard to even believe that someone will trust a man who is just starting a business with his goods on credit.
The consumer electronics and electrical accessories business can be started with a reasonable amount of money that can be used to stock up your store or shop or business place with products.
I think you should know by now that you cannot start this business with N20, 000 or N50, 000, or even N100, 000 except you want to start really small. Your size of capital determines the kind of profits you want to be gaining from the business. The people who make much money invest much as well in the business.
Get a reasonable amount of money set to start the consumer electronics and electrical parts business, and allocate the money properly to the fast-moving products.
Do market research
Carry out market research effectively in your own way. Market research would open your eyes to the market you are entering and also guide you about what’s and what’s not.
Market research helps you to be aware of the kinds of products that sell fast and with a good profit margins. More so, you will understand how seasons affect the sales too. Air conditioners sell more in the dry season than in the rainy season. Consumer electronics sell more in an area where the supply of electricity is good than where it’s not.
Choose the kinds of products to sell
Consumer electronics and electrical accessories/parts are numerous. There is not single store on this planet where you can buy all the products, even if you have billions of naira. It’s impossible.
Market research will definitely lead you to the discovery of products that people are demanding and profitable. There is no how your market research will not shed light on this.
As you are planning to stock up your electronics and electrical store, choose the section of the market you want to be playing in and play well.
Get a shop/store in a good location
Location plays an important role in the success of this business. Your shop/store should be located in an accessible place for people. Nigerians hate stressing themselves when buying a product or service except between life and death. Your electrical shop is not a hospital, people will care about the stress your business is putting them into.
Rent a shop/store on a motorable road. Consider a shop where your customers won’t have to climb the staircase to buy from you. Though with the Internet, you can surely sell to people outside your business environment, but let me ask you this question: what’s the essence of paying rent if you cannot make sales locally in your business? You shouldn’t rent a shop then. Your living room is better for the business.
After reading this post, I don’t think you need to go elsewhere looking for how to start a lucrative consumer electronics and electrical parts business in Nigeria again. I can also guide and take you to the market if you want. Is there any other thing you would like to know about this business that I don’t cover in this post? Please, do let me know by leaving a comment in the tab below.
Do you face any difficulty in starting this business or any other one or you’re facing some challenges in the business you are currently running? Please, reach out to me through the contact page.
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