If you are thinking of getting into the phone accessories business in Nigeria? This post covers all the essentials you need to know before starting a successful venture. Act with this information and take control of your future!
As one of the most lucrative businesses in Nigeria, starting a phone accessories business can be an exciting way to make money, but there are some essential things you need to know before you get started.
From understanding your customer base and product selection and choosing your suppliers and knowing where to buy to developing a budget and marketing strategy, this post will give you the essential information you need to establish and grow your business.
Let’s dive in.
Decide on The Kind of Trader You Want to Be
Do you want to be an importer or distributor or wholesaler or retailer? It’s essential you decide on this before starting a phone accessories business in Nigeria.
There are different kinds of traders in the market. Decide your position before stepping into the business. This will save you time, money, energy and effort. It will also make your journey easy to ply.
Understand the Phone Accessories Market
To succeed in the phone accessories business, you need a comprehensive market understanding. Research current trends, new products and updates from major brands to stay ahead of the competition, and think about what makes your business unique that can also bring in more customers.
Visit stores to gauge prices and discover what products are in demand. Determine your target customer profile, whether you specialize in iPhones, Androids, or both, and consider different strategies for different niches and options.
Choose Where to Buy Products
Deciding where to buy your product is essential. Choosing the right source for your products contribute immensely to the profitability of the business, and how fast you can scale.
Traders buy from the open markets in Lagos like Alaba International Market and Computer Village Market. Some import themselves. Those who do importation are mostly distributors and wholesalers with sizable capital.
If you get this essential right, you are getting the business right.
Choose the Right Supplier(s).
When you’re in the market for phone accessories, it is important to find reliable suppliers that offer quality products at competitive prices. Suppliers and wholesalers have different rates for their products, and you have to buy from the right and honest ones.
Buy from suppliers who sell quality products, not copies, not fakes. Building a business starts from day one, and one of the marketing tips that can bring customers in for your business is the quality of the products you sell.
If you are known for selling quality products and your reputation is good, customers will recommend your business.
After considering the ones who sell quality products, you should look at their rates too. Visit their stores physically to check what they offer and if it aligns with the products you want to sell.
In my published ebook on how to start a phone accessories business and make money in Nigeria, there are verified contact details of wholesalers and importers in the two big markets of phone accessories in Nigeria. Click here to read more.
Stock Original Products
As said earlier, you should not compromise on stocking original products. Do not get greedy for stocking inferior products because you want to maximise the profits. Once your customers discover that you sell fakes to them, they might never patronize your business again.
Also, stocking original products, you should visit their stores physically in the beginning. Do not let any trader send goods to you. From my personal experience, traders do offload old stocks on customers who make orders for products and don’t visit the market themselves.
In addition, if you make an order for products but they don’t have some in stock, they will simply send the close ones to you without informing you. You can only buy without visiting only if the trader guarantees that he will accept returned goods from you.
In my published ebook, I share tips on how to identify original products from fakes. You can read more here.
Map Out Your Target Markets & Position Your Business In A Good Location
Before you launch your phone accessories business, map out your target markets and location strategies. Consider the geographical area you want to focus on, like a city, state, or country, and think about the competition.
Your target market’s needs will also play a role in determining the types of phone accessories you should invest in. Think about potential platforms for selling your merchandise and start building relationships with customers through social media channels.
Positioning your phone accessories business in a good location is non-negotiable. Busy locations, markets, and junctions are accessories business places. If you get this right, it will reduce your stress of marketing and sales and increase your turnover rates.
Wrapping Things Up.
Now you have the essentials you need to know before starting a phone accessories business in Nigeria. Every essential point is crucial. You should have them at the back of your mind.
If you are really serious and ready to start a phone accessories business in Nigeria, you should get a copy of my ebook. It’s packed with beginner-friendly information for anyone who knows nothing about the business.
Those who have bought the ebook and thankful to their Creator because it saves them money and stress. Imagine losing thousands of naira because you have no knowledge about the business you venture into.
Ready? Click here.
Do you have suggestions or contrary opinions? Please, leave them in the comment tab below. Also, do not hesitate to reach out if you need assistance.
Please, subscribe to our YouTube channel, like our Facebook page, follow us on Twitter, join our WhatsApp group, and subscribe to our Telegram channel to stay updated.
Also, please, don’t forget to click on the social media icons below to share this post with people.