IN this post, we are going to discuss how to start phone accessories business in Nigeria. Whether we like it or not, phone is just part of us. We use it on a daily basis. As important as phones are to us that is how important those accessories are too.
In case, you have not checked our post on how to start a mobile phone business, do well to check it out at the end of this post. But in this post, we are focusing on the Phone accessories business.
Is it worth starting the phone accessories business in Nigeria? How profitable would it be? How much can you make from it? These are some of the questions we are going to answer.
1. Opportunities in the phone accessories business
As we have mentioned in the introduction, phones are now part of us whether we like it or not. We use them constantly. It gets to the point for some people not to be able to do without it. If the phone is broken down, they feel bad, so guess what they value their phones.
Anything that is important needs to be taken care of, besides some parts or accessories that come along with the phone when bought newly get damaged and need replacement (thanks to made in china products)
Another opportunity is the number of people that are using phones and in turn need those accessories.
2. The skill needed in this accessories business.
Obvious selling phone accessories do not require a Harvard university degree. The only thing you need is how to sell. Just improve your skill in marketing. You can learn how to deal with common objections we face in sales by checking some sales guru online.
3. The capital needed to start the business
Like any other business, to start, you need capital. How much should you plan for? Well, let us start with the shop.
For a decent, clean shop that will suit this business, you need a shop of 50.000 naira to 100.000
You will need to setup the shop that means a table, a chair, customers’ chair, display, show-glass, and the rest … All these can cost you not less than 50.000 naira.
Now, let us talk about the goods. How much do you really need? It all depends on your pocket. But if you are starting at a small level, you can budget for nothing less than 200.000 nairas.
One thing with phone accessories is to have almost what customers are requesting for also different varieties since some are not buoyant like others.
4. Get a shop
If the capital is ready, it is time to look for a shop. It is important to have your shop at a good location. If your shop is at a good location, it is likely you will get your return on investment.
Put into consideration the following while you are looking for your shop:
- The rent: Let is not be too expensive
- The location: Crowded place is recommended
- Security: Is it an area full of bandits?
5. Return on investment (profit)
How much can you make from a phone accessories business? Most people we know sell their products time two or three of the amount the bought them. In other words, if you buy a charger for 500 naira for instance, you can end up selling at 1000 naira or 1500 naira.
Let say, you are making a sale of 10.000 daily, that’s at least 5.000 naira gain on a daily basis. Isn’t that profitable?
For your shop to last for a long time, you need to manage ti very well. You may want to take a look at the top 10 causes of business failure in Nigeria.
In that post we have gone much in dept on this section which is good management.
Basically, you should avoid an easy-going in your business. You need to be rigid and firm.
7. How to get your first sales
Obviously as a new business that is just opening up, you will need customers to survive. Follow these steps to get your first customers:
- Talk to your friends and encourage them to talk to others as well.
- If you have enough capital, start marketing your products online.
8. How to grow your business
Growing your business means more cash flow. To generate more cash flow, you need more sales. Now the question is how to get more sales? The answer to that question is marketing. You need to push your products out.
Someone somewhere needs your products, it is left for you to reach him. How do you reach people?
- Get more customers online: Get a website, start selling your products there as well not just the physical store.
- Promote your business on social media: Facebook and Google ads are great tools you can use to grow your business to the next level. They have so many features we can’t finish talking about in this post.
- Referral: Reward anyone that brings a new customer to you.
9. Extra income from phone accessories business
In time, you may decide to go into the mobile phone business as well as it is also very profitable. We have a detailed guide on that very business on this platform.
10. Business registration
We advise you to register your business. It gives more credibility to your shop and people can easily trust you.
To wrap up this post, we can say, phone accessories business required not a huge amount of money so, with your 300.000 naira, you can start somewhere and grow it to where you desire. We wish you a happy hustling.