Charles Nwaoguji 08032715118 [email protected]
With the increasing rate of unemployment in Nigeria, one will agree that starting up a business is the wisest journey to embark on. These are a thousand and one businesses that can be done , but not all them stand a good chance of turning out well.
If you have been nursing the idea of investing in the country’s economy by creating jobs for yourself and other Nigerians then investing in mobile phone accessories is good way to go.They might come along with the phone in its pack or bought separately to complement the phone. These accessories includes, ear pieces, blue tooth, head sets, power banks, selfie-stick, travelling adapters, wireless keyboards, phone covers, phone cases, phone batteries, screen guards, memory cards, USB cables, modem, and much more.
This guide is intended to expose you to the limitless profit potential that you can get from the sales and distribution of mobile phones accessories.
The use of various types of mobile phone keeps increasing day by day as technologies advances. Mobile phones are used for many purposes and activities in the world today and most importantly for communication.
Hence, mobile phone accessories are needed to be able to carry out these activities. Mobile phones are used by both the young, the old, the rich and the poor (everyone, even the blind). And as new accessories are brought into the market, everyone loves to upgrade to the latest.
These have made phone accessories business a lucrative one all over the world. Although, the business is a very competitive one, as there are many competitors, like, well-known stores, e-commmerce sites, among others. But, with the right attitude, determination and good customer service and marketing you should be able to compete favourably as a new entrant into this line of business and make a lot of money.
How to invest in this business
Carry out market survey
Make a research of the already existing phone accessories businesses with high demand in the area you tend locating the business, consider the available dealers, wholesalers and retailers, consider the profit margin, how you can be on top of your competitors, etc.
A knowledge of all these will enable you make more profit and be ahead of the game. More profit when you buy in bulk from dealers or wholesalers. Also this will enable you know what to put in into the business for more income.
Find the right business location
Setting up your phone accessories business at the right location will contribute greatly the success of the business. The business will go well in high residential and commercial areas. As population increases, so also the demand for phone accessories most localities. The business can also be sited close to higher institutions like universities, offices, plazas, malls, around mobile phone dealers, repairers, etc.
If you decide to start the business in a kiosk, you can set up the kiosk around high traffic zones. It is possible that people may forget their phone accessories like chargers, ear pieces, etc. and may decide to buy another one from any outlet close by. Avoid siting your store in a very competitive area with too many competitors, as it might reduce your sales potential.
Get the right supplier
This is a critical step if you are to succeed in this business. You need to know the right place to get the top quality products at the most affordable prices. The major place in Nigeria where mobile phone accessories are cheapest and potential retailers or wholesalers can buy from is Alaba International Market.
Stock your shop
As a phone accessories store, there should be hooks, show-glass, display racks, shelves, among others to display the accessories. You can also display them on the walls and strategic places in the store. The store can be designed in such a way as to attract customers. You might want to have a sound system to play music for customers entertainment and to also attract people.
In purchasing your items, make use of your market survey analysis. Buy more of those accessories already known in the market that has high demand, then add a little of those that are not well known. Do not stock only products from one company unless you intend being a major dealer of the company’s products. All customers cannot have the same preference for the same product. Some may prefer Samsung’s products to Techno’s products, some may prefer Infinix’s products to Gionee’s products and so on.
As the business continues to grow, you might decide to expand into the sales of laptops and it’s accessories.
In this business, you need to all do researches, surf the Internet, find the latest accessories every now, make enquires, get the product in a right quantity, advertise, then you are on the business and before you know it, you are making millions.
Ensure proper marketing
Use all marketing strategies within your budget and capability. Take your business online. Social media has made the world a global village. Create an account for your business on social media like Facebook, Twitter, Instagram or WhatsApp where you can relate to your customers about latest products and also advertise your business. You can create a website for your business for possible online transactions.
If you do not have enough capital to open a physical shop, you can even start with e-commmerce, that is, transacting your business through online platforms.
Ensure proper financial management
This is crucial for this kind of business. Money coming in from this business might be in bits especially as a retailer but proper financial records and management will enable you to achieve the best and grow the business over time. However, if you don’t keep proper financial records and management of the income from this business, you might not see the success you need.
There are several softwares you can use to keep track of your business stock and financial records. However, you don’t need the greatest softwares. Using the basic Microsoft excel software, you can keep record of your stock inventory, products costs, sales and profits for your overall business performance tracking and growth.
Register your business name
This is optional as you are not into any manufacturing or production. However, registering your business name may be useful especially for future expansion. Registering your business name might give you some edge over others in the business as you grow and expand. You might not register at the beginning especially when you do not have enough capital but as the business expands, it is advisable to register your business name. It will also enable you take the business to access strategic alliances, access funding and take the business to international markets.
Estimated start-up capital
The start up capital for phone accessories business all depends on the scale you wish to operate the business. You can be a dealer, wholesaler or a retailer.
For retailers hawking their products on a cart or wheel barrow, this business can be started with N100,000 to N150, 000 or even less. For retailers who wish to also have a shop to sell their products, the business can be started with N150, 000 to N2000,000 depending on the location. To be a wholesalers, you should budget about N1000,000 and above for this business.
Phone accessories business is a lucrative business and the market is always available as long as you keep adequate stock and you are up to date with latest technologies. You need to be experienced, have the necessary information needed to operate these phone accessories, in order to be able to introduce these accessories to your customers.
Once all these steps are followed properly, be sure of speedy growth in the business. The journey of a thousand miles begins with the first step. Business is all about taking calculated risks. Take the risk and start something today.