With its huge population, Nigeria is Africa’s
largest Global System of Mobile Communication
(GSM) market with more than 125 million
subscribers and a market penetration of about
75%. No doubt, the introduction of GSM has
created lots of business opportunities for
Nigerians.
Today, one of such ever ready, money spinning
opportunities is the sales of mobile phone
accessories. And the beauty of it is that you can
start importing these hot selling items right
away with as little as ten thousand Naira
(N10,000) or less!
Just in case you don’t know what mobile phone
accessories are, they are components that
enable mobile phones to function properly and at
the same time increase their life span.
There are lots of phone accessories one can sell
and make good money from, however, it will not
be possible to start dealing in all of them at the
same time, rather, one can pick a few of the top
sellers in the market and concentrate on them
before expanding his/her product range.
SuccessDigest, as usual, with the expertise of
professionals in the industry who have learnt
through the ropes, takes you through, not only
the fundamentals of the phone accessories
business, but reveals how you can become rich
selling these hot selling products in the shortest
possible time with little investment.
Can One Really Get Rich Selling Phone
Accessories?
Godswill Ohazuruike is the President of Guru
Marketing Services, with office in Lagos. He
agrees that one can become rich in the business
and opines that the best way to get rich quickly
is to import and of the top hot-selling
accessories like: phone cases, especially iphone
cases, pouches, and power bank, due to
electricity problem in Nigeria; charger, screen
protector, earpiece, and bluetooth (hands-free).
Why Are Phone Accessories Hot Selling In The
Market?
Godswill says: “When it comes to Nigeria, mobile
phone users do spend a lot of money buying
accessories – anybody who buys a new phone
will likely go for a pack to put the phone in for
protection and to avoid getting scratched. Also,
when it comes to earpiece, it is hot-selling now,
as you see lots of people who drive using their
earpiece while driving.
Another hot-selling phone accessory is power
bank, which is high in demand as a result of the
poor power supply in the country. Users have
access to electricity when their batteries are
going flat by recharging their phones through
their power banks. Power banks are made for
different devices – there are ones for mobile
phones, tablets and laptops.”
Gbolagade Adetunji, CEO, Silverplatter Solutions,
Ibadan, also lends his weight on the fact that
phone accessories are hot selling in the market
because the demands are high. He says: “You
personally can attest to the fact that you have at
one time or the other changed your phone’s
charger, ear piece, screen protector, case and
others - people buy any of these almost on
monthly bases.”
How Do You Source For The Products Cheaply?
Godswill says: “Importers can source or order
these products online from numbers of
importation portals, like www.aliexpress.com ,
www.importexpertng.com , www.importng.com ,
www.alibaba.com , among others, where, you will
be able to get in touch with manufacturers and
suppliers who produce these products with a
view to buying from them and reselling in the
local market.
Actually, the importation portals work like this:
you are the supplier and I am the buyer, there is
an intermediary between you and I, who
processes payment; in the sense that, when I
discuss with you about the product I want to
import, I will make the payment to the
intermediary, who will notify you about my
payment and provide you my detail.
Then you send the goods down to me, once I
receive the goods here in Nigeria or any other
country, I will confirm to the intermediary that I
have received the goods. After this, the
intermediary will have to inform the supplier the
amount I have paid for the goods and in case I
didn’t receive the goods, I can just contact the
intermediary so as to be able to investigate
using the tracking number provided by you
(supplier). If eventually, I didn’t receive it, you
will have to refund my money.”
Gbolagade says: “Sourcing cheaply has to do
with buying from wholesalers on the importation
portals or websites. If you have in-depth
knowledge of navigating through different
ecommerce websites like Aliexpress, which deals
in phone accessories and other goods, you will
be able to cheaply source for these items. I
search for reputable wholesalers and engage
them in a chat. When I chat with them, I use my
bargaining power to slash down the price of the
goods.”
Is There Need To Travel To China For
Importation?
Gbolagade says: “You need not travel down to
China before you can start importing phones and
their accessories down to Nigeria. There are
several websites that you can visit and place
order for these items and get them shipped to
you right here in Nigeria – www.aliexpress.com
is one of such websites you can visit to buy
these items from.”
Godswill also says: “You can actually stay in the
comfort of your room to do this business using a
computer system or a smart phone, as long as it
has access to the Internet. So, after purchasing
the products from aliexpress.com , the payment
for all the order you made can be processed
through what is called an escrow account, which
guard the payment until the buyer receives the
goods. It is when the buyer receives the goods
that the supplier gets his pay.”
How Can Those Who Are Not Buoyant Enough To
Import Be Part Of The Phone Accessories
Business?
Godswill says: “Starting up the importation of
phone accessories and other forms of
importation businesses doesn’t require huge
capital. With just N10,000, one can start at a
mini or small scale level. For instance, with that
N10,000, you can import up to 20 pieces of
phone cases and if you don’t want to sell them
yourself, you can supply to retailers in the
market at a very good price and you will make
your money in return.
But if the person is not buoyant enough or
doesn’t want to import these items, such person
can be linked up with the importers of the
products, who will have to supply him the goods
– he or she now becomes a distributor.”
Gbolagade says: “Buoyancy is relative. If you
have as low as N20,000, you can start the
importation of phone accessories with ease, as
the market is opened to everyone irrespective of
your starting capital. Even if it’s just N10,000,
you can always start and grow it up.”
What Are The Steps You Can Take To Become
Rich Doing The Business?
Godswill assures that both importers and non
importers of these products have the opportunity
to become rich. He says: “Firstly, before you get
rich in a business, like in this phone accessories
business, you need to learn how to startup the
business and master the startup process of the
business.
So, you need to get ideas on things you can
import and can sell fast here in Nigeria and how
you can sell them. So, I will say you, majorly,
need to be well trained by professionals in
importation business, after which you have to
adhere strictly to the guidelines.”
Gbolagade says: “Becoming rich doing this
business for non importers is feasible. The only
important thing is not to eat up your capital, but
to plough back your profit into the business.”
Startup Capital For The Big Boys – Importing
Like One Container Load Of Phone Accessories
Godswill says: “There is no specific amount that
can be the cost of importing a container load of
phone accessories, as there are factors that
determine the price. It all depends on the
products you are importing – meaning that the
product you are importing will determine the
quantity that will fit into both a 20ft or 40ft
container and its price. So, there is no specific
price, unless you just want to import one
particular product.”
Gbolagade simply says: “It is as much as you
can afford. With as low as N400,000 upwards,
you are a big starter.”
After Getting These Products How Can They Be
Sold Off Quickly?
Godswill says: “There are lots of ways to sell off
these products, depending on the procedure each
importer wants to use. You can go to the local
market where you see people who sell phone
accessories in retail, tell them you have phone
accessories of whichever type you have
imported. Agree on the price with them, make
your supply to them and get paid. You can as
well sell these products one-by-one to end users
or online on Konga, Kaymu or Jumia at a much
higher rate.”
Gbolagade says: “It is advisable to find out from
merchants who sell phone accessories by the
road side or shops the price at which they get
those items in Lagos and at what price they will
be willing to buy if you were to sell to them. So,
if you reach an agreement with like 10 or more
of such merchants you have approached with the
cheapest possible price, which they will jump at,
you can proceed with your importation, and when
the goods arrive, you get them sold to your
waiting buyers with ease.”
Who Are The Buyers Of Phone Accessories In
Nigeria?
Godswill says: “Phone accessories are dispersed
all over the streets and markets of Nigeria. You
also have big companies like Slot, among others
based in Lagos and other states; they deal in
phone accessories business. So, as an importer
you can negotiate better price with such
companies, they will buy, once you are bringing
in nice and quality products.
How Lucrative Is This Business?
Godswill says: “The second most lucrative
business in Nigeria, after oil and gas is
importation, especially phone accessories
importation and it doesn’t require huge capital to
start. For instance, you can import a product for
like N100 and supply it at the rate of N400 –
making over 100 percent profit. Most of the
things used here in Nigeria are imported, as we
are yet to produce locally. So, the importation of
phone accessories business remains a profitable
business in Nigeria, solely because there are lots
of phone users in the country.”
Gbolagade says: “Importation business generally
is highly lucrative but phone accessories are
more lucrative because the profit margin is
always high. This is owing to the fact that you
may not change your phone for years, but the
accessories will most likely be needed every two
(2) months.”
What Do You Stand To Gain If You Bring More
Money Into The Business?
Godswill maintains that bringing in huge capital
into the importation of phone accessories
business will give you the opportunity to buy
larger quantities and you will be getting them at
a very cheaper rate than those buying small
quantities. For instance, if you are buying 10
pieces of an item for like $1 each, if you are
buying 100 pieces, you might get them for like
$0.40 or $0.50 each. So, as a large scale
importer, you will be able to get wholesales
prices at a very cheaper rates than small scale
importers.
Gbolagade says: “As common sense implies,
more money means more profit. The more
money you are able to bring into the business,
the more profit you will generate. It enables you
to enjoy great discounts from your source when
you buy in larger quantities.”
How Can One Position Himself In The Market?
Depending on the methods and strategies put in
place individually, Godswill says: “Some
importers do print fliers with their contact details
and distribute them along the streets of Nigeria
to create more awareness for their business. In
another instance, if a product is sold for N10,000
in the market, they can give like N500 discount,
and as earlier said, you can place your goods on
Konga, Kaymu or Jumia – most of the products
here are individually placed there, only few are
sold directly by them.”
Gbolagade says: “You can position yourself in
the market by concentrating on just one or two
products and make them available at competitive
prices that will make your customers want to
buy from you and only you alone. Also, having
great customer support is essential. If your
customers complain to you about a
malfunctioning item, it is best to change it for
them as quickly as possible. It wouldn’t hurt
your profit, but instead add to your reputation
and credibility. You can as well sell these items
by listing them on ecommerce websites in
Nigeria free of charge.”
What Is Market Surveying To Phone Accessories
Importation Business?
Godswill says: “The first thing to do before going
into importation business is to carry out market
survey. You must first know customers’
prevailing needs in your immediate environment;
you need to find out the price of the product you
are bringing in and how much it is sold for in
Nigeria. For instance, there are some earpieces
that are sold one-by-one, while some are sold in
dozen – so, you have to find out the price and
the packaging details.
Gbolagade says: “The right market to always
target is retailers who sell these items on the
streets, shops and big or small markets.
Approach them, interview them about the high
selling accessories, know the price at which they
buy from their source, and offer them a killer
offer that will make them ask you to bring
yours.”
Likely Challenges Of The Business/Possible
Solutions
Godswill confirms that the challenges in this
business are not much, as it could have been the
risk of importing the products – challenge of
risking your money, but with the services of
escrow, it doesn’t exist any longer. Make sure
you get the product at a much cheaper rate and
that your quality is okay. As soon as you are
able to overcome these obstacles, there is
nothing that stops you from making money and
building your wealth.
Gbolagade says: “Late delivery of goods from
abroad is one of the challenges, as often times,
it takes as long as three weeks for your
imported goods to arrive. The solution to the
challenge is that you should always place orders
ahead before your customers start asking for the
goods, or if you have the financial might, you
may use faster means of shipment like DHL, but
it will cost more.
Another challenge is having some government
officials like customs and even NDLEA trying to
poke nose into your business and extort money
from you. You can overcome this by sending
down your goods in batches, not worth more
than $200 each to scale through their suspicion,
as they are attracted to large parcels.
Godswill’s Testimonial
How Much Did You Start With?
The mobile phone accessories I dealt with then
was mobile casing for BlackBerry Curve 2 and I
bought 100 pieces at the rate of $0.40 per piece,
which came up to around N6,000 and by the
time I did my calculation, each phone case total
landing cost was around N70. So, I just took it
to the market, met some guys selling smart
phone accessories and I sold each for N450. So,
that was how I started and how I was eventually
made.
How Were You Able To Build The Business?
When you are into any business, the more you do
it, the more you garner experience. Like I said, I
stated with BlackBerry Curve 2 casing, so the
money I realized there was used to import more
of the same product and I supplied to other
phone accessories dealers.
I later diversified into importation of other goods
– currently, I import goods like clothes, shoes,
tablet and smart phones. This is the way to build
your importation business – start small with
little capital like N10,000 and if you make like
N30,000, just invest all the money back into the
business to import more. That is how you begin
to grow your capital base.
How Were You Able To Face/Fence Competition?
Competition is very keen in this business, as it is
in most businesses where lots of money can be
made. When I first imported the items that I
mentioned earlier, there were lots of other guys
importing same thing, but one thing about
importation is that, once the price is cut down,
people will buy from you.
Ensure you buy from a considerably cheaper
supplier so that you will be able to cut down
your price. For instance, when others are selling
for like N105 in the market, you can sell for N95.
The most important thing is to get more
customers, and through selling at lower prices
getting more customers is sure. So, you can sell
to them for a period of time and after you have
made them your customer, you can increase the
price.
Advice For New Entrants
I can say I was a novice before, so if you are a
novice like I was then, you just need to learn
how to startup a business by getting tutored by
expert and professional importers. There are as
well manuals you can go through, like I did and
therein you will get to know how to start a mini
small scale importation with at least N10,000
and a mini wholesale importation with at least
N50,000.
The most important thing is to start small, and
not like most people believe that importation
business requires lots of money to start. Start
small today and before the year runs out you
should be looking at your working capital
growing into the hundreds of thousands of Naira
range.
largest Global System of Mobile Communication
(GSM) market with more than 125 million
subscribers and a market penetration of about
75%. No doubt, the introduction of GSM has
created lots of business opportunities for
Nigerians.
Today, one of such ever ready, money spinning
opportunities is the sales of mobile phone
accessories. And the beauty of it is that you can
start importing these hot selling items right
away with as little as ten thousand Naira
(N10,000) or less!
Just in case you don’t know what mobile phone
accessories are, they are components that
enable mobile phones to function properly and at
the same time increase their life span.
There are lots of phone accessories one can sell
and make good money from, however, it will not
be possible to start dealing in all of them at the
same time, rather, one can pick a few of the top
sellers in the market and concentrate on them
before expanding his/her product range.
SuccessDigest, as usual, with the expertise of
professionals in the industry who have learnt
through the ropes, takes you through, not only
the fundamentals of the phone accessories
business, but reveals how you can become rich
selling these hot selling products in the shortest
possible time with little investment.
Can One Really Get Rich Selling Phone
Accessories?
Godswill Ohazuruike is the President of Guru
Marketing Services, with office in Lagos. He
agrees that one can become rich in the business
and opines that the best way to get rich quickly
is to import and of the top hot-selling
accessories like: phone cases, especially iphone
cases, pouches, and power bank, due to
electricity problem in Nigeria; charger, screen
protector, earpiece, and bluetooth (hands-free).
Why Are Phone Accessories Hot Selling In The
Market?
Godswill says: “When it comes to Nigeria, mobile
phone users do spend a lot of money buying
accessories – anybody who buys a new phone
will likely go for a pack to put the phone in for
protection and to avoid getting scratched. Also,
when it comes to earpiece, it is hot-selling now,
as you see lots of people who drive using their
earpiece while driving.
Another hot-selling phone accessory is power
bank, which is high in demand as a result of the
poor power supply in the country. Users have
access to electricity when their batteries are
going flat by recharging their phones through
their power banks. Power banks are made for
different devices – there are ones for mobile
phones, tablets and laptops.”
Gbolagade Adetunji, CEO, Silverplatter Solutions,
Ibadan, also lends his weight on the fact that
phone accessories are hot selling in the market
because the demands are high. He says: “You
personally can attest to the fact that you have at
one time or the other changed your phone’s
charger, ear piece, screen protector, case and
others - people buy any of these almost on
monthly bases.”
How Do You Source For The Products Cheaply?
Godswill says: “Importers can source or order
these products online from numbers of
importation portals, like www.aliexpress.com ,
www.importexpertng.com , www.importng.com ,
www.alibaba.com , among others, where, you will
be able to get in touch with manufacturers and
suppliers who produce these products with a
view to buying from them and reselling in the
local market.
Actually, the importation portals work like this:
you are the supplier and I am the buyer, there is
an intermediary between you and I, who
processes payment; in the sense that, when I
discuss with you about the product I want to
import, I will make the payment to the
intermediary, who will notify you about my
payment and provide you my detail.
Then you send the goods down to me, once I
receive the goods here in Nigeria or any other
country, I will confirm to the intermediary that I
have received the goods. After this, the
intermediary will have to inform the supplier the
amount I have paid for the goods and in case I
didn’t receive the goods, I can just contact the
intermediary so as to be able to investigate
using the tracking number provided by you
(supplier). If eventually, I didn’t receive it, you
will have to refund my money.”
Gbolagade says: “Sourcing cheaply has to do
with buying from wholesalers on the importation
portals or websites. If you have in-depth
knowledge of navigating through different
ecommerce websites like Aliexpress, which deals
in phone accessories and other goods, you will
be able to cheaply source for these items. I
search for reputable wholesalers and engage
them in a chat. When I chat with them, I use my
bargaining power to slash down the price of the
goods.”
Is There Need To Travel To China For
Importation?
Gbolagade says: “You need not travel down to
China before you can start importing phones and
their accessories down to Nigeria. There are
several websites that you can visit and place
order for these items and get them shipped to
you right here in Nigeria – www.aliexpress.com
is one of such websites you can visit to buy
these items from.”
Godswill also says: “You can actually stay in the
comfort of your room to do this business using a
computer system or a smart phone, as long as it
has access to the Internet. So, after purchasing
the products from aliexpress.com , the payment
for all the order you made can be processed
through what is called an escrow account, which
guard the payment until the buyer receives the
goods. It is when the buyer receives the goods
that the supplier gets his pay.”
How Can Those Who Are Not Buoyant Enough To
Import Be Part Of The Phone Accessories
Business?
Godswill says: “Starting up the importation of
phone accessories and other forms of
importation businesses doesn’t require huge
capital. With just N10,000, one can start at a
mini or small scale level. For instance, with that
N10,000, you can import up to 20 pieces of
phone cases and if you don’t want to sell them
yourself, you can supply to retailers in the
market at a very good price and you will make
your money in return.
But if the person is not buoyant enough or
doesn’t want to import these items, such person
can be linked up with the importers of the
products, who will have to supply him the goods
– he or she now becomes a distributor.”
Gbolagade says: “Buoyancy is relative. If you
have as low as N20,000, you can start the
importation of phone accessories with ease, as
the market is opened to everyone irrespective of
your starting capital. Even if it’s just N10,000,
you can always start and grow it up.”
What Are The Steps You Can Take To Become
Rich Doing The Business?
Godswill assures that both importers and non
importers of these products have the opportunity
to become rich. He says: “Firstly, before you get
rich in a business, like in this phone accessories
business, you need to learn how to startup the
business and master the startup process of the
business.
So, you need to get ideas on things you can
import and can sell fast here in Nigeria and how
you can sell them. So, I will say you, majorly,
need to be well trained by professionals in
importation business, after which you have to
adhere strictly to the guidelines.”
Gbolagade says: “Becoming rich doing this
business for non importers is feasible. The only
important thing is not to eat up your capital, but
to plough back your profit into the business.”
Startup Capital For The Big Boys – Importing
Like One Container Load Of Phone Accessories
Godswill says: “There is no specific amount that
can be the cost of importing a container load of
phone accessories, as there are factors that
determine the price. It all depends on the
products you are importing – meaning that the
product you are importing will determine the
quantity that will fit into both a 20ft or 40ft
container and its price. So, there is no specific
price, unless you just want to import one
particular product.”
Gbolagade simply says: “It is as much as you
can afford. With as low as N400,000 upwards,
you are a big starter.”
After Getting These Products How Can They Be
Sold Off Quickly?
Godswill says: “There are lots of ways to sell off
these products, depending on the procedure each
importer wants to use. You can go to the local
market where you see people who sell phone
accessories in retail, tell them you have phone
accessories of whichever type you have
imported. Agree on the price with them, make
your supply to them and get paid. You can as
well sell these products one-by-one to end users
or online on Konga, Kaymu or Jumia at a much
higher rate.”
Gbolagade says: “It is advisable to find out from
merchants who sell phone accessories by the
road side or shops the price at which they get
those items in Lagos and at what price they will
be willing to buy if you were to sell to them. So,
if you reach an agreement with like 10 or more
of such merchants you have approached with the
cheapest possible price, which they will jump at,
you can proceed with your importation, and when
the goods arrive, you get them sold to your
waiting buyers with ease.”
Who Are The Buyers Of Phone Accessories In
Nigeria?
Godswill says: “Phone accessories are dispersed
all over the streets and markets of Nigeria. You
also have big companies like Slot, among others
based in Lagos and other states; they deal in
phone accessories business. So, as an importer
you can negotiate better price with such
companies, they will buy, once you are bringing
in nice and quality products.
How Lucrative Is This Business?
Godswill says: “The second most lucrative
business in Nigeria, after oil and gas is
importation, especially phone accessories
importation and it doesn’t require huge capital to
start. For instance, you can import a product for
like N100 and supply it at the rate of N400 –
making over 100 percent profit. Most of the
things used here in Nigeria are imported, as we
are yet to produce locally. So, the importation of
phone accessories business remains a profitable
business in Nigeria, solely because there are lots
of phone users in the country.”
Gbolagade says: “Importation business generally
is highly lucrative but phone accessories are
more lucrative because the profit margin is
always high. This is owing to the fact that you
may not change your phone for years, but the
accessories will most likely be needed every two
(2) months.”
What Do You Stand To Gain If You Bring More
Money Into The Business?
Godswill maintains that bringing in huge capital
into the importation of phone accessories
business will give you the opportunity to buy
larger quantities and you will be getting them at
a very cheaper rate than those buying small
quantities. For instance, if you are buying 10
pieces of an item for like $1 each, if you are
buying 100 pieces, you might get them for like
$0.40 or $0.50 each. So, as a large scale
importer, you will be able to get wholesales
prices at a very cheaper rates than small scale
importers.
Gbolagade says: “As common sense implies,
more money means more profit. The more
money you are able to bring into the business,
the more profit you will generate. It enables you
to enjoy great discounts from your source when
you buy in larger quantities.”
How Can One Position Himself In The Market?
Depending on the methods and strategies put in
place individually, Godswill says: “Some
importers do print fliers with their contact details
and distribute them along the streets of Nigeria
to create more awareness for their business. In
another instance, if a product is sold for N10,000
in the market, they can give like N500 discount,
and as earlier said, you can place your goods on
Konga, Kaymu or Jumia – most of the products
here are individually placed there, only few are
sold directly by them.”
Gbolagade says: “You can position yourself in
the market by concentrating on just one or two
products and make them available at competitive
prices that will make your customers want to
buy from you and only you alone. Also, having
great customer support is essential. If your
customers complain to you about a
malfunctioning item, it is best to change it for
them as quickly as possible. It wouldn’t hurt
your profit, but instead add to your reputation
and credibility. You can as well sell these items
by listing them on ecommerce websites in
Nigeria free of charge.”
What Is Market Surveying To Phone Accessories
Importation Business?
Godswill says: “The first thing to do before going
into importation business is to carry out market
survey. You must first know customers’
prevailing needs in your immediate environment;
you need to find out the price of the product you
are bringing in and how much it is sold for in
Nigeria. For instance, there are some earpieces
that are sold one-by-one, while some are sold in
dozen – so, you have to find out the price and
the packaging details.
Gbolagade says: “The right market to always
target is retailers who sell these items on the
streets, shops and big or small markets.
Approach them, interview them about the high
selling accessories, know the price at which they
buy from their source, and offer them a killer
offer that will make them ask you to bring
yours.”
Likely Challenges Of The Business/Possible
Solutions
Godswill confirms that the challenges in this
business are not much, as it could have been the
risk of importing the products – challenge of
risking your money, but with the services of
escrow, it doesn’t exist any longer. Make sure
you get the product at a much cheaper rate and
that your quality is okay. As soon as you are
able to overcome these obstacles, there is
nothing that stops you from making money and
building your wealth.
Gbolagade says: “Late delivery of goods from
abroad is one of the challenges, as often times,
it takes as long as three weeks for your
imported goods to arrive. The solution to the
challenge is that you should always place orders
ahead before your customers start asking for the
goods, or if you have the financial might, you
may use faster means of shipment like DHL, but
it will cost more.
Another challenge is having some government
officials like customs and even NDLEA trying to
poke nose into your business and extort money
from you. You can overcome this by sending
down your goods in batches, not worth more
than $200 each to scale through their suspicion,
as they are attracted to large parcels.
Godswill’s Testimonial
How Much Did You Start With?
The mobile phone accessories I dealt with then
was mobile casing for BlackBerry Curve 2 and I
bought 100 pieces at the rate of $0.40 per piece,
which came up to around N6,000 and by the
time I did my calculation, each phone case total
landing cost was around N70. So, I just took it
to the market, met some guys selling smart
phone accessories and I sold each for N450. So,
that was how I started and how I was eventually
made.
How Were You Able To Build The Business?
When you are into any business, the more you do
it, the more you garner experience. Like I said, I
stated with BlackBerry Curve 2 casing, so the
money I realized there was used to import more
of the same product and I supplied to other
phone accessories dealers.
I later diversified into importation of other goods
– currently, I import goods like clothes, shoes,
tablet and smart phones. This is the way to build
your importation business – start small with
little capital like N10,000 and if you make like
N30,000, just invest all the money back into the
business to import more. That is how you begin
to grow your capital base.
How Were You Able To Face/Fence Competition?
Competition is very keen in this business, as it is
in most businesses where lots of money can be
made. When I first imported the items that I
mentioned earlier, there were lots of other guys
importing same thing, but one thing about
importation is that, once the price is cut down,
people will buy from you.
Ensure you buy from a considerably cheaper
supplier so that you will be able to cut down
your price. For instance, when others are selling
for like N105 in the market, you can sell for N95.
The most important thing is to get more
customers, and through selling at lower prices
getting more customers is sure. So, you can sell
to them for a period of time and after you have
made them your customer, you can increase the
price.
Advice For New Entrants
I can say I was a novice before, so if you are a
novice like I was then, you just need to learn
how to startup a business by getting tutored by
expert and professional importers. There are as
well manuals you can go through, like I did and
therein you will get to know how to start a mini
small scale importation with at least N10,000
and a mini wholesale importation with at least
N50,000.
The most important thing is to start small, and
not like most people believe that importation
business requires lots of money to start. Start
small today and before the year runs out you
should be looking at your working capital
growing into the hundreds of thousands of Naira
range.
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