Phone accessories business is one the most profitable business in Nigeria in which your can start with just little capital and rise fast within a matter of months. Infact, this is one of the reasons why I prefer this business to most casual businesses in Nigeria.
In this article, I’m going to show you how to start a lucrative phone accessories business with ease, cost of starting it, the risks involved, requirements and how to grow fast in the business. One of this most fascinating thing about this article, is that I’m going to teach you from life experience because I’m a long time phone accessories dealer who started with just little capital and set up, but presently a big dealer in the business. So, I think I’m in the best position to guide through the business plan.
Let’s start up!
What is phone accessories business?
Phone accessories business entails the act of buying materials that are essential for the upkeep of your phone and for users maximum satisfaction at a cheaper rate then reselling it for the sole aim of making profit.
You can get these accessories from either the company of production or from a GSM market. Examples of phone accessories are phone chargers, earpiece, pods, phone pack etc.
Requirements needed to start up the business
To start up a profitable phone accessories you’ll need the following:
• Good location
• Capital
• company/supplier of product
• counter or showcase
• market research
1. Good location: Just like any other lucrative business, you need a good location for your business to be known and for it to have steady growth. In choosing your location, there are some factors you need to bear in mind. First, you need to find an open place (preferably a junction or close to a junction) where there are no much people doing that kind of business around. Second, you need to find a shop where the monthly rent is not outrageous. So that you can maximize profits at the end of each month.
If you are planning to go for an open space instead of a shop, you also need to bear in mind the factors I mentioned above.
2. Capital: capital can be termed the bedrock of any successful business. But for your phone accessories business to be lucrative yet profitable, you need to manage your capital wisely no matter how much it is, so as to maximize profit. You will require capital in getting a suitable shop or location for your business. You will require it’s purchasing power too in buying of the products you need to sell. You will also need it you advertise your business in future when you eventually start up the business.
3. Company/supplier of product: Not just any product but good product is the king to become successful in this business. In that case, you’ll need a good supplier with a good product. I would like to share this experience with you that happened sometime after I started my business.
I had 2 suppliers I became conversant with when I was starting. I bought most of my starting accessories from my first supplier and just few from the second. After sometime, I started receiving complain from from my customers that the products don’t last ( the ones I bought from my first supplier), so I took action and stopped buying from him and started buying from my second supplier(which turned out well even till today). This experience is just to illustrate the importance of good, quality product in business growth.
Another thing you’ll have to bear in mind when choosing a supplier is always buying product from a supplier or company that will sell to you at a cheaper price. So as to maximize profit from your end. (this is the main aim of business).
4. Counter/showcase: you will need a counter(I mean wall counters) if you have a shop. It would be used to display your products to customers and potential customers. If you have a shop, you may also need a showcase for further display of your phone accessories.
Showcase will be much required if you are in an open space (outdoor) instead of a shop. These are the basic requirements for opening a phone accessories business in Nigeria and beyond.
5. Market research: For your business to be successful and productive within a short period of time, you will need to conduct market research before you start up your phone accessories business. You can do this by asking around the locality you found your location for which phone accessories they need. When you get an average suggestion of needed product, you should first start with those products which are needed while purchasing. In doing this, you’ll get faster sales and make more money within few weeks of starting.
Cost of starting a phone accessories business
The cost required to start a phone accessories business depends on how much you have. The truth remains that you can start with any amount and follow the requirements above for faster growth. For instance, I started with just ₦20,000 to buy accessories excluding miscellaneous expenses involved in setting up the shop. So, in reality you can start with as low as anything you have pocket wise, and grow gradually.
How to start up phone accessories business
To start up phone accessories business, you need to find a suitable location following the criteria I described above in the requirements. You further need to purchase the your accessories from different brands of company, retailers or suppliers and boom! start making sales. One more thing which has helped me in this business is being flexible when it comes to selling prices for customers. Just ₦100 reduction in price can draw tons of other customers customers to you and trust me, you’ll make money in the business. Always bear in mind that no big business man think about the short run or the mean time. The goal is always the long-run. This implies that patience is needed in running a successful business, No empire was built in a day they say.
Conclusion
In conclusion, this is the basic guide I can give you as a friend to start up a profitable and lucrative phone accessories business. Don’t forget to follow all the guides I stated in this article to run your business successfully. As you do, I wish you a good start up!
One more thing that helped me become successful within a short period of time is accurate stock and record keeping, calculation and proper documentation. This helped me increase my business ×2 in just two months after start up, without investing additional capital. All these and more you will learn in my PREMIUM COURSE BOOK published by me.
Price: ₦1000 ₦800 (discounted price)
To get the book, go to contact us page, fill a contact form and send us a message ordering the book!
If you have any topic, you want me to discuss, just mention it in the comment box.