Have you considered launching a phone accessory business in Nigeria? If that’s Since over 90 percent of Nigerians own a mobile phone, whether it be an Android, Mac, or iOS device, this business is profitable. They use it to make calls and send text messages when they aren’t browsing the internet or connecting with others online. As a result, the phone accessory industry has become one of the most profit margin in the country. So, what’s the best way to get started?
COST OF STARTING A PHONE ACCESSORY BUSINESS IN NIGERIA (2022)
In Nigeria, the cost of starting a phone accessory business is rather low.
There is no firm that can exist without some type of capital, no matter how big or small. Even though the phone accessory business is one of the cheaper options to start, it still requires some investment. To start this business, you’ll need to set a few things in order.
Below is a list of resources you will have to consider before starting a phone accessory business in Nigeria:
- You have to budget ₦50,000 – ₦100,000 for a shop
- Furniture for the shop (including a chair, table, and display glass): a range of ₦40,000 to ₦60,000
- Accessories for phones cost: Starting at ₦30,000 and above. However, it all relies on the size of the company you wish to run.
In the end, the initial investment in the phone accessory business is discretionary. Would you prefer a small or large-scale business? If you want to start a small-scale retail business, you’ll need roughly ₦200,000 to get started. If you want to be a big retailer, however, you’ll need at least ₦500,000.
THE OPPORTUNITY FOR A PHONE ACCESSORIES BUSINESS IN NIGERIA
Nigeria has a population of over 200 million people. Did you know that? In 2001, mobile phones were introduced to the Nigerian market. From then to now, the proportion of people using the internet has skyrocketed.
Mobile phones are now available to more than 100 million Nigerians. This indicates that the phone accessory industry in Nigeria has a sizable market.
Examine your local surroundings. Can you estimate the number of people on your street or in your neighborhood? That is the potential market for you.
The majority of people you see on a daily basis have cell phones. It suggests they’ll need a new phone charger, earpiece, battery, and other accessories shortly. You can become their accessory plug if you create a phone accessory business in your neighborhood.
WHAT DO YOU SELL IN YOUR PHONE ACCESSORY BUSINESS?
If you start a phone accessory business, you’re undoubtedly thinking what you’ll sell. You’d be selling phone accessories, which is the straightforward answer to your question. To make things easier for you, we’ve compiled a list:
- Memory cards
- Power banks
- Bluetooth speakers
- USB flash drive (OTG)
- Pouch and Screen guard
- Wireless and corded chargers
- Wireless and corded earphones
- Table phone holder
- Car phone holder
- Solar charger
- Headphones (corded and Bluetooth)
- Wearable fitness trackers
- Smart wristwatches
At the outset, you shouldn’t have to have all of these in your shop. We recommend that you focus on the necessities, such as chargers, earbuds, screen protectors, and pouches. With practice, you’ll be able to sell the others. Also, avoid things that don’t sell out rapidly.
HOW TO START A PHONE ACCESSORIES BUSINESS IN NIGERIA
You now realize how much money you’ll need to start your phone accessory business and what you’ll be selling. “How did you start this business?” is the following question that needs an answer. This business does not necessitate any specialized knowledge. As a result, it is one of the simplest to participate in.
To get started in the phone accessory business, you’ll need to complete the following steps:
STEP 1: HAVE A BUSINESS PLAN AND A FEASIBILITY STUDY
In this part of the world, several businesspeople neglect the need of doing a feasibility study and developing a business strategy.
You can’t have one without the other if you want to succeed in business, and we’ll explain why.
A feasibility study gives you an overview of the industry. It identifies who your potential customers are, what they like, and how to contact them. Your research will also reveal who your competitors are and what they are up to. Lastly, it identifies how much funding you require and how to advertise your company.
A thorough feasibility study results in a company plan. It serves as a road plan for your company, as well as a tool for attracting investors and raising funds. With both, you’ve established a solid foundation.
STEP 2: OBTAIN A STORE
Getting a shop is a good idea, but it isn’t required. Some people decide to start their business by selling online or setting up a mobile shop.
Regardless of the approach you use, it becomes your store. You must decide how you will begin this business and where you will sell your products. If you’re going to use a physical store, make sure it’s in a high-traffic area.
It must also be approachable to prospective clients and free of hoodlums and security hazards. The more secure potential clients feel in your establishment, the more likely they are to patronize it.
STEP 3: LOCATE RELIABLE SUPPLIERS
The phone accessory industry is a commodity-based industry. You must choose dependable providers because you are not the maker of these goods. While conducting your feasibility study, you ought to be able to locate a few of them. A dependable provider delivers items on time and can provide credit as necessary.
STEP 4: MAKE YOUR BUSINESS KNOWN
The phone accessory industry is quite profitable. To earn the most from it, you have to advertise your business and reach a higher audience. You must, however, contribute to the growth of your business by informing people about your new venture. Banners, social media, word-of-mouth, and other methods can all be used to promote your business. The more publicity you generate, the easier it will be for your company to expand.
That’s how far we can go on this article. We have highlighted the processes involved to start a phone accessory business in Nigeria. We believe you now know where to start from.