One of the benefits of living in the 21st century is that you don’t need to be an established entrepreneur to launch your own business. A small importation business is one of the most promising business branches in Nigeria right now, and here is how to start a mini importation business in Nigeria from scratch.
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1. Choose your niche
Perhaps, the choice of a niche is one of the most important choices you will need to make when establishing your business. You don’t want a niche that is too popular, since it will be harder for you to succeed due to the oversaturation of the market, but you also want a niche that is actively patronized by the consumers, so that you don’t spend ages looking for the customers.
2. Get everything you need
Mini importation is not the most capital- and equipment-intensive business you can start, but you will still need a startup capital and a bare minimum of equipment to help your enterprise run smoothly. There is no universally recommended size of a startup capital – if you have chosen a popular niche with cheap products, you can begin your business even with just ₦10,000. As for the equipment, you will need the following:
- A desktop computer, laptop, or tablet
- A stable internet connection
- A mobile phone
- An email address
- A valid physical address for the delivery of the goods
- A credit or debit card that allows internet payments
- Space for storing your inventory
3. Register your business
The legal side of your business matters a lot even if it’s just a small importation enterprise. Registering your business at the Corporate Affairs Commission and obtaining the necessary certificates will serve as a proof to your customers that you’re not just some random seller who may come and go, but an established businessman who treats his enterprise and his customers seriously.
4. Find a supplier
Once you know for sure what you want to import and have all the legal paperwork to support your new business, you will need a reliable supplier to buy your goods from. For most products from the list of the hottest selling goods in Nigeria, your best option is a Chinese marketplace such as Alibaba. There you can negotiate directly with the sellers and discuss the specifics of the products, the possible changes you need to make, and even get them to lower the price by ordering a larger quantity of goods.
5. Choose and order your goods
Even if you already have a reliable supplier of the goods you are interested in, you will still need to choose between different types of the same products, as well as decide on the quantities you need. For example, if you want to sell phone accessories, you can sell cases, chargers, cables, headphones, power banks, and more, with all of those products coming in different designs and colour options. Obviously, the more diverse your assortment of goods is, the more attractive it will look to the buyer, but you don’t need to go overboard and stock too many of the same products – start with small quantities first and see how fast they sell.
After choosing the types and quantities of products you want to buy, it is time to place your first order. Buying from Alibaba and other wholesale Chinese retailers is identical to placing an order on any other online store. You will need a valid payment method and an address in Nigeria where the goods can be delivered. Make sure to check the reviews on both the seller and the product to make sure they can be trusted.
6. Receive your goods
Depending on the delivery type you opted for, it can take you between 5 and 40 days to receive your products. Once you finally do, you need to create an inventory of the goods and find a good storage space – it can be a separate room in your home. At this point, you can consider making your home more secure: if things go well for you, your house can become the target for criminals.
7. Market and sell the products
These days, you have two options: you can sell your products online or in a physical location such as a store or a stall in the market. You can even combine the two and double your sales. Online sales are getting more and more effective, especially during the current pandemic, so you should definitely consider selling online to maximize your profits. Jiji is a good place to start! You can also bring awareness to your new business with the help of social media and paid online ads.
Read more: Trending Products To Buy And Sell In 2020
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