How To Start Phone Accessories Business In Nigeria (2023)
Nigeria is battling recession and unemployment and this is the best time for one to show entrepreneurial skills.
Starting a business is one of the best ways of pulling one self out of unemployment.
This article will discuss tips on how to start successful phone accessories business in Nigeria.
Phone accessories business is very popular in Nigeria with endless opportunities.
As a result of advancements in technology high growth rate of mobile industry, opportunities in phones accessories business in Nigeria has continued to thrive despite high influx into the business.
Phone accessories business in Nigeria is a very tricky one just like other tech businesses in Nigeria.
It is also a fast moving business which requires entrepreneurs dealing in it to be well calculative and keep up with the trends.
In this post, we will discuss the prospects of phone accessories business in Nigeria.
In specific, we will talk about capital needed to start phones accessories business in Nigeria as well as how profitable phone accessories business is in Nigeria among other things.
Phone accessories business in Nigeria is a very popular and highly competitive.
There are high number of people marketing phones accessories across major Nigeria cities.
Also, there are many level of phones accessories marketing in Nigeria.
There are a segment of phone accessories dealers who are importers, we have wholesalers and retailers.
Starting phones accessories business in Nigeria in any of these capacities is dependent on one’s available capital.
Before starting phones accessories business and everyother business in Nigeria, feasibility study or research is important.
This will help an intending phone accessories seller to identify where best location is and what type of phones accessories sells more in the particular location.
Apprenticeship might be very helpful in trying to start phone accessories business in Nigeria as it will expose to you some hidden tricks and best products of phones accessories. The next segment of this article will discuss successful tips for starting phone accessories business in Nigeria.
Steps To Starting Phones Accessories Business In Nigeria
Capital for Phone Accessories Business In Nigeria
One of the major steps to setting up phone accessories business is having money set aside to be invested in the business.
Potential investors always ask how much is needed for starting phones accessories business.
The answers to this question is not definite. There is no amount that can be considered too big for staring phone accessories business, however, some amount can be too small to kick off the business.
The available capital will determine level of take off the business. With capital of around N1 million and above one can start phone accessories business as a wholesaler.
Having a capital of around N3 to N5 million is well enough to operate an an importer in phone accessories business.
Nevertheless, an amount from N100,000 to N500,000 can as well as go a long way in setting up phones accessories business especially as a retailer.
So, capital required for starting phone accessories business is dependent on the level of the business one wishes to operate.
Shop & Locations For Phone Accessories Business
Finding a location for phones accessories business is also very important.
Studies has shown that the business is highly patronized in thickly populated areas and cities.
For wholesale of phone accessories, it is always better to locate one’s shop at an area already known for the business like plazas, phone markets, electronics markets etc.
This has an advantage of helping you link up with other dealers and help keep you abreast with the latest trends in the business.
However for retailers, setting up a small shop or mobile shop in thickly populated roads with high human movements is the ideal location for phone accessories business.
So, the best place to start phone accessories business in Nigeria is dependent on the level of the business one wishes to operate.
How Profitable Is Phone Accessories Business In Nigeria
Phone accessories business in Nigeria is lucrative especially when one is into varieties of phone accessories and other gadgets like bluetooth speakers etc.
On wholesale level some items like chargers, earphones are sold with N50 to N100 profit. On retail end, chargers and earphone can be sold on 100% profit.
Best Place To Buy Phone Accessories Cheap in Nigeria
Lagos and Onitsha remain the best markets to buy phone accessories in Nigeria.
Lagos market is the best place to buy phone accessories cheap as there are many importers in the Lagos market dealing on phone Accessories.
Onitsha maket is also another market to get good prices of phone accessories in Nigeria.