Mobile phone retailing is a lucrative business especially in a country like Nigeria.
With a population in excess of a hundred and sixty million people out of which a clear majority are young people, Nigeria provides a very big market as far as the mobile telephony
business is concerned. If you are interested in this business, here is how to go about it.
1) LEASE A RETAIL SPACE : You will need a shop preferably in an area of town with lots of human and vehicular traffic. Depending on the location, this will usually cost you anywhere between a hundred thousand naira (NGN100,000) to four hundred and fifty thousand naira (NGN450,000) per annum.
2) REGISTER YOUR BUSINESS: It is advisable to register your business with Nigeria's Corporate Affairs Commission (CAC). This gives your business a legal status. In addition, you will be able to open a bank account(s) with the name of your business. Without this registration, potential institutional customers would not be willing to do business with you.
3) GET YOUR STOCK : There are about two major ways to go about this. You can either buy from wholesalers, distributors and brand representatives or order your goods or direct from China through AliExpress. AliExpress is owned by Chinese online mall giant ALIBABA. All you need do is open a free account at www.aliexpress.com and place your orders. They deliver at wholesale price and your goods would usually take between one to seven days to arrive. Summarily, AliExpress is a reliable, safe and secure way to get your goods at comparatively cheap prices. It is important to have different brands in stock. Note that you can make good money by also selling phone accessories like phone covers, screen guards, power banks and the likes.
4) HIRE A FEW EMPLOYEES: You can start by hiring between one to three employees depending on the scale but remember to keep costs down.
5) BUILD A DATABASE: This is important but not compulsory. Get experts to develop a database for your business. A database will help you keep accurate record of your deals. It will be even more necessary as you expand and open more branches.
6) INTRODUCE ALTERNATIVE PAYMENT PLATFORMS: You may consider getting a Point Of Sale (PoS) machine for more convenient payment options for your customers. This reduces the frequency with which you carry physical cash and the risk that comes with it. Again this is not compulsory; just important.
7) SELL ONLINE: You may also consider selling through an online platform. This gives you a rare opportunity to sell to people outside of your immediate environment. In other words, your business would neither be limited by time nor space.
With a population in excess of a hundred and sixty million people out of which a clear majority are young people, Nigeria provides a very big market as far as the mobile telephony
business is concerned. If you are interested in this business, here is how to go about it.
1) LEASE A RETAIL SPACE : You will need a shop preferably in an area of town with lots of human and vehicular traffic. Depending on the location, this will usually cost you anywhere between a hundred thousand naira (NGN100,000) to four hundred and fifty thousand naira (NGN450,000) per annum.
2) REGISTER YOUR BUSINESS: It is advisable to register your business with Nigeria's Corporate Affairs Commission (CAC). This gives your business a legal status. In addition, you will be able to open a bank account(s) with the name of your business. Without this registration, potential institutional customers would not be willing to do business with you.
3) GET YOUR STOCK : There are about two major ways to go about this. You can either buy from wholesalers, distributors and brand representatives or order your goods or direct from China through AliExpress. AliExpress is owned by Chinese online mall giant ALIBABA. All you need do is open a free account at www.aliexpress.com and place your orders. They deliver at wholesale price and your goods would usually take between one to seven days to arrive. Summarily, AliExpress is a reliable, safe and secure way to get your goods at comparatively cheap prices. It is important to have different brands in stock. Note that you can make good money by also selling phone accessories like phone covers, screen guards, power banks and the likes.
4) HIRE A FEW EMPLOYEES: You can start by hiring between one to three employees depending on the scale but remember to keep costs down.
5) BUILD A DATABASE: This is important but not compulsory. Get experts to develop a database for your business. A database will help you keep accurate record of your deals. It will be even more necessary as you expand and open more branches.
6) INTRODUCE ALTERNATIVE PAYMENT PLATFORMS: You may consider getting a Point Of Sale (PoS) machine for more convenient payment options for your customers. This reduces the frequency with which you carry physical cash and the risk that comes with it. Again this is not compulsory; just important.
7) SELL ONLINE: You may also consider selling through an online platform. This gives you a rare opportunity to sell to people outside of your immediate environment. In other words, your business would neither be limited by time nor space.
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