How To Start Phone Accessories Business in (2022)
Have you thought of starting a phone accessories business? This business is profitable because over 90% of Nigerians own a mobile phone, whether it’s an Android, Mac, or iOS device. When they aren’t perusing the internet or interacting with others online, they use it to make calls and send text messages. As a result, the phone accessory business has become one of the country’s most profitable. So, what’s the most effective method to begin? How To Start Phone Accessories Business in 2022
Cost of Starting A Phone Accessories Business
The expense of beginning a phone accessories business in Nigeria is rather minimal.
No company, no matter how big or little can operate without some form of money. Even though starting a phone accessories business is one of the less expensive possibilities, it still demands some capital. You’ll need to get a few stuff in order before you can start this business.
Before launching a phone accessories business in Nigeria, you should consider the following resources:
- A shop should cost between N50,000 and N100,000.
- 40,000 to 60,000 Naira for shop furniture (including a chair, table, and exhibition glass).
- Phone accessories start at N30,000 and go up from there. It all depends on the scale of the business you want to manage, though.
Finally, the decision to invest in the phone accessories business is a personal one. Would you rather work for a small or huge company? To start up a new retail business, you’ll need about 200,000 Naira. However, if you would like to become a major retailer, you’ll need at least N500,000. How To Start Phone Accessories Business in (2022
Opportunities for A Phone Accessories Business In Nigeria
Nigeria is home to more than 200 million people. Did you realize that? Mobile phones were first offered to the Nigerian market in 2001. The percentage of people who use the internet has increased dramatically since then.
And over 100 million Nigerians currently have access to mobile phones. This suggests that there is a big demand for phone accessories in Nigeria.
Examine the area around you. Do you have any idea how many people live on your street or even in your neighborhood? For you, that is the prospective market.
Cell phones are carried by the vast majority of the people you encounter on a regular basis. It appears that they will soon require a new charging cable, earphone, battery, and other accessories. If you start a phone accessories business in your neighborhood, you can become their accessories plug.
How To Start A Phone Accessories Business
You now know how much money you’ll need and what you’ll be selling when you start your phone accessories business. “How did you get started in this business?” is the next question that must be answered. No specialist knowledge is required for this business. As a consequence, it is one of the most straightforward to take part in.
How To Start Phone Accessories Business in (2022. You’ll need to follow the required steps to get started in the phone accessories business:
STEP 1: Have A Business Plan
Several businesses in this region of the world overlook the need of conducting a feasibility analysis and formulating a business strategy.
If you want to run a successful business, you can’t have one without another, and we’ll explain why.
An industry overview is provided through a feasibility study. It determines who your prospective customers are, that which they enjoy, and how to get out to them. In addition, your investigation will disclose who your rivals are and what competitors are up to. Finally, it determines how much money you’ll need and how you’ll promote your business.
A company plan is the product of a thorough feasibility assessment. It serves as a roadmap for your business as well as an instrument for attracting investors and obtaining capital. You’ve got both. How To Start Phone Accessories Business in 2022
STEP 2: Acquire A Store
It’s a nice idea to open a business, but it’s not needed. Some people choose to start their company by selling online or opening a mobile shop.
It becomes your store, regardless of how you go about it. You must pick how you will start your company and where you will market your goods. If you must use a retail shop, make sure it is located in a high-traffic location.
It also needs to be friendly to potential customers and free of miscreants and security risks. The more at ease potential customers feel at your business, the more inclined they are to visit.
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STEP 3: Look For Reliable Suppliers
The phone accessory market is a commodity-driven market. Because you are not the manufacturer of these items, you must find reputable vendors. You should be able to find a handful of them when performing your feasibility study. A reputable supplier delivers on schedule and can offer credit if needed.
How To Start Phone Accessories Business in (2022
STEP 4: Start Advertising Your Business
The phone accessory market is a very lucrative business. To get the most out of it, you’ll need to promote your company and attract a larger audience. You must, however, improve the profitability of your company by alerting others about it. To market your business, you can utilize posters, social networks, word-of-mouth, and other means. The more exposure you have, the better it will be for your business to grow.
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Bottom Line
That’s all we have time for this article. The procedures for starting a phone accessories business in Nigeria have been outlined. We feel you now have a good idea of where to commence. How To Start Phone Accessories Business in 2022
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