In Nigeria, there are about 100 million active mobile phone users, and do you know that you can start up a phone accessories business in the country and make cool cash?
Mobile Phone Business in Nigeria
Mobile phones were introduced in Nigeria in 2001, and since then, there has been a lot of business opportunities in the Communications industry through the sale of mobile phones.
Many have made millions in the phone accessories business while others are still on their way there.
If you are in Nigeria and have been searching for how to make legit money in the country, then this post is for you.
It’s a quick guess to make that as a reader of this post, you either have a Mobile phone or any other communication device.
You not only have a phone but some other phone accessories like Sim Cards, Phone Charger, SD card, Earpiece or early pods, power bank, won’t other phone accessories.
The market of the phone accessories business is a big one and there is a lot of space for anyone who intends to make money to get into the business.
These 100 million phone users in Nigeria rely on some essential and non-essential phone accessories to gain full access to the functionality of mobile phones.
Some of these smartphone accessories include a micro USB charger, iPhone charger, handsfree, type-c USB charger, screen guard, pouch, power bank, wireless handsfree, wireless charger, etc.
We have become so attached to some of these phone accessories that we can hardly do without them; selling phone accessories in Nigeria is very profitable.
You can engage in the phone accessories business in Nigeria both as a full-time business and as a side hustle.
How Profitable Is Phone Accessories Business In Nigeria?
An original fast USB charger is sold for N1000 at a wholesale price, and you can sell the same charger at the rate of N2000. From this, you can be making a 100% profit on a single item.
Some customers are not ready to bargain and can even purchase a phone charger for N2500.
The not-too-original charger is normally sold for N500 at wholesale price and your can retail the same charger for N1500; that is a 150% profit.
For the original earphone, the wholesale price at the market is N900 for each one and you resell it to your customers for N1500 or N2000. Some customers can willingly pay N3000 for the earphone.
For the phone accessories business, you would need to use price discrimination in your sales. You buy at a lesser price and can sell the product for double the main price.
What Are The Phone Accessories You Can Sell?
Mobile phones have varieties of accessories that have been listed here which you can sell and make money.
Earphone (Corded and Wireless)
Charger (Corded and Wireless)
OTG flash drive
Ear pod Pouch
Phone table holder
Phone car holder
Phone pack and Cover
Phone Accessories That You Can Sell Easily
If you are still starting this business without a shop, you may consider selling online or in a show glass in someone else’s shop.
It is also advisable that you go for phone accessories that do not easily fade out in the market.
Products like Charger, USB adapter, USB cable, OTG flash drive, power bank, earphone, memory card, Bluetooth speaker do not fade out easily when compared with a phone cover, pouch, screen guard, etc.
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How Much Do You Need To Start Phone Business?
As a retailer, you can start up a phone accessories business with a small amount of capital. You don’t need to have over a million naira in your account before you can begin this business.
If you are starting the phone accessories business without a shop; For instance, in Lagos, you can start the business with about N10,000 only; after which you reinvest part of the profit back into the business.
You can get like 3 pieces of original iPhone charger, 3 pieces of original USB charger, 2 pieces of original USB cable, 2 pieces of the original corded earpiece, and 2 original USB adapters with your N10,000
To rent a shop and start a business, you may need to have over N300,000 to N400,000 depending on the store location and the size of the shop you are renting.
Renting a store in a busy location would be good for mobile phone businesses. If you want to rent a shop on the street, let it be close to a junction where people pass regularly.
Your shop must be easily accessible for people. If your customers have to climb a fleet of stairs just to buy a phone charger, then you would be getting just very few of those lines of customers.
A small shop on a major or busy road is better than a spacious shop in the inner corners of the street. After you have stabilized your business, you may also consider selling at wholesale price to get more customers while still making portable profits.
Where Can I Buy Phone Products From?
There are many places where you can purchase phone accessories at a cheap process. Some of these locations are:
- Computer Village, Ikeja is a nice place to buy your phone products at wholesale price.
- Alaba International market is good for wholesale purchases too.
- Mini-importation: Import mobile phone accessories from China.
- Funmimall also sells mobile phone accessories at the same prices as Computer Village and Alaba International market.
How do Will Customers know About Your Business?
- Rent a shop at a viable location.
- Create awareness of your product in your business environment. You can play loud music or recorded audio: “buy your phone charger here!”
- Set up your business on “Google My Business” and create a profile.
- Make your business location accessible on the Google map.
- Advertise your phone products on Jiji.ng.
- Create a Facebook page for your business.
- Ask your customers to drop their good reviews on your page and also ask them for referrals in turn for little tokens or discounts.
Business Tips For Starting Up Phone Accessories Business
- You have to be friendly with your customers. The customer is always right (even when they are not); greet and treat them well.
- Always be cheerful and put on a smile.
- Be enthusiastic and hopeful about your business.
- Create an easy and welcoming atmosphere for customers to buy from you.
- Restock always; no one likes those old products
If you venture into business with the right mindset, you would make enough income to match up within your living standards. The way you run a business in phone accessories is more important than the business itself. So, endeavor to run it well.