Advancement in the technological industry is a reality that is not expected to go down anytime soon. There are always new gadgets on the market with many people wanting to try them out. This is especially true in Nigeria where there are many tech lovers. What this means is that the business of selling phones in Nigeria is a lucrative one that holds much profit for phone dealers. There will always be new technological updates that excite people, you can be there to satisfy people’s needs by either being at the right location where such is needed, providing quality, highly technological gadgets, or affordable items. This article highlights how to become a phone dealer in Nigeria.
How to Start a Phone Dealership Business in Nigeria
Have a Business Plan
Every successful business must operate with a business plan. A good business plan will acts as a guide when you start your business. Many think the phone dealer business is one that does not need a plan, but this is not true. The business plan for your phone dealership business must include the following details:
- How to source funds
- The amount of capital to start with
- Location of business
- Marketing strategies
You must also note that you cannot get a loan from a bank without tendering your business plan. A business plan will help you stay focused on achieving your business goals.
Do your research
Before you start your phone dealership business, you must have done proper research on the business. You can gather information by asking those who have been in the business before you. You need to know the fundamentals of the business and find out the tips to make your business successful. You can only become successful in the business when you have a complete and good understanding of how things work in the phone dealership market. Researching also entails knowing more about your competitors, their operations and strategies, your target market, and how they want to be served. One of the best ways to grow your phone business is to use the structure and models of businesses that are already well established, to guarantee your own growth.
The location of your phone selling business is important to its success. The different types of location, such as a neighborhood, industrial area, etc. will demand the traffic and the caliber of people that come to patronize you. You can also choose to have your own building which can easily make you a force to reckon with in the industry. If for example, you want to deal with general merchandise, your business should be located in commercial areas and operated from centers of trade such as Lagos, Aba, and other market areas in the country. Wherever you choose to open your business, it must be easily accessible to buyers.
Register your business
If you are serious about the phone selling business and aim to build one that will stand the test of time, then you must register your business with the Corporate Affairs Commission (CAC). There are many benefits to registering your business; it allows for credibility because people trust that your business is legitimate. With a registered business, you can have the opportunity of making deals with international organizations and even the government. Registering your business also gives you the rest of mind to operate legitimately in the country.
How to source capital
Financing your business can be the most challenging task you will face as an entrepreneur. You must have the means to obtain at least the capital to launch the business. The startup capital for a phone dealership business varies as it depends on the scale on which you want to run the phone business. There are various ways to source capital; you can get money from friends and family or resort to obtaining a loan from the bank. You must however be cautious of bank loans so you do not start off your business on debts. Another way of funding your business is by getting credit lines from suppliers, getting contracts from manufacturers, etc.
How to import phones into the country
In your phone dealership business, you need the contacts of phone manufacturing industries and create a channel through which you can import phones into the country. Direct links to manufactures will grant you reduction promos so you make more gain.
Get a good team and Partnership deals
As your business starts to grow, you will need an effective team to handle sales, marketing, and other business operations. Getting a good team is critical to the success of your business. Whether a business is at its starting stage or established, an effective team will determine if the business will survive or not. Another business model that has been proven to work with businesses in a partnership. However, you must be careful to partner only with people who are business inclined and have ideas that can push your business forward. Choose your partners carefully based on the sole interest to see your business grow.
As mentioned earlier, the phone dealership business is always in since many Nigerians love phones and like to change their devices frequently. However, you have lots of competition in the industry. Therefore, you must always seek ways to get ahead of your competitors. You can get this done through proper advertisement. At the moment, there is an online market for the phone business. Start by creating a page on Instagram, Twitter, or other media channels and sell your phone products there. You can also rely on word-of-mouth advertising after you have done the hard work of selling high-quality products and good customer service.
Invest in good quality products
A tip to being successful in the phone dealership business is by ensuring you supply only good quality products so that your customer always come back to you. You should be the first to have new stock of phones and recent phone updates on phones so that customers come to you first. You must have correct information on how gadgets work, models, cost, prices at other places, etc.
The phone dealership business is a very lucrative one and you can be successful at it by carefully planning, financing, and great customer service skills.