How to Start a Profitable Phone Accessories Business in Nigeria
Many Nigerians now consider mobile phones to be a necessity. Mobile phone accessories are in high demand due to the need and demand for mobile phones. As a result, starting a mobile phone accessories business in Nigeria is a lucrative endeavor. Phones occasionally break down and require repair, as well as phone accessories. This opens up a market for the phone accessory industry. In this article, I’ll explain how to start a phone accessory business in Nigeria.
Do a Thorough Research About the Market
It is advisable to conduct market research before launching a mobile phone accessories business in Nigeria. When conducting market research, you must understand your target customers, competition, and demand for mobile accessories, as well as where to locate your business. Consider how you can compete on a competitive level.
Create a Business Plan for Mobile Accessories
Before you begin, you should plan your business by jotting down ideas on paper. It is much easier to write a business plan if you have researched the market. A business plan can assist you in overcoming obstacles and identifying solutions to business risks. A good business plan should include the following elements:
- Funding sources
- Startup expenses
- SWOT analysis
- Risk assessment
- Operational necessities
- Analysis of the target market’s industry
Find an Excellent Business Location
You must find a safe and secure location in Nigeria to establish your mobile phone accessories business. Determine a good location with a high population, high foot traffic, and proximity to mobile phone dealers. Look for a space that is open and easily accessible. You can set up a shop in a container or rent a kiosk or stall in a mall. You can start a mobile phone accessories business in a market center, town, or near an institution such as a college.
Supply Your Mobile Phone Accessories Company
You must outfit and brand your mobile phone accessory business. To make your shop look nice, you should set up display counters. Install display gasses, good lighting, and then properly arrange your shop. When customers shop in a neat, well-furnished, and branded store, they gain confidence.
Determine where to Buy Cell Phone Accessories
You must locate reputable mobile phone accessories wholesalers who can sell you accessories at a low cost. Getting cheaper suppliers will allow you to keep more of your sales profits. You can get lower-cost mobile phone accessories from:
- Samsung stores on Jumia
- Alaba Lagos Market
If you want to start a large mobile phone accessory business, you can import accessories from countries such as China or from eCommerce sites such as Alibaba.
Selling Mobile Phone Accessories in Nigeria
You must stock the following items in your Nigerian mobile phone accessories business.
- USB flash drive
- Memory sticks
- Chargers (corded and wireless)
- HDMI cords
- Solar power charger
- Selfies Sticks
- Power banks
- Smart wristwatches
- Speakers with Bluetooth
- Cases for mobile phones
- Screen protectors
- USB (Universal Serial Bus)
- Phone cases
- Speakers with Bluetooth
- Earphones (Coded and wireless)
How Much Does It Cost to Start a Mobile Phone Accessories Business in Nigeria?
The cost of starting a mobile phone accessory business in Nigeria is determined by the size of the business, the location, and the accessories you wish to stock. A small mobile accessories business requires at least N300,000. To start a large mobile accessories business, however, you will need at least N1,000,000. However, in order to start a profitable business, it is best to start small and expand as your customer base grows.
The cost breakdown is as follows:
N50,000 to N100,000 for a shop
N100,000 for furniture and displays
N120,000 and above for phone accessories
Is it profitable to sell phone accessories in Nigeria?
Yes. Because phones have become a necessity, there is a high demand for mobile phone accessories, creating a market for the business. You can start a profitable mobile phone accessories business in Nigeria with a good business location, proper marketing strategies, and excellent customer service. Profit margins are typically in the 30% to 60% range.
How to Succeed in the Nigerian Mobile Accessories Industry
Follow these tips to succeed in the mobile accessories business in Nigeria:
- Rent a shop in a convenient location.
- Make a Facebook page or a WhatsApp Group for your business.
- Put your company on Google.
- Encourage your customers to recommend your company to their friends.
How to Begin a Mobile Phone Accessory Business in Nigeria
Starting a mobile phone accessory business in Nigeria is a very lucrative business. You must conduct market research, identify market needs, and then establish a business to meet those needs. Customers will refer their friends to your business if you provide better customer service. Finally, remember to market your company in order to attract new customers.