The screen guards, headsets, phone covers, batteries, phone chargers, selfie sticks, USB cords, and a number of other products make up what is called phone accessories. In this post, let’s look at how to start phone accessories business and important things you need to consider when starting the business to greatly increase your chances of success.
How Good is phone accessories business in Nigeria?
People change their phone accessories quite often. For example, I have changed the casing for my phone 3 times now, and the earpiece up to 5 times within just a few months!
Another thing that fuels the sell of phone accessories is the increasing use of mobile devices, and the advancement of technology. Every now and then, new design and new accessories come into the market and because most people want to follow the trend, they start buying the latest innovations.
However, while phone accessories are on high demand and the business can be quite lucrative, it is important to understand that the business is quite competitive, especially because many people can afford to start it. But with the right business sense, good customer service, strategic marketing and determination, you create better chances to succeed in the business.
Now, let’s look at the steps you could adopt to start phone accessories business:
Set aside the phone accessories business start-up capital/finance
The money or capital you set aside for the phone accessories business will determine if you want to run the business as a dealer, a wholesaler or a retailer.
For retailers who hawk their business on a wheelbarrow or a cart can start with N50,000 – N100,000.
If you wish to be a retailer in a shop, you will need around N100,000 – N1,000,000 depending on the location of the business.
If you are gunning to be a wholesaler, you will need above N1,000,000.
Recommended: see other lucrative businesses you can start with very small capital in Nigeria.
Survey the market
Carry out a market survey, make a research of the phone accessories on high demand in the area where you want to locate your business.
Find out the phones that are popular or that are mostly used by the populace around (you don’t want to start selling iPhone accessories in an area where everyone is using Infinix or Tecno or Itel).
Consider the available dealers, wholesalers and retailers, analyze the profit margin, think about strategies to be ahead of your competitors.
A knowledge of this will keep you ahead of your game. Keep your income at maximum by buying from dealers directly at wholesale prices.
Find a Good Business Location
Setting up your business strategically in the right location will greatly move your business forward. Setting the business up in commercial and high residential areas where there is high traffic will be a lot of advantages for you.
As the population of the area increases, the demand for phone accessories will increase. You can also site the business around universities, offices, malls, and around phone repairers.
Get a Trusted Supplier
Getting a trusted supplier is a critical phase of this business. You need to get top quality products and you are dependent on your supplier for this.
Using a supplier who sells inferior products will most definitely sink your business to ashes, so you must get a supplier that supplies top quality products and at an affordable rate.
The major place where mobile phone accessories are cheapest and potential wholesalers or retailers can buy from is computer village, at Ikeja, Lagos.
Stock your shop/shed with the right products
Setting up your store:
As a phone accessories businessperson, you need stuff like display racks, show-glass or showcase, hooks, shelves etc. to beautifully display your products in ways it will attract customers.
You can have a music box which plays songs to the pleasure and entertainment of customers. Visiting other shops can give you an idea of how to design your shop or even make it much better.
Choosing the right accessories to sell:
In purchasing your items, get those items you know are on high demand during your market survey and then buy a few of those that are not high on demand.
Avoid purchasing items like phone casing in a very large quantity because mobile phone companies produce new models and designs almost every week.
If you buy large quantities of a particular phone’s casings, you might get stuck with them if the phone model goes extinct in a few months.
As you are growing, you can add laptop accessories, too. Make researches, check the web for the latest accessories, get them in the right quantity and advertise. You will be making millions in no time.
Adopt a good marketing strategy
Make use of every marketing strategy you can lay your hands on and within your budget and capabilities. Take your business online and reach a wider audience, this way, you will multiply your customers exponentially.
This is important as it will give your business more exposure. See how to grow your business online for more details.
Properly manage finance and auditing
Make sure you keep track of the daily sales as they can be in bits if it is a retail business. Proper financial records will help you know the business loopholes and how to move it forward. You can use accounting software to track your daily sales and analyze after a certain fiscal period.
Register your business
Registering your business is not that necessary but if you are looking to expand your business, this is a good idea as it will afford you access to funds via loans and also international markets.
Phone accessories business can be quite a lucrative business. But remember to locate your business at a strategic place, sell the right products, do proper financial management.
Also, make sure you maintain a good customer relationship. This is key to your business success.
Finally, remember to always surf the net for information that will be of so much advantage to you as an entrepreneur. Also, take a look at best lucrative hand works to learn in Nigeria and start your own business with it.