HOW TO START A MINI IMPORTATION BUSINESS
If there’s one business currently buzzing on the lips of many Nigerians, then it is the Mini Importation Business. The business has continue to grow popularity in many parts of the country and its one business that has certainly caught the eye and has people, adults and youths, looking for ways to get into the business scene for this industry. The mini importation business is not a difficult business to start infact most of the reasons why the business is highly pronounced today is because of the easy way to start the business with also a little amount of capital which can eventually be multiplied into several thousands so far all the requirements and procedures are duly followed.
Simply put, Mini Importation is the purchase of different kinds of products from other countries and bringing them back into the country to sell and gain profits. The business is a highly lucrative business that has many willing to give it a try. It is no news that the price of some particular products are cheaper when placed in markets outside the country and as such individuals are able to get these products at their cheap prices and look to sell for a substantially reasonable price to be able to gain profit and huge financial benefits from the business.
For a business such as this one, individuals must have access to a laptop or a phone, good internet connection, money to buy the goods, suitable means of payment and a place where goods can be delivered to. Regarding ways to secure the product you’re willing to buy, there are many ways around it to prevent losing your hard earned money. Following the stated procedures and following guidelines on how to make such transactions from outside the country is going to play a huge role in the success of the business. As easy as it can be to make profits, it is also easy to lose money.
In Nigeria, most citizens prefer things from outside the country due to the quality of the product and sometimes because the products are not on sale in the country or the ones even made in the country are excessively expensive. This is one of the reasons why individuals are selling to go into the business as the demand for certain products sourced from abroad is high and with a reasonable price, people are always willing to pay for quality.
There is no easy business or easy way to make money. There are some difficulties sometimes when you want to start this kind of business and some of them include inability to get a supplier or difference in exchange rates which is mostly a big problem because of the varying rates of the currencies. But at the same time, what is an entrepreneurship venture without challenges? Challenges faced serves as lesson for another time and proves to help entrepreneurs in future decision making process.
In the next sub heads, I’ll be discussing the steps or procedures to be followed to start a successful mini importation business.
1. DO PROPER RESEARCH ABOUT THE BUSINESS
No matter what you’ve heard someone saying about a business and how well success is assured or how lucrative it would turn out, always try to do your own research. The research will not cost anything except your time and that time will prove to be well spent when the business starts and the successes starts coming in. It is important to do a thorough investigation about the business since you’re going to be investing your money into it and you’ve never been involved in the business. Some hours of research won’t hurt.
The research is always meant to give you an idea of what to expect and the challenges ahead to be faced. It teaches future entrepreneurs how the business works and what success means. It shows the risks involved and the ways to tackle them. It also gives ideas on how to sustain the business and work towards more success. Imagine missing out on any of the mentioned questions, it’s more like being less equipped about something especially something you plan to spend money on.
There are experts in the business, of course, so also look to advise from these individuals as they are most likely the best bet for reliable information on the business. Take note of even the smallest things during the research period and pay close attention to how to stay and survive in the business. The research is as important as anything in the business.
2. SELECT A PRODUCT CATEGORY
There are a variety of products that can be purchased from abroad and brought into the country for sale. Before starting the business, one thing most entrepreneurs must have put in mind is the type of things they plan to sell. This helps them know what to buy and how to get them to the country for sale. Electronic Gadgets, Hair products, Clothes, Shoes, Home Appliances and almost everything is available for the taking, it’s now up to the entrepreneur to select a product.
Also note that during the process of selecting, don’t neglect the Nigerian market and things the average Nigerian would need and be willing to pay for at a price. What you pick has to be something that has a growing demand in the market, you can’t go on to pick something people don’t really have idea about and expect it to bring huge profits.
3. GET CAPITAL
Without the capital, the business can never commence. So it is safe to say at this stage, entrepreneurs are ready to get started and begin to import things into the country. Depending on the product you choose, prepare a budget that allows you to be able to buy the products you need and the capacity or amount you want to get. Things are cheaper on that side so you can expect to budget an average amount of capital. Also put in mind the current price for the product you’re willing to work with.
4. SELECT PURCHSE LOCATION AND GET THE PRODUCT
Currently in Nigeria, the places where products are mostly imported from are China and the United States. The China market is even a very popular business hub and many importers get their products from there due to the cheap prices from there. Do your research well and pick a location that best suits you. Also put in mind when deciding, the kind of product you want to sell. After that, next is getting the products.
There are different ways to do this. One is through online platform. Take a good look at the product you’re about to buy and check for reviews if any before proceeding to buy. It’s an online platform so there is risk of scam. So pay close attention to details. Another method is getting a supplier. This is someone who stays in the country you wish to buy from and who deals in your choice of product. Also, there is the use of an agent which also comes at extra cost but it is the most reliable method because the agent is either someone you know or an expert. After completing your order, pay and arrange delivery to the country. There are different kinds of delivery and they can be used depending on urgency.
5. SELL AND MARKET YOUR GOODS
At this point, you’ve received your package and you’re ready to sell. Decide on a price and introduce to the market. There are several ways to this too. Social media is the most effective. There are a number of selling platforms online like Jumia and Jiji and if not that, you can create online presence for your business and advertise it from there. Also, there’s the option of setting up a location for the sale which comes with extra cost. Lastly, you might decide to use word of mouth to advertise your products and also look to friends and family to patronize your goods or help with promoting the business.
That’s about all and the profits are set to kick in. It’s not an easy process but if all turns out well, then success is attainable. It’s not also news that the profits from the business are always massive. One extra tip before starting this business is never to make hasty decisions as it might cost you or your business. Take your time and be patient when dealing with people, especially online. The business is highly lucrative but only with the right knowledge and maximum patience.