You can make money in Nigeria by importing and selling power banks. Yes, you read that correctly!
If you live in Nigeria, you will agree with me that this country is plagued with an epileptic power supply. Let’s look on the brighter side. We are also blessed with a teaming population of people who are increasingly patronizing smartphones. Both young and old seem to be fascinated about these so-called smartphones. So, on one hand, we have power problems, on the other hand, there is a ready market, merge both and you have a business opportunity. This can earn you some extra cash in Nigeria. Let me show you how.
ABOUT BATTERIES AND POWER BANKS
(For those who don’t know, a power bank is a device that stores electric power which could be used later to charge another device, say a smartphone. In other words, it is like a “bank” where you store electric “power“. If you need it later, you simply go and withdraw)
Also, what we refer to as “battery life” or its capacity is measured in mAh (Milli Ampere/hour). It’s very easy to know the capacity of your battery or power bank because it’s always boldly written somewhere on the device. There are different capacities of power banks ranging from 1200 mAh, 2200 mAh, 5600 mAh, 6000 mAh and even, 10000 mAh.
The implication of this is that the capacity of a power bank (in terms of its mAh) will determine the number of times it can charge your phone. A power bank with 6000 mAh for example will charge a phone with 2000 and 3000 mAh about twice and thrice respectively. So let’s just say the mAh of a power bank is to a phone what petrol is to a generator.
ABOUT MAKING MONEY FROM SELLING POWER BANKS
As the capacity of power banks defer, so do their prices. If you visit any online phone accessories store or any store close to you, spare some time to take a look at the power banks, their capacity and price tags. Below is a 10000 mAh power bank on Konga, ₦17,000.
Now, visit some multinational online market store and check out the cost of these devices there. We recommend Chinese-owned companies likeAliexpress and Alibaba (I bet you didn’t know Alibaba is owned by a Chinese).
Let’s assume a $1 to N320 conversion rate.
Generally, 10000 mAh capacity power banks are sold between $8 (₦2,560) and $9 (₦2,880), could be more or less, depending on the design).
Let’s assume you purchase 300 pieces of 10000 mAh at $8 (₦2,560) each and you paid a freight fee of ₦50,000 to ship them to Nigeria, roughly ₦800,000 (₦2,560 cost per pieces).
You could sell them at₦8,000 each, a price far cheaper than that on other phone accessory stores and make a profit of roughly ₦5,000 on each. Multiply that by 300 pieces and you have made a total profit of ₦1.5M.
HOL’ UP! BEFORE YOU JUMP IN, CONSIDER THE BITTER PARTS OF THE TRADE
Before you jump into action thinking this is the best way to make millions overnight remember no one will market this for you, well, maybe I’m wrong. But know that the amount you make with this, how far and how fast you will make money with selling power banks in Nigeria solely depends on your marketing capabilities.
If you do not know how to woo people to buy a product, and you have no means of getting these power banks to a targeted audience then do not enter the game, consider some other online hustles.
Also, the starting capital is not a child’s play. You must have enough to eat and enough to give before you venture into an online business like this.
Now that you know that importing power banks can make some extra cash for you, it is up to you to strategize how to reach prospective consumers that will patronize you.
With this information, you are well aware that that money you lock up in the bank can rather be invested in importing and selling power banks in Nigeria. Put this knowledge to good use.
Guest Author – Emmanuel Ibezimakor (Zimackos)