How to Start Importation Business in Nigeria with Very Little Capital
The most discouraging factor when it comes to starting up businesses in Nigeria is the issue of capital. Most people abandon very promising business plans due to lack of funds. This article will give you cogent hints on how to become an importer of goods in Nigeria with just little funds, as low as ₦5,000.
Things you can import include computers, furniture, kitchen utensils, office equipment, clothes, bags, shoes, electronics, home appliances, mobile phones, and other valuable things at very cheap prices.
You must be wondering how plausible this is, don’t worry, you are about to learn how. I will take you through steps by which if you diligently and smartly follow, you will successfully start importation business in Nigeria without any huge capital.
Steps to take to Start Importation Business in Nigeria
Follow the steps outlined below to start an importation business in Nigeria.
1. Pick an area of Interest and Market it
Before going into this business, you will need to have a business plan, in other words, you need to conclude on the type of goods you want to start importing and how you intend to sell them.
At this stage, you need to investigate and ask around. Find out what people in the area you intend to market your goods want. Another way is to find a way to make people want to patronize you.
One other thing you must consider here is a suitable location. Your proposed location must be a place where your customers will easily find you and see what you want them to buy. The way you display your goods matter a lot, it determines the value purchasers will put on them.
For example, goods that are displayed in big boutiques and well-set shops are sold at much higher prices than those spread on roadsides in Nigeria even when the things displayed are of the same quality. After you have considered this stage you can move to the next.
2. Connect your Business Account with Internet Banking
This simply means you should open a bank account for your business if you don’t have one. This way you can save your income in it and do some other transactions with it. One of such transactions include the internet banking, if your account cannot be used for internet banking, you should go to your bank and asked that it should be included.
It is necessary that your bank account can perform online transactions because there are some transactions that will require you to have a transaction token, this will ensure additional online transaction security especially for your MasterCard/Visa card.
3. Open an account with foreign online shops
Foreign online shops you can patronize include eBay and Amazon. You can simply start by visiting www.amazon.com. First and foremost, you will have to create an account with them, this simply requires you have a functional email address.
Also, make sure you use the exact name you registered your domicile bank account for your Amazon account. Failure to do this may make the online mall not accredit your account. This also affects the Nigerian banks as they will not honour your request to pay these online companies if there is a difference between the spelling of the names you used to open your bank account and the names you used while opening an account with the online mall. Visit eBay or Amazon today, they are virtually the most trusted online malls for this business in Nigeria.
4. Place an order
After you have created the account with the online mall of your choice, what is next is to place your order. Take note that the prices of these goods you buy on these online malls are way cheaper than the prices people sell them in Nigeria. This is where your advantage lies. You will buy these goods at much cheaper price than the price you sell them.
What you do at this stage is to place an order for the quantity of these goods you want. Since you are doing this for the sake of business, you are advised to buy in wholesale. Select wholesale and add to cart since you are buying a lot of things.
5. Pay for what you wish to import
After placing your order, you will have to pay for them. This you will do with your MasterCard or Visa Card. An OTP will be sent to you for verification. There is no hidden charges.
Some of these online malls do delivery to Nigeria, for example, Amazon. You will be charged alongside with your delivery charges. Ensure to study the terms and conditions that apply. Also, do well to check that the platform you are paying to has “https//…” this ensures that all your card details that you provide on the platform are secured. Take note of this in order not to expose your card details to people who are looking to do dubious things with it.
6. Take delivery of your goods
The final step to start an importation business in Nigeria is to take delivery of the goods you ordered. It is advised that you confirm that all the goods you ordered were the ones delivered to you.
If peradventure you noticed any damage to the goods you ordered some companies give you the option of returning it and the transaction will be reversed.
Also, make sure you know the ZIP code of that state in Nigeria where you live or where you want the company to deliver your goods. This will direct the courier to where he is supposed to deliver the goods.
Also, make sure you provide the company with accurate information and how to locate you to prevent your goods from being lost in transit.
Note also that some goods enjoy free delivery from Amazon to Nigeria while some don’t.
You don’t have much on you and you wish to start a business in Nigeria, why don’t you try the importation business in Nigeria. You don’t have to start big, you can start small and grow with time. Consider the steps outlined in this article and you can be sure of your success in the business.