How to Start a Phone Business in Nigeria

Do you want to start a phone business? without wasting much of your time. Here is how to get started?

Table of Contents

1. Decide if it’s your business choice.

Before you venture in this business model, you should ensure that it’s your business choice so not to regret it. If after thinking deeply and later phone business is your choice go for it.

2. Do deep market research.

Do research to know what you are going into to avoid being confused, and taking the wrong steps that will complicate you in the long run.

So what are the things you need to do research for.

Check phone purchasing demand.

They are different phones in the market that people are purchasing. Find out the phone people are buying, their features and also their accessories, whenever customers ask to explain about the phone, you will be able to give them full details about the phone to convince them to buy it from you.

Check Competitors.

Before you think of starting a phone business there are people already into the business. Go check the type of phone these people are sell to have an idea on what you also needs to sell. To stand out, you need to sell what other’s phone seller business owner are selling.

2. Create a phone Business Plan.

You need to create a business plan for your phone business. This phone business plan is what will guide you in everything’s needed to ensure you find success rather than guessing.

To create phone business plan

The name your phone business will be called.
The place you will like your business should be located that’s won’t affect your personal life.
List how your are going to raise money for the business
Write down time to close business.
Which wholesalers and manufacturer you’re going to purchase phone from.
How you want your business to be, big or small phone shop business.

3. Choose a phone Niche.

There are different niche in phone business. Some

Sell new phones.
Refurbished phones
Accessories.

Among the three listed, choose the kind of phone you want to sell in your shop. You can sell all together if you have the money for it.

Outline Your Goals.

Set plan on how you’re going to raise capital for the business and again how you are going to scale up your business to ensure you become a successful phone business owner.

3. Register Your Business.

To make people trust your business, register your business under CAC. To get started you need to gather some important documents and have some cash around ₦30,000.

Choose a Business Name.

You need a name before you can be allowed to register your phone business. Get a name for your business. There are different ways you can get a name for a business, you can use your biological name or brainstorm name idea even it’s doesn’t make sense.

Register with the Corporate Affairs Commission (CAC).

This is CAC ( corporate Affairs Commission ) official website to open an account fill in the necessary details to register your business successfully

Obtain others Necessary Permits

There might be others permit those who want to start a phone business in Nigeria need to have in place. To find them out, meet those who are into phone business, ask if there is any other permit you need to meet to avoid upfront problems that might want to occur if you can provide them.

Read : How To Register Your Business in the Corporate Affairs Commission (CAC) in Nigeria

4. Secure Funds for phone business.

There’s no Business in Nigeria that doesn’t require capital to start it. To start a phone business you need a lot of capital depending how you want to start it, the bigger the price.

So the amount to start a phone business is ₦700,000. Note that this price can change due to the price of things in Nigeria are changing. It can be higher than this. Sit down and do your calculation to find out the main price. But this Price mentioned it a hint to know the amount needed.

To get money for the phone business, you can use savings method, bank loan, or lend money from your friends or family members you have a good relationship with.

5. Find Suppliers and Inventory.

Find manufacturer or wholesalers who you will purchase phones from, when you find any of them these are what you should do.

Establish Relationships with Suppliers.

When you meet any manufacturer or wholesale retailer who wants to sell phone for you, create a good relationship with them and discuss the type of phone you want to purchase.

Negotiate Terms.

Discuss the price of the phone you want to purchase so you know the amount you’re paying, and when they are going to deliver it to you.

Also let them know that’s you’re going to return it if any of the phone have issues. Make agreement for that because most of the time the phone you will purchase may not be good as you expect it

Purchase different phone brand.

Don’t buy just one phone brand because all customers that will come to patronize you come to purchase different phone brands, one can ask for an iPhone why the other will ask for Samsung. So try to purchase different phone brands that have a higher and cheaper price.

6. Set Up Your Business Location.

To Start selling phones you need to get a shop. To do that follow this method I’m about to show you

Choose a Suitable Location.

Before you settle for any location ensure that people are always passing by and those passing by can see what you are selling

Rent or purchase the shop.

In the location that you have seen, you should either rent the shop or purchase the shop if you have the money

Design the shop

If you have any shop or buy the shop should design it to make it appealing.

7. Promote your business.

If you have successfully launched a business to find a customer to patronize you, you need to promote the phone business.

To promote phone business, there are different ways to do it.

Telling friends, family, and stranger’s

Your friend and family can be your first buyers, meet them and tell about your business and the type of phone you sell, the benefit they will get if they purchase from you.

For instance, if you buy phone from me, if it develop some fault on time, you can return it.

You doing this will make them want to patronize. But don’t forget to tell them to refer their friends to you if any of them want to buy phone.

Selling phone WhatsApp

You can sell phone on WhatsApp if you have a alot of friend, post the phones you are selling on your WhatsApp status to get them to see it.

Those who are interested will contact you and purchases.

There’s is this my friend that is using this method to make money with his phone business and it’s really doing great cashing out big time.

Running social media ads.

Social media is another great platform you can use to promote your phone business. To get started.

All you have to do is visit any Facebook, Instagram, X formally known as twitter run campaign to sell phone.

Anyone that is interested will click the ads to patronize you. There are a lot of people that are doing it as it is really working great for them.

Using flyers are banners.

You can promote your phone business using flyers, let the flier contain your name phone number, the type of phone you sell, shop address, phone number.

Share the flier, and post it in different street wall were people are passing by, any one interested we contact you.

But to create flier is not free you will have to pay money to do it, but it’s not bad after all you’re going to benefit at the end of the day if you get customer to patronize your phone business.

Give credit discount price.

People love when they see a discount price. To attract customers to your business, give customer discount phone price.

8. Implement Sales and Customer Service Procedures.

Train Your Staff.

If you have the money to pay worker salary, hire staff to work for you to ease the stress that will be upon your shoulder. Train them how you want them to operate your phone business

Set Up Point of Sale Systems to collect money from customers.

Some of your customers might want to pay with an ATM card or make a transfer with their mobile phone.

You should have point of the system in your shop to collect money from them, even you can use that opportunity to start POS business in Nigeria

Handle Customer Inquiries and Complaints.

Different kinds of people will come to patronize you, some will be very friendly and some very troublesome. You will need to learn how to handle both customers.

Whenever any customer makes complaints about the phone they purchase from you, learn to change it for them so as to build good relationship with customers. Doing so it’s going to help you become a successful phone business owner. But don’t change phone to someone that’s spoiled it themselves.

9. Monitor your business performance.

Every time you make sales monitor your business progress, to know what is going on, this is what a real business owner does.

What are the things to monitor ?

Monitor your phone business sales data, customer feedback, and financial statements.

Learn move with phone business Market Changes.

As time goes on, as you operate the business, phone price can increase or decrease, or latest phone product will come out.

You should monitor the market and follow what is going on if you see that some strategy you are using is not working out. You should change your plans that will favor your business. If new phone products are coming out, you should always have them in your shop.

Frequently ask questions.

How much can a phone business start in Nigeria?

The amount that can start phone business ₦700, 000.

But this price can change because things price are really increasing in Nigeria so to really find what is the actual price to start phone business, you can ask those who are already into the business, if you meet the friendly one’s they will give you the current price to start phone business.

Can 100k start a phone business.

At this present time 100k cannot start a phone business.

Is Phone Business Profitable?

Phone business is profitable in Nigeria if it’s not profitable a lot of people that into it will have stop long time ago.

So this is how to start a phone business in Nigeria if you have any question use the comment section below for more business ideas you can read them on Trusden.