Phone business offers you the opportunity to choose the scope in accordance with your start up capital. If you wish to venture into phone selling business in Nigeria, you can fall within any of the 3 categories highlighted below:
· Sub -dealer/Wholesaler.
What you decide to choose will give you an insight into what you will need as capital for start up. You can also get some necessary information like cost price, selling price and profit margin of the type or brand of phone you want to sell.
Once you are set of doing the above procedures, proceed to the market to buy the phones or you order for it from a well-known dealer or wholesaler if you are buying in large quantity. Let’s assume that you are starting as a phone retailer. Requirements needed for a phone Retailing business.
1) Capital: As a phone retailer, you can start your business with a minimum amount of N100,000 depending on the type of phone you want to start with.
2) Shop: You should be able to get a shop of about N100,000 or cheaper as the case may be depending on the area or location. But it’s important to locate a shop in an area of more human traffic.
3) MANAGEMENT: Proper management of your phone business is necessary if you really want get a reasonable amount of profit returns at the end of the month. Proper record keeping should be taken each time you buy products and also selling even record of expenditures.
4) PROFIT MARGIN: Let’s assume that you are starting with a minimum of N100, 000 and you are also starting with a particular brand or different brands of the same amount of may be N4000. That means that you likely to buy up to 25 numbers of phones, you are also likely to get up to N500- N1000 for each phone you sell. Meaning that your profit at the end of the total sell is 25 x N1000 = N25 000. Then you go back to the market to buy.
One thing about this business is that the market is already there you need not look for customers but rather create a good relationship with anyone who decides to do business with you that come as well as having a good data based of your customers.