The business line in Nigeria is so explicit that there are numerous business opportunities therein for those who have the sight. Nigeria has copious resources that can be capitalized on. Importation business is a very lucrative and promising business that can be delved into, especially with the use of internet where all your transactions can be made online at your convenience.
Many think it is capital intensive because of some dues surrounding it like custom dues and the likes, but this doesn’t work again. Although, talking about a large scale importation business, it is tedious and capital intensive due to some costs like clearing and the delay it comes with. But the small scale is far better, you don’t need millions or hundred of thousands to start up, so also the cost of clearing your goods is boycotted. With less than ten thousand naira (#10000), you can start a mini importation business and earn a handsome profit.
Prior to the commencement of the business, you need to prepare a pragmatic feasibility study. You have to know if your intending product is relevant or needed in the country. Also, the price of the product is a cogent factor you have to consider. You have to know the exchange rate of Naira to the currency you are about to transact with. Also, you have to be sure the product you are about to import will sell at a price such that it won’t subdue your profit, in respect of the exchange rate. These are key factors you should try to proffer solutions to.
Coming down to choice of products you can import down to the country, importation of food items can be detrimental because the government is seriously campaigning against it. The most profitable items you can purchase and import to the country are computer and its accessories, mobile phones and tablets. You can import anything of your choice, the aforementioned are just the common line of importation trade . However, any product can be imported provided the market is readily available.
In pricing a product online, there are key notes you have consider, they are:
- Always go for the cheapest brand: There are myriad of brands producing a particular product you want to purchase but their prices do vary greatly, owing to the reputation of the brand and not the product because the specifications of the product are not hidden, one can easily see it. To maximize profit, you have to go for the cheapest brand with the cheapest price of the product you want to buy.
- Go for “free shipping” products: There are some products that can be shipped down to the country free of charge. Yes free of charge, depends on how patient you are. The sellers also are eager to sell off their products so they device possible strategies to attract the buyers. One of which is the free shipping option, not all brands do this but few, for you to reduce cost , you need to search for goods with free shipping option. The goods are shipped down to your residential address here in Nigeria. Ali express and dh gate offer free shipping services and free shipping is often delivered through China mail air post or Hong Kong mail services
- You are 100% safe and your transactions are secure: All your transactions are secure and legitimate when importing goods because all orders and purchases are covered by escrow buyer protection . Internet escrow works by placing money in the control of an independent and licensed third party in order to protect both buyer and seller in a transaction. When both parties verify the transaction has been completed per terms set, the money is released. You have the change to collect your money in case you don’t like the product or you observe any defect in the product upon arrival within the stipulated time for this offer because escrow buyer protection guarantees that the seller will be paid only when the buyer (that is, you or any other person who has ordered their products) confirms that you have received the products ordered in good condition. Even before disbursing the money the seller of the product, you have to confirm the receipt of the product and confirm it is in good condition or not to facilitate the refund of the money paid for the goods within the stipulated time. Aliexpress and Dh gate offer reimbursement services and return your money if you are not satisfied with the product. It is always time framed and reliable.
- Beware of banned goods: some goods are not welcomed in this country. You have to be sure the goods you are about to purchase is a legitimate one and not a banned one.
With all these rightfully considered, you are good to go with your business. Also, you do not need any structure or outlet to start up your business, you can simply meet people one on one to advertise your products or make use of the social networks, like Facebook page to advertise your products. This is how simple it is.
Firstly , you have to search for a legitimate company where goods can be purchase at cheaper price online. You have to be careful during this stage, because there are dubious companies online. For you to choose a particular company, you have to note these:
- The duration: This is the year the company started operations, choose company that is at least 5 years in the business line
- Partnership: Look for company listed on the commission junction as partners.
- Company policies: Look for company that offer a money-back guarantee or buyer protection policy for the goods they sell.
Aliexpress and DGgate are companies that are recommended and trusted.
Upon seeing companies that match these conditions, you log into the official site of the company. On the sites, you encouraged to use the search button to bring out the product of your choice. When you see the choice of the product you want, take your time to read through the review of the product and feedback from previous buyers of the product. If you are satisfied with what you saw, then you can proceed to place your order.
Payment is not cash in this medium, it is done using master card and visa card. Your card number and other details are the conditions for your payment. Once you have confirmed your payment, you will receive a notification concerning your product delivery. In it, the duration or time of delivery, usually 15-60 days depending on the product and location, is stated.
Once you have received your product, you are implored to confirm the receipt in order to facilitate payment of the goods to the seller but before this, vindicate your goods and be sure of its quality and appearance to ensure it meets your taste. If it is found faulty or not in good condition, you have the privilege to return the goods by opening dispute for the goods within the stipulated time and your money will be refunded.
Requirements to get started
- You need an internet enabled device, preferably a laptop.
- An active email address.
- Comprehensive address of your location
- Your capital, which must be paid in your account because you are making use of your ATM card.
This is how simple, easy and open mini importation business looks like, the profit is determined by the deduction of the cost price from the selling price. This is why you have to opt for the cheapest brand of the product you intend to purchase in order to maximize profit.