How to Start Mini Importation in Nigeria. It is often said that the internet has made the world to become a global village. This means that business transactions can easily be sealed between individuals who are living very far apart from each other. One of the ways that people are taking advantage of this connectivity is in engaging in internet based business of which mini importation is one of the hottest of them all.
Mini importation involves the purchase of goods mostly online and bringing them into Nigeria for sale. The business takes advantage of the fact that some high end goods in Nigeria actually sell for very low prices in the countries where they are manufactured.
Mini importation is one business that is providing for the needs of many unemployed young Nigerians today. The harsh economic reality of the day which has resulted in the loss of jobs and unemployment of many young Nigerians means that such business if well-handled is a secure way out of dependency and poverty.
Before we go into how to start mini importation in Nigeria proper, I think it is necessary for to dispel some wrong notions that people have about the business. They are;
- You Require Huge Sum Of Money To Start The Business
This is totally untrue. You can start the business with as little as ₦20,000 or $100 and start making a decent profit from it.
- You have To Visit The Country In Person
This is also not true about mini importation. As mentioned before, the world is now a global village. All that you need is a good internet connection and you are good to go.
- You Spend Time And Energy On Documentation
This is also false. In fact it can be a completely paperless process. As earlier stated, everything is done online.
- You Get Only Low Quality Goods Online
Not true!! In fact, if you are not happy with the quality of goods, you can return them and get your money back within 72 hours.
- You Need To Be A Highly Skilled Business Man or Woman
There is no special skill required to for you to engage in this business. All you need is a bit of common sense, an understanding of trending items and of course some guts.
Now that I can assume your mind has been put to rest that this is no rocket science, we can now enter proper into the basics of starting a mini importation business.
As earlier said, mini importation involves importing handy and fast selling consumer goods like cosmetics, clothes, jewellery, electronics etc. from other countries where they can be bought at lower prices and bringing them for sale into Nigeria using courier services.
You can choose to use express services (which cost more) or normal courier service which are sometimes offered free by the seller but they are usually very slow in delivery.
Starting a mini importation business can be done in these 4 simple steps.
- Secure a Reliable Debit or Credit Card
The importance of a credit or debit card to this business cannot be over emphasized because it is with any of these cards that you will make payment for your purchased goods. I am guessing that practically everyone with a bank account has an ATM card along with it.
From experience however, I would easily recommend the GTB naira master for anyone going into this business. If you do not have a GTB account, no worries. You can still carry out your transactions with your ATM card, but do not forget to find out how much your bank will charge per transaction.
I would also recommend that you open a PayPal account because some online stores only accept payment via PayPal.
- Identify Reliable Online Stores
The simple truth is that not all online stores are trust worthy and customer friendly. Some stores also charge exorbitant shipping rates while some others have very stringent return policies.
However stores like Amazon, eBay and Aliexpress have proven over time to be very reliable in terms of quality, customer care and return policy. A good way to ascertain the level of competency of a store is to check out the review section and go through the comments of those who have used the store.
- Identify Fast Selling Products
After selecting your desired store, you then have to identify fast moving goods. But before placing any orders you need to do a little bit of mathematics…do not fret; all you have to do is to calculate the total cost price of the product.
Just sum up the price of the item, the shipping cost and the transaction charge from the bank. Next thing is to convert this amount to naira to give you a true picture of the cost price of the item.
You can then fix a price that you feel someone will be willing to pay in Nigeria. You can aim at 80% to 90% profit on the cost price but do not hesitate to be flexible with your prices. Remember you need to build a client base.
- Create Awareness
After placing your orders, all you need to do is to await the delivery of the goods. Use the time during this waiting period to make good use of your social media connections.
You can create an awareness of your product by posting them on your Facebook, twitter, BBM, Instagram, WhatsApp, etc. You can even own an online store to sell your products directly. Do not be surprised that your products will be sold out even before you receive them.
Now some interesting bits of advice that will aid success;
- Try as much as you can to create a good experience for your buyers so that they will continue to patronize you. Sell only original high quality goods and try to deliver on time.
- Always make sure you keep a keen eye on the currency market. This will help you to make sure you spot when the naira appreciates against other major currencies, which is the ideal time to make your purchases. Learning this trick will save you a good few “bucks” in the long run.
- There are a number of eBooks online that can help you with some tips on how to be successful in this business. Find the time to read some of them.
Do not forget that all of this information will be of no use to your liberation if you do not take the required action.
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