In this post, we will show you how to start buy and sell business in Nigeria. Buy and sell business is one the best fast moving small scale businesses in Nigeria today.
Nigeria is the most populous country in Africa and among the top 10 most populated countries in the world, with its population numbering more than 200 million people. This means that there is a large enough market for your products to be sold.
There are so many reasons to want to start a business, one of such reasons is the need for an additional source of income to augment one’s salary or take care of one’s unending financial needs. What seems to become much of a problem to people who have decided to venture into business is oftentimes, the problem of what to sell.
In this article, you will be provided with enough information to begin your buying and selling business in Nigeria, including a list of some hot selling items you can buy to kick start your buying and selling business.
Factors To Consider Before Buying An Item For Sale
1. Level of Demand:
In starting a buying and selling business, it is pertinent that the item to be made available for sale should have high demand. Items that are highly demanded by end-users get sold off easily. This helps to prevent long duration of stay on the shelf which could result in undesirable outcomes like spoilage by microbes if it’s an edible, perishable, or product meant to remain sterile; expiration, damage by pest or rodents, etc.
An example of items in high demand is mobile phone accessories. This is because mobile phones are being purchased daily since communication means are a necessity in today’s world.
Some items are seasonal in nature and as such, they get high demand when it is their season, while they tend to get less patronage when it is not their season. For example, a trader that deals on umbrellas is likely to make more sales on rainy seasons compared to dry seasons. You must determine if your item has seasonality.
The cost of an item will determine its selling price. If the cost price of the item is high, the price at which it will be sold will also be high. You should choose items that are not too expensive because like they say “cheap items get the most customers”. Nigeria is currently one of the poorest countries in the world. It will be easier to sell cheap items here compared to the expensive and highly luxurious ones.
4. Nature of the item:
The nature of the item must be taken into consideration. Perishable items will require efficient and reliable storage facilities to ensure durability. Items that are prone to microbial attacks need to be stored in a near sterile condition. This will add up to the cost of maintenance of the product.
A product that serves the consumer’s intent or purpose will gain more patronage and referrals. Always go for products that will help solve the problem of the consumer.
How To Start Buying And Selling Business
1. Research on a Product:
Before you think of buying any product for sale, do thorough research on such a product and consider the factors aforementioned. Ask yourself certain questions like:
- How useful is this product?
- Will it help solve a consumer’s problem?
- Is it a seasonal product?
- Is it a high in-demand product?
- Is it a perishable product?
- Will this product be affordable after incorporating every expense incurred while acquiring it?
- Does this product have a readily available supply?
After asking the above questions, and ticking all boxes, you can proceed to the next step.
2. Source for the Product:
After researching a product, the next step is to source for the product. This entails looking for a supplier of your product. You can decide to source your product either locally or internationally. Most local markets like the Aba Market sell a wide variety of products. Some local wholesalers can become your source too.
Sourcing for a product internationally entails importing them from abroad. Most Nigerians import their goods from China. This is major because China has a lot of manufacturing companies and their products are acquired cheaply due to the low Yuan to Naira exchange rate. The service of an agent can be employed to ensure that the goods are in good condition and to also ensure that the products get shipped to Nigeria on time.
3. Acquire the Product:
Once you’ve got a source for the product, the next step is to acquire them. This is where you pay your seller/agent and then transport your product to your location. If the product was to be gotten from a local source, you can simply travel to the company or marketplace, pay for the goods and transport them back yourself or you can pay to have them shipped to your location.
Goods acquired from other countries can be shipped down to Nigeria through the use of a reliable courier service. Getting an agent can make things easier in international trade. Once the goods get to Nigeria, it can then be way-billed to your location of choice.
4. Market The Product:
The final step in the buying and selling business is marketing. Items can be sold through various means. This includes:
- Selling in local shops
- Selling in a market
- Selling online on websites like Jumia, Konga, Jiji, etc.
- Selling via social media platforms like Facebook, Twitter, Instagram, etc.
Online marketing will require the service of a courier company to get the purchased items delivered to buyers at distant places.
You can also advertise your products to create awareness and increase sales. This can be done on TV, radio, social media platforms, billboards, fliers, etc.
List Of High In Demand Items To Sell
- Liquid soap and detergents
- power bank
- Hair extensions
- Shoes and clothing
- Cooking gas
- Floor tiles
- Cosmetics and make-up kits
- Computer and phone accessories
- Building materials
- Car trackers
- Healthcare products
- Car dent
- Car washer pump
- Clothes and accessories
- Bluetooth speakers
- Smart wristwatch compatible with android and iPhones
- Dark spots removers
As you can see, from the start it’s going to take time and a lot of learning in the process. But it’s better starting right and succeeding than being hasty and ending up making damaging mistakes.
Two areas you need to pay more attention to is the product(s) you picked and the people you choose to work with. Be careful when picking a product and also be careful with the agent you work with as they can make or mar your business.Buy and Sell Bitcoin in Nigeria - Register for free on Luno
Click here to see the latest Study Abroad Scholarships and Guides
Click here to see the latest Jobs opportunities in Nigeria.
Copyright Warning!We work really hard and put a lot of effort and resources into our content, providing our readers with plagiarism-free articles, original and high-quality texts. Contents on this website may not be copied, republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. Proper acknowledgement include, but not limited to (a) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes, (b)"FAIR USE" in the case of re-publication on online media. About possible consequences you can read here: What are the consequences of copyright infringement? In an effort to protect our intellectual properties, we may report your website to Google without prior notice and your website be removed from search engines and you may receive a strike. All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).