How to Start Phone Accessories Business in Nigeria – Cost & Profitability
Two things drive the phone accessories business in Nigeria. The first is unemployment, and the second is the high usage of mobile phones.
As a result of unemployment, a lot of people are looking for lucrative businesses that could make them a lot of money with little investment and little stress. And due to the high usage of mobile phones, there’s been an increase in demand for different kinds of phone accessories, which makes the business move fast.
The phone accessories business in Nigeria is a daily income business because it is hard not to get a sale per day, even if it’s just selling an earpiece. The business is very profitable because it moves fast and can be started by anybody regardless of location.
Although the business is straightforward, you need to know some vital things and steps to get started.
That is why we’ve come up with this post to show you exactly how to start a phone accessories business in Nigeria. You’ll also discover how much is needed to start, how profitable the business is, and how to succeed with the phone accessory business in Nigeria.
Starting a Phone Accessories Business in Nigeria
The phone accessories business sells all kinds of stuff used for and with mobile phones, including chargers, headphones, phone cases, airpods, power banks, phone batteries, etc.
This business is straightforward to start in Nigeria, as everybody now uses phones here and there. You can start selling phone accessories even from your street.
Phone accessories business in Nigeria works with other types of businesses, including phone charging and recharge card business. Therefore, the business is highly scalable.
You don’t need millions of naira to start selling phone accessories, as this business requires low startup capital to make the most money.
How Much Does it Cost to Start a Phone Accessories Business in Nigeria?
The phone accessories business is not capital intensive, but due to how costly phones are, many people think you need millions of naira to start the business, which is not valid.
You can start a phone accessories business in Nigeria with less than 100,000 Naira on a small scale, and a large scale; you may need about 500K and above to start the business in Nigeria.
Remember that the cost of starting a phone accessories business in Nigeria depends on the type of accessories you want to sell. If you want to sell essential accessories like chargers and earpieces, you can start with just 50,000 Naira or less. But if you’re looking to sell expensive accessories like phone screens, power banks, iPhone batteries, and so on, you may need up to 500k and above to get started.
Is Phone Accessories Business Profitable in Nigeria?
Yes, the phone accessories business is very profitable in Nigeria, not just because it moves fast but because the profit margin, too, is encouraging.
Since there are different types of phone accessories, the profits one may give you may differ from the others. Assuming you bought a charger for 800 Naira from your supplier, you can sell it for N1500, keeping a profit of 700, about a 90% profit margin. Great, right?
However, you may make more profit selling things like power banks, which you can get from your supplier for N7000 and sell for N10,000, keeping a profit of 3000 Naira.
As you can see, the profit from the power bank is way more than the charger; however, selling chargers is more profitable because you’re likely to get more sales (e.g., ten sales) before selling one power bank.
That means the probability of this business depends on how fast the type of accessories you’re selling moves and location. This is because the price and how fast the business moves vary across every location.
In running a successful phone accessories business, your profit margin could range from 30% to 100%.
How to Start a Phone Accessories Business in Nigeria
1. Get to Understand the Business
To start with this business, you must first understand it operates in your area. Find out if it is profitable, what is required to get started, know what accessories and what brands sell well in your area, and also do some findings on the best place to start, and where to buy accessories to buy for low wholesale prices in your area.
To achieve all this, you’ll need to conduct market research involving meeting a few people in the business and making your findings.
Based on your result, develop a realistic plan and strategies to run the business. Doing this will serve as your first stepping stone toward the success of your business.
2. Get a Shop and Set it Up
Unless you want to hawk using a bag, you’ll need a kiosk or wheelbarrow to serve as a shop where your products will be displayed. If you’re looking for a shop, it is ideal you consider the following:
- Target Customers
- Competition
- Security
These three things play essential roles in the success of your business. Starting from the target customers, you must ensure your shop is located in a busy area and where it will be open to passersby (s).
Regarding competition, setting your shop in an area with few to no phone accessories stores is ideal, as this will help your business move faster. Also, ensure the location of your shop is free from theft and hoodlums to above shop break.
Once you find a shop that meets all these criteria, the next thing is to set it up. You’ll need to set up your shop to work with your business. You can visit other phone accessories stores to get inspiration.
3. Find a Supplier
To get the products you’ll sell, you need to first secure the best suppliers for yourself, as working with suppliers that offer the best prices means a lot in terms of the profits to expect from your business.
If you live in a rural area and want to start small, you can work with many suppliers in towns/cities near you. Also, if you want to start as a small shop or with a wheelbarrow, you can look for big and standard phone accessories stores near you and buy in bulk from them. Such stores usually offer discounts to retailers.
During your market research, try to find suppliers your competitors use, and you can also start from there.
On the other hand, if you want to start big as a standard phone accessories store, your suppliers will mainly be phone accessories manufacturers. You can visit their company or email them to book an appointment.
4. Stock Your Shop and Start Selling
After having your shop ready, and you find a supplier, the next thing is to purchase different types of accessories you want to start selling and stock them in your shop, and start selling. Ensure that the products are well-arranged segment by segment to attract buyers.
5. Market Your Business & Products
The purpose of starting a business is to drive sales and make money; to achieve that; you’ll need to market your business the right way and to the right people. The following are some ways of marketing your phone accessories business in Nigeria.
Branding
Beading is Nigeria’s first and most popular way of marketing a phone accessories business. This mainly involves designing your shop to describe your business. It can be done by printing a poster or banner containing your business name and the different kinds of products you sell to get people’s attention.
Use Social Media
Social media is one of the best ways to reach a wider audience with your phone accessories business in Nigeria. You can use various social media platforms, including Instagram, Facebook, TikTok, and Twitter, to promote your products by creating pages for your business and posting your products daily. You can also try paid social media ads to reach a more targeted audience.
Word of Mouth
Telling your friends, family, and neighbors about your business and encouraging them to recommend your products to others is another effective way of promoting your phone accessory business in Nigeria.
Go Online
Going online with a phone accessories business in Nigeria means building an online store for your business. This is becoming one of the most popular ways people sell stuff from anywhere in Nigeria. You can build your store using Flutterwave, Pocket, or Shopify and start selling or listing your products on Jumia and Jiji to get buyers.
With this marketing method, you can even run your business in mini importation or drop shipping where you don’t have to see or touch the items; you only quickly make your money online from home.
6. Expand as You Grow
Step one to step six above is how to start a phone accessories business in Nigeria. However, we’ve got a bonus for you.
Since the phone accessories business in Nigeria goes hand in hand with other related businesses, it will be better to venture into other businesses as you grow.
Businesses you can expand to as a small phone accessories business include phone charging, sales of recharge cards, and other accessories like power banks, mp3 players, and memory card chips.
As a big or standard phone accessories store, you can venture into selling phones and laptops to expand your business. This will make you more profits and also help you reach more audience.
Phone Parts Business – FAQs
Can 100,000 start a phone accessories business?
You can start a mobile phone accessories business in Nigeria with 100,000 Naira or even less.
How do I succeed in the phone accessories business?
To succeed in the mobile phone accessories business, you need to be ready for the business, take your time to survey the business, then start small and grow.
Is selling phone accessories a good business?
Yes, selling phone accessories is a good business. It often generates income daily, and you can make a living with the business.
How can I sell my phone accessories online in Nigeria?
You can sell your phone accessories online in Nigeria via websites like jiji and Jumia or create your eCommerce store for the business. You can also use social media to sell your phone accessories online.
Final thoughts
The phone accessories business in Nigeria is very lucrative and easy to start and scale in the shortest time possible. If you’re looking to start, I believe this post on how to start a phone accessories business in Nigeria has provided you with everything you need to get started.
