The importation business is one of the most lucrative businesses you can start. It is a business you can start with little capital and in a few months, make more than anticipatedIf you want to start small the mini importation business will be the best for you and with just N10,000, you can begin and make as much as 200% profit depending on your marketing and sales prowess.
What Is Importation?
Importation business involves basically selling and buying goods from another country into Nigeria and offer for sale. This is a business mоѕt Nigerians аrе уеt tо tаkе advantage of. Even thоѕе whо аrе аlrеаdу іntо іt ѕtіll lack ѕоmе basic skills аnd knowledge оn hоw tо run thе business successfully. If you are not sensitive and smart you can’t run a successful importation business in Nigeria.
Simply put, Importation business means buying products from overseas at a relatively cheap price and resell it at a high price.
What Is Mini Importation Business?
As the name implies, mini-importation business is a small scale importation business where a person with small capital imports goods from china or other country at a low price and sell them in the country at a higher price. This business is mostly done online.
Although, mini importation business is refers to as a small scale business it does not necessarily mean small importation. in other words, the size of your importation depends on the size of your pocket. You can import products as high as 10million and resell it to make over 200% profits.
At the moment, most people deal with Chinese companies because they tend to have varieties of products that can be gotten at a relatively low price.
Nevertheless, with the improved technology and eye opener, anybody can venture into online importation business with little capital and cut their own share of the multi-billion dollar industry. In other words, you can easily make use of technologies to your advantage.
Before we take a look at how to start this business in Nigeria, let’s take a quick look into the necessary requirements needed for importation.
What You Need To Start a Mini Importation Business.
- Your laptop or desktop
- Internet connection
- Your startup capital
- Means of payment like PayPal, Master Card, Naira Visa Card
- Valid home or office address
- Good and reliable courier services
- Your marketing strategy
The amazing and notable truth about importation is that you can start this business with just about any capital you have. In other words, your startup capital doesn’t really have to be in millions before you start.
How to Start a Mini Importation Business in Nigeria
Select a Niche for Products:
This is a crucial part of the business. There are several niches to dive into in the mini importation business, and if you have the capital, you can start big by taking on multiple products to go into.
There are several ranges of products to delve into such as electronics, clothes, furniture, fashion etc. but for someone with low capital, you must find something that your capital can purchase and work your way up. Truly there are some items that can make you a millionaire in no time. Some items are very hot and are highly in demand anywhere in the world including Nigeria.
Register Your Business:
The first thing to do when starting a business is to put a structure to it. In Nigeria, you would have to register your business with the corporate affairs commission to get a valid certification to operate as a business. Registering your company boost the trust of your customer in your company and increase the credibility of your profile. It provides legal backing for your business and gives you access to other business openings. To register you can visit the CAC website new.csc.gov.ng.
Find A Cheap And Reliable Import Portal:
After you have selected a niche of the products you’ll be interested in selling, you must find a supplier who will supply your goods. These days, finding suppliers have become comfortable with the help of the internet. Several online retail stores sell a verse range of products that can be bought and resold here in Nigeria. There are a number of trusted places you can buy any type of goods, however, you need to find a tested and trusted importation website where you can meet wholesalers and manufacturers.
In other words, this is the portal where your online importation transactions will be carried out. This first step is crucial to your business because, at this point, you may encounter fake websites that may loot money from you.
There is also a possibility of choosing a website with pricey products. If you buy a high priced product coupled with the shipping cost, it will negatively impact your profit margin. Therefore, before choosing a website, research about the website, and also check the reviews, feedback score, and rating of the website.
What you must do is lookout for a trusted and tested website and register, then you can begin your purchase. There are a lot of credible online retail stores such as Alibaba, Amazon, AliExpress, DHgate, and so on.
Source for Product
After gotten a trusted importation website there is the need for you to source for product. This step is a very crucial one because, the success of an import business greatly depends on finding quality products that match and exceed your country market. However, the best way to be sure you are buying quality product is to buy from a credible online importation store. In addition, see review of any product before making purchase.
Marketing Your Imported Products
After you have crossed all the hurdles of selecting a niche, purchasing your goods and having it delivered, selling them becomes a priority. Your goods need to be advertised before they can be sold, and with the same help of the internet, you can display your products.
Just like you do with dropshipping in Nigeria, there are online stores where you can register to become a supplier of certain goods stores such as Jumia, Konga, Kara, and the likes. You can start by using your list of contacts and friends and family to advertise your goods.
Selling Your Goods
This is the culminating part of the whole process. After you’ve chosen how you want to sell your imported products, you’ll be needing the services of a courier agent. They will further help you deliver your goods and recoup your funds. There are many reliable courier agents in Nigeria you can work with. You just need to find one and start delivering your products to your customers.
In conclusion, it’s important for you not to rush off to import items because if you are not careful and strategic you might buy an item that will be stuck with you and your capital will be lost. Do your proper research.