Unemployment is one of the major challenges in Nigeria today. As a result, people are looking for different lucrative business ideas that require very little capital. One such idea is the phone accessories business. This business is very easy to start and requires very little capital if you are starting as a retailer.
How much does it cost to start a phone accessories business in Nigeria? What are the other things that you need to do to start this business successfully? We discuss all of this and more in this post.
Starting Cost of a Phone Accessories Business in Nigeria
No business exists that doesn’t require some form of capital, no matter how little. While the phone accessories business is one of the cheapest businesses to start, it still requires some amount of capital. There are a few things that you must put in place to begin this business. We have put together a list below:
- Shop: From N50,000
- Shop furniture (including a chair, table, and show glass): From N60,000
- Cost of phone accessories: From N30,000 upward (it all depends on the scale at which you want to operate the business).
The starting cost of the phone accessories business is negotiable in the end. You first need to answer the question, “At what scale do I want to run the business?” If you are looking to start as a small-scale retailer, then you can set up this business with about N200,000. However, if you would like to be a major retailer, then you should be looking towards N500,000 or more.
PRICES LAST UPDATED: SEPTEMBER 23, 2023.
Phone Accessories Business in Nigeria – The Opportunity
Do you know that Nigeria currently has a population of more than 200 million? Current projections suggest that our population should hit 250 million by the year 2050. It means that Nigeria has one of the highest population growth rates in the world.
Mobile phones entered the Nigerian market in 2001. Between then and now, we have seen a meteoric rise in the number of smartphone users in the country. Today, more than 100 million Nigerians have access to mobile phones. What this means is that there is a huge market for the phone accessories business in Nigeria.
Take a look at your immediate environment. Can you estimate how many people you have on your street or in your locality? That is your potential market. Most of the individuals that you see daily have mobile phones. It means that soon, they will need a new phone charger, earpiece, phone battery, etc. If you start a phone accessories business in your environment, you can become their accessories plug.
Phone Accessories Business in Nigeria – What do you sell?
You are probably wondering what you will be selling if you start a phone accessories business. The answer to your question is pretty simple, you’d be selling phone accessories. We have put together a list to make it easier for you:
- Wireless and corded chargers
- Wireless and corded earphones
- Memory cards
- Power banks
- Bluetooth speakers
- OTG flash drive
- Pouch
- Screen guard
- Table phone holder
- Car phone holder
- Solar charger
- Headset (corded and Bluetooth)
- Fitness trackers
- Smart wristwatches
You don’t need to have all of these in your shop at the startup stage. We suggest that you go for the essentials like chargers, earphones, screen guards, and pouches. With time, you can grow into selling the others. Also, stick to items that have quick turnover rather than items that don’t sell out very quickly.
How to Start a Phone Accessories Business in Nigeria
Great job, now you know how much you need to start the phone accessories business and what you will be selling. The next question that begs an answer is, “How do you start this business?” This business doesn’t require any special skills. Because of this, it is one of the easiest to engage in. Here are a few things that you must do to start the phone accessories business:
Feasibility study and business plan
Many entrepreneurs in this part of the world overlook the need for a feasibility study and business plan. If you are going to succeed in any business, you cannot do without both and we will tell you why.
A feasibility study introduces you to the industry. It tells you who your prospective clients are, what they like, and how to reach them. Your study also tells you who your competitors are and what they are doing. Finally, it gives a clear indication of how much capital you need and how to publicize your business.
A business plan is the product of a detailed feasibility study. It acts as the map of your business and also helps to attract investors and raise funding. With both, you set a proper foundation for your phone accessories business.
Get a shop
Getting a shop is advisable but it isn’t mandatory. Some individuals prefer to begin this business by selling online or having a mobile shop. Whichever method you adopt becomes your shop. You must decide how you want to start this business and where you want to sell from.
If you are going to use a physical store then it must be situated in a location with high human traffic. Also, it must be accessible to your potential customers and be away from hoodlums and potential security threats. The safer potential customers feel at your shop, the easier it is for them to patronize your business.
Find reliable suppliers
The phone accessories business deals with commodities. Since you are not the manufacturer of these commodities, you must seek out reliable suppliers. You should find a couple of them while doing your feasibility study. A reliable supplier sends you goods on time and can give credit facility when the need arises.
Publicize your business
The phone accessories business is highly profitable. However, you must play your part by telling others about your new business. There are several ways to announce your business including using banners, social media, word-of-mouth, etc. The more publicity that you do, the easier it is for your business to grow.
