The Nigerian society is really a good place to make business. This can be proved due to the growing numbers of businesses springing up on a daily basis. Meanwhile, the build up stage is always the hardest, if you can overcome this stage and beating off competitors in your industry, you are in for a whole lot of money. This guide will focus on one of the promising businesses we have in the country; that is, how to start electronics store business in Nigeria. After reading up this guide, you must have seen one or two tips on how set up a lucrative store for electrical equipment.
If you’re wondering the type of business you can bank on at the moment, Electronics store business should be on your list.
Now if you’re interested in this business follow up this guide to the end to know the secret behind this lucrative business in Nigeria.
Step by step guide on how to start electronics store business in Nigeria
Choose a profitable niche
Electronics store business is relatively wide. You need to choose a profitable niche to make it big with this business. There are different types of products to choose from this niche business. It could be PC’s, washing machine, TV sets, fridges, cookers, radios, sound system and so on. If you’ve enough capital to fund this business, you can open a multipurpose electronics store and start selling different types of electronics. However, if you think you can’t handle the first option due to limited capital, niche products would be your best option.
Know your competitors
After choosing a profitable niche in this business, your next move is to know your competitors in your niche. There are different business owners running this great business idea. Hence, your electronic store business may face high competition from top competitors. You need to research and know where your competitors are lagging behind; with this effort it will be easy for you as a newbie in the business to introduce innovative measure.
Your shop location
You need to locate your shop in a good location if you want to break into the big names in the industry. Location goes hand in hand with sales. If your location is poor for business, you sales will be poor as well. There is no magic to that. Whenever, you plan to set up this business, you need to choose a location with high human traffic. Doing so has the opportunity to shoot up your sales. And you know more sales means more profit.
Link up with a reliable supplier
Setting up a profitable electronic store business requires you to have a reliable supplier. This is where you get your electronics products from. It might be through wholesales supply or direct from the factory. However, these two options comes with their own upside and downside. Buying your products directly from the factory requires extensive capital which is a bad news for those who wish to start small but the upside of this idea is that their products comes with great discount. You can buy in smaller quantities if you’re dealing with a supplier but the downside of this idea is that their products are always expensive.
Any serious electronics store business must take this aspect very serious. If you’re not planning to advertise your products, your business is as good as dead. As big as MTN is do you know they still spend millions of naira in advertising? Now you know if you dont know. If you’re really planning to break into the big names of those who have succeeded with this business, you need to start advertising immediately you set up your business.
These are the information you need to set up a profitable electronics store business in Nigeria. if you have any suggestions kindly drop it in the comment box.