Do you know you can make millions of naira from mobile phone accessories business? Well if you dont know follow up this guide and see the practical step on how to make millions of naira from mobile phone accessories business in Nigeria.

As a result of the technological advancement in this 21st century, there is an increase in the use of smartphone device and its accessories. This business idea has created a lot of job opportunities to our teeming youth out there who saw the goldmine in the industry. This job opportunity include the sale of phone equipments like, USB cord, ear piece, phone case, SSD card, battery charger, smart phone repair parts, modem and so on.

These smartphone equipments are important parts of phone device. The demand for this accessories are hot in third world countries where an average phone user will prefer to repair his or her phone part rather than buying a new smartphone. The cost of a new smartphone with high specification is high in third world countries which make it easy to go for accessory parts at any slight default.

Mobile phone accessories business is a profitable business due to the rate at which people tend to use smart device in Nigeria. Hardly will you not see an average Nigerian with a mobile phone. Even secondary school students are not left out of the usage. 80% of phone users are android users and this is one of the best reasons why you need to tap into the goldmine of an industry. The parts of these mobile accessories are readily available in the Nigerian market for wholesale business.

This business idea is lucrative if done the proper.

Now let me show you the step by step guide on how to set up this business in Nigeria.

Capital

The first step to take before setting up this business is to get enough capital. Setting up a profitable phone accessory business is capital intensive to some extent. However, you can start small if you wish. Your profit margin depends on how much you’re willing to put into the business. With at least N150,000 you can set up this business in a small scale.

Draft a comprehensive business plan

This business plan will help you structure your business. The business plan must include your capital, your vision for the business, your mission, your expected return on investment{ROI}and some other necessary information.

Do a local market research

Do a local market research on the business. This will help you know your competitors, their strength and weakness. Local market research on this business will help you know people that are already in the business in your locality. Don’t be scared if they’ve started ahead of you, just search for their weakness in the business and leverage on it to grow your own business.

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Rent a shop

This is where your mobile phone accessories will be displayed. Your shop location determines how far you will go in this business. if you want to start counting profit from the build up stage of your business consider this location for your business.

  • Location with high human traffic
  • Near higher institutions
  • Close to mobile phone engineers shop
  • Near a plaza
  • Around mobile phone dealers shop

Register your business

Consider registering your business with the appropriate agency in Nigeria. If you want to expand and grow your enterprise in Nigeria, you need to register your business name with corporate affairs commission in Nigeria. One of the advantages of registering your business with CAC in Nigeria is that you’ll have the opportunity to seek for a loan from the central bank of Nigeria (CBN) through your business name. Even if you’re starting small consider this option as it a good way of structuring your business under the government

Buy your goods from wholesaler

If you want to rake in lots of profits from this business, you need to get a reliable wholesaler and get your phone accessories directly from him or her. There are lots of phone villages to get wholesale phone accessories from in Nigeria. If you’re in Lagos or Ogun state you can source for your phone accessories goods from computer village in ikeja or Alaba market. Just walk out of your comfort zone, visit these markets to strike a deal with a reliable supplier.

READ MORE: HOW TO START A PROFITABLE DROPSHIPPING BUSINESS IN NIGERIA

Market your business

Just like any other businesses, mobile phone accessories business is already saturated. Lots of entrepreneurs are already in this business so you need to start marketing your brand to create customer engagements. You can start with traditional form of marketing before delving into digital marketing.

Use word of mouth to market your business, create banners for your business, design a eye catching logo. Also, you can leverage on the opportunities on social media to promote your business.

With the little piece of information in this guide, I believe you must have seen one or two tips on how to start a profitable mobile phone accessories business in Nigeria.

If you have any questions or suggestions concerning this business, drop it in the comment section.

Thanks for reading.

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