Hi there, all entrepreneurs and potential millionaires that we have in the house. How has the recession been to everyone? Funny we should ask that, right? Well, it would interest you to know that not everyone is as affected as the other and some actually find nothing wrong with this period. Although times are hard, we believe that the investors that learn via Abode Business can still manage to stay afloat of their businesses no matter what comes their way because that is what a true entrepreneur does.
Going to the subject of the day, we are here to suggest another cool investment opportunity to you and we hope you follow through to the end.
Whether you might have noticed it or not, even with the current state of the economy, phone makers keep making their products and they are launching them big into Africa too, especially Nigeria, and not one have I seen them post losses in these regions. It doesn’t matter the price of the device, they just manage to break even, and this has surely opened our eyes to the money that is still left to be made from this business. If you’re interested, like we want you to be, you would find out here that we are covering the importation from other regions since it’s easy to source for those that are easily launched into the country. So, shall we?
1. Develop a business plan
The first thing that you would have to do if you intend for your business to make sense to even yourself is draw up a comprehensive business plan. This plan should include, but not be limited to, things such as the location where you hope to set up shop, how you want to go about contacting companies abroad for shipments, your operating hours, the vision and mission statement of your business and such related options. Better still, you could even find people interested and willing to invest in your business just from reading your detailed plan.
2. Do your research on the importation business
It’s not enough that you have heard us talk about it here or that you have a friendwho does it. You want your business to stand out and not be like anyone else’s, which means that you would have to do your own study and research and then settle for the points that best agree with you. Don’t just set foot into this business without the required knowledge that you need to make it work. Remember, knowledge is power.
3. Identify your market
Before you start to import devices at all, you need to know the market that you want to cater to. For smartphones, there is the entry level market, the mid-range and the high-endmarkets too. From us, we would advise that you tend a little bit to the high-end market and base mainly in the mid-ranges, offering just some options for then entry level users. You can build trust from here and then expand to whatever your clientele wants later
4. Set up shop
Something with this kind of business is that location matters a lot. You cannot set up shop in a village and then stock your shop with iPhone 7 and iPhone 7 Plus units. Safe to say that you would end up using all of the things that you have in stock by the time they go out of vogue. It is then better to know the best environment for your kind of prices. An added advantage to location is that if you can get a premium one, you can sell your devices for even higher than necessary. More gains for your trouble, isn’t it?
5. Get the word out
You won’t sell even a headphone jack if you don’t get out there with your products. These days, the best way to do that is to open social media accounts and push your business gently that way. Likewise, nothing stops you form launching an e-commerce website where people can just access your stock and place orders.
We know that the rate of dollar rising has affected how frequent we can import but thinking of it from the perspective that you would be paying in dollars according to bank rates and selling according to parallel market rates each time should give you an estimate into your sea of earnings already.