How to Start Phone Accessories Business in Nigeria

Mobile phones have become a basic need for many Nigerians. The need and demand for mobile phones has created a high demand for mobile phone accessories. As such, starting a mobile phone accessories business in Nigeria is a profitable venture. From time to time, phones break down and they need a repair, and phone accessories are needed. This creates a market for the phone accessories business. In this article, I will show you how you can start a phone accessories business in Nigeria.

Research the Market

Before starting a mobile phone accessories business in Nigeria, it is good that you first research the market. When researching the market, you need to understand your target customers, competition, and demand for mobile accessories and where to set up your business. Also, think of how you can compete competitively.

Write Mobile Accessories Business Plan

Before getting started, you need to plan your business by putting down ideas on paper. If you had researched the market, it becomes very easy to write a business plan. A business plan helps you overcome challenges and find solutions to business risks. A good business plan should contain the following:

Startup costs
Sources of funding
SWOT and PEST analysis
Risk analysis
Operational requirements
Suppliers
Target market
Industry analysis

Read more: How to write a business plan.

Identify a Good Business Location and Premises

You need to find a safe and secure place to set up your mobile phone accessories business in Nigeria. Identify a good locality with a high population, large foot traffic and near mobile phone dealers. Look for an open and easily accessible area. You can rent a kiosk or a stall in a mall or set up a shop in a container. Some of the places you can start a mobile phone accessories business are in a market center, town, or near an institution like a college.

Furnish Your Mobile Phone Accessories Business

You need to furnish and brand your mobile phone accessories business. You need to set up display counters to make your shop look nice. Also, put display gasses, install good lighting and then arrange your shop well. Customers get confidence when shopping in a neat, well-furnished and branded shop.

Identify where to Source Mobile Phone Accessories

You need to find reliable mobile phone accessories wholesalers that can be selling accessories to you at a low price. Getting cheaper suppliers will help you retain higher profits from your sales. You can source mobile phone accessories at lower prices from:

Jumia online
Samsung shops
Amazon
Alibaba Market in Lagos

If you want to start a large mobile phone accessories business, you can import accessories from countries like China or eCommerce stores like Alibaba.

Mobile Phone Accessories to Sell in Nigeria

You need to stock the following items in your mobile phone accessories business in Nigeria.

Flash drive
Memory cards
Chargers (corded and wireless)
Power banks
Bluetooth speakers
Smart wristwatches
Phone cases
Earpods
Screen guards
USB (Universal Serial Bus)
Phone covers
Selfie sticks
HDMI cables
Solar charger
Earphones (Coded and wireless)
Bluetooth speakers

Cost of Starting a Mobile Phone Accessories Business in Nigeria

The cost of starting a mobile phone accessories business in Nigeria depends on the size of the business, location, and accessories you want to stock. To start a small mobile accessories business, you need at least N300,000. However, to start a large mobile accessories business, you need at least N1,000,000. However, to start a profitable business, it is best to start small and grow your business as your customers increase.

The following is the cost breakdown:

Shop: N50,000 to N100,000
Furniture and displays: N100,000
Phone accessories: N120,000 and above

Is Phone Accessories Business Profitable in Nigeria

Yes. Since phones have become a basic need, the demand for mobile phone accessories is high, creating a market for the business. With a good business location, proper marketing strategies, and excellent customer service, you can start a profitable mobile phone accessories business in Nigeria. Profit margins are usually between 30% and 60%.

Tips to Succeed in the Mobile Accessories Business in Nigeria

To succeed in the mobile accessories business in Nigeria, follow these tips:

Rent a shop in a good location
Create a Facebook page or a WhatsApp Group
Put your business on Google
Encourage your customers to refer their friends to your business

Summary of How to Start a Mobile Phone Accessory Business in Nigeria

Starting a mobile phone accessories business in Nigeria is a profitable venture. You need to research the market, identify market needs, and then set up a business to address those needs. Make sure to offer better customer service and customers will refer their friends to your business. Finally, make sure to market your business to attract new customers.