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
- 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
- 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
- Screen guards
- USB (Universal Serial Bus)
- Phone covers
- Selfie sticks
- HDMI cables
- Solar charger
- Earphones (Coded and wireless)
- Bluetooth speakers
Read also: How to start an internet cafe in Nigeria.
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.