How To Get Rich Fast In The Hot Selling Phone Accessories Business 2019

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With the recent statistical record, Nigeria is Africa's largest Global System of Mobile Communication (GSM) market with more than 125 million subscribers and a market penetration of about 75%. Also, the introduction of GSM in Nigeria has indeed created lots of business opportunities for Nigerians. Today, one of such ever ready, money spinning opportunities is the sales of mobile phone accessories.

 

If you may ask, what are mobile phone accessories? They are components that enable mobile phones function properly and at the same time increase the life span of mobile phones. You might not just go into selling all the available phone accessories at a time, take a look at the very hot selling ones in the market.

 

The Change Trend online, as usual, with the expertise of professionals in the industry who had learnt through the rope, takes you through, not only the fundamentals of the phone accessories business, but will dig deep into the possibilities of getting rich selling the hot selling products in the soonest possible time.

 

How Can One Get Rich In A Short Possible Time Selling Phone Accessories?

Godswill Ohazuruike is the President of Guru Marketing Services. He opines that the best way to get rich quickly for someone willing to go into phone accessories business, is to import the hot selling phone accessories like: Phone cases, especially iphone cases, Pouches, Power bank, due to electricity problem in Nigeria, Charger, Screen protector, Earpiece, Bluetooth (hands-free),  among an unending list.

 

Why Are Phone Accessories Hot Selling In The Market?

Godswill says when it comes to Nigeria, mobile phone users do spend a lot buying accessories – anybody who buys a new phone now will likely go for a pack to put in the phone, so as not to get scratch. Also, when it comes to earpiece, it is hot selling now, as you see lots of people who drive use their earpiece while driving. Another hot selling phone accessory is power bank, due to the poor power supply in the country. Users have access to electricity when their battery is going flat by recharging their phones through power banks. Power banks are made for different devices – there are ones for mobile phones, tablets and laptops.

 

Gbolagade Adetunji, CEO, Silverplatter Solutions, Ibadan also lend his weight on the fact that phone accessories are hot selling in the market because the demands are high. You personally can attest to the fact that you have at one time or the other changed your phone's charger, ear piece, screen protector, case and others – people buy any of these almost on monthly basis.

 

How Do You Source For The Products Cheaply?

Godswill says importers can source or order these products online from numbers of importation portals, like www.aliexpress.com, www.importexpertng.com, www.importng.com, www.alibaba.com, among others, where, you will be able to get in touch with manufacturers and suppliers who produce these products with a view to buying from them and resell in the local market. Actually, the importation portals work like this: "You are the supplier and I am the buyer, there is an intermediary between You and I, who processes payment; in the sense that, when I discuss with You about the product I want to import, I will make the payment to the intermediary, who will notify You about my payment and provide You my detail. Then you send the goods down to me, once I receive the goods here in Nigeria or any other country, I will confirm to the intermediary that I have received the goods. After this, the intermediary will have to inform the supplier the amount I have paid for the goods and in case I didn't receive the goods, I can just contact the intermediary so as to be able to investigate using the tracking number provided by You (supplier). If eventually, I didn't receive it, You will have to refund my money," Godswill explains.

 

Gbolagade says sourcing cheaply has to do buying from wholesalers on these websites. If you have in-depth knowledge of navigating through different ecommerce websites like Aliexpress who deal in phone accessories and other goods, you will be able to cheaply source for these items. I search for reputable wholesalers and engage them in a chat. When I chat with them, I use my bargaining power to slash down the price of the goods

 

Is There Need To Travel To China For Importation?

Gbolagade says you need not travel down to China before you can start importing phones and their accessories down to Nigeria. There are several websites that you can visit and place order for these items and get them shipped to you right here in Nigeria – www.aliexpress.com is one of such websites you can visit to buy these items from.

 

Godswill also says you can actually stay at the comfort of your room to do this using a computer system or a smart phone, as long as it has access to internet. So, after purchasing the products from aliexpress.com, the payment for all the order you made can be processed through what is called an Escrow account, which guard the payment until the buyer receives the goods. It is when the buyer receives the goods that the supplier gets his pay.

 

How Can Those Who Are Not Buoyant Enough To Import Be Part Of The Phone Accessories Business?

Godswill says, starting up the importation of phone accessories and other forms of importation businesses doesn't require a huge capital – with just N10,000, one can now start at a mini or small scale level. For instance, with that N10,000, you can be able to import up to 20 pieces of phone cases and if you don't want to sell them yourself, you can supply to retailers in the market at a very good price and you will make your money in return. But if the person is not buoyant enough or doesn't want to import these items, such person can be linked up with the importers of the products, who will have to supply him the goods – he or she now becomes a distributor.

Gbolagade says buoyancy is relative. If you have as low as N20,000, you can start the importation of phone accessories with ease, as the market is opened to everyone irrespective of your starting capital. Even if it's just N10,000, you can always start and grow it up.

 

 

What Are The Steps Non Importers Can Take To Become Rich Doing The Business?

Godswill assures that those who are not importer of these products also have the opportunity to become rich. Firstly, before you get rich in a business, like in this phone accessories business, you need to learn how to startup the business and master the startup process of the business. So, you need to get ideas on things you can import and will sell fast here in Nigeria and how you can sell what you import. So, I will say you, majorly, need to be well trained by professionals in importation business, after which you have to adhere strictly to the guidelines.

 

Gbolagade says becoming rich doing the business for non importers is feasible. The only important thing is not to eat up your capital, but to plough back your profit into the business.

 

Startup Capital For The Big Boys – Importing Like One Container Load Of Phone Accessories.

Godswill says there is no specific amount that can be the cost of importing a container load of phone accessories, as there are factors that determine the price. It all depends on the products you are importing – meaning that the product you are importing will determine the quantity that will fit into both a 20ft or 40ft container and its price. So, there is no specific price, unless you just want to import one particular product.

 

Gbolagade simply says it is as much as you can afford. With as low as N400,000 upwards, you are a big starter.

 

After Getting These Products Through Importation Or Elsewhere, How Can They Be Sold Off Quickly?

Godswill says there are lots of ways to sell off these products, depending on the procedure each importer wants to use. You can go to the local market, where you see people who sell phone accessories in retail, tell them you have phone accessories of whichever type you have imported, agree on the price, supply them and you get paid. You can as well sell these products one-by-one to end users or online on Konga, Kaymu or Jumia at a much higher rate.

 

Gbolagade says it is advisable to find out from merchants who sell phone accessories by the road side or shops, the price at which they get those items in Lagos and at what price they will be willing to buy if you were to sell to them. So, if you reach an agreement with like 10 or more of such merchants you have approached with the cheapest possible price which they will jump at, you can proceed with your importation and when the goods arrive, you get them sold to your waiting buyers with ease.

 

Who Are The Buyers Of Phone Accessories In Nigeria?

Godswill says phone accessories are dispersed all over the streets and markets of Nigeria. You also have big companies like Slot, among others based in Lagos and other states; they deal in phone accessories business. So, as an importer you can negotiate better price with such companies, they will buy, once you are bringing in nice and quality products.

 

 

 

How Lucrative Is This Business?

Godswill notes that the second most lucrative business in Nigeria, after oil and gas is importation, especially phone accessories importation and it doesn't require huge capital to start. For instance, you can be able to import a product for like N100 and supply it at the rate of N400 – making over 100 percent profit. Most of the things used here in Nigeria are imported, as we are yet to produce locally. So, the importation of phone accessories business remains a profitable business in Nigeria, solely because there are lots of phone users in the country.

 

Gbolagade says importation business generally is highly lucrative but phone accessories are more lucrative because the profit margin is always high. This is owing to the fact that you may not change your phone for years, but the accessories will most likely be needed every two (2) months.

 

What Do You Stand To Gain If You Bring More Money Into The Business?

Godswill maintains that bringing in huge capital into the importation of phone accessories business will give you the opportunity to buy larger quantities and you will be getting them at a very cheaper rate than those buying small quantities. For instance, if you are buying 10 pieces of an item for like $1 each, if you are buying 100 pieces, you might get them for like $0.40 or $0.50 each. So, as a large scale importer, you will be able to get wholesales prices at a very cheaper rates than small scale importers.

 

Gbolagade says, as common sense implies, more money means more profit. The more money you are able to bring into the business, the more profit you will generate. It enables you to enjoy great discounts from your source when you buy in larger quantities.

 

How Can One Position Himself In The Market?

Depending on the methods and strategies put in place individually, Godswill says some importers do print fliers with their contact details being distributed along the streets of Nigeria to create more awareness for them. In another instance, if a product is sold for N10,000 in the market, they can give like N500 discount, and as earlier said, you can place your goods on Konga, Kaymu or Jumia – most of the products here are individually placed there, only few are sold directly by them.

 

Gbolagade says you can position yourself in the market by concentrating on just one or two products and make them available at competitive prices that will make your customers want to buy from you and only you alone. Also, having great customer support is essential. If your customers complain to you about a malfunctioning item, change it for your customer. It wouldn't hurt your profit, but add to your reputation and credibility. You can as well sell these items by listing them on ecommerce websites in Nigeria free of charge.

 

What Is Market Surveying To Phone Accessories Importation Business?

Godswill says the first thing thought during the training of importation, before going into the real business is Market Survey. You must first know customers' prevailing needs in your immediate environment, you need to find out the price of the product you are bringing in and how much is sold in Nigeria. For instance, there are some earpieces that are sold one-by-one, while some are sold in dozen – so, you have to find out the price and the packaging details.

 

Gbolagade says the right market to always target is retailers who sell these items on the streets, shops and big or small markets. Approach them, interview them about the high selling accessories, know the price at which they buy from their source and offer them a killer offer that will make them ask you to bring yours.

 

Likely Challenges Of The Business/Possible Solutions.

Godswill confirms that the challenges in this business are not much, as it could have been the risk of importing the products – challenge of risking your money, but with the services of Escrow, it doesn't exist any longer. Make sure you get the product at a much cheaper rate and that your quality is okay. As soon as you are able to overcome these obstacles, there is nothing that stops you in making money.

 

Gbolagade says late delivery of goods from abroad is one of the challenges, as often times, it takes as long as three weeks for your imported goods to arrive. The solution is that you should always place orders ahead before your customers start asking for the goods or, if you have the financial might, you may use faster means of shipment like DHL, but it will cost more.

 

Another challenge is the Government Officials like Customs and even NDLEA willing to poke nose and extort you. You can overcome this by sending down your goods in batches not worth over $200 to scale through their suspicion, as they are attracted to large parcels.

 

Godswill's Testimonial.

 

How Much Did You Start With Then?

The mobile phone accessories I dealt with then was mobile casing for BlackBerry Curve 2 and I bought 100 pieces for the rate of $0.40 each, which was around N6,000 and by the time I did my calculation, each phone case's total landing cost was around N70. So, I just took it to the market, met some guys selling smart phone accessories and I sold each for N450. So, that was how I started and how I was eventually made.

 

How Were You Able To Build The Business?

When you are into any business, the more you do it, the more you garner experience. Like I said, I stated with BlackBerry Curve 2 casing, so the money I realized there was used to import more of the same product and I supplied to other phone accessories dealers. I as well branched into importation of other goods – currently, I import goods like clothes, shoes, tablet and smart phones. This is the way to build your importation business – start small with like N10,000 and if you make like N30,000, just invest all the money back into the business to import more. That is how you begin to grow your capital base.

 

How Were You Able To Face/Fence Competition?

Competition is very keen to importation of phone accessory business, as one of those things in life and it is to every aspect of business. When I first imported the item, there were lots of other guys importing same thing, but one thing about importation is that, once the price is cut down, people will buy from you. Ensure you buy from a considerable cheaper supplier so that you will be able to cut down your price. For instance, when others are selling for like N105 in the market, you can sell for N95. The most important thing is to get more customers and through this more customers is sure. So, you can sell to them for a period of time and after you have made them your customer, you can increase the price.

 

Advice For New Entrants.

I can say I was a novice before, so if you are a novice like I was then, you just need to learn how to startup a business by getting tutored by expert and professional importers. There are as well manuals you can go through, like I did and therein you will get to know how to start a mini small scale importation with at least N10,000 and a mini wholesale importation with at least N50,000. The most important thing is to start small, as most people, at the mention of importation; they thought it involves huge capital. Start small today and before a year, you should have been looking at a hundreds of thousands.