Ideas on How to Establish a New Phone Store in Nigeria

Tips on How to Establish a New Phone Store in Nigeria

Phone business is one of the reigning businesses presently in Nigeria. This is because an average Nigeria needs a mobile phone which will help him communicate freely and easily with others in any part of the world. 

As a result of this single factor, people invest their capital in this lucrative business as they expect constant turnover due to increase in demand. 

Establishing a phone store business in Nigeria requires one to come up with a good business plan that will boost the business or else he stands the risk of suffering huge financial loss.  

 

Choosing a Strategic location 

Consider locating your phone store business in a place that doesn’t have other major phone dealers as they can easily adopt a measure to liquidate your capital. You can only establish your phone shop close to theirs if you have enough capital to compete with them. 

 

Avoid competition

It is advised to avoid competition at anearly stage in your business as this could lead to inhuman acts that can lead to huge financial loss or death. 

 

Consider how much you have

You should also consider the capital you have while renting a location for your business. For instance, if you are having ₦1,000 000 to invest in the phone business, it will not be wise if you rent an apartment that cost up to three hundred ₦300, 000 per annum. 

 

Try to look for a good site that is relatively cheap for a beginner. You can with time rent shops that are costly when your business has appreciated.

 

Source for target market

You have to consult companies that deal on phones and accessories. Negotiate a deal with them so that they can give you credit after you must have exhausted the money you have.

 

Register your business 

Having established a link to distributors or phone manufacturing companies, you need to register your business so as to enable the company to see your business as credible and will be free to have business transactions with you.

 

Furnish your showroom 

You need to provide appealing showcases where you will sample the phone for customers to see,other beautiful interior decorations are also necessary. 

 

Employ staff

Endeavour to employ staff who will be working with you. Such staff will include security if it necessary, secretary, sales attendants and others.

 

Open an Account 

Open an account with any of the commercial banks in Nigeria to enable you ascertains the financial position of the business at any given time. 

 

Work out a Market Niche 

Carry out a research to find out what others in the phone business are doing and improve on them. This alone can attract customers to come and patronise you.

 

Declare your shop open in a special way 

You need to open your shop in a special way. You can call a musical band, to entertain the people on the opening ceremony while you offer them light refreshment. You can organise promotion on the opening day. 

 

Invite the media to cover and air the opening event if you have the money, it is a way of advertising your business too.

 

Also try and get a website to display everything you are selling in the website, this may attract other customers who have no prior knowledge of your shop to visit it. Engaging also in social media and listing your business to local directories in Nigeria can increase your local citations for search engines to pick your business name and list it online.

 

Phone store business is a nice business to invest in if you have the idea of what it takes to be successful. Nigerians investing in the business are advised to work out a good business plan because when one fails to plan, he plans to fail.