The technology sector is one of the biggest in the world and offers a lot of business prospects that are usually lucrative to entrepreneurs who start businesses. The invention or introduction of certain technological devices has made things a lot easier than it used to be. Things like smartphones, for instance, are very useful for almost every individual as they can easily do many things with the device that could normally take a long time and even too much complex equipment. This, of course, offers a good business option for individuals to deal in the sale of these devices as they have a very good demand for the products and this makes it a good business idea.
Diversifying Product Offerings
The sale of smartphones and other devices, just like the name implies, simply involves selling the named products and some other devices like computers, laptops, Television sets, and many more to customers who are willing to buy. The market for these products is quite well established and it is even becoming one of the fast-rising businesses in the country today with many entrepreneurs looking at the massive potential in the industry. The business is a lucrative one and one that will bring in huge amounts of profits if things are properly put in place and this is because of the high demand for products of that kind.
As I’ve mentioned, there are varieties of products that can be sold during the practice of this business and they are generally things that are in regular use by people. Phones, of course, are one of the most used things in the world and it’s almost so hard to find someone who’s not using it. Laptops are another thing that are quite popularly used for the business. It is also used by many people for different tasks. The two devices, phones and laptops, play a huge part of the business and other things like Television sets, Sound Systems, video games, and so on can now come into context.
The business can be started either in a small scale or a large scale which depends on the capital available to be used to start the business. It can also be operated either offline or online, that is, you can either decide to have a location for the business or decide against it. Regardless of which one you take, you’re still sure to make your profit and also enjoy success in the business. The small-scale aspect of the business, like any other business, requires just a few things that will be sold and you might decide to just stick to one product that you’ll be selling. By contrast, the large scale involves even more things and you can select as many products as you want as long as you have the capital which will surely be large considering you want to start the large scale part of the business.
One of the main advantages of starting a business like this is that the products for the business have a very high demand and you’ll not have a problem getting customers for the business. Even though laptops might not be used by everyone, phones are quite very popular and are used by pretty much the majority of the population. New phones are always released every year and as this happens, people like to follow trends or get on board with the new devices and as such they are always willing to get new ones even if it means more money.
Another thing is that the market for fairly used products is quite acceptable in the country and selling these products won’t be difficult if you have a good marketing plan and you have customers. Fairly used products, especially for gadgets like this, are not always as expensive as new products and some people usually prefer to get the fairly used ones as they are cheaper and affordable and offer the same functions as the new ones. The business can surely be a mix of both new and fairly used products as customer preferences might differ for several products.
The business can also be practised offline, meaning you can sit in the comfort of your home and operate the business without any issues. Like many businesses today, the use of online space for a business like this is also possible and all that you’ll need to do is just get the products, and advertise it pretty well using the different social media platforms available today. Starting the business is not a difficult thing to do and once the capital is ready, there is almost no problem at all from there in getting the business operated successfully.
In the next subheads, I’ll be discussing the steps involved in starting the business in Nigeria and some of the things that might prove useful during the running of the business to ensure you make profits and be successful in the business.
1. Research
The benefits of research to any business can not be overestimated. There are many things to be learnt about a particular business when one starts it. Mostly, they are things individuals are not aware of or things not common during the practice of selling the product. Proper research helps you review your business and the different options you might have to select from. The study is not only important for the starting stage of the business but it also gives insights on how to manage and sustain the business for several years to come.
Most times, research helps individuals come up with a better-written business plan. The business plan, of course, needs no introduction. It contains all the information about the business and everything you have planned to help bring the business to light including ways you chose to spend capital, plans to operate and also projections for the future of the business. A well-written business plan is not just there for writing sake and it also comes with its benefits, especially for individuals who have to look for ways to secure funds to kick start the business.
A good, well-detailed and thorough research will most likely help in writing a very good business plan, thereby helping to win over investors, if need be. Research is highly important and not something individuals or rather, future entrepreneurs should take lightly. The internet is available for all kinds of research and if you choose to meet up and discuss with experts in the industry, it is a huge plus to your research based on their level of knowledge about the business. Never ever skip the research stage especially if you’re a self-starter and someone who has never been involved in the business before.
2. Select the necessary equipment
At this stage, you’ll need to select the gadgets you’ll be selling for the business. There are quite a number of them I’ve mentioned severally but the two most common products which are well accepted and have a really high demand are phones and laptops. You can either decide to stick to one or even do both depending on the capital you have and also if it’s something you can do.
3. Create a budget
After selecting the products for the business, you’ll need to create a budget for all the things needed for the business including the products and the cost of location. The location, as I’ve said, can either be off-site or on-site. If you’ll be doing it on-site, you’ll need a shop where you can sell the products from. Ensure the place is not close to competitors and it’s also a place that has a large turnout of people who are in your target market. You don’t need any place for the off-site aspect as it\’s all online except you’ll be using some money for some paid adverts. This budget is what will be used to estimate the capital for the business. You’ll also need to register the business which also takes a part of the capital.
4. Get the gadgets
For this part, there are a number of options. One is to buy directly from the gadget companies and sell the products. Another one is to get from local branches of these gadget stores and you can also choose to import them into the country. The importation part will be useful in getting the fairly used products too. You’ll need to get a trusted supplier and get your products sent to you.
5. Marketing and sales
Social media is a very useful option for this business regardless of if you’re starting the business online or offline. It is a very effective method and has several options for individuals to advertise their products very well. You’ll need to create accounts for your business especially if you’ll be operating from your home as the online space is the location for the business in that regard. Other advertising methods include telling people about your business and also getting referrals.
The phones and other gadgets sale business is a pretty lucrative venture and one that is becoming really popular in the country. There is a high demand for the products and as such, that makes it a good business idea.
