Complete Guide On How To Start Mini Importation Business In Nigeria
Are you longing to know the complete guide on how to start mini importation business in Nigeria? This article got you covered.
The first step to starting any business is to learn about it. The same goes for the mini importation business in Nigeria. Most people think mini importation is just a business you jump on and start making money. As a result, they lose money.
There is no easy business to start, this is contrary to what most people think. The fact is that a good amount of hard work is needed to make any business successful. Mini importation business in Nigeria is not left out.
A lot of people want to invest in the mini importation business in Nigeria, but don’t know how and where to begin. This is the reason for this article.
No denying the fact that the mini importation business in Nigeria, is one of the cheapest businesses you can start. And also start smiling your way to the bank in a few months. You can begin with just N10,000 and make as much as 200% profit depending on your sales and marketing skills.
If you want to succeed fast in this business, you must focus on “hot products” that is, products that are in high demand. If you can have access to these hot products, you are surely halfway to making your mini importation business in Nigeria a success.
Since Nigerians trust imported goods than locally produced goods, there is a ready market for your products.
In this article, you will learn the step by step guide you need to start up a mini importation business in Nigeria. You will also learn things to avoid to succeed. The best websites that will help you run your business will also be included in this article.
So, if you want to journey through the path of mini importation business in Nigeria, then read on!
What is Mini Importation Business?
Mini importation business is simply a type of business where someone buys a product from overseas at a cheap price and re-sells it at a higher price for profit. It is a business mostly done online.
At the moment, most people deal with Chinese companies for their importation. This is because these Chinese companies tend to have varieties of products that can be gotten at a relatively low price.
Although a lot of people see mini importation business as a small scale business, you can also import a large number of products depending on your capital. Therefore, a mini importation business is for people with low capital as well as people who have a huge capital to invest. You can decide to start with as low as N10,000 or as high as N10million.
Previously, only certain organizations with huge capital investments deal with importation business. But, with the advent of the internet and technology, anyone can engage in any type of business.
What Do You Need To Begin Your Mini Importation Business In Nigeria?
All you need to start a mini importation business in Nigeria are things you already have or things you can get easily in a blink of an eye.
Below is a list of all you need to start up a Mini importation business in Nigeria:
- A personal computer–PC or mobile phone
- Reliable internet connection–it can be a Wifi, Mifi or Modem, etc)
- Valid address– this is where your products can be delivered to.
- Valid e-mail address
- Lastly, Start-up capital
You are good to go with this list. With your mobile phone, you can place an order from the website of your choice, make a payment, input an address, and get it delivered to you. It’s as simple as that.
Why You Should Consider A Mini Importation Business In Nigeria?
Importing can serve as a side hustle for you while you maintain your full-time job. Note that if you choose the right product and select the right market, you can cover your salary with just one successful import.
Even if you consider the products you want to purchase cheap, you don’t necessarily have to pay that exact amount. This is because you can get cheaper products than your counterpart if you have good negotiation skills. You can bargain prices with the suppliers and in the long run, improve your profitability.
A huge number of importers tend to reach their financial goals on time. The reason being that, the more you venture into the business, the more exposed you will become to several opportunities in the business.
Guide To Starting A Mini Importation Business In Nigeria
Below is a step by step guide to starting a Mini-importation business:
Step 1: Register Your Business
The first step in starting a business is to put a structure to it. You can get your business registered through the Corporate Affairs Commission–CAC in Nigeria.
Registering your business is very important because customers trust registered businesses. Reason being that they know that if anything happens to their money, they can trace you. So, to gain your customer’s trust, register your business with CAC.
Aspiring entrepreneurs may find it difficult to register their business by themselves. But, companies like ReDahlia makes it easier for them. You can get your business registered with them with just a token. Your certificate will be made available within 3-10 working days.
Step 2. Find A Reliable and Cheap Import Portal
Websites you can get your products from is what we call import portals. In other words, it is the portal where your online importation transactions will be carried out. This step is crucial to your business. This is because, at this point, you may encounter fake websites that may loot money from you.
You might choose a website with pricey products and this coupled with the shipping cost, will harm your profit margin.
Therefore, do well to research about the website before choosing a website. Check the reviews, ratings, and feedback score of the website.
It is best to go for websites with up to 90% rating and do not have less than 4-star reviews. Some of the popular websites are AliExpress, Alibaba, 1688.com, and others.
Next, you should head straight to the websites and create an account with them. The 1688.com website has proven to be the cheapest supplier among the three websites listed above. This is why a lot of people make it their preferred choice. Although the website is written in Chinese, you can easily translate to English on the site.
Alibaba is also popular among manufacturers and wholesalers. Though, they have a minimum order quantity–MOQ.
Step 3: Source For Products
Next up after selecting your supplier website, is searching the website for the products of your choice. There are several goods you can import. Make a decision on a particular product based on your target market instead of trying to pick little of everything. It could get overwhelming.
Things To Consider Before Selecting Products To Import
1. Choose Your Market! Know Their Local Needs!
Before you choose your products you should be able to answer these questions:
What country do I want to do business in? What is the country’s population? What are the fast-selling products in the country?
You would have to keep an eye on trends in the industry. Get acquainted with products that are selling successfully in the market.
Note: you should keep in mind that the demand for certain products may change from time to time. And also, the fact that what is lucrative in one country may not be in the other.
2. Get Familiar With The Local Norms
This is a crucial part of deciding what product to choose. You need to be aware of products that are termed illegal in your local market. This is achieved by getting familiar with the formalities involved in the importation process.
Take note of quantity limitations or tax implications that you need to cover to complete the import process. This will save you from surprises at the shipment stage.
To make it easier, you could hire a lawyer that would educate you on the regulations and give details of your importing process.
3. Check Reviews On Each Product
Before ordering any product, read the reviews of other customers about the product.
Go through the product description and also check the delivery methods. The seller’s guarantee on the product should also be checked.
Fast Moving Products In Nigeria To Import
- Shoes, Bags, Wrist Watches And Clothing
- Gadget and Electronics like:
- Bluetooth Speakers
- Smart Bracelet Wireless Headset
- Toilet Led Light
- Wireless Earpod
- Super Bright Led Torch Light
- Warm and Cooling Cup Holder
- Wireless Phone Charger
- Mobile Phone HD Projector Bracket
- Waterproof case for iPhone and Samsung Galaxy
- Flash Drive
- Selfie Stick
- Engrave Pen
- Waterlemon Slicer
- Body Fitness Products such as:
- Waist Trainers
- Slim Tea
- Body Shapers
- Gift Items
Step 4: Make Payment
The next step is paying for the products you ordered.
It is easier to make payments these days with the help of the Internet. You can make payments anywhere in the world be it China, UK, or any other country. Although, the payment method will depend on your supplier. While some suppliers accept Visa Card or Mastercard others accept Paypal or Alipay.
You do not have to worry about losing your money or not getting your exact order because these websites have measures in place to mitigate against such risks. It is termed, ‘Buyers Protection’ or ‘Escrow’.This is a measure these websites have put in place to protect you.
This is how it works: Once you make a payment, your money does not go directly to the seller’s/supplier’s account. The website holds the money and releases it once you confirm receipt of your order. In a case where the goods delivered is different from what you ordered, there is a ‘Dispute Form’ you could fill and be refunded.
Note that there is no risk-free business, but the risk in this business is minimal.
Another Way To Pay For Your Product
Most mini importers take the logistics route to make payments. They place their order through some companies here in Nigeria.
To make payments through this means you will have to open an account with your import portal as well as with the logistics website.
This is how it works: you select the product you need from the import portal, then copy the link to the logistics website and place your order through them.
The logistics company will then keep track and get your order shipped to their office on your behalf. Once your order arrives in Nigeria, you can go pick it from their office. This is considered the easiest approach by many.
The logistics companies get a commission on the goods you order. The charges are usually reasonable.
The faster you want your order delivered the higher the charge.
One challenge with logistics companies is that not all of them can help you return your goods if it is different from what you ordered. So, do well to ask the right questions of what their services entail before using them.
Step 5: Order Delivery
If you used a logistics company, you can either go to their office to pick up your order or you can have them delivered to you using delivery companies.
But, if you placed the order directly through the supplier, your product will be delivered to you through either of these two ways:
You can opt for the free shipping option. It will help you save costs and maximize profit although it is quite slow. Most times, it is delivered between 20-30 days. You can then pick up your order from Hong Kong Mail services or China Post Air Mail/Parcel.
Endeavor to include your phone number so that you can be contacted when your goods arrive. This is because you may not be able to track your order. But, be rest assured that it will be delivered to the nearest China Post
This method is faster and more traceable. The deliveries can be done through FedEx, EMS, or DHL. Goods arrive within 3-5 days.
You can request that some irrelevant packages in your order be removed to reduce weight and thereby reduce the cost of shipment.
Step 6: Advertise Your Product! Start Making Money
Advertising is key! If you don’t advertise your product people will not know of it or even think of buying no matter how good your product is.
You should make a noise about your product!. And if you follow step 3 it would be easier to identify your target audience.
Channels For Marketing Your Imported Goods
Create a business page on all social media; Facebook, Twitter, Instagram, and all the likes of them. From time to time post your products with a captivating caption on these platforms.
Build a referral network by compensating anyone that brings customers to you.
Word Of Mouth
Although this may sound old-fashioned it still works. It involves telling anyone that comes around you about your business.
Distribution of Flyers And Handbills
Yet, another method is employing a graphic designer to help you with handbills or flyers. Share these flyers in banks, gatherings, or corporate organizations where your target audience visits regularly.
If you find this strenuous you can hire the help of companies whose job is to distribute flyers.. and the likes.
You can run adverts through several popular newspapers and magazines out there. It doesn’t necessarily have to be a physical magazine or newspaper. It could be an online advertising platform like Entrepreneurs.ng. Platforms like this can put your business on the world map.
The benefit is that you will have access to the daily visitors of the site. You can quickly convert them to customers.
This guide and your capital is all you need to start that mini importation business in Nigeria.
Feel free to leave a comment below, whether you are already into the business or you want to start…we would love to hear from you.