The Basics Of How To Start A Phone Accessories Business In Nigeria

Phone Accessories Business In Nigeria

As a result of the high rate of unemployment in Nigeria, a lot of people are on the lookout for businesses they can start to earn a living, cater to their basic needs, and improve their standard of living. If you fall into this category of people, then the phone accessories business is a very good option for you.

Technology has improved in the world today in such a way that almost everyone has access to a smartphone and the higher the number of people using smartphones, is the higher the chances of them having the need for phone accessories.

Phone accessories business is a type of business that involves one purchasing phone accessories directly from their manufacturers and selling them wholesale or purchasing them wholesale and selling in retail.

These accessories range from chargers to earpieces, earphones, headphones, screen guards, pouches, power banks, selfie sticks, memory cards, and Bluetooth speakers, to mention a few.

Although the cost of starting a phone accessories business in Nigeria depends largely on how large or small you want the business to be, for as low as ₦1,000,000 you can start one on a large scale, and for as low as ₦300,000 you can start one on a small scale.

To start and run a successful phone accessories business in Nigeria, there are certain steps you need to follow. All of these steps have been listed and explained in this article.

What Are The Advantages And Disadvantages Of Phone Accessories Business?

Every business has its respective advantages and disadvantages and the phone accessories business in Nigeria is no exception. Here are some of the good side and bad side of starting a phone accessories business in Nigeria.

Advantages

1. High demand: Since the advent of the new media and the internet, there has been a continuous increase in the demand for new technologies. One of these new technologies is a smartphone.

Meanwhile, one of the advantages of starting a phone accessories business is that there is a high demand for smartphones, as such, people will one way or the other want to buy accessories that complement the phones they use.

For instance, someone who buys a new smartphone will along the line want to buy a power bank as a result of the epileptic power supply in Nigeria. The same thing applies to people who buy smartphones and will want to make them aesthetically pleasing by buying attractive pouches or want to protect them by buying screen guards.

All of these are added advantages to you if you are a phone accessories business owner.

2. Diversity: Unlike some other types of business, if you are into phone accessories there is diversity in the range of products you can sell to make money, from screen guards to pouches, Bluetooth speakers, power banks, chargers, headphones, ear pods, USB cords, among others.

The advantage here is that even if a particular phone accessory is not in high demand at a particular period, others might be in high demand during that same period.

3. Repeat business: Other than the fact that there is a high demand for smartphones, people who already have them are also constantly trying to upgrade them by purchasing phone accessories. A good example is someone trying to switch from using a regular phone screen guard to using a dark one for reasons related to their privacy. So since people are constantly upgrading their smartphones, it is an added advantage for you as a phone accessories business owner.

4. Business scale: A phone accessories business is not one of those businesses that strictly require millions or hundreds of millions to start. This is because it can be done on a small scale, a medium scale, or a large scale.

If you are not financially buoyant, you can start a phone accessories business on a small scale with ₦200,000 naira or ₦300,000 naira. This is one of the pros of the business.

Disadvantages

1. Fast-changing technology: As mentioned already, there has been a continuous increase in the demand for new technologies since the advent of the new media and the internet, as such, a time may come when certain phone accessories might not be needed anymore as a result of advance in technology.

For example, unlike before when headphones used to be a trending phone accessory, the invention of ear pods has made them less in demand in the market. This is because ear pods are portable and can be carried around easily compared to headphones which cannot serve the same purpose. This is a disadvantage to people who are in the phone accessories business.

2. High competition: The high demand for smartphones means there is a high demand for phone accessories which in turn means there are a lot of people already in the business of selling them.

A high competition in the phone accessories industry means you might struggle to find your feet in the business especially if you are new or if you cannot match the marketing or advertising power of the already established ones in the game.

3. Counterfeit products: There are a lot of phone accessories suppliers who supply fake products to their retailers. However, if you happen to buy from them and sell to people, you might damage your reputation as a phone accessories business owner, as you would be known as someone who sells counterfeit products. This is one of the downsides of the phone accessories business.

What Are The List Of Phone Accessories To Sell In Nigeria?

In case you want to start a phone accessories business but confused about what constitutes phone accessories, here’s a list of phone accessories you can sell in Nigeria:

  • Charger
  • Powerbank
  • Earpods
  • Earpiece
  • Bluetooth speaker
  • Phone pouch
  • USB cord
  • Headphone
  • Headset
  • Screen guard

Where Can I Buy Phone Accessories In Bulk In Nigeria?

There are a variety of places you can buy phone accessories in bulk in Nigeria. Just look for the nearest reliable phone accessories company to you to make your purchase. Although we can’t make a list of all the phone accessories wholesale companies in Nigeria, we’ll be providing you with a list of some of the best in Lagos, a city known to be the hub for phone accessories in Nigeria.

Here’s a list of some companies in Lagos you can buy phone accessories in bulk from:

1. ARGONE is located at Tec Plaza ground floor at No. 9 Saka Tinubu Street, Victoria Island, Lagos State, Nigeria.

2. Springbase is located at No 46, Obafemi Awolowo Way, Ikeja, Lagos.

3. Flexmore Technologies Limited is located at No. 28 Mickael Adekoya Street, Ilupeju, Lagos State, Nigeria.

4. Belle Store Inc. is located at Road 2, H G-12, VGC, Peninsula, Lekki, Lagos State, Nigeria.

5. Sleek Tech NG is located at No. 53 Ajayi Street, Mende, Lagos.

6. Dax Technologies Limited is located at No. 7 Saka Tinubu Street, Victoria Island, Lagos State, Nigeria.

7. Alluring Phone Accessories located at No. 39 Nnobi Street, Surulere, Lagos.

8. Afrismart Retail Limited located at Plot C, Block 10, ilupeju industrial Scheme, Ilupeju, Lagos

Is Phone Accessories Business Profitable In Nigeria?

The phone accessories business in Nigeria is very profitable. This is a result of the high demand for smartphones and the need for people to constantly upgrade them.

Think about the number of smartphone users in Nigeria and the chances of them purchasing phone accessories just to enjoy their smartphones to the fullest. Then you would find out that the phone accessories business in Nigeria is profitable.

Also, smartphone users who are music enthusiasts will at one point want to purchase a Bluetooth speaker, an earpiece, or even a pair of earphones just to enjoy music. The same goes for the ones affected by the epileptic power supply in the country, they would be tempted to purchase a power bank or a charger that charges at a fast pace.

All of these are factors that come into play in the phone accessories business, and what make it a profitable business to venture into.

How Much Does It Cost To Start A Phone Accessories Business In Nigeria?

The cost of starting a phone accessories business in Nigeria depends on whether you want to run the business on a small scale, on a medium scale, or on a large scale.

To start a small-scale phone accessories business, you would need around ₦200,000 naira to ₦500,000 naira. It might cost you around ₦800,000 naira or a little above it to start on a medium scale, and around ₦1 million to ₦5 million naira to start on a large scale.

How Do I Start A Phone Accessories Business In Nigeria?

Here’s a step-by-step guide on how you can start a phone accessories business in Nigeria:

1. Understand the business: The first step to starting a phone accessories business is understanding everything about the business and how it works. There are periods when certain phone accessories are in high demand and there are periods when they are in low demand. A good understanding of the business will help you determine the types of phone accessories to sell at a given period.

Selling phone accessories that are low in demand at a particular time or not selling the ones that are in high demand at a particular period is bad for business. This is why you first need to have a good understanding of how it works.

Also, in trying to understand the phone accessories business, you should do research on the types of brands of products that sell easily, the prices at which they are sold, the best locations to sell them, and the best plugs to buy them from wholesale.

2. Get capital: Without capital, it is not possible to start a phone accessories business. This is because you have to buy first before selling. Also, provision has to be made for other things like rent for a shop, transportation of goods to your shop, as well as other expenses.

However, it is advisable not to start a phone accessories business in Nigeria if you do not have enough capital. In a case where you don’t have enough capital, you can take a loan or ask for help from friends and family.

3. Rent a shop: Once you have your capital, you can now proceed to rent a shop for your business. Since part of the process of understanding the phone accessories business is knowing the best location to sell them, it is therefore advisable to rent a shop in an area where there is high purchasing power so that people can easily patronize you.

4. Find a reliable supplier: A supplier is the one who supplies you with the products you sell as part of your phone accessories business.

Part of the process of getting and retaining customers in the phone accessories business is having a good reputation and being known for selling original products. The only way this can be achieved is if you buy your items from a reliable supplier who wouldn’t sell counterfeit products to you.

Once you have a reliable supplier, you can stock your shop with phone accessories and start selling.

5. Market your business: Since your phone accessories business is still a new one, you would need to drive more sales and make more money by marketing your business.

Therefore, you can do this by using social media platforms to promote your business to a wider audience and potential customers, by paying for ads, or by telling family and friends about what you do. You can even build an online store where you market and sell your products.

Ambassador Victor Chidera
Ambassador Victor ChideraAmbassador Victor Chidera is a business consultant, writer and a blogger. He provides lots of professional and expert advice to small businesses, entrepreneurs and organizations. He has many years of experience in business, teaching field, and research work. And his aim is to provide business articles that matters to you both nationally and internationally.
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