Hi, welcome to this ‘start your own importation business in nigeria’ tutorial.
I already explained the meaning of mini importation in the introductory post. In this chapter, I will talk about the best way you can set yourself up for success in this venture.
Let’s start up with – Choosing a niche
Choosing a Niche
Before you go about importing stuff into the country, you must choose a niche you are most familiar with – one in which you know you can excel in.
It can be mobile phones, accessories, electronics and computers, fashion, skin care, furniture – etc..
To help you out with this – I suggest you take a look at things you love the most, things your immediate surrounding needs.
Maybe you wish to import for your households consumption and not necessarily for sale. Maybe you wish to import cool items for your kids, parents, partner etc..
Or maybe you wish to take a contract in a church, school etc.. To supply them with items like uniforms, customised T-shirts, customised handbags etc…
Or perhaps you want to start up a small business?
Picking a niche is the first step. The second step is setting a goal.
This step is mainly for those who wish to start up businesses with imported goods. Businesses that can pay them up to N1,000,000 million naira on a monthly basis after 12 months.
If you find yourself in this category, then I want you to pick a starting amount. Let’s say N50,000 for instance.
After picking an amount, I want you to set monthly targets.
In this tutorial, I will show you a medium that I personally use to source and import items into the country within 7 to 12 days (That is, the total amount of days it takes for my goods to arrive Nigeria).
If you follow my method, and import sell-able items – you should be able to make a minimum of a 100% profit every 2 months.
The items you import will be in the country within 2 weeks, and you can sell them off within 7-13 days, following my strategies.
Let’s use a N50,000 start up capital as case study.
Let’s say on your first order, you spend N25,000 on purchasing your items, N18,000 to ship them to Nigeria by air and N6,000 on adverts. While you keep N2,000 for contingencies such as delivery fees.
You should be able to sell your entire stock for N100,000 or more, depending on your pricing policy.
In worst case scenarios, you should make a 100% profit every 2 months.
At that rate – your N50,000 start up capital should be N100,000 after 2 months.
N200,000 after 4 months
N400,000 after 6 months
N800,000 after 8 months
N1,600,000 million after 10 months
N3,100,000 million after 12 months. (That is for N50,000 start up capital)
The 100% profit every 2 months is from worst case situations, you can make a lot more than that. However, you can’t run a business on an empty stomach so whatever you realise outside your 100% you can use as your running cost.
After 12 months, you can comfortably take out N1,000,000 million from your business every month to cater for your personal needs without affected it in any way.
However, the success or failure of your importation business relies heavily on you.. Mini importation is not for people who will make N200,000 on a sale and go clubbing with it. Only disciplined (serious minded) individuals can succeed here.
It takes consistency and innovation. When you pick a niche like electronics for instance, you have to always be on the lookout for new items in the market, new technologies from all over the world and you have to find a way to bring that into Nigeria at the most cost effective way and sell for maximum profit.
And you have to know when to stop importing a particular product, in cases of product saturation (when a product is available everywhere in the country).
Once you have picked a niche (very important because you can’t sell everything) and set an income goal. You can go ahead to the next chapter of this tutorial.
=== Recap ===
To be successful, you need to choose a niche (kind of items you want to deal with) – this will help you create a brand for yourself – a brand people will know you for.. If you choose fashion, stick to importing only fashion items (shoes, bags, clothes, watches etc), if you choose science and electronics, stick to science and electronics (laptops, tablets etc…)
People are mostly interested in 4 kinds of products
- Health/pleasure products (stretch marks, scar, acne removals) (cure for arthritis, diabetes, infertility, hypertension etc) (baldhead, mouth odour etc..)
- Safety/security products (Car tracker, kids tracker, spy cameras, anti smoke, anti fire machines etc…)
- Fashion/beauty products (bags, shoes, clothes, wrist watches etc…)
- Convenience products (Laptop/phone Power bank, toothpaste dispensers, electronic ear cleaners etc…)
I will explain more on these classes of products later in this tutorial.
Next == I will be introducing you to the cheapest international market place in the planet, a place where you can get great items for as little as N1,500.. Items you can sell in Nigeria for N15,000 and above.
We will also be talking about.
- Best product sourcing strategies
- How to find products that will sell like crazy (Hot selling products)
- How to identify good vs bad products
- How to pay for the products in Naira
- Shipping them to Nigeria
- How to market your products
- The fastest way to sell your products
- Facebook advertising master’s tutorial
- Google advertising masters Tutorial
- Other advertising channels
- Delivering your products to customers anywhere in Nigeria
- Selling to other African countries
- Branding your products
- Creating a business that can be inherited by your children and grand children
Link and passwords to subsequent tutorials will be shared in the Smart Sport Trading Club.
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To Your Success