How to start mini importation business in Nigeria? Is it possible to buy goods abroad at a bargain price in small batches? How to get favorable terms of delivery at the same time? What do you need to know for running such business? How much money does it take to start? – We’ll try to answer all these questions.
Many Nigerian entrepreneurs are interested in small quantities of goods importing directly, cutting off large intermediaries. Most of them don’t have relevant experience on how to start mini importation business. People in business think it’s effortless: to find a foreign supplier, to buy the goods at a low price, to ship the vessel home, and sell at a high price in the Nigerian market.
It’s no secret that in our time most of the goods in the world are produced in Asia, with China taking the major portion. But importing a small batch of goods is not always so simple. You can have a lot of various problems, including:
Shipping cost is higher than the value of goods;
Order is less than the MOQ (minimum order quantity) of the supplier;
big producers sell the goods at a low price only to big importers.
How to start mini importation business in Nigeria?
Firstly, let’s denote what mini importation business is.
Different companies have various definitions about buyers with small quantities. As a rule, small businesses include entrepreneurs that import goods for less than $500,000 a year. But for many start-up entrepreneurs, such amount is too high.
Customers buying goods for less than $2,000 per order, and those who are just starting a new business belong to mini importers too.
What do you need for the arrangement of mini importation?
The list is not extensive:
a computer or mobile phone with the Internet;
an active e-mail box;
an actual home or office address in Nigeria;
a small amount of money in the account.
As you see, you can run your business anywhere the Internet is available
1) What goods are suitable for mini importation?
Expensive or small-sized goods Shipping is always a problem for mini importers.
Their cargo volume is always too small for container capacity, and airmail costs 8-10 times higher than sea transportation. Large items are not suitable for small importing. In this case, the freight cost is higher than the value of goods. With a high total price, you can be uncompetitive in the domestic market.
For small importers, expensive and small products are the best choice. The cost of transportation is not high, sometimes only 10% of the goods value.
For example, they can be fashion accessories, small electronic gadgets, watches, etc. Moreover, false artificial and natural hair is in great demand among Nigerian ladies. Largest part of Africa’s population is young people. Therefore, consider their interests and needs while choosing the goods for your mini importation business.
Important: ask Nigerian customs authorities if there is a prohibition or need to obtain additional permits for the goods you import.
Exclusive and extraordinary products instead of the usual ones
Customers can try to find some special and exciting things and avoid the mass market items.
Some people think that everyday products, for example, socks are elementary to sell. But a lot of entrepreneurs import socks at a low price. Competing with them is difficult. Such goods have small added value. And you will not earn a lot with them. At the same time, you can buy some extraordinary socks for sale, such as “non-slip children’s socks,” or socks with an unusual design.
2) Where to buy…
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