How Lucrative is Electronic Business in Nigeria or Ghana and How to Get Started

Hello friends, welcome to informationhood I’m Prosper by name the sole founder of this review website. The main target of the website is to review businesses, products/services, places, and people. Everyone can share their experience with the post button on top of the website.  But in this article, we want to quickly look into electronic business in Nigeria. The question is? Can make a huge amount of profit from an electric business, how lucrative and how can I get started? 

Anyways before we go deep, I quickly want to answer this simple question electronic business is lucrative. As of this century, no business isn’t lucrative, it depends on your location and management and also the amount you’re investing into it, so the answer is YES! Electronic business is a good business and can make you a lot of profit, but you need to consider starting with a good amount of money and not just that you also have to put the location into thought, you still need to put up some creative marketing ideas to overcome competitors. 

Ok, so let’s get in well. Electrical appliances otherwise known as electronics consist of many of the things that have made life so much easy for us that we absolutely cannot do without them in our everyday lives hence the need for people to dabble in the business of selling electronics to consumers like you and me because right now I am writing this article from I computer which I bought from an electronics dealer, who made some profit by selling me the computer. Do you own a TV? , do you own a refrigerator? Do you own a sound system or home theater?

Do you own an electric fan? If your answers to the above questions are yes, yes, and yes. Then I’m sure you already understand the significance of the electronics business in our world and since these electronics do not last forever, we would therefore need to get a new appliance each time our old one gets spoilt or rendered un-usable due to age or each time there is a newer and better technology. Hence the need for electronics dealers in our cities and towns has blown up.

Complete Guide On How To A Successful Start Electronics Business In Nigeria

In this article, we shall see what it means to be an electronics dealer, the different types of electronics dealers and how you can get started with being an electronics dealer as well as the major challenges you will face among other things, let’s get started, shall we?

The electronics business covers a really wide segment because home appliances fall under electronics, as do our basic gadgets, as do equipment; so there is enough to talk about, but please bear in mind that the electronics business is quite different from the electrical business.

Those in the electrical business deal with wiring and electrical tools and materials but that is quite different from what is being discussed today.

If you intend to go into the electronics business, you would have to choose the category or niche you want to fall under because as I said above; the word “ELECTRONICS” covers a wide range of things the major categories under electronics are;

Psalm 121:7-8
"Give thanks to the Lord for He is good: His love endures forever."

HOME APPLIANCES; Though the electronics sector has been broken down and this is simply one of the segments, this is still pretty wide on its own as this covers things like; washing machines, electrical fans, toasters, air-fryer, pressing iron, dishwasher, and dozens more, I’m sure I don’t have to tell you how profitable this business is in Nigeria.

Types Of Electronics Business

Below is the list of some electronics businesses to consider starting in Nigeria.

TV’s RADIO SETS AND HOME THEATER SETS

Quick question though, we all know about the insurgence going on in Ukraine; but how did you find out about it? I’m 85% sure you found out about it on the news! But how did you gain access to the news? It was most probably through a TV, I’m positive that I do not need to beat around the bush in telling you the significance of this part of the electronics business or the fact that those in this sector are making lots of profits.

COMPUTERS AND GADGETS

Another very important sector is the computers and gadgets business because we would never run out of need for gadgets, this category involves things like laptops, desktops, keyboards, mouse, Printers, scanners, monitors, and many other accessories.

KITCHEN APPLIANCES

The kitchen life has been made easy with so many appliances to make everything about cooking soft and easy. No one wants to stress himself/herself in this model generation. Importing kitchen appliances such as blenders, air fryers, toasters, juice makers, slicing machines and many others is a big business in Nigeria.

Fridges, Washing machines, Air Conditioners

There are a series of other electronics you can try as well and this is another good one. Home electronics is a lucrative one in Nigeria. selling items such as fridges, washing machines, electric fans, air conditioners ( AC ) and more will generate you a lot of profit if well done. These items can be gotten from big brands directly or buy unknown brands from China and make them known in Nigeria, ( This is called branding ) enabling you to appear in the market as your own company and a producer. You can have branding done in China. Branding is a big business worldwide. If you’re interested in branding business or you would want to be an investor, kindly email us at informationhood@gmail.com for more discussion on this.

Have you now made up your mind?

Are you now ready to pick your share from the large pool of money in the electronics business, if yes, take your time to read this article to the end, as I can assure you that you would gain immense value by so-doing, let us now look at the steps one needs to take to begin a successful electronics business

Once you have chosen the part of the electronics business that you would like to dabble in, you should take the necessary steps to start.

GATHER CAPITAL

I’m very sure I do not need to stress this as this is one we all know of, I cannot give any particular amount in regards to capital but you should have a big budget, let’s say anywhere from five million and above, this is to ensure that you get your store stocked up so that people can buy, and also because people don’t like to buy from an empty looking store, all that and more consists the reason why a bigger budget is always better for business.

BRANDING

This is very important as branding will give your business a name and a face, it is advisable to hire the services of a professional designer to design your logo, rather than opting to do it yourself. In naming your business, always go for something short and straight forward but try to also let the name of your brand be catchy and easy to remember

BUSINESS LOCATION

This is very crucial to the survival of your business, and a poorly located business would almost always lead to the failure of the business so it is highly advisable to strategize properly before deciding to just situate your business anywhere, let me give you some tips on choosing the best location for your business; firstly, your showroom should be located in a very busy area where at least thousands of people pass through daily, next up, your showroom should always be clean, free of dust and as beautiful as possible, your showroom show also be very unique looking and should have some kind of eye-catching sign outside like a massive bonanza or discount or something, this is sure to turn heads so that next time someone who has seen your beautiful shop and your amazing discount is looking to buy a gadget, they would think of your store.

BUSINESS REGISTRATION

This is very important as this will help your clients believe in the credibility of your business, you should immediately apply to get your business registered by the CAC and the FIRS, having done this, you can now go about your business legally.

PARTNERSHIPS / IMPORTATION

This is quite important but not compulsory, as this will help you run your business smoother, with less risk and with potentially more profits, by partnerships, I mean reaching out to these big brands like LG, HP, SAMSUNG, and many more for them to supply you their products at cheaper prices, this is good for both you and the customers as you can be sure that you sell only original products and your customers can be sure that they only buy original, this can also alleviate financial strain on you as these companies can sometimes give you these products on credit for you to pay back after you have made sales.

STOCK UP

After you have signed a contract with these bigger brands, it’s now time for you to get the products and stock up your showroom, make sure when stocking up your showroom to make it as aesthetically pleasing as possible, everyone loves beautiful things so the same should apply to your showroom.

In case you wouldn’t want to partner with any of the above-listed companies then you can visit China to import directly from China. Electronics are cheaper if you’re importing directly from China. Do you even need to visit China to buy electronics? No! You can do that online, on a China wholesale website. Well, this will be left for our pro readers. If you’re interested in how you can import anything from China while sitting in your house and the item gets to you in less than 7 days then email us at informationhood @ Gmail dot com. Note that there’s a fee for the training. After the training, you’ll be able to sort any item at a very cheap price. How to sort for cheap items, how to ship down to Nigeria, the best shipping company to use, how to find a manufacturing company in China, and many more. You’ll be taught everything in the training. The training fee is N20,000

EFFICIENT DELIVERY SYSTEMS

This is mostly for those that would be buying online or those of your customers without vehicles, you can accomplish this by either working with a reliable logistics company or just creating your own logistics solution by getting one or two vehicles to aid in the transportation of your products, either way, this must be done properly.

Accepting Payment

I don’t need to tell you that screwing this one up Is entirely bad both for you and for your business, you should have strict and defined payment solutions, for example, get your business a company account and do not receive payment into any other account but the company account, and if you have a website, you can Integrate a seamless payment solution like paystack.

Now that you have all these in place, what next? Yes! It’s time to make some sales, but sales don’t just appear out of nowhere, right? Let’s go over the best ways to sell your products once you have your business fully set up, read, digest, and understand, feel free to also re-read this if you can’t seem to understand.

OPENING PARTY

On the surface, this might sound like something unnecessary and just another means of wasting useful money, but that’s wrong! Your opening party, if done correctly can attract lots of sales and hundreds of potential customers, let me explain; in planning your opening party, please do not just invite anyone and everyone as you please, you invite those with a high likelihood of buying some of your goods in the present or the future, you can also pay blogs and videographers to broadcast your event, this will create awareness about your newly found business to millions of people online, so you see?

MARKET YOUR PRODUCTS

Adverting is very important and considered one success part of this business. No business grows without advertising. The advertisement brings your business to the faces of your targeted audience. Consider doing your marketing to make sales quickly. Dreamwork is one of the big shots in the electronic business in Nigeria making huge numbers of sales daily. This company still runs advertisements continually. From our top business analysts, the best marketing for electric business in Nigeria is an online advert, creating campaigns on all social media including search engines. We’ve analyzed that if we’ll done 20 or more sales daily can be guaranteed. If you would want us to discuss your business marketing online and help you run a series of sales marketing campaigns online then email us at informationhood @ Gmail dot com. You can also check some of our listed marketing strategies for businesses in Nigeria here.

SELL ON E-COMMERCE PLATFORMS

This is so important if you’re trying to make as many sales as possible; e-commerce platforms are sites like jumia, Jiji, and Konga. You would advertise your products on these platforms for people to see and be able to buy them. You’ll also need to have a self-e-commerce website for your business. You can create a website with WordPress or hire a developer to create one for you. If you need our service in setting up a website for your business or company then email us at informationhood @ gmail.com. we charge N70,000 for creating an e-commerce website for your business, where you can showcase all your products online and also sell and collect payments online.

AFFILIATE PROGRAM

What is an affiliate? This is a system whereby someone would get paid a percentage of an amount after selling someone else’s products, if you would be willing to share your profits with others then this is the fastest way of bringing in sales, you can offer your affiliates about 2% of whatever they sell for you, this way they will strive to sell more and sell more expensive products thereby also speeding up your money making speed.

Where to source items

As mentioned above. If you’re not interested in partnerships with big brands such as LG, Samsung, Apple, and others, you can as well get these items in China for cheaper prices and you won’t have to go through the big deal of partnership requirements. Importing from China is the easiest way of doing this business before gaining approval for big brands to sell their products. You can start importation from China easily without traveling to China, everything can be done safely online and in less than 7 days your items are in Nigeria.

That would be all for the article on how to be successful in your electronic retail business, please feel free to read as much as possible. Have a great day. We’re always available for private discussion. Just email informationhood @ Gmail. com

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