Have you been thinking of starting an electronic business here in Nigeria and you don’t know how to go about it? Well, this article will bring you more knowledge on how to start the business.
One Of the many reasons why electronics business is very lucrative in Nigeria is because it is being used in every home. At least, one electronic gadget would be found in every home in the country. Like the television, It serves as a source of entertainment for us by keeping our company after the day’s work so also is our radio.
We also have electronics that make our work easier and reduce our expenses at home. We cannot do without this type of electronics. Our washing machine helps us to wash our clothes, electric pressing iron helps us to smoothen how clothes, dishwasher helps us to wash our plates, and so on and so forth. We buy all these electronic because we all want our lives to be less stressful.
How to Start Electronic Business in Nigeria
Choose a Niche
Electronic dealership is considerably wide. Therefore, taking this into consideration is of utmost important. To start an electronic business, it is important that you choose an area which is more agreeable to you. In other words, select an area of interest in your choice of an electronic business. There are several types of electronics. These range from PC’s, TV sets, audio devices (radio), fridges, cookers, washing machines and a host of other electronic products. Decision is crucial to the success of the business. In setting up your electronic business, choice is necessary. You may open a multipurpose electronic store, or focus on a particular type(s) of electronic.
Factor in Your Competition
After choosing a niche, you may want to pay serious attention to your competition. There are several competitors in the electronic business. Hence, your electronic business may face stiff competition from similar businesses. To outperform your competitors, you may want to consider introducing innovative measures. A proper implementation of these measures will significantly improve client patronage. An area you may want to focus on is the product warranty.
Choose a Location
This goes hand-in-hand with sales. By locating your business in an ideal location, the chances for success will greatly increase. Therefore, when starting an electronic business, consider densely populated areas as possible locations. Doing so has the potential of shooting you into the top league of electronic dealers. There has never been a business which thrived in bad locations. Hence, if you desire to see increased patronage and sales, then you might want to take this very seriously. Getting a good location in Nigeria is never a problem. It is common knowledge that in every state, apart from the Central Business Districts (CBD’s), there are also big towns and cities.
Contact the Right Suppliers
Starting an electronic business in Nigeria requires the services of suppliers. These can be wholesale suppliers as well as the electronic companies themselves. Whatever the situation, it is important that the right choice be made. Dealing directly with the manufactuing companies has alot of advantages as there are significant discounts that increase the profit margin. However, there is a downside here. Dealing directly with the manufacturer requires substantial capital. A bad news for small businesses with little financial strength.
While starting an electronic business might seem quite easy from the sidelines, a lot of planning, preparation and sweat goes into the process. To be on the safer side, it is important that you consult extensively with experts in this field. By experts, we mean people having considerable knowledge and experience in electronic business. These may include owners of large electronic stores, sales representatives of electronic manufacturing companies, and several other people participating in the value chain of electronic business. By consulting effectively, your electronic business stands a higher chance of succeeding than not.
After Sales Services
Any serious electronic business will take this seriously. After patronizing your services, especially after making a large purchase, the electronic business is supposed to handle the transportation of the purchased goods (electronics) to the buyers destination. Therefore, the electronic business is expected to have delivery vans to convey/move these purchased goods to the buyers destination. After sales services are strategic to increasing and attracting patronage. A customer will certainly be happy to have the business take care of the transportation of his/her purchased goods.
These are the requirements every investor interested in starting an electronic business should consider. Getting these right will place the business on the path of growth.
We hope this article “How to start electronic business in Nigeria” has been helpful? Follow the guides in the article and run a successful electronic business.
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