Hello and welcome. Today, I want to discuss with you how to start lucrative importation business in Nigeria, at least from the beginners’ level.
However, persons knowledgeable in this business will learn a thing or two from this. Importation business is not hard to operate, as you can run it with as small as N5000.
If you are unemployed, or you have a small capital and you are looking for a Nigerian business idea that suits your budget, then importation business is the business for you.
Some of the things you can import into Nigeria with at least N5000 includes:
- Home appliances,
- Kitchen utensils,
- Mobile phones,
- Office equipment,
- Toiletries etc.
Although you can go into the importation business with large capital and do it big time, it is also possible to start small if you do not have much finance at your disposal.
So, let us now see the step-by-step procedure on how to start an importation business in Nigeria.
Fundamental Steps To A Great Importation Business Experience in Nigeria
Here are the steps:
Choose An Importation Business Niche
You should find a specific area of interest you wish to go into in your importation business endeavor. This, you can achieve by conducting a feasibility study of what works best for your target market.
Remember, you are importing to sell to people. So, if they will not be interested in what you offer, then, the possibility of you making gains after importing them is not there.
Once you have captured their interest, you need to strategize how you are going to sell your products to them.
Also, innovate means of boosting your target audience’s interest in buying your imported products or services. This will go a long way in driving sales and boosting your profitability in the business.
Open A Bank Account And Link It To Internet Banking
Opening a bank account. If you’ve not already gotten one, is necessary. It helps several transactions, especially online transactions. You earn more profit when you link it to internet banking such that you can reach out to your target ordnance in an easy way, even from the comfort of your home.
Once an account is opened, activating an internet service for banking and online transactions is necessary because you are required to have a transaction token and a Mastercard/visa card for security measures.
Search Online For foreign shops and create an account with them.
To begin your importation process, you need to create an account with some foreign online shopping websites such as Aliexpress, Alibaba.com, amazon.com, ebay.com, etc. this is where you will be importing your goods and services from.
Knowing fully well that you are going into business online, you must ensure that you have a functional email address to have a smooth transaction with customers. Get to open a fresh email account if you haven’t gotten any yet.
Place Your Order
Goods sold on merchant websites are far cheaper than those sold at street markets and stores. That is why it is advisable to import things online. The first step is to do a price and value check of the goods you intend to buy.
Go ahead and compare with what it goes for on another merchant site(s) and once you are convinced and ready to buy, add the product to the cart. Proceed to checkout with your debit card.
Pay for shipping and get it delivered within a few days. You may also go for free shipping.
This, however, takes a longer delivery time. The choice, however, is yours. Remember to buy what you can sell. I made this clear from the outset.
Make Payment With Your ATM Card(s)
Online security attached to debit cards has greatly reduced the level of fraud inherent in online transfers.
Have no fears, there are no hidden charges. With your Nigerian GTBank MasterCard naira, Diamond Visa card, Zenith Bank, or First Bank debit card, you can now seamlessly process your online transactions and pay for your ordered goods within seconds.
Once you have agreed to the terms and conditions of the merchant website, the deal is done. Always check for and use merchant sites that have the “HTTPS://” feature. The extra “s” denotes “security”
Check Your Delivered Good: Authenticate or Cancel Your Order
It should take at least four (4) working days for your goods to arrive at your defined destination.
This, of course, depends on your choice of shipment. More often than not, paid shipments do take fewer days to deliver as compared to free shipping. The choice, of course, is yours.
On landing, do a thorough check to confirm if what you ordered for is what you got. Ensure they are complete and unscratched or damaged. If this is true, then you are good to go. However, if they are scratched, incomplete, or damaged, you have a choice to simply return the goods to the merchant for replacement.
By this, you cancel the order and reverse the transactions. Your money may be refunded and the goods returned.
Take Note Of These Security Measures
You can save yourself stress by doing a thorough check of the website especially its ToS, Policies (i.e., Privacy Policies), and FAQ before making an order and paying for a good or service.
Always endeavor to include the correct ZIP or Postal Code of your residence or delivery destination to fast-track easy and faster delivery of your products and services by the postman or courier company.
Have Your Say, Please
That has been it on how to go about importation business in Nigeria, in its simplest terms. Want to know more? Please hit the comments section with your questions and suggestions.