I remember how difficult it was back then for me to start a small scale business. Starting a business as a student isn't easy, some wonder how possible it is going to be, to combine school and work. It was around early 2014 I started my first small-scale business. I was contacted by a company that dealed mainly on mobile phones and accessories. Few days before the call, I had ordered a number of phones and powerbanks from the company. They were really surprised by the order, perhaps the reason they contacted me. I had to set up a business in order to make much sales.
The first thing I did was to calculate the free cash I had, and what I will be able to buy with it. There is a common misconception, that one has to have so much money before embarking on such journey. An entrepreneurial journey needs to start as small as possible. So I decided to start with the money I had. I was able to learn from my partner's previous business successes and ideas.
Before calling the company back, I needed some advice. I spoke to a close associate who had BSc in accounting. He then said he'll like to partner with me, that way we shared costs and goods together.
Amongst everyone I knew, I chose the accountant, why? He is someone passionate to work. Negativity is not needed around business, so I tried to avoid this as much as possible. The business was small so I didn't need many hands. If you are planning to start something big, you might need to get some workers. In such a situation though, freelance workers will be better since they could easily be relieved of their jobs as soon as they are no longer needed.
I started the business to make money, but I didn't want it to show this way. I sold the phones for a lesser price compared to that of the market at that time. It's weird sometimes when you tell people to avoid putting money ahead of brand. Brand is what eventually sells.
There is something else I tried to do. I looked for potential customers even before I started buying bulk. I didn't really do any social media marketing since the price sold itself. But if you are trying to reach many persons, social media will be your best bet.
Business suggestions
I've been doing some research on the most lucrative businesses to start in Nigeria. I will be sharing some of them you.
Makeup business
Women care a lot about aesthetica or physical looks. Well, generally everyone does. This presents a business opportunity for entrepreneurs with the right skillset. Here is a comprehensive post on how to start a Nigerian makeup business. You would certainly learn a thing or two.
Pharmacy business
Before starting any business the first thing most businessmen look at is the how a self-sustaining turnover can be generated. The good news, is people would always need the service provided by the a pharmacy store, which is also a sad news if you look at it from a different perspective.
Hopefully, someday humans would live in a world where drugs would become a redundancy. Until then you can make money by learning how to open a Nigerian pharmaceutical store business.
Recharge business
As used in the article I'm about to share with you, the Nigerian recharge card business is a game of numbers. The more sales you make, the greater your revenue. Read how to start a recharge card printing business in Nigeria. You will also learn how to maximize profit as you read that article.
Thanks for reading. I later closed the business though, I'll let you know why later.
