Buying and selling comes in their numerous varieties but the one that seem to be in vogue at the moment is Mini-Importation. Mini importation is a form of buying and selling that entails importing in-demand goods at a cheap rate from outside the country and selling it at a quite profitable margin. It sounds exciting already, right? A good number of the millionaires we know today started from this lucrative business part. Not disputing the fact that there are also risks involved in it; I mean, which business doesn’t involve risk taking? However, with a handful knowledge of the business process, you could successfully manage the risks and make good profit.
Let’s lead you quickly to the nitty- gritties of starting up a Mini-Importation business in Nigeria. Very basic but crucial information and questions will be answered in turns in the course of this article. So let’s get the ball rolling.
1. How Much Money Is Required For A Start Up?
Well, there’s no one-fit-all rule that’s applicable when it comes to the amount required for a start up. But as a newbie in the business, it’s required you start small depending on what small means to you. You wouldn’t want to invest so much and eventually get to see that there was no seething demand for your goods, neither would you want to invest really small and wished you had invested better. Thus take time to figure out how much you’re willing to risk comfortably in the bid to getting high returns. Don’t EVER risk all your money at once.
Make it very planned and thoughtful, invest in high quality and very demanded goods. Then observe your market trends carefully- that should inform your further investment decisions.
2. What Kind of Goods Can I Sell?
Goods choke but still it’s crucial to do a thorough research on the kind of goods that will be most favourable to you. No ones wants to be in a competitive niche but with mini-importation growing day after day, it almost inevitable. Thus it would be wise to consider goods that place you in an advantaged position – goods with the most demands, goods with fewer competitions, very high quality goods amongst others. You’ll really need to do a whole a lot of work in this process. However the best goods for mimic importation business remain beauty and hair products, electronics, gym equipments, food supplements and slimming products amongst others. Any of these should give you good return on investments.
3. Where To Get CHEAP and HOT selling items
There are actually lot of online stores ranging from US, UK to China and many more. E-commerce websites from Aliexpress to 1688. The numbers keep rising and it won’t stop, having access to contact agents in these countries can also be an advantage too. So location of purchase could be somewhat dependant on the kind of goods you actually want to deal in.
China is known as one of the biggest manufacturers worldwide and they do one of the cheapest exports globally due to their low labour and production costs but they fail certain times at ensuring quality in some of their products unlike the US and the Europeans. Thus you can decide to buy different good items from different stores after some good research. More like buying electronics and health products from China and buying cars and laptops from US. Good feasibility studies should see you comfortably through this.
4. How To Sell My Products Online
The business world has gone very digital that every business process from negotiation to delivery can be done online. This point is actually very crucial, it’s one thing to have chunk of goods in your bulk it’s another thing to get it out and to keep repeating the cycle. One sure way to sell your products online is to leverage on social media platforms that’s where your virtual family lives. Tell your friends and family, let them advertise your products for you. Let them know you’re into this, don’t assume they do. Be sure about it, get it on your Facebook, Instagram, Whatsapp. Run good ad campaigns. Don’t just stop there, join as many business groups and forums as possible and advertise your products. The more audience it gets, the more the chances of making those crazy profits we talked about.
This becomes some sort of issue for you when your customers actually don’t stay in the same state as you . When inter-state purchases come in, just smile knowing fully well this is the kind of business future you’d always wanted- unrestricted and global. Now it’s time to be smarter, you could do a targeted market strategy whereby you sell a batch of a product to only those in your State and a State away. You could also link up with reliable friends and families in other states that could do swift deliveries for you. The options are numerous and when it becomes really choking, you could employ the services of a logistic company to do these deliveries for you.
In all, Mini-Importation is highly lucrative and worth the chase. Apply yourself to the demands. Do some good research, market survey and feasibility studies. Get some reliable contacts and make good money you can be proud of.