Post by Ismail AbdulAzeez on Sept 20, 2021 20:28:21 GMT 1
Critical Issues You Must Understand In Mini-Importation Business Before You Can Succeed In It – Part 1
Mini-importation business in Nigeria is one of the businesses I know that anybody, no matter the amount of money you have as capital, can make a success of it within a short space of time.
If you know how to start the business in Nigeria, you are on a sure path to making a lot of money from it. Nigeria is a country with a large population of more than 200 million people who daily require products; and most of the products are imported into the country.
The mini-importation trend in Nigeria is not completely a new type of business, but in the time past people only thought that it is only the rich that can engage in the business. That is not true anymore; anybody who is willing to learn the business will surely know it and make a good success out of it.
But to master the business and make success of it; you need to master some critical issues that are not open to many people in the business. We are going to break these factors down for you to understand them.
Usually the first step in learning any new business is to learn the fundamentals; this most people coming into the mini importation business have done. If you have not received any fundamental training about mini importation, please get in touch with the admin of this forum for more information.
After getting the basic training, you then need to come into the real facts behind the business that many marketers are not ready to show you easily.
It may interest you to know that mini-importation is divided into three major categories; and you have to know where you belong. There are some factors that will determine in what category you will belong to.
The first category is the low priced product category:
This category can be started with about N100,000 comfortably. When you are in this category, it means that all your total capital is not more than 100k; so you have to understand the type of products you will be importing.
This is how the system works: when you place an order for the first time as a newbie, you can afford to wait for your order to arrive; let us say that everything, buying, sending to your agent, clearing and transporting to your location takes two weeks.
You must make a provision for logistics; this is the amount the logistics companies will charge per transaction, which is for each package going to a client. To confirm this you can checkup your favorite logistics company’s website for details or you visit their office to confirm every detail.
With this scenario you can calculate how many products you can place order for at the price stated on the seller’s website, remember to add the cost of bringing them to Nigeria. Free delivery takes time and can take as long as 60 days. I am sure you will not like to do your business that way.
With your 100k, you can calculate the number of products you will buy. When your products arrive, remember that you will run adverts to get buyers. All these costs are going to be covered by your 100k.
One very important thing to bear in mind is that it will be difficult for any online buyer to pay you before receiving the product. You are living in the country; I believe also that you will not pay anybody that is not established before receiving your products.
Even big ecommerce companies like Jumia and others do sometimes get their payment at the point of delivery. So you, being a new ecommerce person will surely receive your payment at the point of delivery.
The implication of this is that your capital of 100k will be tied down until are these procedures have been taken care of and completed. Your money will start coming back to you after your products have been sold and delivered to your clients.
Now you will ask, what is the solution to this? What can be done to mitigate the effect of this?
The basic answer is to buy low priced products. Low priced products are products that are listed at prices between N4, 000 and N5, 000. The reason is that these types of products, after adding other expenses and your profit will come up to a selling price of N15, 000.
This is just the beginning of this great exposition. In the next article coming shortly, we will look at the two remaining categories.
They will reveal to you the magic in mini-importation in Nigeria and why it has made many people rich. But without understanding these hidden factors you will conclude that the business is not profitable.
With proper tactics and accurate calculations, you will make it big in the business. Ecommerce done with scientific methods works with precision; your figures are known to you before you even start spending your money.
Mini-importation business in Nigeria is one of the businesses I know that anybody, no matter the amount of money you have as capital, can make a success of it within a short space of time.
If you know how to start the business in Nigeria, you are on a sure path to making a lot of money from it. Nigeria is a country with a large population of more than 200 million people who daily require products; and most of the products are imported into the country.
The mini-importation trend in Nigeria is not completely a new type of business, but in the time past people only thought that it is only the rich that can engage in the business. That is not true anymore; anybody who is willing to learn the business will surely know it and make a good success out of it.
But to master the business and make success of it; you need to master some critical issues that are not open to many people in the business. We are going to break these factors down for you to understand them.
Usually the first step in learning any new business is to learn the fundamentals; this most people coming into the mini importation business have done. If you have not received any fundamental training about mini importation, please get in touch with the admin of this forum for more information.
After getting the basic training, you then need to come into the real facts behind the business that many marketers are not ready to show you easily.
It may interest you to know that mini-importation is divided into three major categories; and you have to know where you belong. There are some factors that will determine in what category you will belong to.
The first category is the low priced product category:
This category can be started with about N100,000 comfortably. When you are in this category, it means that all your total capital is not more than 100k; so you have to understand the type of products you will be importing.
This is how the system works: when you place an order for the first time as a newbie, you can afford to wait for your order to arrive; let us say that everything, buying, sending to your agent, clearing and transporting to your location takes two weeks.
You must make a provision for logistics; this is the amount the logistics companies will charge per transaction, which is for each package going to a client. To confirm this you can checkup your favorite logistics company’s website for details or you visit their office to confirm every detail.
With this scenario you can calculate how many products you can place order for at the price stated on the seller’s website, remember to add the cost of bringing them to Nigeria. Free delivery takes time and can take as long as 60 days. I am sure you will not like to do your business that way.
With your 100k, you can calculate the number of products you will buy. When your products arrive, remember that you will run adverts to get buyers. All these costs are going to be covered by your 100k.
One very important thing to bear in mind is that it will be difficult for any online buyer to pay you before receiving the product. You are living in the country; I believe also that you will not pay anybody that is not established before receiving your products.
Even big ecommerce companies like Jumia and others do sometimes get their payment at the point of delivery. So you, being a new ecommerce person will surely receive your payment at the point of delivery.
The implication of this is that your capital of 100k will be tied down until are these procedures have been taken care of and completed. Your money will start coming back to you after your products have been sold and delivered to your clients.
Now you will ask, what is the solution to this? What can be done to mitigate the effect of this?
The basic answer is to buy low priced products. Low priced products are products that are listed at prices between N4, 000 and N5, 000. The reason is that these types of products, after adding other expenses and your profit will come up to a selling price of N15, 000.
This is just the beginning of this great exposition. In the next article coming shortly, we will look at the two remaining categories.
They will reveal to you the magic in mini-importation in Nigeria and why it has made many people rich. But without understanding these hidden factors you will conclude that the business is not profitable.
With proper tactics and accurate calculations, you will make it big in the business. Ecommerce done with scientific methods works with precision; your figures are known to you before you even start spending your money.