How to Start Second-Hand Phone Selling Business In Nigeria
The demand for cellphones is ever increasing both in Nigeria and other places of the world. And considering the fact that it isn’t all Nigerians that can afford to purchase their desired smartphones as new devices, many people are certain to patronize second-hand phone sellers in the country.
Do you have a knack for selling second-hand phones in Nigeria? Have you got some reasonable money? And would you be ready to master the strategies for business success?
Of course, you can venture into second-hand phone selling and make a fortune from it provided you have positive answers to the questions above.
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Therefore, here’s how you can start a second-hand phone selling business in Nigeria.
Conduct a Market Survey
Typically, conducting a market survey is what helps you find out the variety of phones that sell best with respect to your locality. Likewise, the market survey gives you an in-depth overview of the phone-selling business, level of competition, rate of profitability and other key business metrics.
Of course, you can ride on the advantage of a detailed market survey to specify your target market. This is because a thorough market survey helps you gain insight into the kinds of phones that sell best in your locality as well as the age group of their major users.
Importantly, a thorough market survey will help you gain insight into the prices of phones so that you can easily choose the phone brands and varieties that fit into your startup budget.
Gain Adequate Knowledge of Phones
In starting a second-hand phone selling business in Nigeria, one important thing is to have adequate knowledge of the cellphone market while another is to familiarize oneself with phone features and specifications. Particularly, if you’ll be dealing in smartphones, it is essential that you’re technology-oriented as to knowing the smartphones’ features and having the ability to describe them to customers.
Needless to say, it would be awkward for you to look ignorant or give faulty answers if a potential customer asked you about the features of a particular phone you’re willing to sell.
Set aside Sufficient Capital
In the business of second-hand phone selling, the startup capital described as sufficient is any amount of money considered enough for setting up your preferred business space as well as purchasing a considerable amount of your preferred second-hand cellphones. If you’re willing to sell only considerably cheap phones such as Nokia S40 devices and other phone brands in a similar price range, you may consider setting aside at least #200,000. However if selling low-end and mid-range used smartphones is what you wish to venture into, you’ll need much higher startup capital to kick-start the business.
Get a Reliable Supplier of Used Cellphones
As this business is concerned with the sale of used cellphones, you’re advised to connect with only the reliable suppliers. AliExpress, eBay and certain other classified websites have a decent number of cellphone suppliers but if you can’t conveniently connect with online suppliers, you may look for pawn stores (such as those in Lagos) that will regularly supply you with second-hand cellphones.
There’s emphasis on connecting with reliable suppliers simply because it’s risky to purchase defective phones. Of course, most customers will not buy defective second-hand phones from you and to avoid stocking your store with products that hardly sell, you’re strongly advised to trade with reliable supplier(s).
Learn the Strategies for Business Success
Second-hand phone selling business is such a delicate occupation. Quite funnily, the fact that many people are profiting in this business line doesn’t mean there aren’t several others incurring huge losses.
One of the business strategies that will help you succeed is learning the bargaining method for beating down the prices of your desired used phones at retailers/suppliers’ stores.
Promote Your Business
Second-hand phone selling business is undeniably one of the businesses that require exposure for anyone to maximize profit. Even if you’re situated in a thriving business location, possibly a place people frequent for the purchase of phones, you still have to advertise your second-hand phone selling business via social media, e-commerce sites, etc.
Second-hand phone selling business is obviously one of the profitable small-scale businesses you can do in Nigeria. However, it could be a risky venture and parts of the tips for avoiding business downturn are gaining adequate knowledge of mobile technology and trading with the right suppliers.
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