Importation business in Nigeria is a very lucrative business that is advisable for anyone with enough capital to invest in. However, there are several factors to note before going into this business, one, if not the most important factor is the issue of funding and capital. Other factors to consider include getting a reliable platform to purchase stocks from outside the country, finding a good business location in Nigeria, knowing the specific things that people in your target business spot really needs, and finally, knowing the exact goods to deal in.
However, you need not to worry so much about these problems listed as I have carefully provided a full guide in this article on how to start an importation business in Nigeria even with very low capital.
Before we move on, the popular things you can import and be sure you will find a market for it in the country include shoes, furniture, clothes, office equipment, electronics, computers, bags, mobile phones, home appliances, kitchen utensils and other basic necessities for human life.
Steps to start Importation Business in Nigeria
Follow these steps to start importation business in Nigeria:
1. Pick a Product you wish to market
The first step to take in this kind of business, deals with a choice and a general plan, that is for you to pick that specific product or those specific products you wish to deal. You also need to make a business plan that will cover your marketing strategy or ways by which you can promote the business. Before investing in this business, you will need to have a business plan, in other words, you need to conclude on the type of goods you want to start importing and how you intend to sell them.
2. Find a Location for your Business
Now the best way to know whether a specific location is perfect for marketing is to do a practical survey. In other words, you should go to the neighbourhood, ask people around for what people consume the most in that area, you could even print a questioner to make your survey more official and command some form of respect. Also find a warehouse or storage room close to where you intend to market or sell.
3. Do a Survey on the Location
After you must have checked the location and the consumption rate of the goods you picked, you need to know the best manner to present it. If you are going to deal with clothing products and fashion stocks, you should use show glasses, or set up an in-house boutique.
4. Have a Secure Payment Method Ready
Since you are going to be shipping these products from abroad, you need to have a bank account that can perform online transactions. Also, it is very important that you have a business bank account, as it is from this account that you make or receive all payments regarding your business. You should also have a reliable business phone number, as in many cases when you are about to make payments using your MasterCard details, you will be required to receive a “one-time password” (OTP) to effect the transaction.
5. Find a Foreign Online Dealer
There are several online dealers today that you may even feel confused as to which platform to choose. However, the most popular among these dealers include Ali Express, Amazon, and eBay. The first step to take here is to visit their website and check all their terms and conditions. Some platforms such as Amazon requires you opening an account with them, and this you can do with a valid email address and a secure online payment method. Be careful to ensure all your names on your email coincide with that on your credit card, however, your payments and transactions may be voided. Alternatively, you can buy directly from factories and companies abroad. You need to conduct a search and open communication with them.
6. Place an order
Now that you have created an account with the platform, and you have your payment method ready, the next thing to do is to place your order. Placing your order should not take too much stress, however, you should try as much as possible to:
- Compare products and Sellers: compare and contrast products and sellers to know the cheapest and the ones with the best products. A reliable way of knowing whether a product is good or not is by checking reviews made on it by previous buyers, some platforms even rate these goods based on the feedback from buyers.
- Delivery time: Another thing you should note here before clicking on the “pay now” button is the delivery period, how fast can the product get to Nigeria, and what cost do you have to bear to get a faster means. Usually, the fastest delivery can be made when you choose a faster shipping method. For example, on Ali Express, the fastest and the most expensive shipping method is through DHL, whereas, you can get free shipping options for some goods even with Ali Express standard shipping (the most reliable among the cheap methods and it usually takes about 24 to 30 days) method.
7. Pay for what you wish to import
Like I said from the start, you will need a secure payment method, some of these methods include paying via online money dealers such as PayPal, Cryptocurrencies (bitcoin, etherium, etc), Skrill, etc. However, the most common methods are bank transfer and MasterCard payment methods.
Once your payment is made, your goods will be shipped by the dealer and ready for importation.
8. Take delivery of your goods
Now that your goods have arrived, you may be required to pay some customs duties to appropriate authorities before the delivery can be cleared. Also, make sure you check the good very as soon as they arrive so that you can report any case of damage to the good back to the dealer for a refund or replacement.
Becoming an importer of goods in Nigeria is not as strenuous as it seems, just that you have to consider some factors and procedures necessary for it. I have simplified the steps you need to take here in this article. It starts with you having a business plan, then picking the products you wish to market, then picking the most suitable online dealer, paying customs duties, and taxes on imported goods, etc. If you follow these steps, you can start an importation business in Nigeria