In this article, “How to Start Sales of Mobile Phone Accessories Business in Nigeria” we will show you how you can begin your entrepreneurial journey in the phone accessories business on the path to success.
A mobile phone accessories business is a retail enterprise that specializes in selling various accessories and add-ons for mobile phones and smartphones.
These accessories are designed to enhance, protect, or personalize mobile devices, catering to the needs and preferences of smartphone users.
The products commonly offered by Mobile phone accessories businesses are:
- Phone Cases
- Screen Protectors
- Chargers and Cables
- Headphones and Earphones
- Bluetooth Accessories (Such as Bluetooth headsets, speakers, and other devices that connect wirelessly to mobile phones for hands-free communication or music playback).
- Phone Mounts and Holders
- Battery Replacements
- Camera Accessories
- Storage Devices
- Phone Skins and Decals
- Cleaning Kits
- Gaming Accessories for mobile gaming enthusiasts.
- Smartwatch Bands and Accessories
- Car Accessories For mobile phones (Car chargers, phone holders, and Bluetooth car kits)
Table of Contents
1. Market Research and Business Plan:
The initial step is to gather comprehensive market information. This data should encompass several key elements, including the optimal location for establishing your shop, identifying the mobile phone models with a significant demand for their accessories, understanding consumer preferences (including those who favor stylish accessories and those who prioritize functionality), and assessing the income levels of your target market.
Once you have collected this information, you can then leverage it to formulate your business plan. Your business plan will serve as a crucial tool in guiding you toward realizing the vision and objectives of your business.
“If a market or technological shift occurs, which often happens, and it suddenly creates increased demand that your initial business plan didn’t anticipate, you have the freedom to regularly update your business plan. This is why one of the defining features of a business plan is its adaptability (flexibility).”
2. Choose your Location:
This aspect holds great significance when starting a phone accessories business. When selecting a location for this venture, you should approach the decision with careful consideration.
Apart from the location being accessible and the shop having a good space to accommodate a lot of phone accessories, the location must also be chosen based on strategic factors such as:
- The Location has high foot traffic
- It has a proximity to mobile phone retailers or repair shops
Some good examples of strategic locations to consider for your phone accessories business in Nigeria are; Marketplaces, popular phone accessories spots, computer villages, bus stops, and streets/junctions with high foot traffic.
3. Legal Requirements:
For your phone accessories business to operate legally and in compliance with the relevant laws and regulations in Nigeria, you must comply with these basic legal requirements such as;
- Buisness Registration
- Permits and Licenses
Business registration is done with the Corporate Affairs Commission. The best business structure to register your phone accessories business with is as a “Business Name”. It doesn’t cost more than N25,000 Niara to achieve that.
The next thing you want to do is to secure shop permits (only necessary in the marketplaces), and obtain your Tax Identification Number for tax payment purposes.
4. Store Setup and Design:
You must be deliberate about creating a physical retail space (your shop) that is both visually appealing and functional for customers.
In setting up and designing your shop space for your phone accessories business, the focus should be on:
- Attractive and Well-Organized Store Layout
- Good Lighting
- Display Shelves and Fixtures (These are where you showcase your mobile phone accessories).
- Effective Signage (for the purpose of guiding customers and conveying information about your products e.g. business name, logo, product categories, and pricing information).
With those 4 characteristics well defined in your store setup and design, you can be rest assured that your shop will end up being both visually appealing and functional for customers.
By creating an appealing and functional shop or store for your phone accessories business you can easily earn your business referrals from customers.
5. Suppliers and Inventory:
As a starter on a small scale, you can source your phone accessories inventory from major dealers in your city or state.
Negotiate for a better deal and buy in bulk to take advantage of discounts. Yes, you can buy your phone accessories inventory from China if you have the capital to do so.
But if your capital is limited, acquiring phone accessories inventory from China may not be financially advantageous once transportation expenses are factored in.
To benefit from sourcing your phone accessories inventory from countries like China, your business needs to operate on a larger scale, and you must have sufficient capital to engage in bulk purchases.”
Apart from just sourcing for inventory, other elements must be in place to keep the supply consistent with demand, such as:
- Establishing Supplier Relationships
- Staying Informed About Trends
6. Inventory Management:
Inventory management is a core value in managing your stocks especially to prevent running out of stock and knowing which stock is in high demand.
To run your mobile phone accessories business effectively, it’s crucial to implement an efficient inventory management system.
This system helps you keep track of your inventory, monitor stock levels, and reorder products as necessary.
An additional advantage you can benefit from inventory management is that it minimizes excess inventory
7. Customer Service:
Providing excellent customer service keeps your relationship with your customers on the good side.
In other to have an effective customer service system in place, you have to train your staff to have the knowledge and skills required to assist customers effectively.
Training should cover product knowledge, understanding the features and benefits of different accessories, and being able to recommend products that suit customers’ needs and preferences in the scenario where they can’t find the exact item or design they are in need of.
Also, your staff should also be trained in communication and interpersonal skills, ensuring they are friendly, approachable, and attentive to customers.
8. Security and Theft Prevention:
This might only be relevant to those who are running on a medium to large scale, where the shop size is big and has various sections.
Investing in security measures will help prevent theft and unauthorized entry into your business space.
These security measures include:
- Surveillance Cameras
- Alarm Systems
- Security Signage (i.e. Display security signs or stickers indicating that your store/shop is equipped with surveillance cameras and alarm systems.
- Collaboration with Local Authorities:
Investing in security measures and theft prevention not only protects your store and inventory but also contributes to the safety and peace of mind of your employees and customers.
9. Marketing and Promotion:
Marketing and Promoting your phone accessories business in Nigeria is both cost-effective and straightforward, thanks to the robust market demand.
You can achieve this by having a substantial signage (signboard) displayed outside your shop, featuring your business name along with images of selected phone accessories.
Additionally, employing a repeated audio message to highlight your business and offering high-quality products that meet customers’ satisfaction.
Other marketing strategies implemented include:
- Engaging in Partnerships with Phone Retailers
- Creating a Business Website or Online Store
- Offering Promotions, Discounts, and Bundle Deals
- Utilizing Social Media
A well-rounded marketing and promotion strategy helps you connect with your target audience, generate sales, and establish a strong brand presence in the mobile phone accessories market.
KEY RESOURCES:
- How to start a small scale business in Nigeria (The Ultimate Guide)
- How to Register a Business Name in Nigeria in 7 Easy Steps
- Federal Government Loans for Small Businesses in Nigeria
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Bottom Line
Success in this phone accessories business depends on staying up-to-date with the latest smartphone models, trends, and consumer preferences, as well as offering a diverse and high-quality product selection to meet the needs of a broad customer base.
It’s essential to provide excellent customer service, offer competitive pricing, and market products effectively to attract and retain customers in this competitive industry.
FAQs
Which mobile phone brand accessories sell most?
Currently, in the Nigerian market, the mobile phone brand accessories that sell most are; Techno, Infinix, iPhone, and Samsung. This fact can be backed by the number of users that use each of these phone brands according to Statista
How much does it cost to start a phone accessories business in Nigeria?
You can start a phone accessories business for as low as N50,000 Naira if the goal isn’t to sell from a shop but to sell on a mobile wheelbarrow or to sell online within your community of students or friends.
But to start a phone accessories business that will require you to own a shop, you will need at least N150,000 Naira to be able to start a profitable phone accessories business.
Is phone accessories selling business profitable?
A phone accessories selling business is profitable, but success depends on ensuring a diverse product range, competitive pricing, and excellent customer service. It is also essential to carefully manage inventory and adapt to market conditions for long-term success.
