See How To Start Electronics Business In Nigeria Below…
- Choose a Niche
Electronic dealership is considerably wide. Therefore, taking this into consideration is of utmost important. To start an electronic business, it is important that you choose a an area which is more agreeable to you. In other words, select an area of interest in your choice of an electronic business. There are several types of electronics. These range from PC’s, TV sets, audio devices (radio), fridges, cookers, washing machines and a host of other electronic products. Decision is crucial to the success of the business. In setting up your electronic business, choice is necessary. You may open a multipurpose electronic store, or focus on a particular type(s) of electronic.
- Factor in Your Competition
After choosing a niche, you may want to pay serious attention to your competition. There are several competitors in the electronic business. Hence, your electronic business may face stiff competition from similar businesses. To outperform your competitors, you may want to consider introducing innovative measures. Although this may be of great help, it is not enough in itself. A proper implementation of these measures will significantly improve client patronage. An area you may want to focus on is the product warranty.
Rather than patronizing just any supplier, consider dealing directly with the product manufacturers. Becoming a distributor or agent of an electronic manufacturer will afford you the opportunity of having a warranty for all your products.
- Location Location Location!!!
This goes hand-in-hand with sales. By locating your business in an ideal location, the chances for success will greatly increase. Therefore, when starting an electronic business, consider densely populated areas as possible locations. Doing so has the potential of shooting you into the top league of electronic dealers. There has never been a business which thrived in bad locations. Hence, if you desire to see increased patronage and sales, then you might want to take this very seriously. Getting a good location in Nigeria is never a problem. It is common knowledge that in every state, apart from the Central Business Districts (CBD’s), there are also big towns and cities.
- Consider Contacting the Right Suppliers
Starting an electronic business in Nigeria requires the services of suppliers. These can be wholesale suppliers as well as the electronic companies themselves. Whatever the situation, it is important that the right choice be made. Dealing directly with the manufactuing companies has alot of advantages as there are significant discounts that increase the profit margin. However, there is a downside here. Dealing directly with the manufacturer requires substantial capital. A bad news for small businesses with little financial strenght.
- Consult Extensively
While starting an electronic business might seem quite easy from the sidelines, a lot of planning, preparation and sweat goes into the process. To be on the safer side, it is important that you consult extensively with experts in this field. By experts, we mean people having considerable knowledge and experience in electronic business. These may include owners of large electronic stores, sales representatives of electronic manufacturing companies, and several other people participating in the value chain of electronic business. By consulting effectively, your electronic business stands a higher chance of succeeding than not.