Nigeria’s phone casing market is constantly growing. By 2018, the country’s demand for phone casings will rise to an estimated N85 billion.
Businesses are seeking out different ways to get in on the action by offering customized phone casings, using different materials, and partnering with other businesses.
There is a growing market for phone casings in Nigeria. But, it’s not easy to start a business in Nigeria. There are a lot of things you need to take care of before any kind of business can get off the ground. However, African Market Capital has done it and so can you!
Nigeria has one of the largest phone markets in the world. The mobile phone market is estimated to be worth $14.7 billion dollars, and projections show that it will continue to grow by leaps and bounds. With this huge market, you can make a lot of money if you do things right. One way to start your business is to work on commission with some phone case companies.
Make Phone Accessories the fruitful business it is, and make really good money from it without too much work, follow the steps below to start a profitable phone casing business.
Analyzing the Accessory Market
The market for accessories is a billion-dollar industry. It is expected to grow at a CAGR of 3% over the next five years.
The market for accessories is a billion-dollar industry, and expected to grow at a CAGR of 3% over the next five years. As global demand for consumer goods continues to increase, it appears that the market will continue its growth momentum into 2020 and beyond.
The following are some key pointers that define the market:
» New product launches: The introduction of new products and services has been one of the main driver for this industry’s growth.
» Increase in technology: New technologies such as RFID, biometrics, virtual reality, and others have increased demand for new products and services.
A number of competitors exist in the accessories market.
Competition is healthy and everybody wants to win. There are always opportunities in the phone accessories market, so there is never a chance that your business cannot take advantage of new developments.
Your product should have a special feature that is not currently seen. One option is to focus on power or cases for instance. Another option might be introducing wireless technology, drop protection, or on-the-road charging. Newness sells!
Find the Right Location For Your Business
Location is extremely important for a cellphone accessory company. This is because the business has to gain interest in order to succeed. One way you can do this is by finding a large following of people who are interested in similar products that you offer.
If you’re getting started in the kiosk business, do so by renting a kiosk in a high-traffic area. This will start your business on the right foot and keep your investment risk low. When you rent a kiosk, you get to work in an environment that’s familiar and safe for customers and staff alike.
Meet The Business Legal Requirements
You might need to get a business license for your cellphone accessory business. Check with the government agencies in the area where you plan to conduct business to acquire this license..
New businesses often need to acquire a business license before they can begin operating. This includes opening a retail store, selling alcohol, selling cars and more.
Running a kiosk business entails many rules and responsibilities that can be tricky to navigate. You’ll need to know your exact rights & obligations, what all potential obstacles may exist, and what steps you can take to not only comply with them but also effectively manage your business.
Choose a Good and Reliable Supplier
Working with a manufacturer is a good way to make sure your company maximizes profits. You can order in large quantities and save a significant amount of money..
Manufacturers are the heart of any successful business. Without them, you will have to produce your own products. With this in mind, it is important for businesses to find manufacturers. They can help you maximize profits by building a relationship with them and ordering large quantities of their products at a discount.
The cost of the types of smartphone accessories also varies & may exceed $1 for a single piece, depending on the model and quality. However, it can be sold for many times that..
If you’re looking for a reliable and reliable place to purchase inventory overseas, you can check out marketplaces such as Alibaba and IndiaMart..
Take Your Business Online
If you don’t want to open a physical store, the best option is to launch an online store for your phone accessory business.
E-commerce is a booming industry with high competition. It is an affordable way to show your business to the world. It can also be challenging, however, and there are many steps that need to be taken in order to make it successful.
There are many ways to sell your products. You can use existing marketplaces such as Etsy, Amazon or eBay, or you can open your own store with websites such as Shopify to establish your own brand.
Many people talk about the importance of using online marketing outlets to reach customers these days. While there are a lot of options, you should do some market research and then decide which best serves your needs.
Make use of services like ads on Google and Facebook to run targeted marketing campaigns. Targeting audiences who are specifically looking for your goods means you’re less likely to waste money on marketing..
Get more visibility for your products by partnering with YouTube and Instagram Influencers to advertise them.
In Conclusion you need to put into consideration that after putting the above in place when starting your phone casing business in Nigeria, marketing your is another most important thing you need to put place.