Mini Importation Business in Nigeria: Guide on How To Start (2020)

The mini importation business is just an online small scale importation business model where a person with small capital can import goods from China at a low price and sell in the country at a higher price. It involves basically buying and selling. The only difference here is that you as the seller buy from outside Nigeria and then sell the goods in Nigeria. This if done right is highly profitable and lucrative and before you know it, you are on your way to a financially independence life.

mini importation business in nigeria

Follow the below steps to get started with mini importation business in Nigeria which is the best online business to start:

Planning

This is the first step in mini importation business and it is the process that will decide if you will succeed or not. You buying goods that are not in demand where you are is a sure recipe for failure. Likewise, buying goods at prices that are almost the same in your location will lead you to a lost. This means you need to do your due diligence on the goods you want to sell. Your decision will be based on the fast selling goods in your area that sells relatively cheap in china. After making your decision, move on to the next step.

Places To Buy The Goods (mini importation websites)

There are a number of trusted places you can buy any of the goods you choose to sell for your mini importation business. However, there are some tested and trusted mini importation websites where you can meet both big time wholesalers and manufacturers. This places includes the popular Aliexpress.com, Dhgate.com, ipmart.com (gadgets) and Alibaba.com

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Alibaba is one of the most preferred on the list of importation websites because it is majorly a marketplace for manufacturers and wholesalers. However, they have a Minimum Order Quantity (MOQ). You can always browse through the website to get familiar with it.

It is important to note that whichever website you choose to buy from, make sure you check the buyers rating and be sure he is rated over 90% positively to avoid falling into the hands of scammers. You can also read customers reviews to have an idea of what to expect. The websites provide a form of customer protection services so you are kind of secured. However, read their terms and condition to know what you are in.

Payment & Shipping

You are going to be paying using your ATM card when you start this mini importation business proper. Currently, most banks in Nigeria don’t allow international transactions using the Naira Mastercard or Visa card they issue however; I know it is still being allowed by GT Bank. You can find out if your bank allows this. The price of the goods is usually in dollars and as such, the Nigerian Naira value is going to be one of the issue here as it keep fluctuating every now and then but if you do your research well, you would not fall into loss.

Some of the business offers free shipping. However, it could take up to 60 days to get delivered and you can’t even track them in transit in most cases. It is better you go for the paid ones which however, are pricey but efficient and you can even get your imported goods in a week. Just make sure you have a traceable address where the goods can be delivered.

Sales

Before your goods arrive, it is expected you start marketing them so you wouldn’t have problem selling them when they arrive. You can sell them to local retailers around and get your money fast for another set or sell them yourself or do both. The social network had been proven as a great marketing tool for mini importation business in Nigeria, so, utilize it to the fullest.

Conclusion

Some say importation business is the best online business to start and is very lucrative and profitable. You only need to know the basics and secret model that most successful people used in getting profit and making sales. Most of these people import fro China because that is where cheap commodities are found. I believe if you follow the steps above, you are surely going to start a successful mini importation business in Nigeria.

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Feasibility Study on Fish Farming Business in Nigeria (2020)

Fish farming business in Nigeria is not something new. People around Nigeria engage in fish farming business especially those who live in places blessed with abundant fresh water.

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Although, Fish farming is a lucrative business which requires time, patience and money. One must be ready to take risks if you must venture into this kind if business. The reason why most fish farmers in Nigeria fail is because they believe the saying that fish farming requires little investment and therefore results in huge profits. I tell you that If it were so easy, everyone would be doing it.

This article contains a complete guide on how to carry out a feasibility study on fish farming business in Nigeria. With this article, we hope to expose some areas as regards to fish farming in Nigeria

Feasibility Study On Fish Farming Business In Nigeria

It is very important to carry out feasibility study on fish farming business if you want to venture into it in Nigeria. This is help ascertain what you would need in order to equip yourself in order to achieve positive results in fish farming business.

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The following factors below may vary if you want to start a successful fish farm in Nigeria and they include:

  • Location
  • Cost of labour
  • Cost of materials
  • Cost of feeding the fishes
  • Cost of fingerling (fish seed)
  • Type of Water
  • Marketing
  • Distribution

LOCATION

Location plays a vital role in fish farming as it helps decide the kind of fish pond to be constructed. Usually, areas with swampy environment can be useful for fish farming in Nigeria and earthen pond a good fit for fish farm whether the location is swampy or the have a high water retaining capacity

You should try to avoid bushy areas with lots of trees, unless you have the financial power to do so.

If you opt for a concrete pond, the farmer should make provision for bore hole for water supply or alternatively he or she should buy water. He should also provide a shade for the fishes and fingerlings

COST OF LABOUR/MAN POWER

It could be cheap or expensive based on the location. Unless if you opt for earthen pond which is not expensive to create, concrete pond might require you to spend on labour. Whatever the case might be, cost of labour is a very important factor to be considered when carrying out a feasibility study on fish farming.

COST OF MATERIALS

You are to find out the cost of the materials you are going to use to kick start your fish farming business. for example, if you want to build or erect the pond, you would need to find the cost of cement, bricks, e.t.c

COST FOR FEEDING THE FISHES

The cost of feeding varies. Foreign feeds are normally more expensive than local feeds. Example, cupens is sold above N5,000, while local feeds cost below N4,500. You could also opt in producing the feed locally, as it will even still maintain the the high level of protein in the feed just as in the foreign feed.

MARKETING

The marketing aspect is very vital when carrying out a feasibility study on how to start fish farming business in Nigeria. This is determined by the market forces (demand & supply). One thing you should note in fish business is that the size of the fish determines the market.

Retailers, consumers and restaurant owners would prefer big fishes rather than small fishes. So you would have to invest in your big fishes, which will draw customers for you.

Finally, Feasibility study on the market helps you to know when your fishes are on demand and when you are to supply them and gives a fish farmer an overview of what he needs to know about the fish business after which you can draw a fish farming business plan to help give you a focus on what to do as you start you fish farming business.

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