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

Loading…

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.

Loading…

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.

feasibility-study-on-fish-farming-business-in-nigeria-nigerian-infopedia

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.

Loading…

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.

Loading…

How to Write Professional Business Plan in Nigeria

In crafting a business plan, you must be thorough, stating out plans, aims and how you would achieve your objectives. You can decide to hire an expect to write a professional business plan for you if you are finding it difficult to go about it. But if you decide to do it yourself, then this write-up is for you.

professional business plan in Nigeria

What is a Business Plan?

According to Wikipedia, a business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

The question on how to write a business plan is what most people find it difficult. In writing a business plan, there are some factors you must consider and that is what we shall discuss in this article. We believe that free samples of what a business plan looks like can be found online.

How Important is a Business Plan for your Small Business

What every small business owners fail to understand is that there are risks involved in every business, whether it is a small scale business or a large scale business, writing your business plan becomes very essential here as it shows that you have carefully analyzed the risk, pros and cons of the business before engaging the business.

Loading…

Writing a plan for your small business gives you the necessary focus you need, how to plan for the future of your business, and even taking your business to a wider level especially when seeking third party support to finance your business.

To put it in simpler terms, having a business plan serves as a guide for your business where goals, objectives, and details on how to achieve these goals are documented. It is a blueprint for success and downfall of any business organization.

Tools Needed In Writing a Business Plan

Just as a farmer needs a cutlass and hoe to farm, a business man needs his tools to write an effective business plan. There are five tools you will need and these tools are:

  1. A Book & Pen.
  2. A Computer with Microsoft Excel Spreadsheet.
  3. Electronic calculator.
  4. Different business plan templates.
  5. A business plan software.

How to Write a Good Business Plan

Below are steps on how to easily write a perfect business plan

Step 1: Research

This is the first step to carry out in successfully writing the perfect business plan, you must carry out your research to determine what your priorities are in the venture as a business owner. In this stage, you don’t take anything for granted as all indices that would promote or even mar your business in anyway should be considered.

Indices such as consumer habits towards the service provided or products, strength and weaknesses of competitors, consumer needs, market stability, etc, should all be included in your research before you write your business plan.

Step 2: Objectives of the plan

After researching all indices, you should also have objectives you want to achieve. This step in the plan spells out the purpose for what the business you are trying to do entails. It will serve as a road-map for your business and should be included when the writing your business plan.

Step 3: Create company’s profile

Normally, most of the points outlined here are found in the company’s website. Creating a company profile online can help investors validate your claims when writing a perfect business plan.

You describe your company, the history, products and services you would render to your customers, the management team roles and functions. All these are vital as potential investors will be interested in knowing about such information in your plan.

Step 4: Presentation

Aside writing out your plans perfectly documented in a clear and concise form, you might be called upon to defend such business plan as all investors will want to know whether they can trust you with their money to make profit in your business. You have to study the written business plan sample so as to convince your potential investors why he or she should invest in your business.

Step 5: Sales and futuristic plan

As earlier said, your marketing plan for the present and future should all be included when writing out a business plan. Whatever strategy you use, it should be described at length. If you check various templates of business plans online, you would see this point included, so it is very important.

Structure of a Professional Business Plan

There are many models you can use in writing a well structured business plan but for the basis of this article, we shall use the universal acceptable format. It should be noted that some aspects of a plan will be more important to some businesses than to others. For that reason, it becomes very necessary to highlight the contents of such plan to fit the business scenario.

A good business plan should have the following, orderly arranged

  • Cover Letter
  • Title Page
  • Table of Contents
  • Executive Summary
  • Company Profile
  • Management Structure
  • Service to render or products
  • Industry Research
  • Sales and Marketing
  • Operations
  • Financials
  • Futuristic projections

Cover Letter

The cover letter is a formal letter that introduces the business to the reader. It is this letter that sells your business idea to the investors. Here, you try to appease the reader. A secret to writing a good cover letter is to think like the reader. It usually contains the address of the receiver, your address, salutation, body (the well written content), conclusion and signature.

Title Page

The tittle page spells out the name of the business, date , founder’s name and your business logo (optional). Make sure you keep it simple as ever but professional. Avoid shouty colours in your design of the title page.

If you are ready to risk your time and resources (human and financial) to kick start a business, we suggest that you write a good business plan or you hire someone to do that for you.

To have a successful business, please note the following

  1. Plan a business that can survive and grow with or without you
  2. Create a vision driven business rooted on core values
  3. Plan a business that is customer friendly
  4. Inculcate a strong team to lead your business
  5. Let your business be seen as a good corporate citizen that is reliable
  6. Create a target based business and strive to reach that target
  7. Make sure your business has a strategic marketing plan to help you achieve the objectives for your business.

While the above info should guide you in writing a good business plan, remember that if you fail to plan, you plan to fail. Drop your questions, comments  and suggestions below and don’t forget to share what you have learned.

Loading…