HOW TO START MINI IMPORTATION BUSINESS IN NIGERIA – Step by step guide
Mini
importation business in Nigeria has grown over the years and if you are on this
post today, it is because you are looking for a comprehensive and sincere guide
on How to start a Mini Importation Business in Nigeria.
Mini importation business is also popular in other African countries like Ghana
and Kenya, this shows how profitable and the huge acceptance it has received
thus far.
Mini importation business is one of the ways to make money online in Nigeria today, but a lot of people are yet to avail themselves to the possibilities that is involved in this online business.
The importation business is so cool that with less than ten thousand naira (#10000), you can start a mini importation business and earn a handsome profit. The return on investments is mostly massive and it is so fun to engage in it.
This guide will shed light on the basic procedure and requirements you need to meet to begin you own cheap mini importation business in Nigeria, Ghana and even Kenya.
What does Mini Importation Business Means?
Importing is basically, bringing goods from other countries into your own country of residence. It could be cars, clothes etc.
Mini importation business is therefore, the bringing in of goods from other countries like China, USA, and UK etc. in smaller quantities or units to be sold by an individual to make profits and gains.
In mini importation business, there is no need for a middleman or retailer, you get the goods directly to you from the manufacturer, and this is what makes the getting of goods very cheap for you.
Mini importation business is one of the ways to make money online in Nigeria today, but a lot of people are yet to avail themselves to the possibilities that is involved in this online business.
The importation business is so cool that with less than ten thousand naira (#10000), you can start a mini importation business and earn a handsome profit. The return on investments is mostly massive and it is so fun to engage in it.
This guide will shed light on the basic procedure and requirements you need to meet to begin you own cheap mini importation business in Nigeria, Ghana and even Kenya.
What does Mini Importation Business Means?
Importing is basically, bringing goods from other countries into your own country of residence. It could be cars, clothes etc.
Mini importation business is therefore, the bringing in of goods from other countries like China, USA, and UK etc. in smaller quantities or units to be sold by an individual to make profits and gains.
In mini importation business, there is no need for a middleman or retailer, you get the goods directly to you from the manufacturer, and this is what makes the getting of goods very cheap for you.
How
the importation business works…
Before we get into the thick of this article, it’s important that we understand the basics of buying and selling.
How is money made in the ‘buy-and-sell’ business?
Simple; you buy something (phone, for example) at a low price and sell them at a higher price to make a tidy profit.
To increase the size of profit you can make, there are basically two options you have. You can either find a way/place to buy phones at a lower price or look for customers who will buy them at a higher price. This is how everybody in the retail (buy-and-sell) business makes money (profit). Buy low, sell high. It’s simple mathematics!
To make sure you understand the opportunity we’re about to share with you, we shall use a quick illustration:
Let’s assume you are the owner of a small business that sells foreign-made wristwatches. You have a small shop in which you display all your lovely wristwatches for customers to admire and possibly buy.
Because you can only afford to stock about one hundred wrist watches at a time, you have no option but to buy from big importers who, because of their large capital, can buy thousands of watches from foreign manufacturers at very low wholesale prices.
Although you would love to enjoy these low wholesale prices too (which will increase your profits), you don’t have the kind of capital the big importers have. Even if you could buy directly from the foreign product manufacturers, it would still be tough.
Most manufacturers and suppliers have a Minimum Order Quantity (MOQ) requirement.
Before we get into the thick of this article, it’s important that we understand the basics of buying and selling.
How is money made in the ‘buy-and-sell’ business?
Simple; you buy something (phone, for example) at a low price and sell them at a higher price to make a tidy profit.
To increase the size of profit you can make, there are basically two options you have. You can either find a way/place to buy phones at a lower price or look for customers who will buy them at a higher price. This is how everybody in the retail (buy-and-sell) business makes money (profit). Buy low, sell high. It’s simple mathematics!
To make sure you understand the opportunity we’re about to share with you, we shall use a quick illustration:
Let’s assume you are the owner of a small business that sells foreign-made wristwatches. You have a small shop in which you display all your lovely wristwatches for customers to admire and possibly buy.
Because you can only afford to stock about one hundred wrist watches at a time, you have no option but to buy from big importers who, because of their large capital, can buy thousands of watches from foreign manufacturers at very low wholesale prices.
Although you would love to enjoy these low wholesale prices too (which will increase your profits), you don’t have the kind of capital the big importers have. Even if you could buy directly from the foreign product manufacturers, it would still be tough.
Most manufacturers and suppliers have a Minimum Order Quantity (MOQ) requirement.
MOQ
is the minimum quantity of products a supplier will sell to you in order to make a worthwhile profit. This
is why they prefer to sell to the big
importers who buy large volumes (container loads)
of their products. Since you can only afford a few hundred watches, most of the big overseas suppliers won’t want
do business with you. As a result, you are stuck with the big importers. The
profit you can make in your business is
limited by whatever price they decide to fix on the imported goods.
Thankfully, things have changed. The internet has brought down the walls which used to
restrict access to manufacturers located
thousands of kilometers away. Improvements in transportation and logistics now make it possible for small businesses
with little capital to import smaller amounts of
stock at low shipping costs.
What You Need To Get Started; Requirements To Begin Mini
Importation Business
If you want to start the mini importation business, you have to tick some basic requirements, this will set you in a pole position to avoid mistakes and errors and afford you the chance to enjoy your importation journey. You would need just the following:
If you want to start the mini importation business, you have to tick some basic requirements, this will set you in a pole position to avoid mistakes and errors and afford you the chance to enjoy your importation journey. You would need just the following:
Ø A computer
or mobile phone with access to the internet;
Ø A valid email address.
Ø A
valid and traceable home or office address in your country where the
items you order will be shipped to.
items you order will be shipped to.
Ø A naira MasterCard or visa ATM
issued by any Nigerian bank of your choice
Ø A startup importation capital {at
least 10,000 naira}
Ø The websites or online portals to do
your cheap shopping.
Ø A shipping company that will get
your goods to you.
A valid home address: This is important and it is
basically where you stay. Most of the time, the postman or post office will
usually call you to come to their office to collect your goods.
But the best thing you do is to input your valid home address, in the field provided when you are ordering for these items through your shipping company or you can always go to their office to claim your imported goods.
The reason is that your home address will determine the post office that your items will be sent to. It will be sent to the nearest post office to you. Please note that a P.O Box or PMB (Private Mail Bag) does not qualify as a valid and traceable address.
But the best thing you do is to input your valid home address, in the field provided when you are ordering for these items through your shipping company or you can always go to their office to claim your imported goods.
The reason is that your home address will determine the post office that your items will be sent to. It will be sent to the nearest post office to you. Please note that a P.O Box or PMB (Private Mail Bag) does not qualify as a valid and traceable address.
A naira MasterCard or visa ATM
issued by any Nigerian bank of your choice. The need to have a MasterCard or
visa card is to make payment process very easy. Also, PAYPAL now accept Nigeria’s
but you can only make payments, sign up paypay.com.ng if
you don’t have
Make sure you use new generational banks like Zenith, GTbank, Ecobank, Diamond bank.
Make sure you use new generational banks like Zenith, GTbank, Ecobank, Diamond bank.
A startup mini importation capital (at least 10,000 naira)
This capital may look very small, but when I open your eyes to the prospects and benefits of goods you can shop for very cheap, you will understand why the profit margin is always very high.
Knowledge of Mini importation business. As you can see, the mini importation business does not really entails a lot of commitment from you, this is one of the reasons why it is one of the best online businesses you will ever venture in.
Most of the goods are very cheap so if you can imports the ones of high quality, your profit margin will really be mind-blowing. You can shop for, order and import all the products you want to sell from the comfort of your bed, breakfast table or while you are sitting on a bus (via your mobile phone).
This capital may look very small, but when I open your eyes to the prospects and benefits of goods you can shop for very cheap, you will understand why the profit margin is always very high.
Knowledge of Mini importation business. As you can see, the mini importation business does not really entails a lot of commitment from you, this is one of the reasons why it is one of the best online businesses you will ever venture in.
Most of the goods are very cheap so if you can imports the ones of high quality, your profit margin will really be mind-blowing. You can shop for, order and import all the products you want to sell from the comfort of your bed, breakfast table or while you are sitting on a bus (via your mobile phone).
The websites or online portals to do your cheap shopping.
Best Mini Importation Sites,
websites and Portals
There are so many mini importation websites for you to begin your mini importation business.
It is not just about thinking of starting online importation business here in Nigeria, but there are other things and factors you need to put into considerations, and one of those factors is on which mini importation websites/portal sites will you be using.
There are so many mini importation websites for you to begin your mini importation business.
It is not just about thinking of starting online importation business here in Nigeria, but there are other things and factors you need to put into considerations, and one of those factors is on which mini importation websites/portal sites will you be using.
ü EBay
ü Amazon
ü New Egg
ü AliExpress
ü Ever Buying
ü DH Gate
ü IP mart
ü Dino Direct
ü Cellular Country
ü Made In China
ü Martview
ü DealExtreme
ü 1688
NOTE: To
start shopping and placing your orders on any of these websites,
you need to sign up to become a registered member. To sign up or
register is usually very easy.
By clicking on the ‘ Join Free’ or ‘Register ’ link at the top
left/right corner of the home page, you will be sent to a registration
page to complete a short form. All that is usually required is a Name, valid
Email address and Password. If you prefer, you could sign up or register using your Facebook account.
As soon as your registration is complete, you can start shopping and
adding items to your cart. When you’re ready to order, you will be led to the Payment page. This leads us to the next important step…
you need to sign up to become a registered member. To sign up or
register is usually very easy.
By clicking on the ‘ Join Free’ or ‘Register ’ link at the top
left/right corner of the home page, you will be sent to a registration
page to complete a short form. All that is usually required is a Name, valid
Email address and Password. If you prefer, you could sign up or register using your Facebook account.
As soon as your registration is complete, you can start shopping and
adding items to your cart. When you’re ready to order, you will be led to the Payment page. This leads us to the next important step…
How
to pay for products
Payment was one of the reasons why it was nearly impossible for small
businesses to import directly from overseas manufacturers and
suppliers.
Banks had to issue a Letter of Credit or Bank Guarantee which often involved a long and complex process. Today, through easy online payment systems, all the websites we mentioned above accept payment through a wide range of channels. You can do a simple bank transfer or pay with a credit/debit card. Yes,the same card you use at the ATMs can be used to make purchases on these websites.
Just make sure your bank account is sufficiently funded so you can make payments. Fast and easy! No banks or long processes involved!
What if I get scammed?
Scams and fraud have been a big issue in internet-based transactions and e-Commerce for a long time.
What if you receive the products and they are fake or not exactly as the supplier described?
What if you pay for the products but they are never shipped and delivered to you?
How can you make sure that you get the EXACT products you paid for without getting scammed?
All the websites we have recommended to you in this article have some form of ‘ buyer protection’ mechanism built into the payment process.
This mechanism, also known as ‘Escrow’, is the same role the banks have played in the import business and international trade for a long time. The way ‘escrow’ or buyer protection works is simple. Rather than pay the seller directly, Aliexpress, DHgate and iPmart withholds your payment until you receive the products you ordered and confirm that they are not fake/damaged.
Payment was one of the reasons why it was nearly impossible for small
businesses to import directly from overseas manufacturers and
suppliers.
Banks had to issue a Letter of Credit or Bank Guarantee which often involved a long and complex process. Today, through easy online payment systems, all the websites we mentioned above accept payment through a wide range of channels. You can do a simple bank transfer or pay with a credit/debit card. Yes,the same card you use at the ATMs can be used to make purchases on these websites.
Just make sure your bank account is sufficiently funded so you can make payments. Fast and easy! No banks or long processes involved!
What if I get scammed?
Scams and fraud have been a big issue in internet-based transactions and e-Commerce for a long time.
What if you receive the products and they are fake or not exactly as the supplier described?
What if you pay for the products but they are never shipped and delivered to you?
How can you make sure that you get the EXACT products you paid for without getting scammed?
All the websites we have recommended to you in this article have some form of ‘ buyer protection’ mechanism built into the payment process.
This mechanism, also known as ‘Escrow’, is the same role the banks have played in the import business and international trade for a long time. The way ‘escrow’ or buyer protection works is simple. Rather than pay the seller directly, Aliexpress, DHgate and iPmart withholds your payment until you receive the products you ordered and confirm that they are not fake/damaged.
Sites like Aliexpress.com and DHgate.com offer reimbursements
and return your money if you are not satisfied with the
products you receive. All of this is done
to reduce the risk/fear that you’ll lose your
money.
We cannot say that it’s a 100% risk-proof process. However, we can say that it’s often unlikely that what you fear the most (getting scammed) will happen.
We cannot say that it’s a 100% risk-proof process. However, we can say that it’s often unlikely that what you fear the most (getting scammed) will happen.
How
to find high quality products and reliable sellers
This is usually one of the biggest concerns most people have
about buying products from China.
Unlike the strict quality and safety standards which protect buyers in the US and Europe, African small businesses are vulnerable to low quality products. So how can you be sure that you’re buying good quality products from a reliable seller?
This is where the beauty of customer feedback ratings come in.
Unlike the strict quality and safety standards which protect buyers in the US and Europe, African small businesses are vulnerable to low quality products. So how can you be sure that you’re buying good quality products from a reliable seller?
This is where the beauty of customer feedback ratings come in.
A Feedback Rating is a measure of a seller’s reputation on eBay,
Amazon, AliExpress and DHgate . After every
transaction is completed, buyers can leave a positive or negative feedback based on their experience with that
seller. This rating adds up to affect the
overall rating of that
seller.
If the seller usually delivers as promised, he/she often gets more positive feedback from satisfied customers. On the flip side, if the seller’s service is crap, dissatisfied customers will be happy to give him/her a negative feedback which brings down the seller’s rating. Some of these ratings are based on a scale of 0 to 100% or between 1 (low) and 5 (high) stars. So, when you find a product you’re interested in, we strongly recommend that you take a quick look at the seller’s feedback rating.
We advise that you only consider sellers who have an average positive feedback rating of 90% or 4 and higher.
However, this rule is not absolute. You should take the time to read the actual comments and feedback by previous buyers. From reading these, you will get some vital insights and pieces of information about the quality of the seller’s product, early or late deliveries
and so on.
We also strongly advise that you take your time to read the product descriptions/details, seller guarantees and shipping conditions which are usually at the bottom of every product page. You need to confirm that the product you’re buying has the features you’re looking for.
Remember, what you pay for is what you get.
seller.
If the seller usually delivers as promised, he/she often gets more positive feedback from satisfied customers. On the flip side, if the seller’s service is crap, dissatisfied customers will be happy to give him/her a negative feedback which brings down the seller’s rating. Some of these ratings are based on a scale of 0 to 100% or between 1 (low) and 5 (high) stars. So, when you find a product you’re interested in, we strongly recommend that you take a quick look at the seller’s feedback rating.
We advise that you only consider sellers who have an average positive feedback rating of 90% or 4 and higher.
However, this rule is not absolute. You should take the time to read the actual comments and feedback by previous buyers. From reading these, you will get some vital insights and pieces of information about the quality of the seller’s product, early or late deliveries
and so on.
We also strongly advise that you take your time to read the product descriptions/details, seller guarantees and shipping conditions which are usually at the bottom of every product page. You need to confirm that the product you’re buying has the features you’re looking for.
Remember, what you pay for is what you get.
How will the products be delivered to you?
Some products on Aliexpress.com and DHgate.com come with a ‘Free Shipping’ service to many countries around the world. Free shipping is often delivered through China Mail Air Post or Hong Kong Mail services.
While the free shipping option is very attractive, it often takes the longest time to get your goods delivered to you; usually between 15 to 60 days depending on the product and your location.
In addition to a longer delivery period, it may be impossible to track the location of your package all through the delivery process. If security and early delivery are not serious concerns for you, the money saved through free shipping can significantly increase the profit potential of the products you import when you sell them.
Other common options for delivery on Aliexpress.com, DHgate.com and
iPmart are DHL, EMS and Fedex.
Although these are much more expensive options, they usually deliver your products to you in a shorter time and allow you to track them on their way to you. However, using these options is very likely to reduce the profit potential of the products you order unlike the free shipping option.
For Amazon,
eBay and other USA you can use either use Mallforafrica https://www.mallforafrica.com/affiliate/easy-money
or MyUS.com
Tip: Whether you decide to use a free shipping option or a faster delivery service for your order, we advise that you include your mobile phone number in the shipping address you provide.
More often than not, you will receive a telephone call from local post office or local DHL/Fedex office to come pick up your items. Including a phone number may mean the difference between a delivered packaged and a lost one.
The
most popular and hot-selling products to buy
The websites we revealed to you earlier have most of the
popular and
hot-selling products you can think of. Some of
these products are clothing accessories
(for both men and women), consumer electronics (like cameras and gadgets of all sorts) and mobile phones and accessories (headphones, chargers,
batteries etc).
One of the most popular and fast moving products is hair extensions.
Hair extensions of all types (especially real human hair from Brazil, Peru and India) are in hot demand by a growing number of young African women, many of who live in cities and are in the middle and working class.
Over 60 percent of Africa’s one billion people are less than 30 years old. A considerable proportion of this young population are very interested in fashion accessories and electronic gadgets. In addition, our continent is now the largest market for mobile phones in the world
after Asia. As a result, Africa presents a very lucrative market for all sorts of mobile accessories.
There is really no hard and fast rule when it comes to finding the best products to import and sell in your local market. You need to look out for trends in your local market. You need to have an eye for the kind of products that are in high demand in your area/country.
Import a sample of a product first and find out how many of your friends may be interested. Look out for products that already exist in your market that you can import and sell for at cheaper prices. There’s a lot of potential in this business if you can find the right products for your customers at the right prices.
One of the most popular and fast moving products is hair extensions.
Hair extensions of all types (especially real human hair from Brazil, Peru and India) are in hot demand by a growing number of young African women, many of who live in cities and are in the middle and working class.
Over 60 percent of Africa’s one billion people are less than 30 years old. A considerable proportion of this young population are very interested in fashion accessories and electronic gadgets. In addition, our continent is now the largest market for mobile phones in the world
after Asia. As a result, Africa presents a very lucrative market for all sorts of mobile accessories.
There is really no hard and fast rule when it comes to finding the best products to import and sell in your local market. You need to look out for trends in your local market. You need to have an eye for the kind of products that are in high demand in your area/country.
Import a sample of a product first and find out how many of your friends may be interested. Look out for products that already exist in your market that you can import and sell for at cheaper prices. There’s a lot of potential in this business if you can find the right products for your customers at the right prices.
How
will I find buyers for the products I import?
If you already have (or can find) a small shop for the products you import, that would be great. This is the oldest and traditional method around but it still works. Interested buyers will walk into your shop and possibly buy from you. You will likely have a significant advantage over any competitors around who sell the same products as you do.
Because you import directly from overseas suppliers, you can sell your products at much lower prices that they can’t even dream of. It’s your trade secret!
For those entrepreneurs who would love to start this business but do not have a physical store or shop (and cannot afford one), there is hope. The internet has changed the whole selling experience and made it much easier to sell stuff to both people you know and total
strangers.
Using a popular social media network like Facebook, it is now possible for anyone to set up an online store/shop for free! All you have to do is upload pictures of the interesting items you just imported and invite your friends (and their friends) to come have a look. If they like the product and price, they’ll contact you to purchase it!
If you already have (or can find) a small shop for the products you import, that would be great. This is the oldest and traditional method around but it still works. Interested buyers will walk into your shop and possibly buy from you. You will likely have a significant advantage over any competitors around who sell the same products as you do.
Because you import directly from overseas suppliers, you can sell your products at much lower prices that they can’t even dream of. It’s your trade secret!
For those entrepreneurs who would love to start this business but do not have a physical store or shop (and cannot afford one), there is hope. The internet has changed the whole selling experience and made it much easier to sell stuff to both people you know and total
strangers.
Using a popular social media network like Facebook, it is now possible for anyone to set up an online store/shop for free! All you have to do is upload pictures of the interesting items you just imported and invite your friends (and their friends) to come have a look. If they like the product and price, they’ll contact you to purchase it!
How much capital do I need to start?
As you will notice when you visit any of the websites we recommended, many of the products on sale are very cheap. Not all of them, but many of them sell at very low prices. In fact, the more units of a product you buy, the lower the price you pay; that’s the benefit of buying wholesale.
And don’t forget, the lower the price you pay, the higher the profits you can make.
You don’t need to break the bank or get into debt to start this business. As we always advise here on Smallstarter, start small !
Start with products that cost little but are in high demand in your area or country. Use this to test the viability of this business idea and grow your confidence.
For most of the products you import, you can make over 50 to 100% profit margins if you can find the right buyers to sell to. As you make some money in your new import business, you can start to try out other products that cost a little more.
Tip:
Never let your excitement about this business get the better of you. Avoid the temptation to invest a lot of capital
when you start out unless you already
have ready buyers for your products.
Start small and then grow gradually. This strategy may take a little more time but it’s less risky and helps to build your experience and confidence.
Start small and then grow gradually. This strategy may take a little more time but it’s less risky and helps to build your experience and confidence.
How Profitable is the Mini Importation Business
The mini importation business is very profitable and like I stated before, the profit margin is really great and enticing.
There is a popular misconception that you need to start with a huge amount of money, all that is bullshit, you can even start with just 10,000 naira.
Let us run this mathematics, you get 10units of 300,000MaH power banks at the rate of 1,000naira per unit. Those power banks go for 5,000naira in Nigeria. Just do the simple arithmetic and see the profit potential already.
Tips; You should note the following
before starting Mini Importation Business
There are some important things to note before you begin your cheap mini importation business in Nigeria. You have to know the maneuvers and tactics to avoid stories that touch.
Go for products with “FREE SHIPPING”
Most goods tend to cost you a fortune to send them down to Nigeria, but there is even a special package, here the sender gets the product to you in Nigeria for FREE!
The only disadvantage here is that, the goods may take longer to get to you. You really have to be very patient with the sender.
The sellers use this as an opportunity to more buyers and they are usually sent through China mail air post or Hong Kong mail services to your stated residential address here in Nigeria.
There are some important things to note before you begin your cheap mini importation business in Nigeria. You have to know the maneuvers and tactics to avoid stories that touch.
Go for products with “FREE SHIPPING”
Most goods tend to cost you a fortune to send them down to Nigeria, but there is even a special package, here the sender gets the product to you in Nigeria for FREE!
The only disadvantage here is that, the goods may take longer to get to you. You really have to be very patient with the sender.
The sellers use this as an opportunity to more buyers and they are usually sent through China mail air post or Hong Kong mail services to your stated residential address here in Nigeria.
Search for a great but cheap brand to import
There will
be a huge number of products on the mini importation sites and portals, there
will also be a lot of producers and sellers for a single product type. It is
better to go from the cheapest products as this will increase your profit
margin considerably.
Your transactions and money are safe. All the transactions on the mini importation sites I will list later are all secure and legitimate, they are covered by a service called escrow, which tend to offer full buyers protections.
Internet escrow works by placing money in the control of an independent and licensed third party in order to protect both buyer and seller in a transaction.
If after receiving the goods, you do not like them or there are defects, you can ask escrow not to pay the seller until the goods are changed.
Even before disbursing the money the seller of the product, you have to confirm the receipt of the product and confirm it is in good condition or not to facilitate the refund of the money paid for the goods within the stipulated time.
Aliexpress and Dhgate offer reimbursement services and return your money if you are not satisfied with the product. It is always time framed and reliable.
Your transactions and money are safe. All the transactions on the mini importation sites I will list later are all secure and legitimate, they are covered by a service called escrow, which tend to offer full buyers protections.
Internet escrow works by placing money in the control of an independent and licensed third party in order to protect both buyer and seller in a transaction.
If after receiving the goods, you do not like them or there are defects, you can ask escrow not to pay the seller until the goods are changed.
Even before disbursing the money the seller of the product, you have to confirm the receipt of the product and confirm it is in good condition or not to facilitate the refund of the money paid for the goods within the stipulated time.
Aliexpress and Dhgate offer reimbursement services and return your money if you are not satisfied with the product. It is always time framed and reliable.
Do not import Contraband and banned goods
Some goods
are not welcomed in this country. You have to be sure the goods you are about
to purchase is a legitimate one and not a banned one.
That is all on mini importation business in Nigeria for now, please comment below and share to your friends and family
