If you are thinking about how to start a retail business in Nigeria, you have come to the right place. Starting and developing a retail business in Nigeria is simple if you know the right steps to take. From locating suppliers and buying in bulk, our guide covers it all. Let’s get started on everything you need.
To start a retail business in Nigeria, you need a business name and a plan. For your business name, pick a name that is simple and easy for your customers to remember. Also, for your business plan, decide whether you want to open a large retail store or a talk shop. A plan enables you to know how to sort out your supplier and what type of product you want to sell. Do you want to focus on one product or one category? Or will you mix everything and increase the number of people you want to sell to?
When starting a retail business, especially in Nigeria, the location of your business is important. You want an area with foot traffic where people can stop and buy things. For example, inside a university campus, opposite a secondary school, or inside an estate. You also want to avoid areas already crowded with a lot of other retailers. You will need your store located close to your house, your supplier and your customers for easy reach and to cut down the cost of operation.
Beyond setting up your location or even having the capital to start, the type of suppliers you patronize will either make or break your business. You need your supplier to be stable, dependable, and cost-effective. Without products to sell, you don’t have a business to run. Get suppliers that deliver on time, supply you with quality products, and give you better price incentives like Maxibuy.co. Your supplier is your business partner. With Maxibuy as your supplier, you get access to the latest merchandise. You know which products will sell best, and we cut costs for you. Our customer service is reliable and easy to contact in the event of any challenges.
If you want your business to move fast and smoothly, you need to consider building valuable relationships. Collaborate with other sellers around you. They can refer some customers to you to buy products they know you sell. When you build relationships with other retailers around you, it makes it easy for you to use Maxibuy’s TeamBuy. Maxibuy’s Teambuy allows you to join hands with other retailers to buy products in bulk, cut costs and only pay for what you need. So you don’t have to build a business in isolation.
Negotiation is the backbone of the retail market in Nigeria. You need to spend your capital on growing your business. Rather than buying at high prices and earning low-profit margins. At Maxibuy, we have made things easier for you. Buy in bulk or lots and cut down the price that you will pay to restock your store. Even when you don’t want to buy in bulk, you can TeamBuy with other retailers and drop prices. On Maxibuy, you will never pay full price again.
Find out if there are any permits required to open a store in your location. You don’t want to start your business and then get shut down every three days because of one association or the other. Register with the government, get a seller’s permit with the estate or community or register with other retailers in your area.
After you have completed all the previous steps, it is now time to launch your business and open up for business. You don’t want to start a business and then nobody knows about it. Let your friends and family know. Establish your reputation within the community where your business is located. Introduce yourself and your business by attending meetings within your area and getting involved in community development.
With these few steps, you will launch a retail business that will span through time. Don’t forget that with Maxibuy, you get access to better-priced goods that will increase your profit margin. Ready to get started? Then, contact us or visit our website to shop.
BABY
ELECTRONICS
ENERGY
FASHION
FOODSTUFF
PERSONAL CARE