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5- Winning Strategies For Importation Business Success. - Business - Nairaland

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5- Winning Strategies For Importation Business Success. by Betboss(m): 6:51am On Sep 27, 2014
Hello guys!

Ever wondered why some folks in our great country Nigeria will wish some sector of the economy remains stagnant? Well the truth is obvious, "the importation business is a goldmine". Any investment where a return on investment is over a 100% within 1 year is a "goldmine investment". The fact remains that importation business in Nigeria will continue to remain a very attractive and lucrative business venture. Seconding the above fact is evident in the $43 billion spent by USA consumers in 2013 on Chinese made products and services,despite USA being the biggest economy in the world. The point here is that Nigeria can't produce all that the country needs. Globally consumers are turning to China due to low price of her products,with the China eCommerce business worth over $200 billion. Major international companies have now cited and licensed the production of their products in China due to the low inflation and cost of production. All credits to China for continuing to manipulate and intervene in her currency. I guess Nigeria should adopt such model, if only the country bare the acumen to apply the right policies.

The employed and unemployed, or an aspiring entrepreneur the importation business in Nigeria is another very lucrative business. Some people have asked why are the price of goods increasingly generally high? Its basically due to our dynamic, unstable, and high inflation. Well that's what the Central Bank Of Nigeria (CBN) and FG should ponder on how to reduce and make stable instead of playing "paper economics". So when you import from China, the profit margin will definitely be large due to the wide deviation in inflation rate.

This article will dish out five(5) strategies than can make a mini importer a macro importer and a successful entrepreneur. The fact remains that most big importers in Nigeria today started very little, you too can achieve the same feet if you continue to reinvent and apply winning strategies.
You will need as low as N30000-50000 to start up your importation business. If you are less ambitious your start up cost will be lesser.
You can visit my older thread https://www.nairaland.com/1886967/wise-innovator
on how to reinvent your business.

Lets move on to our winning strategies. I will make it short and simple, so that you can assimilate this information easily.

1.Choose The Right Marketplace.

When it comes to business and your money is involved, then credibility of your business partners is of utmost importance. It doesn't matter if your business partner is small or big. Currently alibaba.com, aliexpress.com, and dhgate.com are good for you to do business with based on their tight security policies, money back guarantees, and partner ratings.

2.Choose The Right Product.

Some folks have asked me what is the best product to import? Well the answer depend on the area you reside or where you want to market your product. You start by studying what will create a market for you. You must not join the queue. For instance I import car wash machines. Which might not fit the needs of another investor. Here a few suggestions of products that may make your list; phone, laptop,computer gadgets, human hair, jewelries, shoes,machinery.

3.Investigate The Supplier.

In as much as the above marketplaces listed above try to protect your funds, you should also do your part by studying the supplier of the product in other to get the best shopping experience. Personally I choose suppliers with 4 stars/points above ratings. I also check the feedbacks, a 85% positive feedback is good, How long has this supplier been active? A 1-2years and above is good depending on how old the eCommerce site is. How many of the products have been supplied? A good product will definitely sell more.

4. Bargain

Your bargaining power can get you good deal at a lower price, this will depend on quantity. My first order on alibaba was on the high side, until I got to know that my supplier can go lower, moreover it affords you the opportunity of getting to know your supplier even better, sites like aliexpress can still offer good deals basically on quantity, sometimes this can include a free shipping. I choose sea freight which takes longer time, but very cheap. On alibaba there lots of companies that will ship your cargo. Which off course you must conduct your research as stated above before choosing their services. You can use most of the popular ones like UPS, FedEx,DHL, quiet costly but, fast, this can range from $15-20/1kg depending on size. If you want to ship products of little sizes within the range of 1-5kg, I will advice you choose air freight and DHL or FedEx should top your list.

5. Create A Market For Your Product.

Before choosing to import a product you should endeavor to set up a kind of "virtual market" for the product. As a mini importer you can use the internet through online platforms to advertise your products. You can also use the powerful advertising tool "word-of-mouth" to create exposure for your products. Setting up a website will also give you a great headstart. I use "olx.com" and word of mouth to advertise. It works a great deal for me. The market is here in Nigeria, very large, you just have to create your own.

Finally, importation business is a very lucrative business with profit margin of more than 100%. Some folks I personally know make over N200k from importation business. Remember you can use your naira Visa or MasterCard, Western Union, Dollar Visa or Master card for those that have dormicilary account, PayPal to make your payments in the above listed store. I use my PayPal, GTBank dollar Visa card and Western Union for my transactions. Your card details are totally secured with the above marketplaces as your transactions are encrypted. Do not heed to anyone telling you secret website, as most of this so called secret websites can be fraudulent. So do your business with the best eCommerce websites.

For more information on Importation business visit www.reapfast.com/5import.html

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