Business

Access Bank Announces N50 Billion Interest Free Loans and Grants for Nigerians

Access Bank has officially announced N50 billion to support Nigerians through interest-free loans and grants to support communities, the youths, and micro, small and medium-sized businesses.

This information was disclosed by the bank on twitter.

Read the bank’s official statement below:

Now more than ever, we remain committed to our purpose of impacting of lives positively.

In the light of the recent occurrences, we will be supporting Nigerian businesses with 50 Billion Naira interest free loans and grants.

The impact of the pandemic, coupled with the hijacked #EndSARS protests that led to the looting of businesses and destruction of properties has thrown so many Nigerians into debts.

Therefore, we are announcing that we have set aside a minimum of N50bn (through interest-free loans and grants) to support the rebuilding of businesses and to bring greater opportunities. This will be used to support:

  • The communities we live in, the people who protect us, and the spaces that we need as communities to thrive.
  • Our micro, small, and medium-sized businesses who employ most Nigerians and feed and educate our children.
  • Our young population who represent the future and hope for our nation.

We must heal our wounds and come out stronger so that we can occupy our true position in the world and bring a better future for our children.

Access Bank Announces N50 Billion Interest Free Loans and Grants for NigeriansAccess Bank Announces N50 Billion Interest Free Loans and Grants for Nigerians

How to Start Recharge Card Printing Business in Nigeria

Have you been trying to start your own profitable Recharge Card Business In Nigeria without reasonable success? I will show you how to start a recharge card printing business in Nigeria

A lot of people are looking for ways to make money either online or offline, and recharge card printing is one of those ways. Personally, I will consider recharge card printing business as both an online and offline job.

Is Recharge Card Printing Business in Nigeria Profitable?

You may be wondering if recharge card printing business in profitable

Yes, it is profitable!

People often recharge their phones every day because they need to make calls, buy data and send messages to their loved ones, friends, partners etc., so they will definitely buy a lot of recharge cards to do these.

This means that the business can be profitable as long as you have customers and getting customers requires a lot of hard work though.

In fact, this business has turned many Nigerians who venture into it to become stable financially.

How Does Recharge Card Printing Business in Nigeria Works?

In recharge card printing business in Nigeria, your job is to get the PINs, print them out on standard sheets of paper (at least that’s what we use these days right), give them out to distributors or better still; if you’ve got time, engage in the distribution yourself. Have written a well detailed article on how to generate recharge card pins for free for any network.

All you need to do is to just sit in front of your PC and begin printing out recharge card pins. So you see it’s pretty simple, there isn’t much stress in recharge card business at all.

To start a recharge card business, you either start as a dealer, a sub-dealer or a retailer.

  • Recharge Card Dealers

Recharge card dealers make the highest profit when it comes to recharge card business because they deal directly with the telecommunication companies.They get recharge card pins from telecommunication companies, print in bulk and sell to the sub-dealers.

  • Sub-Dealers

These category of sellers, sell directly to retailers but buy directly from dealers. They are the middle-men between the dealers and retailers.

Depending on the level of patronage, a recharge card sub-dealer should be pocketing profit of about N5,000 to N10,000 daily.

  • Retailers

These set of people are the ones we probably call recharge card sellers as they are found in streets, shops, markets e.t.c.

The capital requirement for retailers is between N6,000 to N10,000.

The profit margin for retailers is kind of low as it depends on your turnover on a daily basis. Nevertheless, profit is still guaranteed and you can do other business alongside selling recharge cards.

In this post we provide a detailed guide on how can you start recharge card printing business in Nigeria and other things you need know concerning the recharge card business.

What you need to Start Recharge Card Printing Business

The requirements for starting recharge card printing business in Nigeria are:

  1. A desktop or laptop computers.
  2. Internet access.
  3. Recharge card printing software. For de-encrypting the pin codes which are sent to you
  4. Email address: Recharge PINs will be sent to you via email so you’ll be needing it
  5. Paper: A3 or A4 paper for printing out the recharge cards.
  6. Printer
  7. Recharge PINs.
  8. Capital: You need a little amount of money before you can start recharge card printing business. This money are used to pay for the pins that will be sent to you through your mail and also for internet access

Step-by-Step Guide: How to Start Recharge Card Printing Business in Nigeria

1. Get the requirements

I have listed all the requirements needed to start a recharge card printing business above. Once you have all the requirements you can proceed to the next step.

2. Defined your model

You need to decide if you’d like to be a major dealer or a retailer

Being a major dealer will require you to get a store, and much more equipment, otherwise you could just be basic and make use of your living space.

Also you’ll need to decide on which network(s) you’ll like to print. Do you want to be printing all the four major networks, what amount will you be printing out?

3. Contact the Network Provider

After this you can go ahead and visit any of their offices to get official information from them.

Or you could follow these procedures:

Starting Recharge Card Printing Business with MTN Nigeria:

Send an email stating your intent to this email address: tradesupporthelpdesk@mtn.com

Starting Recharge Card Printing Business with 9Mobile Nigeria:

Send an email stating you’ll like to start printing their recharge vouchers: care@9mobile.com.ng

Starting Recharge Card Printing Business with GLO Nigeria:

You’ll have to visit their store in other to get started. You can see a list of stores near you here: http://www.gloworld.com/ng/support/gloworld-shops

Starting Recharge Card Printing Business with Airtel Nigeria:

Just like Globacom, you’ll still need to pay them a visit to get more info, you can check out their stores here: https://selfcare.ng.airtel.com/Stores

After contacting them, the next thing is to;

4. Get the Recharge Card Printing Software

Recharge printing software is of many types and got many requirements. You can get the software from the telecoms, or any dealer you’re dealing with.

The recharge card printing software has the ability to decrypt encrypted PINs that’ll be sent to you (PINs will be sent to you via email).

These PINs are encrypted so as to prevent interception from malicious persons who may try to steal the PINs, if you’ve sent the PINs and you don’t have the corresponding software to decrypt it, it’s basically useless. So that’s the importance of this software are to prevent losses and reduce risks.

Also Read: How to hide your account balance on the Zenith Bank Mobile App

5. Getting To Recharge PINs

Upon registering with a dealer, you’d be given official communication channels, software, and other helpful guides.

Using the appropriate communication channels, you could request for PINs and they’ll be forwarded to you via your provided email (what you used during registration), with the aid of the software, you can decrypt the PINs, so as to enable the move to the next step.

How much is Recharge Card ePins in Nigeria

According to my experience with this business, you can get the N100 recharge PINs for as low as N95 – N97 for each 100 recharge cards in Nigeria.

The N200 recharge card ePins can be gotten at the rate of N193.

But here is the truth you need to know;

The bulky (or more) ePins you buy and print, the more profit you’ll earn

Recharge card printing business in Nigeria is profitable, but become of the low earning on N100 cards, some people have given up. Meanwhile, if you’re printing the N100 cards together with other units like N200 and upward, you’ll earn some profit at the end of the day.

6. Printing

Remember I told you we’ll be needing a printer in this recharge card printing business

After decrypting the encrypted PINs using the software on your PC, you’re almost ready to start making your first profit from the recharge card printing business in Nigeria.

Also, you’ll need the standard A4 paper for your printing, your printer quality should be very good so as to increase legibility because subscribers don’t like stressing their eyes.

Print as many copies as you be able to sell, once this is done, you can start distributing or selling what you have printed.

NOTE: You can only print out the number of PINs you bought. It’s not something that you buy once and it will start multiplying itself.

7. Marketing your recharge cards to customers

Let me be honest with you, this is one of the most important factors or points to consider before starting a recharge card printing business in Nigeria.

This is where the market survey comes in, you’ll need to know recharge card retailers and wholesalers in your area, establish a business relationship with them. You can even start by selling at a discounted rate.

All these should be done to attract your initial customers, which will in the long run introduce you to other wholesalers/retailers.

You could decide to go to the lone-wolf-way and do this on your own, or you could employ someone who will be in charge of distributing the vouchers to your customers.

Whichever path suits you based on your budget, you’re at liberty to choose.

Recap

How to start a recharge card printing business in Nigeria

  1. Get your computer or laptop connected to the Internet or simply use a cyber café.
  2. Register with a legit company
  3. Download their software and install it on your computer or laptop.
  4. Order for recharge PINs through their website and pay the required amount into their bank account.
  5. Send them your payment details, e.g., name, email address, desired network, teller number and the amount paid.
  6. They will send you encrypted PINs (these PINs can only be read or interpreted by
    the company’s software).
  7. Use the software on your computer to print out these PINs.
  8. Market your business

Summary

I have taken you through the steps required for starting a recharge card printing business in Nigeria, as you can see, it isn’t a difficult business after all, and you can still make good amount of money.

If your customer base increases, it’ll be advisable you expand, employ more hands, and maybe get a shop if you don’t have one. You can also check my article on how to generate recharge card pins online for free, in which you don’t need to spend a dime.

Thanks for reading and let me know your thought about recharge card printing business in Nigeria via the comment box below.

 

Best Online Shopping Stores in Nigeria in 2021

Are you looking for the best online shopping stores in Nigeria?

Are you also looking for the cheapest online shopping stores in Nigeria?

There are a lot of shopping stores online, where an individual can buy various products such as clothings, home appliances, shoes etc in Nigeria.

Nigerians no longer need to worry about shipping fees or custom clearing charges, the high exchange rate of the dollar, as these local shops trade in naira and also render good services.

You don’t have to wait for weeks before your product arrives in Nigeria.

Although transacting with some online shopping sites in Nigeria could be risky, due to poor/delayed delivery services, poor customer service, fake fashion/designers items and unethical practices, it is quite convenient to shop online than to visit an actual market.

There are many online sites in Nigeria, but not all of them have great standards and are reliable to shop with.

Best Online Shopping Stores in Nigeria

In this post, we’ve highlighted the best online shopping websites in Nigeria. Not just the best, but the ones that offer the cheapest online shopping experience to their customers.

1. Jumia

Best Online Shopping Stores in Nigeria

 

Jumia is one of the largest and the best online shopping stores in Nigeria. In fact, It’s my number one online shopping websites in Nigeria and that’s why it’s topping this list. If you’re looking for the cheapest online shopping websites in Nigeria, then Jumia is just what you need.

You can buy all your electronics, books, home appliances, kiddies items, fashion items for men, women, and children; cool and cheap gadgets, computers, groceries, automobile parts, etc on Jumia.

Jumia is the go-to place for cheap stuff. I prefer this website, not because of their quick delivery but their payment on delivery option (which is only applicable to some places) and also their refund policy. You can also make payment via JumiaPay

2. Konga

Online Shopping Stores in Nigeria

If Jumia doesn’t have the product am seeking for then I will move to Konga. Konga is my second choice store for buying things online in Nigeria.

Konga sells basically anything you can think of — ranging from electronics, mobile phones, computers, fashion, beauty products, home and kitchen, Building and construction materials and a whole lot more from premium brands.

When you shop with Konga, you can enjoy low shipping rates, discounted prices and flexible payment just like you have on Jumia. When you shop on Konga, you can pay with your debit card, pay on delivery or even via KongaPay.

3. Slot

Best Online Shopping Sites in Nigeria

SLOT was originally an offline store before setting up an online store so that people can order for goods online in Nigeria.

They sell different goods online ranging from computers, mobile phones, gadgets and more.

Delivery is free for customers in Lagos and Abuja, and they also offer credit facilities to customers with the help of their partnership scheme with Diamond Bank and First Bank.

Incorporated since 1998 and started importation of computer accessories the same year. Slot Systems made a priceless contribution in providing personal computers (PCs) in virtually every house and office in the late 90s. In 2001 they switched over to mobile telecommunication services and since then they have kept the flag flying high.

4. Payporte

Best Online Shopping websites in Nigeria

PayPorte is one of the leading eCommerce brands in the country. You can shop for men and women’s fashion items as well as footwears and accessories on their online store.

Additionally, you can download the PayPorte mobile app for access to the latest fashion items on your mobile phone.

5. Jiji

Best Online Shopping Stores in Nigeria

Jiji is quite different from all the online shopping sites mentioned above. They aren’t a pure online shopping site but this platform is amazing when you’re searching for used items really cheap.

Jiji is a fast-growing Nigerian free online market where buyers and sellers meet to transact.

They provide a platform to sell and buy almost anything without hassle under a friendly and safe environment.

They offer a variety of products on Jiji ranging from house, gadgets, computers, mobile phones etc.

As a seller, you can register with Jiji, post an advert of your product and get contacted by an interested buyer. As a buyer you can browse the various categories on the site for anything you want, contact the buyer and meet with them to finish the transaction.

Payment here is done after buyers get and tests his item. Different from other platforms earlier mentioned because there must be a physical connection between sellers and buyers before a purchase is completed on Jiji.

6. SuperMart

Best Online Shopping Stores in Nigeria

Supermart is clearly the largest online supermarket in Nigeria.

Selling groceries online is not really the safest business to do in Nigeria, but Supermart.ng has managed to convince Nigerians that buying meat and crayfish online is not a bad idea after all.

Supermart provides you with a convenient platform for online grocery shopping without leaving the convenience of your home or office.

They have the widest selection of grocery items online with over 60,000 items in their online supermarket. They claim to deliver within 3 hours across Lagos. Yeah, they are widely accessible to people within Lagos.

You will find products such as Baby Products, Oil & Sauces, Food Cupboard, Fresh Food, Cleaning, Perfumes, Books, Frozen Food, Toiletries, Alcohol, Medicines, Household Items, Beauty & Toiletries, Nigerian Ingredients, Snacks, Dairy & Eggs, Fish, Meat, Drinks, and Food Items etc.

7. Kara

Best Online Shopping website in Nigeria

Kara was created in 2012 and sells mainly automobile products, power/electrical products, phones and computer products.

Kara is one of the top online stores in Nigeria, visited by thousands of people on a daily basis.

Kara.com.ng also offers flexible payment options just like every other shopping stores mentioned above — they provide online payment via credit/debit card, bank transfer and cash on delivery option

8. Kaymu

Kaymu.com offers a wide variety of products for sale. They have their own products as well as products from other sellers who use the platform to trade. Just like Jiji.com, you can sign up at Kaymu as a buyer or a seller.

9. Webmall NG

WebMall which launched in 2013, has quickly become one of Nigeria’s leading e-commerce platforms in an impressive amount of time.

You can have access to an extensive range of high-quality products and an excellent logistics service. They offer a wide range of products such as laptops, mobile phones, toys, speakers, sneakers, hair products, chargers, food items, wrist watches, printers and so on.

Also Read: How to start dropshipping business in Nigeria

Webmall online shopping site offers easy and convenient payment by choosing to either pay on delivery or through bank transfer. Merchants are also given the option to pay in instalments.

10. Dressrite

Dressrite is a subsidiary of Digisol Nigeria Limited. Their inventory is sourced from major countries in Europe and America like US, UK, France, Italy and many more.

The online store is an ever-expanding shopping platform that allows you shop conveniently without any hassles.

You can pick up your order at any of their outlet or you can sit back and allow Dressrite deliver your order to your preferred location.

Their inventory includes men and women’s clothing, shoes, traditional attires, jerseys and car accessories.

You can download the Dressrite app on your phone to receive updates on their latest fashion items.

11. OLX

Olx.com was once advertised almost every minute on DSTV. It gained a lot of popularity due to that advertising strategy and is now one of the most used websites for people who want to buy or sell anything within the country. It has similar features with jiji.com, and Kaymu.com, although OLX is more preferred by most Nigerians because of its simple and user-friendly website.

Conclusion

Now you’ve come to the end of my list of the best online shopping stores in Nigeria.

Based on your personal experience and shopping, let me know what you think about the list I’ve compiled above. Are there ones that need to be removed or added?

Or, have you got other cool Nigerian online shopping stores that weren’t mentioned above?

Kindly share them using the comment box below. And you can also read our article on how to start an online store in case you want to have an e-commerce website

Thanks for reading.

How to earn $500 weekly through dropshipping business in 2021

You may be wondering what dropshipping business is all about. Don’t worry in this post I will explain what dropshipping business is and how you can go about it.

There are a lot of online businesses an individual can do, but a lot of people are afraid of starting one due to the start up capital, yes I know because I was also among the category of such people until I came across dropshipping as a business to venture into.

Dropshioping business is a very lucrative online job. The idea of dropshipping is a great idea, only if you know how to run it successfully. Dropshipping is a more cost-effective business to venture into than wholesale.

Before you begin dropshipping, you need to first think of the following

  • What type of products you want to sell
  • How to deal with suppliers and have your products shipped faster.
  • The payment gateway for your customers to easily pay for their products
  • And if you’re thinking of dropshipping internationally, then you should be aware whether or not you have to pay tax or register your company.
  • Lastly, you need to understand if are you going to pay a customs tax on all the product you want to dropship especially if you’ll be importing them.

What is Dropshipping

According to Wikipedia, Dropshipping is a supply chain management method in which the retailer does not keep goods in stock but instead transfers its customer’s orders and shipment details to either the manufacturer, another retailer, or a wholesaler, who then ships the goods directly to the customer. The retailer is responsible for marketing and selling a product, with little or no control over product quality, storage, or shipping.

How to Start an Online Store
Diagrammatic explanation of dropshipping

In the simplest form dropshipping is selling products without buying or having them.

This is how it works; after you’ve created an online store and added your product to it. When I mean product, I mean pictures and descriptions of the product.

This is because you don’t have to have the product stock in physical.

And after this, once you made your sales, all you have to do is contact your third-party supplier (owner of the product) by sending your customer address and paying the supplier from the initial money paid to you by your customer.

The supplier, in turn, makes the shipment to your customer. While you and your customer returned home happy.

However, if you are going to be using AliExpress to source for products, you don’t need to contact the seller. All you simply need to do is go ahead and pay for the products and fill your customers’ details on AliExpress as the buyer.

Without questions asked the seller on AliExpress will have the product packaged, processed and shipped to your customer without them knowing it’s from AliExpress.

The Difference Between Dropshipping and Wholesale or Classic Retail Model

The difference between dropshipping and wholesale or classic retail is that the seller doesn’t own or stock inventory. Instead, the merchant purchases stock as needed from a third party, usually another wholesaler or manufacturer to meet customer orders. Their customers could also be a consumer, retailer or wholesale merchants.

Dropshipping does not require a considerable cash investment upfront to start the business. All you need is a minor investment together with the payment from your customers to make an order.

How To Start Dropshipping Business

How To Start Dropshipping Business

1. Choose the type of product(s) to sell

The first step to this is choosing the product you want to sell. Many people are often tempted to start selling anything they can think of. You should have this at the back of your mind that drop shipping is a business.

And like every other business, you need to do thorough research and a business strategy on how to be profitable in your business. One of the ways you can do this is by looking for winning products to sell.

Another thing you should have in mind while choosing your product is that you can’t just start selling any product you see. Try as much as possible to check the demand over-time for such products, you don’t necessary need to have a lot of products on your website to be successful in dropshipping business.

Before choosing a product, consider the following:

  • The customer’s demand for the product you want to sell
  • The price of the product
  • The longevity of your customers

2. Find a trustworthy supplier

In dropshipping business you will need a trustworthy supplier, having an unreliable supplier can damage your businesss. Therefore, it is important you take your time to get a reliable supplier.

Without a supplier, there is no product to dropship, so you will definitely need one.

You can always get your supplier from platforms like Alibaba, Aliexpress, Amazon. But majorly, people always consider going for Alibaba and Aliexpress due to their cheap products, the major barrier is the delivery time due to their distance.

Before you choose a seller at Aliexpress, ensure you check the seller rating score.

3. Choose your selling platform

You will need a platform to run your dropshipping business.

Chances are high that you won’t be able to handle this step on your own, so you’ll need to hire a good website developer — unless you’re smart enough to figure things out yourself. There are lots of technical details about this step, but I’d rather keep everything simple and short.

While there are many options to choose from, the two best and most straightforward ones available to online store owners are Shopify and WordPress, you can also make use of Wix, Bigcommerce to build your online store.

While Shopify is an all-in-one solution for setting up online stores, WordPress is a versatile open-source software package that can be used to create different types of websites. Opting for Shopify means you won’t have to worry about domain name registration, hosting, and store set-up, as everything has been included in a single package. All you have to do is visit Shopify’s website and start setting up your online store right away.

On the other hand, opting for WordPress means you’ll have to register your domain name and purchase a hosting plan, design your store using a good template, and integrate product pages and payment system using a good e-commerce plugin such as WooCommerce. This option requires more technical know-how than Shopify but can be far cheaper. For Shopify, you pay more for the convenience of having everything in one place.

If you’re still lost as regards the differences, look at it this way. Assume you wish to take some fried plantain. You can either go to the nearest restaurant to buy already prepared fried plantain or go to the market to buy raw plantains and take them home to fry them on your own. Remember that the latter option would require some cooking oil, salt (optional), etc., and you have to source everything yourself. Shopify is like the restaurant option, while WordPress is like the second option, which is you frying the plantain at your home. Hope you understand?

Another important factor you need to consider while at this step is your choice of payment gateway service. You’ll need one to be able to receive payments from customers, who would order from your store using their ATM cards. You can make use of PayPal, Payoneer, Bank Wire, skrill or anyother payment gateway option you wish to make use of.

N.B: You can decide to set up your own e-commerce store or sell on popular e-commerce platforms like Aliexpress

4. Upload your products

If you really want to attract attention to your products online, you need to display high-quality, clear, and beautiful pictures of them. Poor quality pictures will send the wrong signals about any product no matter how awesome that product might be. And good quality pictures, on the other hand, can help sell even the crappiest of products. (I’m not saying you should use quality pictures to deceive people into buying mediocre products; I’m only explaining the effectiveness of good quality pictures).

Therefore, when creating product images to upload to your online store, you shouldn’t use your mobile phone camera lens. I know there are smartphones with great camera lens, but what you’ll get from those can’t be compared to what you’ll get from a photographer who would use a hi-tech digital camera and photo editing tools. Alternatively, you can get some high-quality images of your product from the manufacturer’s website — if they have one.

Once you have the images, upload them to your store, so potential buyers can see what your product really looks like.

And one more thing, don’t forget to describe in details what the products is all about.

Also Read: How to start an Online store within few minutes on your own

5. Launch and market your products

With everything all set and your platform is ready to start getting orders from customers. But remember that no customer will come unless you actively promote your products on online platforms such as Facebook, Instagram, etc that are often used by your target customers.

While you can promote your store on some channels without paying a dime, you’ll need to do Facebook ads, Google ads, twitter ads, Instagram ads etc in order to cover a lot of audience and these will require some amounts of money.

In order to scale your business, you’ll have to spend aggressively on ads and other forms of marketing.

You’d be stuck in an endless loop of customer acquisition. And once you stop, your sales drop too.

6. Get your finances in order.

One common mistake entrepreneurs make when starting a business is not taking financial management seriously. Every money-making business needs to always look out for financial loopholes that can ruin the business and prevent such from happening.

Financial activities such as small business accounting, tax remittance, payroll management and invoicing should be taken seriously from day one. You should also learn to keep your business and personal finances separate as much as possible.

Advantages and Disadvantages of dropshipping business

Advantages of dropshipping business

  1. With dropshipping, virtually anyone can start an online store.
  2. You don’t need capital to purchase your items. It is easy to get started with.
  3. You can list more items on your online store, at zero risk
  4. No warehousing costs
  5. No picking and packing activities required

Disadvantages of dropshipping business

  1. Delivery of product(s) may take time
  2. You have zero control over fulfillment of product(s).
  3. Return of product(s) may be problematic.
  4. There is lower profit margin
  5. Poor branding
  6. Customers may lack trust in you if you are just starting and you offer no return policy.

Online Shopping Websites That Ship To Nigeria

In addition to the list you have up there, there are certain shops that are actually safe to buy things from.

These shops ships items safely anywhere in Nigeria, it doesn’t matter if you are in the northern, southern, western or eastern Nigeria, you’d get your item(s) in less than 2 weeks!

So, if you have some dollars to spend, these are the go-to websites for shopping cheap items if you don’t trust the shops mentioned above.

1. Gearbest

GearBest is an online shop that specialises in consumer electronics, gadgets and men’s fashion. Their online catalogue is constantly expanding with the very latest and the coolest gadgets added every day to ensure you get your tech fix.

GearBest provides a wide range of affordable shipping options, with Free Shipping available to some countries. Just shop, receive and enjoy your order in style.

You can also enjoy comprehensive warranties including a 45-day no-questions-asked money-back guarantee. Most items are also covered by our one year repair and replacement policy.

2. AliExpress

AliExpress is an online retail service made up of small businesses in China and elsewhere offering products to international online buyers. It is owned by Alibaba. AliExpress is the most visited e-commerce website in Russia and was the 10th most popular website in Brazil.

It facilitates small businesses to sell to customers all over the world, and one can find almost anything for sale. It is more accurately compared to eBay, as sellers are independent, using AliExpress as a host to sell to consumers and other businesses.

If you browse some of the products on AliExpress, you’ll probably notice right away that many of the prices are really low and wonder why. There are two different distinct possibilities, both of which you’ll find in abundance on the site.

First, there’s the possibility that you’re buying directly from a manufacturer, which reduces the cost of selling to you. The second possibility that an item is extremely cheap is that its either counterfeit or fraudulent (or semi-fraudulent, as in the case of the Infinix Note 2 LTE).

But all the same, there are loads of products to shop on AliExpress — you’d find consumer electronics, mobile phones, gadgets, fashion items etc. They also ship to any part of the world.

3. Wish

Wish is an online shopping site that brings sellers closer to buyers, before now Wish doesn’t allow items to be shipped to Nigeria due to reasons best known to them.

Wish is one of the largest e-commerce marketplaces in the United States by sales. They are one of the rare online shopping sites that allows you to buy and ship to Nigeria with ease. Just like AliExpress and Gearbest, Wish is known for showing off items at mouth drooling prices with the possibility of shipping from Nigeria and getting them delivered to your doorstep.

FAQs About Dropshipping business

Does dropshipping work in Nigeria?

Yes, dropshipping business works just like every other online business in Nigeria. You just need to know what works and what’s not in terms of products and marketing

Does Shopify work in Nigeria?

Shopify works perfectly in Nigeria. You can use it to create your dropshipping store and at the same time sell your personal product.

Does Oberlo work in Nigeria?

Oberlo works perfectly with Shopify in Nigeria for starting your dropshipping business. You can get started with their free plan with your Shopify store.

Does AliExpress ship to Nigeria?

AliExpress ship to Nigeria. It can either be the free shipping or the paid shipping. The free shipping, however, takes longer than the paid shipping.

Conclusion

Dropshipping business is an extremely popular business model for new entrepreneurs. Since you don’t need to stock or handle the items you are selling, it’s very easy for new competitions to popup.

The above guide will help you to know the necessary steps you need to launch your own dropshipping business from scratch but to be extremely successful, you need to constantly innovate in your varieties of products, pricing, marketing and methods of delivery.

Step-by-Step Guide: How to Start an Online Store Within Minutes on Your Own in 2021

Are you planning on starting an online store on your own?

Whether this is your first time setting up a small business online or you’ve been in the game for a while, this guide will teach you how to start an online store within a few minutes.

Also, if you’re looking to sell your products and services to anyone within and outside your location, state, country, one of the smartest ways to reach your target customers is to set up your own online store.

However, your store doesn’t have to be as big as the likes of Amazon, eBay, Aliexpress, etc. You can set up a small online store that offers only one or a few products. Just so you know, there are many online stores that specialize only in products like shoes, perfumes, flowers, auto spare parts, phones, you name it. And despite the fact these stores aren’t popular, they’re making money — big time.

So are you ready to start your own online store?

If yes, let us get straight to the point.

How to Start an Online Store Within Minutes

Setting up an online store isn’t as difficult as most people think. As you read on, you’ll learn all the important steps involved and you will also know all the basic information needed to setting up your own online store within minutes.

Without wasting much time, let’s get started on how to start an online store within minutes…

1. Choose the type of product(s) you want to sell

Choosing the type of product you want to sell is one of the most difficult tasks and it is also an important step towards setting up a successful online store.

A product that is selling very well for Mr/Mrs A doesn’t mean it will sell very well for you. You can’t just go about choosing random product that comes to your mind.

What to lookout for before choosing a product for your online store

There are some conditions you need to look out for before choosing any product.

Let’s delve into some of these conditions;

a) Customer’s demand

Firstly, the product must be of high and non fluctuating demand. And if it’s a new product that isn’t popular yet, it must fill a need that is constantly felt by many people and for which there are very few or no reliable solutions yet. This is a no brainer. Don’t attempts to sell something that no one would be interested in purchasing.

The demand (or potential) for any product isn’t difficult to figure out. Just look around you and answer the following questions for every product idea that comes to your mind.

For already well-known products:

  • Are there many people buying this product?
  • Are there lots of online ads for this product?
  • Are there lots of sales for this product on Amazon, eBay and other popular online stores?

For products that are new to the Nigerian market:

  • Are there many people who would be interested in this product because it fills a significant need?

Your answers to these questions will help you figure out whether there is — or will be — enough demand for the product here in Nigeria. If you cannot get convincing answers in the affirmative, it’s better to find another idea.

b) Avoid picking a product that’s too unique

A common best practice in marketing is to differentiate yourself from others.  It makes you unique.

It’s also tricky to find a genuine way to differentiate yourself that the market is willing to pay for.

Instead of trying to differentiate yourself from every other product in your category, find a category with competitors that aren’t dominating their marketing channel.

c) Price of products

Choose a product that has a moderate price, what I mean is that the price isn’t too low and it is not too high.

As pricing changes, so does buying behavior. Prospects demand more proof. They may even demand a completely different buying process.

How many people buy cars without test driving them first? Not many. They want to see the car and talk to a real person before making a purchase that big. Cars require a lot of extra work and sales skills to sell effectively because of their higher price point.

We recommend finding a product that you can sell to your customers without them having problems with your price tag.

d) Comfortability of buying the products

Ensure that the products you are selling must be one that people are really comfortable buying them online. Certain products don’t sell online due to different reasons. For example, grocery will not sell well online because grocery stores are available everywhere, and most people would prefer to do their grocery shopping locally rather than online. Moreover, some grocery items are bought for immediate consumption, so it’s unrealistic to buy them online since they would take days to deliver.

Similarly, an online suits or wears store has relatively less chances of success because most people would prefer to visit local boutiques, where they can be sure that they are choosing the right size and quality. Buying such wears online would be a huge risk, as buyers are unable to physically check and confirm the size, colour, texture, quality, and other factors they consider when buying such items. the same goes as car selling as mentioned earlier on the post.

So, you must choose a product that people will be comfortable and be ready to buy no matter the situation or circumstances.

Avoid products that people are not likely to buy.

e) Consider the longevity of your customers.

This bit requires you to think a few steps ahead, but it’s important to have that foresight when you’re starting a business. This step all depends on the type of product(s) you are delivering and your relationship with your customer.

After you make your first sale of the day and you’ve got your operations running smoothly, the natural next step is to work on generating more revenue right?

How do you do that? A lot of entrepreneurs try to increase their Customer Lifetime Value or Lifetime Value, and they come up with strategies to re-target their existing customers and keep selling to them.

However, certain products are absolutely horrible for customer longevity.

It pays to be aware of these upfront, so you don’t find yourself in a bind when you’re 6 months into your business and trying to figure out how to increase your Customer Lifetime Value.

For example, let’s talk about those who sells wedding stuffs.

People automatically assume that selling wedding attires or materials are highly profitable because, well, people are willing to spend extravagantly on their big day.

That’s true, but what they don’t realize is that the “lifespan” of each customer is rapidly short.

You might have 50 customers today, but these same 50 customers may disappear without leaving a footprint behind within 3 months, funny right, but that’s the fact and they’re never coming back except when they have someone who is looking for a wedding material or attire to buy, they may sharply remember you.

While other online stores will be able to work on customer retention and sell to their existing customers, but the story is a different one for you.

In order to scale your business, you’ll have to spend aggressively on ads and other forms of marketing.

You’d be stuck in an endless loop of customer acquisition. And once you stop, your sales drop too.

Now that you have known the type of products to choose, let’s move to the next point.

2. Decide how you will get the products

After you’ve decided on what type of  product you want to sell online and the price, your next important step is to figure out how you’ll get a constant supply of the products at wholesale or cheaper at  prices. It goes without saying that to make profits from your online store, you need to buy at lower prices and sell at higher prices. And the higher the margin, the more money you’ll make. So, your best bet is to find suppliers who will sell or supply to you at the lowest prices available without an alter to the quality.

Depending on the kind of products you intend on selling, you can either source locally or from foreign markets. For example, products like cell phone accessories can be ridiculously cheap when you buy them directly from platforms such as AliExpress. Products like hand-made shoes, on the other hand, tend to be cheaper when bought directly from the local makers.

Also Read: The Most Profitable Online Jobs in the World Without an Investment

3. Choose between dropshipping or holding your own products.

The next step in starting up an online business? Deciding whether you want to dropship or hold your own products!

According to Wikipedia, Dropshipping is a supply chain management method in which the retailer does not keep goods in stock but instead transfers its customer’s orders and shipment details to either the manufacturer, another retailer, or a wholesaler, who then ships the goods directly to the customer. The retailer is responsible for marketing and selling a product, with little or no control over product quality, storage, or shipping. You can also read our article on how to start dropshipping business

How to Start an Online Store
Diagrammatic explanation of dropshipping

Dropshipping has become super popular, but as with anything else, it comes with its own set of challenges.

In this section, I’ll run you through the pros and cons of dropshipping versus holding your own products so you can make an informed consent on the best choice for you.

Let’s start off with dropshipping.

Pros of dropshipping

  1. With dropshipping, virtually anyone can start an online store.
  2. You don’t need capital to purchase your items. It is easy to get started with.
  3. You can list more items on your online store, at zero risk
  4. No warehousing costs
  5. No picking and packing activities required

Cons of dropshipping

  1. Delivery of product(s) may take time
  2. You have zero control over fulfillment of product(s).
  3. Return of product(s) may be problematic.
  4. There is lower profit margin
  5. Poor branding
  6. Customers may lack trust in you if you are just starting and you offer no return policy.

Now that we’ve covered all there is to know about dropshipping, so let’s move on to the pros and cons of holding your own products.

Pros of holding your own products

  1. Getting feedbacks from customers can help you to know what and what to improve in your online store. Because when you screw up, your customers tend to talk about it more.
  2. Delivery doesn’t take time unlike that of dropshipping
  3. You can easily fix problems or issues anytime it arises
  4. There is a better profit margin when you own your products. Because you’re buying in bulk, therefore, you’ll get a discounted rate.
  5. It helps you to form a brand.
  6. Products delivered in well-designed, branded packaging are perceived to be more desirable and attractive.
  7. Awesome branding and packaging also encourages consumers to share your product on social media.

Cons of holding your own products

  1. It is very expensive. You need capital to purchase your items.
  2. You need to pack and ship your products.

Keep in mind that you’ll want to consider branding and design every step of the way — these are important elements to the success of any online store.

4. Choose a business name

Your business name isn’t as make-it-or-break-it as the type of product you choose, but it’s still super important.

But, if you’re not careful, it could put a halt to starting your online store!

People obsess over picking a name, personally, I know I have. My advice is to give yourself a hard deadline of 1 to 2 weeks to choose the name for your online store. Otherwise you’ll spend months trying to figure it out and never pull the trigger on starting.

Now, onto some do’s and don’ts to help you pick a name:

✔ DO choose a name that’s easy to pronounce.

✔ Do choose a name with 1 to 3 words

✔ DO choose a name with some significance.

If it’s related to the products you’re selling, it makes it easier for people to “get” your business. If there’s a deeper, more personal meaning to it, it’ll make a great backstory for media pitching.

✔ DO be as original as possible.

✖ DON’T choose a name that’s too long.

Your business name should be 1-3 words, MAX! I would strongly advise sticking to one or two words. Again, the easier a name is to pronounce and type, the more people will remember it.

✖ DON’T choose a business name that’s a combination of words and numbers.

This is a no brainer, but I had to add it. That is, unless you’re trying to look dodgy and unprofessional.

✖ DON’T choose a name that references a specific product or product line.

You might be tempted to do this if you’re planning on focus your efforts on selling just one (awesome!) and highly innovative product. But what happens when you decide to branch out or sell more than one products in the future? You’ll be stuck to that one product since the name you chose is for a specific product. I hope you get me?

5. Register your domain name.

Your domain name is your online identity. So, be sure to choose a good one. Your ideal choice is one that is short, easy to pronounce, and easy to remember. If it reflects what your online store is all about, that’s a plus. But be careful though; some names can cause issues in the future if you decide to start selling additional products on your online store.

If you’re already running an offline store and would like to sell the same products online, you can go with the name of your offline store, if it’s still available. But in any case, pen down at least three names, so you can have alternatives if your main choice isn’t available.

In addition, Ensure the domain you are registering is also similar to the name of your online store.

It’s best to go with a .com domain name, since that’s what most people are familiar with. But if the .com extension is no longer available for your chosen domain name, you can consider other popular extensions. For a .com domain name, you can register with any hosting company such as Namecheap, domainking.

6. Set up your online store

Chances are high that you won’t be able to handle this step on your own, so you’ll need to hire a good website developer — unless you’re smart enough to figure things out yourself. There are lots of technical details about this step, but I’d rather keep everything simple and short.

While there are many options to choose from, the two best and most straightforward ones available to online store owners are Shopify and WordPress, you can also make use of Wix, Bigcommerce to build your online store.

While Shopify is an all-in-one solution for setting up online stores, WordPress is a versatile open-source software package that can be used to create different types of websites. Opting for Shopify means you won’t have to worry about domain name registration, hosting, and store set-up, as everything has been included in a single package. All you have to do is visit Shopify’s website and start setting up your online store right away.

On the other hand, opting for WordPress means you’ll have to register your domain name and purchase a hosting plan, design your store using a good template, and integrate product pages and payment system using a good e-commerce plugin such as WooCommerce. This option requires more technical know-how than Shopify but can be far cheaper. For Shopify, you pay more for the convenience of having everything in one place.

If you’re still lost as regards the differences, look at it this way. Assume you wish to take some fried plantain. You can either go to the nearest restaurant to buy already prepared fried plantain or go to the market to buy raw plantains and take them home to fry them on your own. Remember that the latter option would require some cooking oil, salt (optional), etc., and you have to source everything yourself. Shopify is like the restaurant option, while WordPress is like the second option, which is you frying the plantain at your home. Hope you understand?

Another important factor you need to consider while at this step is your choice of payment gateway service. You’ll need one to be able to receive payments from customers, who would order from your store using their ATM cards. You can make use of PayPal, Payoneer, Bank Wire, or anyother payment gateway option you wish to make use of.

7. Upload your products

If you really want to attract attention to your products online, you need to display high-quality, clear, and beautiful pictures of them. Poor quality pictures will send the wrong signals about any product no matter how awesome that product might be. And good quality pictures, on the other hand, can help sell even the crappiest of products. (I’m not saying you should use quality pictures to deceive people into buying mediocre products; I’m only explaining the effectiveness of good quality pictures).

Therefore, when creating product images to upload to your online store, you shouldn’t use your mobile phone camera lens. I know there are smartphones with great camera lens, but what you’ll get from those can’t be compared to what you’ll get from a photographer who would use a hi-tech digital camera and photo editing tools. Alternatively, you can get some high-quality images of your product from the manufacturer’s website — if they have one.

Once you have the images, upload them to your store, so potential buyers can see what your product really looks like.

And one more thing, don’t forget to describe in details what the products is all about.

8. Fill in the necessary pages for your online store

As with any other type of website, your online store will need some contents for individual product pages as well as other pages such as the “Home”, “About us”, “Contact us”, “Refund policy”, “Terms & Conditions”, “Privacy policy”, “FAQ” pages, etc.

You can handle this aspect yourself if you’re a very good writer. But if you’re in doubt over the quality of your writing, hire a seasoned writer to craft all the content you need or use an online generator to do that. Poorly written content will create bad impressions about your online store. So, don’t ever compromise on the quality of your content.

However, if you decide to make use of shopify for you online store, you can auto-generate sample refund policies, privacy policies and even terms of service statements using Shopify.

Here’s how it’s done:

Click on “Settings” (all the way at the bottom of that left-hand panel), and click on “Checkout”.

Scroll down all the way… Then you will see something like this below;

Online Store

Your home page should display some basic information about your store, products, contact details, and links to other pages on your website. Your about page should tell a brief story of your business, and yourself — if you wish. And your FAQ page will answer questions that potential customers are likely to ask about your online store, such as your refund policy, how long it takes to deliver your products to buyers, and so on.

9. Plan how to deliver the products

Delivery is one of the most important aspects of your online store’s operations, so you need to plan it carefully. You can either create your own in-house delivery system or use a third-party delivery service.

If your store is targeted at customers within a small geographical location, such as within a state or city, you can have your own in-house delivery system. This would involve delivering orders with your own personal car, a newly bought vehicle dedicated to deliveries, or a hired vehicle.

But if you’re targeting a larger geographical location or cannot afford to set up an in-house system, you’d need to go with a reputable third-party delivery service. Examples of such services include Aliexpress delivery service, KOS (Konga Online Shipping), Courier Plus, and FedEx.

Some of these services accept pay-on-delivery payments on your behalf, while others do not. So, be sure to weigh your options and seek other people’s opinions before making a choice.

Also Read: How to create a clickbank affiliate account

10. Check for any errors on your website

It makes zero sense when customers have issues with one or more aspects of your website. It creates a negative first impression, which will make you lose some customers forever. To avoid this, you need to test your website several times before launching your online store. Check that all links redirect to the right pages. Check that all payments are perfectly processed. Check that your delivery system is ever-ready. And check that visitor flow and user experience on your website is flawlessly smooth.

Note that this step isn’t one you can cover on your own. You’ll have to involve a website developer. And you’ll have to ask as many people as possible to test out the store and give you feedback. Be sure to fix all glitches discovered during the testing phase. And once you’re sure there are no glitches or errors or issues, you can go ahead to launch your online store.

11. Launch and market your new online store

With everything all set, your website is ready to start getting orders from customers. But remember that no customer will come unless you actively promote your online store. So, you need to promote your store on online platforms such as Facebook, Instagram, etc that are often used by your target customers.

While you can promote your store on some channels without paying a dime, you’ll need to do Facebook ads, Google ads, twitter ads, Instagram ads etc in order to cover a lot of audience and these will require some amounts of money.

In order to scale your business, you’ll have to spend aggressively on ads and other forms of marketing.

You’d be stuck in an endless loop of customer acquisition. And once you stop, your sales drop too.

Conclusion

Congratulations, you can now go ahead and start your online store within minutes.

Setting up an online store is one of the quickest ways to make money online because you can start making money as soon as you launch your website and after doing the necessary things.

Now, that you’ve learned the steps involved in setting up an online store, let me know if you have any questions, contributions, or other thoughts.

Thank you.

The Most Profitable Online Jobs in the World Without an Investment in 2021

You may want to know the most profitable online jobs in the world without any investment involved?, Are you looking for the most profitable online jobs without investment?, or which online jobs earn the most money without much investment involved?

Making money online is what most people want to do, either as a side hustle or as a fulltime job. The majority of the populace looking for a job online or want to start making their cash online always have the notion of, they “want to make money, not spend it.”

However, there are many jobs online or online businesses that require start-up costs, fees, or paid courses before you can begin. But hold on, what do you do when you don’t have the money for such businesses?

The saying, “you must have money to make money is not always true in some cases though”. Today I will show you all the ways on how to make money online without paying anything, not even a dime as you read on, just ensure you sit back, relax and read on.

The Most Profitable Online Jobs in the World Without an Investment

1. Freelancing jobs

Freelance jobs are one of the most profitable online jobs you can do without investing a dime. You deliver a service for a fee with the ability to work where and when you want with unlimited earning potential.

Upwork is one of the major platforms where you can get a freelancing jobs, all you need it to showcase what you have done and what you can do when you are hired. Upwork is one of the best and free platform where you can showcase your projects to your potential customers. You potential customers will sift through the available work options to see which project suits them the best.

Upwork can also serve as a platform where you can get free jobs. Ensure you apply to the high paying online jobs you are confident that can do well because after the project is over its important that you get good reviews after each successful job done by your client(s) so that you can continue to get more jobs from customers.

If you don’t have an Upwork account, why don’t you read our article on how to create an approved upwork account, in order to get started.

2. Freelance writing.

Freelance writing is one of the most profitable online jobs that requires zero investment.

If you are good at writing, you can make a lot of money as a freelance writer.

You may want to ask, who is a freelance writer?

A freelance writer is someone who works on a self-employed basis. The individual is considered an independent business owner.

You can also define a freelance writer as someone who typically writes for more than one clients and are paid per writing assignment or per batch of assignments.

There are many names you can call yourself as a freelance writer depending on what service you provide:

Freelance Blogger – This type of individual focuses on blog writing or writing for blogs.

Content Writer – This individual focuses on different types of contents (white paper, blog posts, eBooks, etc.)

SEO Writer – This type of individual focuses on providing highly optimized content(s) for search engines as a way to rank in Google SERPs (Search Engine Result Pages)

Content Strategist – This type of individual focuses more on creative and managing content(s)

Freelance Web Content Writer – Their focus is on providing content for the web

Ghost Writer – This type of individual focuses on providing ghostwritten (not in your name) articles or contents for eBooks, blog posts, website pages, email, white papers and more. Ghostwriters aren’t given credit to their articles written since they will be paid off that is why most ghostwriters are paid higher than other freelance writers.

Professional writer – once you’ve worked as a freelance writer for a while, and you are now an expertise in your area or niche, you can officially call yourself a professional writer.

Also Read: Steps To Get Marketable Instagram Followers

3. Review of products and services.

You can make money online by reveiwing products and services. There are a lot of companies out there that are looking for individuals to give positive reviews to their products and also services that they offer. This is one of the best ways you can make money online without an investment. All you have to do is to get in touch with such company that are looking for such services.

Most companies always want their products to be reviewed on reputable websites or blogs, so if you have a blog or a website, you will be at an advantage than those who doesn’t.

To be clear, products or services reviews aren’t only done on blogs alone. You can also make reviews on social media platform with a lot of engaging followers such as; Instagram, Facebook page, Twitter, Linkedin etc.

Yeah, products review and services reviews is/are one of the most profitable jobs in the world that requires no investment.

Social Media Manager

Social media managers are in charge of representing a company across social channels as the sole voice of the brand. They respond to comments, compile campaigns and create content. These experts provide organizations with the guidance needed to enhance their online presence. Social media managers create and maintain brand promotions, company information and marketing campaigns for their company across several different social media networks.

If you are more active on social media, and you know how to write or compose a captivating caption, then you can be hired to handle a business or a company’s social media handles in order to engage their customers, convince them about the products or services being offered etc.

So if you are looking for an entertaining and profitable online jobs in the world you can become a social media manager.

Also Read: How to create a clickbank affiliate account

4. Social Media Influencer

A social media influencer is a user who has established credibility in a specific industry, has access to a huge audience and can persuade others to act based on their recommendations. An influencer has the tools and authenticity to attract many viewers consistently and can motivate others to expand their social reach. An influencer may be anyone from a blogger to a celebrity to an online entrepreneur. They must simply capitalize on a niche to attain widespread credibility.

5. Graphic Designer

According to Wikipedia, a graphic designer is a professional within the graphic design and graphic arts industry who assembles together images, typography, or motion graphics to create a piece of design. A graphic designer creates the graphics primarily for published, printed or electronic media, such as brochures (sometimes) and advertising. They are also sometimes responsible for typesetting, illustration, user interfaces, and web design. A core responsibility of the designer’s job is to present information in a way that is both accessible and memorable.

Since graphic design is also known as communication design, therefore, Graphic designers are visual communicators, who create visual concepts by hand or by using computer software. They create visual concepts that inspire, inform, and transform

6. Online Tutoring

According to Wikipedia, online tutoring is the process of tutoring in an online, virtual, or networked, environment, in which teachers and learners participate from separate physical locations.

Online tutoring also refers to the process by which knowledge is imparted from a tutor, knowledge provider or expert to a student or knowledge recipient over the Internet.

Online tutoring works much the same way as the traditional one to one physical tutoring does.

Online tutoring sessions will occur in ‘real time’, meaning questions of the students are answered immediately by the professional. That means you have complete control over the tutoring session whether it is the subject matter or the pace of tutoring.

7. Affiliate marketting

Affiliate marketing is the process of earning a commission by promoting other people’s or a company’s products. You find a product you like, promote it to others and earn a piece of the profit for each sale that you make. An affiliate is one who does the promotion for the company or the individual who owns the products.

Typically, you will be paid per sale and less frequently by click or impression depending on the commission attached to it. That reminds me, you don’t want to miss out on our article on how to create clickbank affiliate account.

8. Dropshipping

According to Wikipedia, Drop shipping is a supply chain management method in which the retailer does not keep goods in stock but instead transfers its customer’s orders and shipment details to either the manufacturer, another retailer, or a wholesaler, who then ships the goods directly to the customer.

Dropshipping is a great business model for aspiring entrepreneurs to start with because it’s accessible. With dropshipping, you can quickly test different business ideas with limited downside, which lets you learn a lot about how to choose and market in-demand products. You can read our guide on how to start a dropshipping business 

Conclusion

If you are looking for the most profitable online jobs in the world without an investment this article has gotten you covered. Some of the most profitable jobs that requires no investment doesn’t necessary require you to be online though, you can also have a physical meeting with your client if situation permits so.

Thanks for reading, let’s us know if you have anyone that you think we haven’t mentioned by using the comment box below.

Steps on how To Start POS Business In Nigeria

As Nigeria unemployment rate continue to increase, there are more concern on how to reduce it, create more job opportunity by the government so as to eradicate the poverty level in the country. In our today discussion, we are going to talk about steps on how to start POS Business in Nigeria.

POS business is another legitimate way to make money in Nigeria. It’s more profitable in communities with no easy access to banks and places where ATMs are not enough to serve the financial needs of the community.

POS business which is also known as agent banking business and it’s an extension of the services offered by financial institutions to enable easy service offering to a wide range of customers.

What is POS

POS is known as Point of Sale, it is also called Point of Purchase (POP), it is a device that allows local debit cardholders make payment for goods and services mostly in a retail location. POS machine is a very good automated product because it reduces the stress of carrying cash around, transacting directly with cash etc. It also gives instant notification/confirmation of goods and services payment. That is why you receive alert whenever you do cash withdrawal or transfer with POS agent. POS business has its many challenges and Problems which you must know before going into the business and you will get to know them as you read on.

POS accepts debit/credit cards the same way ATM does. Buyers of goods can pay directly to a sellers account without using cash.

What can you do with POS

POS (Point of Sale) business offers services like funds transfer and withdrawal, sales of airtime, bill payments like GOTV, DSTV, Startimes, PHCN, and other utility bills. It is used in several places where goods and services are sold/rendered; places like retail shops, offices, supermarkets, fuel/gas stations, pharmacies, eateries, etc.

Reasons for starting a POS business

  1. It is very lucrative
  2. It offers more flexible and convenient access to existing and new customers. It ensures the safety of customers and help reduce traveling long distances to have access to banking.
  3. It plays a role in boosting the financial status of people
  4. It provides job opportunities to individuals
  5. It is sustainable because the consumption of these services will always be needed

How do they make money through POS Business

POS business provides job opportunities and financial stability by helping the agent make money in the following ways;

  • Commission: Banks pay agents commission based on the volume of transactions carried out on their behalf.
  • Service Charges: By rendering service to customers, you can also charge them a particular amount especially on bills payments, taxes, and subscriptions.
  • Float: Depending on your cash management policy, you can also make use of cash deposits, net of withdrawal for your primary business.

By operating this business, you are not only increasing your stream of income, but you are also serving the needs of the people in your community.

See Also: Best Banks To Open A Domiciliary Account With In Nigeria

How To Start POS business in Nigeria

1. Have An Existing Business

The POS business has to do with finance and must, therefore, be approached carefully. Besides, the Central Bank of Nigeria is very particular about the business entities that qualify to be agents. So, extra care is taken by commercial banks before they authorise an agent for their retail banking.

To be eligible, you must have an existing business in operation at least for a period of 12 months. Also, you must have a shop or office from which you operate. Then, you must have been registered with the Corporate Affairs Commission as any of the following entities;

  • Limited Liability Company
  • Sole Proprietorship
  • Partnership
  • Cooperative Societies
  • Public Entities
  • Trusts or any other entity aside faith-based or NGOs.

As long as you have any of the above requirement, doing a POS business or serving as a bank agent is possible.

In case you don’t have an existing business, you can find a “host”

A host is a financial institution that is the source of the services you extend to your customers. Examples of good hosts include First Bank, Quickteller, Paga, FCMB, etc.

2. Start Up fund

You will need capital for office equipment, cash at hand for disbursement this help kick up operation. So at least you need 100,000 to 200,000 Naira

3. Meet a bank

Virtually all Nigerian banks allow agent banking services. So, as soon as you decide on the bank of your choice, the next thing is to approach the bank and get the details of their requirement. The CBN guide allows being an agent for as many banks as you can serve.

You will need to fill some documents/agreement forms on the transaction conditions. Then, the bank reviews the application in line with CBN, internal criteria, and enters into an agreement with you, if you meet all criteria.

Also, you must have an account for a direct deposit for the purpose of the business and provide some documents as part of the requirements for the proposal.

4. Choose a location

The location of your POS business is very important to your success. For you to thrive in the business, it’s advisable to choose a location with limited banks or places with few ATMs. Also, choose strategic locations like the bus stop, public market, event centers, etc. All of these factors will have much effect on your daily profit.

5. Get a shop

Once you have a good location, either construct a shed or shop but create enough spaces for swift movement for you and the customers. Have a banner displayed at the entrance to show the retail banking services you offer.

Then, for security measures, you can have a special purse/pouch around your neck or a safe with a strong lock to prevent theft and burglary.

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6. Get a POS machine

Most of your customers will come to make withdrawals, so you will need to have a POS machine. The cost of a new POS machine varies. It is between N85,000 and N100,000 only, The difference here is just like having 2G, 3G and 4G so the higher the money, the better the service. Some banks like First Bank offers free POS machines but you need to meet their requirements.

You must have an account with the host bank. Most of these banks require you to maintain a current account while you are okay with a savings account for others. Contact your bank’s customer support or account officer

You will also need to collect the POS document from your account officer or the nearest branch of the bank. Some banks allow you to download the document online. Then fill in the required details, append the necessary signatures and submit with your bank.

Aside from the mobile phone, the following materials are usually supplied by the bank:

  • Point of Sale Terminal; a portable device that facilitates payments of goods and services at bank agent locations using payment cards.
  • Card reader
  • Barcode scanner to scan bills for bill payment transactions
  • Personal identification number (PIN) e.t.c

Typically, it takes several days or a couple of days to get the device delivered to you. Generally, POS terminals and support are free but you will have to pay a certain fee per transaction (typically, 0.25% with a cap or N1200).

7. Advertise your business

You should print banners and display them at your business location in order to attract customers. You don’t have to spend so much on your adverts.

Also, if you notice that an ATM is not dispensing cash, you can go there to advertise your service. Some people there in need of cash might subscribe to your service.

Designing and printing your banners shouldn’t cost more than N5000.

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Services rendered in a POS business

POS business is rendered through the use of POS terminals, card readers, mobile phones, and bank linked mobile wallets for real-time transaction processing.

As soon as you have these, the next step is to start providing the following services;

  1. Cash deposit and withdrawal
  2. Balance inquiry
  3. Funds transfer services (local money value transfer)
  4. Bill payment (taxes, utilities, tenement rates, subscriptions, e.t.c)
  5. Generation and issuance of mini statement
  6. Cash disbursement and cash repayment of loans
  7. Agent mobile payments/banking services

How does a POS business works

In a POS business, the client first request transaction like withdrawal, transfer, or bill payment and presents the debit card. Next, the agent selects the type of transaction on the POS terminal device and enters the amounts, then, insert the debit card into the device and ask the client to secretly enter the four-digit pin. Using the network, the General Packet Radio Service (GPRS) connects with the bank’s server to authorize the transaction. When successful, it immediately prints out the receipt.

This process can be repeated for as many customers as you can, as long as you abide by the transaction rules of your host (bank).

Criteria for obtaining a POS machine

Some of the required documents needed to get POS machine from banks include;

  1. Valid means of identification e.g Driver’s license, National ID card, International passport or voter’s card.
  2. BVN (Bank Verification Number)
  3. 2 passport photographs
  4. 2 current account references
  5. Evidence of business registration (CAC Certificate)
  6. Tax Identification Number (TIN)
  7. Memorandum and Article of Association.
  8. Credit Bureau Report
  9. A minimum working capital of N50,000

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The difference between getting free POS machine and buying your own

It is more ideal for you to buy your own POS machine than get the free version. When they say free it is not completely free because you will still part with some money to get the POS. A free POS machine is also called MPOS, so it is not a machine per say but something you can sync into your phone

Free MPOS

To get free POS machine there are many conditions that follows.

  1. You must prove that your business can do a #100,000 transaction every day. It is mostly given to people who are already into or have done agency banking before and live in a high brow traffic areas.
  2. The money you pay for registration #15,000 or more is enough to add more money and buy for yourself. They call it agent registration and it is compulsory.
  3. You are the one to pay transportation fare for physical visitation of your location or the address where terminal will be used. And also for branding materials, courier for the POS delivery. Let’s assume the whole of these cost #20,000. Add this to the registration fee what does that tell you?
  4. It takes 30 days before you get the free mobile POS and you have to sync it into your smart phone before you can transact with it.
  5. As an agent you will not charge extra for utility bill, airtime recharge but only from the commission you charge user

Regular POS (only for purchase)

  1. It works independently without smart phone. You get instant value of amount transacted into your wallet. From your wallet you make transfer to your bank.
  2. You get your POS machine within 3 working days after payment.
  3. No target
  4. You earn extra commission on cable TV, utility bills, airtime recharge. Also you earn from the commission you charge users.

How to succeed in POS business

  1. Do not collect high charges. You can put #300 for a ten thousand Naira transaction that is 3% on every monetary transaction.
  2. Always be available at all cost in your location because if you keep absenting yourself clients will think that you are not a serious person.
  3. Since it involves money you have to be in a safe and secure position or place in order to prevent robbery of any form.
  4. Don’t accept large amounts for security reasons except you are well secured to prevent robbery attacks.
  5. Don’t arrive at your workplace late.

Challenges of POS business

  1. Power or source of light. Some rural communities don’t have steady light while others don’t have it at all. So you will have to spend more on fuel to power your generator after purchasing one in order to keep your business running and your customers smiling. The business involves the use of a machine and has to be powered with an electricity source every time.
  2. Network issues: Some people say phone transfer is better than POS but big Companies with many staff needs POS. Phone transfer is risky and very frustrating. Network is the major challenge. Some alerts take hours to come and sometimes you get a reversal of the money a customer has already confirmed you posted.
  3. Theft/robbery: POS business involves money-making, there is the fear of possible attack because you are exposed to it. To keep security means spending money.
  4. Inability to control the crowd that surrounds you.

How profitable is POS business in Nigeria

There is good profit in POS business because it involves rendering many services. With POS you can print and sell recharge cards. Only this one alone provides heavy gain not to talk of when you calculate other services rendered in a day.

The money you make from commissions; banks and cable is enough to make you financially free. The bank charges you receive is not directly from you but your customers. So you have nothing to lose but much to gain. But you have to charge according to bank commission or it should guide your charges.

Assuming you transacted with 40 people a day and your commission is #150 each that will give you #6,000. In a month you would have made #150,000 it could be more. Remember there are other services like recharge card sales, cable and Education voucher sales to make money from.

Conclusion

A POS business is an additional way of getting income. Aside from your existing business, it is a way to expand service offerings and one of the best methods to cross-sell your products/services to walk-in customers.

The business needs to situated in places where there are no bank branches or busy environments with enough security measures in place. You are sure to increase your daily revenue if you get everything right.