Week-4 || Share a small business idea for new entrepreneurs.

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Starting a business is easy when you know your plan and what you want to achieve. One thing I love to say is that you don't need to compete with anybody. I have seen a lot of competition in my working place.They will be monitoring the product you're buying and they will also go for that some products. In business there's always a competition which is the first thing you should know. There's a lot of business in your fingertips you can think of in your environment.

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Look into your neighborhood and your surroundings, what do people buy most? What is your profession right now? What do people always come to ask you of. For example, you leave a street where store are far from you or your street and you notice that people always come to ask of card in your place. Are you getting my point? You can start selling recharge card and make profits. If it's minerals especially in dry season, if your lucky to have a fridge, you can buy like 1 packs of Pepsi, fanta and coke and start selling it in retail.

Since you're just starting the business, you buy in small quantity first and also, most important, create awareness about what you're selling. For example, you can tell your work mate, classmates, neighbor and friends about what you're selling and they will likely to support you. If it's selling recharge card, let people know that they can always come to you to buy airtime. Gradually you might begin to add other products as well.

Now, the very important factor for any business is location. The location will determine how your business will be. For example, 2 of my neighbors are selling food. The first woman has been selling for about a year while the second woman just started the business. The first woman sells the rice within the streets and in our compound and I hardly see people rushing her food. The second woman started recently and she position her self close to a bus stop. She made a lot of sales more than the first woman.

This example shows that location have a role to play in any successful business. A good location has to do with demand. what do people want in your location. If you're planning of selling retail minerals, you can consider people who works in your location as your customer. The best time for retailing is during dry season. If you consider selling recharge card, knowing the demands of it in your location is very important.

Talking about the capital to start this business retailing business, it's not too big since it's newly established. With the sum of N10,000 you can start retailing minerals and adding recharge card as a substitute.

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Benefits of selling minerals in retail

One of the benefits of selling minerals in retail is that there's a lot of profit or interest in it. For example;
1 pack of Malta Guinness is N12,000,
As a retailer, you sell it 650 per one. N650×24 pieces =15,600
N15,600-N12,000 = N3600 profit

Minerals bought at N3700
you sell it at 400 per one
N400×12 pieces=N4800
4800-3700=N1100 profit
Imagined if you have a high demand in a day, you'll b making a lot of money from your retailing business.

Disadvantage of retailing business

As we have been calculating the profit, sometimes it might not be as we expected. Sometimes in some days it might takes 2 to 3 days to sell off 1 pack of minerals.

You'll need light in other to make the mineral cold. That's to say, there's a little expenses in it.

picture from my phone

Here I the picture of my neighbors who is an hairdresser. She sells minerals, malt, energy drinks and some snacks. She came up with the plan when she noticed that no one is selling it along the street and people keep asking of it. Since she started the business she had been making enough sales especially on Sunday where she will be the only one to open in the afternoon.

In conclusion, location is very important in any business. Before starting any business check out the demand of that particular good and also the prices of it. Every business have their own obstacles but with early planing you can be able to set up a small profitable business for yourself.

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