If you’ve landed on this article page, you’re probably searching for a
good business idea—an idea that’s light on the pocket but heavy on
returns, promising both a fulfilling journey and potential profit.
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Provision items are the fastest selling in any Nigerian market.
Like food stuff business, It a business that has no seasonal
boundary, it sells all year round, money or no money, strike or
no strike. That is why the business is considered very viable
because whatever amount you make daily as profit may likely be
constant all year round or even increase.
Rent a Shop: Rent a shop in good location. Any place people are
living is a good location, especially people
living in a
neighborhood setting. The size of shop you rent depends of the
amount of money in your hands and how big you wants to start. Be
choosy and shop and try to get decent one in a strategic
location.
Shops are not too costly in the neighborhoods, N60,000 to
N100,000 will get you a decent single shop. If you are going for
double shop as some people prefers, you budget N120,000 to
N200,000.
Stock your Shop with Goods: With all these in place, the next
and final step is to proceed to the market and buy your
goods. The wholesale prices are fixed in any place where the
grocery items are sold in wholesale though some dealers sells
some items slightly higher or lower, the prices are relatively
the same. You can get the provision wholesalers in most major
markets in Nigeria. After you have established your shop, you
will be getting supply from manufacturers of some goods who
usually go from streets to streets supplying shops.
Which products are most profitable for a wholesale provision
store in Nigeria?
They are, Washing and bathing soaps, Toothpaste, Soft drinks and
beverages, Body Spray, Baby Diapers, Hair cream, Liquid
antiseptic, Baby foods, Biscuits, Body lotion, Bread, Corn
flakes, Hair relaxers, Water Dispenser Bottles, Instant noodles,
Salt, Maggi and other kitchen ingredients, Sugar, Spaghetti,
Takeaway Plastics and disposables, Insecticide, ,Umbrella
,Custard, Razor
blades ,Cigarette, Nescafe, Batteries and lots more. Generally,
any product being used in the household daily will be very
profitable for a wholesale provision store in Nigeria.
How much does it cost to open a provision store in Nigeria?
That depends on the level you want to operate at. If you’re
starting small, you can open a wholesale provision store with a
capital of less than ₦500,000. If you have access to large
capital, you should open a normal or large wholesale provision
store. It will cost you more than ₦2 million, but you will make
more profit on each stock.
Customer Service: You will need to provide excellent customer
service in order to keep your customers coming back. This
includes being friendly and helpful, as well as providing fast
and efficient service.
Have a variety of prices so that everyone can afford something.
Make sure you have enough stock at all times. People will get
angry if they can’t find what they’re looking for.
Advertising for Your Grocery: Advertising for your grocery store
startup begins at the shelf level. This means item placement is
important. Whether you follow the traditional method of placing
your fast moving, popular items on the bottom shelf or the
alternate method to place these items at eye level, the most
important thing is to be consistent. Items should also be
logically placed in the store. For example, light bulbs
shouldn’t be in the produce section.
After setting up your business plan, and selecting the location,
make a financial plan. Forecasting the costs of your business is
important as it will help you depict a number required for your
business operations.
The profit margin is dependent on the scale of the business and
the target audience. On average, the profit margins range
between 5% to 25%. Some items are sold with just N5 gain while
some are sold with N500 gain, when you pile up everything at the
end of the business day, you would be surprised at the amount of
profit you make. The profit margin of a large-scale business can
go up to 30-40%. You can increase your profit margins and sales
by expanding your business.
Owning a provision store can give you the opportunity to be your
own boss and set your own hours. . Moreover, starting your own
business can provide you with a sense of pride and
accomplishment.
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