5 Tips to Start Buying and Selling Business

5 Tips to Start Buying and Selling Business

Buying and Selling Business

Start Buying and Selling Business in Nigeria | Buying and Selling Business what is buying and selling business? Buying and selling businesses is all about buying products, any type of products from the manufacturers in bulk and large quantity and sell these products in large quantity to wholesalers.

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Or you can sell the goods to the retailers, or possibly you can still sell your products directly to the end users.

Wherever level you find yourself in the buying and selling business.

Whether a manufacturer, who buys raw materials to produce finish goods.

And sell back to the members of the public.

Or a wholesaler who buys products in larger quantity from the manufacturer.

And sell in small quantity to retailers, and/or you are a retailer who buys in small quantity.

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And retail the products directly to the end users.

The difference among all of you involving in buying and selling business is the scale at which each of you is operates.

Besides, there are those who involved in a commercial scale of buying and selling business.

But their own is mainly importing and exporting of goods.

However, whichever way you may look at it, buying and selling business in Nigerian is quite a lucrative business which anybody can do.

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While making up your mind to start buying and selling business in Nigeria.

There are things that should have come into your mind.

Because you should not rush into starting buying and selling business.

You should not forget that buying and selling business has to do with some method of serving customers.

With different products in different ways.

Of course another thing you should not forget is that.

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In starting buying and selling business.

You should be able to decide whether you will be operating small scale buying.

And selling business or medium scale and/or large scale, you have to choose.

Whether or not you have chosen what you will operating.

There are some important things you need to know and put into consideration.

While in the process of wanting to start and run buying and selling business.

And to take into consideration would be.

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1. Type of products:

Once you have made up your mind to start your own buying and selling business.

The next step is to decide on what type of goods you intend to sell to your customers.

In most cases, you should have a particular type of goods you want to deal with as you venture into buying and selling business.

However, you should not be limited to a particular type of products as the case may be but should unique.

So when you want to go in for buying and selling business with the hope of making profit.

Because that is the purpose of setting up business.

You should first of all take into consideration what kind of products you intend to sell to your customers.

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2. Your start-up capital:

Having taken decision on what type of goods you want to sell.

Once you have settled on this.

The next thing you do is taking into consideration your startup capital.

This is very crucial because more often than not.

Starting large scale of buying and selling business can be more costly than starting your own small scale buying.

And selling business, the reason is obvious.

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However, if you invest in large scale.

It simply means that your investment will be higher than starting small scale business.

in the other way round, though large scale business will mean increase in ROI;.

Starting your small scale buying and selling business is likely to be cheaper in terms of start-up capital.

It is also important to note that if you want to build your brand and reputation in buying and selling business in Nigeria.

The option is not to invest so much into your buying and selling business.

The option is that you can always start small and grow big.

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3. Your Location:

Another point of consideration is the place.

And the location you want to site your shop or warehouse for your buying and selling business in Nigeria.

Please you should take this statement very important.

Because you may not succeed in any business you rushed into without taking into consideration the location you intend to start your business.

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The location or the place you intend to start your business will to a large extent determine

how your business will thrive and the volume of customers you are likely to have.

Take for instance, places, where there is low traffic, less people, less economic activities and visibility.

Buying and selling business may not thrive maximally.

Because you need people to patronize your business.

So if you want to start buying and selling business.

It should be at where there are activities, example, urban centers.

Where there are shopping malls, colleges and universities.

And where there are motor parks, etc.

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4. Finance:

Another step is to think of how much you think would be sufficient.

To start and run your buying and selling business.

And that avenue you think you can raise money to start your own business.

Whether through loan or business association.

One of the potent and effective methods of raising funds to start up your business.

Is to prepare a saleable proposal for investors.

Such business proposal should have detailed information on your plans.

Whichever way, your business plan should provide the information as in return on investment (ROI).

Costs and profits and what you think you will do to make your business have edge over other businesses.

Should you start your own buying and selling business.

5. Government regulation:

Very important! You do not just rush into starting your business in Nigeria anyhow.

You should first study the regulation that regulate your business in Nigeria.

And be obliged to meet this regulation before you venture into buying and selling  business.

Sometimes in other way round.

You could be licensed to operate your buying and selling business in Nigeria.

So what you need to do is to make inquiry into how to get the license.

And obtain your permit to start your business in Nigeria.

And possibly, get your business name registered with the relevant authority.

Once you obtain the license to start your  business.

You are duty bound to keep these laws that regulate business in Nigeria.

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