BusinessHABHow to start Distributorship Business
We are very much aware that the present economic situation of the country is a kind that you and I can not specifically point to when it will come to an end.
As the saying goes that desperate situations require desperate measures, I guess you will agree with me that we need to do whatever it takes us to make money, as far as it’s legit.
There are some highly lucrative businesses in Nigeria today that we sometimes don’t pay much attention to and this might be as a result of financial constraint or other varying factors, but the truth is, we can always start any business as far as we have the information required to go about it.
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One of such business is distributorship business and I will be sharing with you, the processes or steps involved in setting up your distributorship business in Nigeria and I hope you’ll work towards setting up your distributorship business as soon as possible.
How to start distributorship business in Nigeria. It has to do with certain steps as thus:
STEP 1- CONDUCT YOUR RESEARCH
As soon as you decide to start your own distributorship business, the first thing you should think about is carrying out your research. What do I mean by this? All you have to do is look at your environment and look at what your community is lacking.
For instance, if there are many schools around you, it’s an opportunity to become stationery distributor especially if they don’t have good customer base, it will be a good opportunity for you. We have different publishing outfits such as Lantern books, Evans books, Literamed and so on. Type on Google to find out more about these publishing outfits and you will find the needed information.
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Do you have hotels around you? If yes, then don’t you think that you can act as a distributor of some fast moving edible items for them? Or do you live in a place where most of the houses around you are uncompleted and there are still lands available for sale? Why not think of being a cement distributor for these people?
These and many others are the type of opportunities we fail to pay vital attention to. And the good news is that, you need little capital for these businesses.
STEP 2- KNOW EVERYTHING ABOUT YOUR GOODS
Now you know the kind of goods you want to distribute but you don’t know how it works. You need to find out the pros and cons of being a distributor of your goods and you also need to know how long it takes to keep such goods.
You know that non-durable goods aren’t meant to be kept for too long like durable goods, so you need to know the kind of good you’re dealing with, in all it’s entirety, that is, it’s storage condition, expiry date, ways of handling and so on.
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STEP 3- GET A STORE, WAREHOUSE OR A SHOP
The next thing to do after conducting your research and having all the required information about your business is to get a place you can easily store your goods and protect it from damage. This is very important if you’re going to operate on a large scale.
Therefore, starting your distributorship business does not have to be difficult after having the information above in steps 1 and 2.
Also, you can always start small and expand as time goes on and as such, finance should not be the primary determinant of how your business should thrive.
Also, note that getting a shop should not be a hindrance to starting your distributorship business and as such, you can start without it if you don’t have the means right away, your home can serve as a store pending the time that you are able to get your desired store, shop or warehouse.
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STEP 4- FIND YOUR DISTRIBUTOR
What else are you waiting for? You have created the foundation of your business and the next thing is to build on it. The next thing you should do is just to find means of contacting your distributor and kick off on your long awaited distributorship business.
This should not be a hard nut for you to crack as you can always go online, search for the product and company you are interested in and follow the steps that will be required of you to be a distributor for them. You can also get their contact and address here and start from there.
How to start Distributorship Business
STEP 5- FIND YOUR CUSTOMERS AND KEEP THEM
The last but not the least of these steps is to find customers for your goods. This is the most delicate and important part of setting up your business as this will determine the success of your business in the long run.
However, bear it in mind that getting customers for your goods is not as important as keeping them and this is why you need to work on your marketing skills and learn few tips on how to get and keep your customers.
Reaching this goal may appear cumbersome at first and as such requires you not to relent. This is why you have to make sure that your research is well carried out at the beginning.
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How to start Distributorship Business
STEP 6- RE- INVEST YOUR PROFIT
Do you know that some businesses flop at the very last minute as a result of some factors that are beyond human control but one major factor that can lead to the sudden downfall of any business is the failure to reinvest your profit or spending out of your capital.
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Always have it at the back of your mind that the more the capital, the more the profit and the more the profit, the bigger and better your business.
Everyone wants to associate themselves with successful people, so does the people supplying you goods. Don’t forget that there are people out there that are ready to do this same business and have the money at their disposal, so do you now agree with me that you need to reinvest your profit?
I wish you all the best!
If you need a complete business plan or you want us to help you set up this business, kindly contact us.
BusinessHAB