HOW TO START A SME DATA BUSINESS IN NIGERIA
Surfing the internet has become incredibly easy over the years. In the past, individuals either had to go the a place that offers internet browsing services or use other means in getting information they needed. With the invention of smartphones, things like that have become increasingly easy and convenient for individuals who own the device. But having a smartphone isn’t just the only criteria for using the internet. Having the device is even more like the first stage in the process. To be able to use the internet, you’ll need to get a sim card from a network provider and subscribe for data which can then be used to browse the internet.
The SME data reselling business is one of the fast growing businesses in Nigeria with individuals looking at the business option as a way to make good amount of profits even without leaving the home or getting a shop to get started or be successful. The business is one of the few businesses available to be practiced remotely without too much stress and also removing the cost of getting a location or a shop where the business can be started unlike some of the other businesses around like even recharge card sale, which is also related to this business.
The business, like the name implies, involves buying data in bulk and then reselling to customers willing to buy at cheap affordable prices. It is a really popular business in Nigeria and it’s also quite simple to start as it doesn’t require too many things to set up and not to forget the fact that you won’t be needing a location for the business. The business offers opportunities for individuals to get their data at affordable rates and also with ease. It’s definitely a good business option that will surely get you customers especially when advertised really well.
One of the advantages of starting this business is of course, the fact that smartphones are really popular and to use them to browse the internet and perform some other functions relating to the use of the internet, you’ll most definitely be using a single card which in turn needs data and leads to the business. The demand for data services is quite high with many people really using the internet these days and also that remote work and many new businesses are now operated online.
Another thing is that the rates and data costs are usually cheap and affordable even when compared to some of the popular network providers in the country. If there’s one thing buyers like, it’s finding a place where you can get cheaper things especially when there are not too many alternatives in the market. The affordability of the data makes it easier to get customers and you’ll definitely be able to get some in no time after starting the business.
The business also doesn’t require a large capital at all. It can be started with an extremely low budget. The only thing you’ll be needing is just the products, which in this case is the data to be sold to customers. With almost any reasonable amount, the business can be started as you don’t really need too much after that. It’s also a business that can be started by almost anyone. No special skills or educational qualifications or experience is needed to start the business. Just a basic knowledge of how to run a business and you’re good to go to start your own business without issues.
Starting the business, like I’ve mentioned severally, is not really a hard thing to do. It’s almost as easy as getting data, advertising, getting customers to resell to and making your profits. You don’t need too much stress to start the business. Like I’ve also stated, you don’t need a location for the business as it can be fully operated remotely without any issues at all. This is also a major reason why the capital is really small and affordable for almost anyone ready to start a business.
In the next sub heads, I’ll be discussing the steps involved in starting an SME data business in Nigeria and some of the things that will be useful during the course of the business and also to ensure the success of the business.
No matter what you’ve heard someone saying about a business and how well success is assured or how lucrative it would turn out, always try to do your own research. The research will not cost anything except your time and that time will prove to be well spent when the business starts and the successes starts coming in. It is important to do a thorough investigation about the business since you’re going to be investing your money into it and you’ve never been involved in the business. Some hours of research won’t hurt.
The research is always meant to give you an idea of what to expect and the challenges ahead to be faced. It teaches future entrepreneur how the business works and what success means. It shows the risks involved and the ways to tackle them. It also gives ideas on how to sustain the business and work towards more success. Imagine missing out on any of the mentioned points, it’s more like being less equipped about something especially something you plan to spend money on.
There are experts in the business, of course, so also look to advise from these individuals as they are most likely the best bet for reliable information on the business. Take note of even the smallest things during the research period and pay close attention to how to stay and survive in the business. The research is as important as anything in the business.
2. WRITE A BUSINESS PLAN
A business plan needs no introduction. It is equally as important as some of the other processes or things involved in the business. After a comprehensive and thorough research has been conducted, entrepreneurs must now put all their ideas into paper after, of course, deciding to start the business. The business plan will cover things like the way you plan to operate, the cost of several things, how you plan to market your business, future projections and also contingency plans.
The business plan serves a number of purposes. In cases where individuals might need to get investors or even get a loan, it will prove useful as it will contain all that needs to be known concerning the business. It is also going to serve as a point of reference for the proposed business.
At this point, you’re ready to start the business and it’s now time to start getting things needed from the business. But before anything at all can be bought or gotten, you’ll need to have sorted out the capital to be used to start a business. One of the most impressive and nice things about this business is that it can be started with small amount of money and you can even start so small and then look to expand after a while in the business. There is no location for the business as its not necessary and can be done online, so the cost of getting a location is totally out of the equation. The main thing money will be used for is getting the data to be sold.
4. GETTING THE DATA
There are a number of wholesalers of data around in the country and you can interact with them to get the data you’ll be selling. There’s also the option of registering with network providers to get SME data which can then be sold to your customers. Most of the network providers in the country currently have an option for that so it won’t be a problem getting your supply of data for your business.
5. MARKETING AND SALE
As there is no physical location for the business, you’ll need to create an online location for your business. There are different social media platforms available today and you can make use of them to advertise your business. You can also create a website where your customers can easily get data. Referrals is a very useful method of advertising in this case. Ensure your prices are affordable and encourage your customers to come again and also invite their friends.