Welcome to another article on miniimportation.ng, and we will be taking you through what mini-importation is and what you need to know about it.
I will try as much to explain every single part of the world mini importation and also things around it that you need to know. With all that being said let me start with what is important on its own.
What is importation?
Importation is the act of buying products from another country direct from the manufacturer at affordable prices down to your own country and selling it at an affordable price and yet banking your gain while doing that.
When we say importation it can be importing crude oil on a larger scale side, car importation, or machine importation. Those are on the larger side but talking about importing clothes, bags, shoes, wristwatches, human hair and some other products around that then we are talking about importation on the lower scale and that does not mean you can not import lots or in million while importing on the lower scale but its category as mini importation so as to differentiate it.
The word mini means little or lower scale part of the business.
Then let me explain what muni importation is.
What is mini importation?
Mini importation is the process of importing goods or products from another country down to your country on a lower scale while selling those products in your country at an affordable price and taking your profit while doing just that.
That it is termed mini importation does not mean people don’t spend millions of naira importing products and making millions as a profit but the word mini makes it signify that its business importation of products like fashion, and equipment, among others.
What you need to know about importation and the process
First, this is the kind of business model that has a very good profit margin. You can make x3 or even more of your cost price when you follow the appropriate procedure.
You also need to learn from a professional or an experienced someone to achieve all this.
Let me take you through some procedures you need to follow
- Mapping plan of what to import and how to sell your products
- Making research on hot selling products and the unit you are to buy to sell them fast
- Mapping out how to sell those products when imported ( Always get the audience to taste your product and be ready to buy)
- Knowing the manufacturer you are buying from
- Trusting someone or an agent that will help you still verify those products from the manufacturer if it’s original and complete in quality before sending them down to your country
- Mode of payment: Make sure you are using the easiest mode of payment the cheapest so that your product can be affordable
- Trusting your shipping agent and making sure they are cheap enough and calculating the date t will land make sure it meets up with when you want to sell(It’s advisable to use shipping through water which is the lowest but make sure you order in time and use air make sure it worth the price)
- When the product arrives collect it in time and start re-calculating maybe still worth the price want to sell make any adjustments then immediately start marketing
- Market hard and try to sell them out very fast( It is best not to be enough then to have too many products on grand on sold turning out selling them out at cost price or lesser)
If everything going on other and you think it best to make the next import start processing and always still make research.
Conclusion
I am sure you already know what mini importation is now and its very advisable to always stay focused and always be calculating your gain( Let the gain margin wider so if anything goes wrong you will still make your profit even if not as much as previously calculated rather than losing the cost price