MONEY MATTERS: Making Fortune From Selling, Repairing Computer Hardware

With the world becoming a global village, there is hardly any place of business, one won’t see a computer system, a computer hardware seller in Lagos, Mr. Tony Odiaka said.

For instance, data from Statista revealed that in 2018, the turnover in the desktop Personal Computer market was projected to be $780.7 million. The desktop PC market was also expected to amount to approximately $891.9 million by 2021, data from Statista added.

Odiaka said personal computer is used virtually in every place ranging from school, office, home to churches, and as time goes on, the computer may develop some fault, which would required an expert to either fix it or replace the parts that are faulty.

“That is where we come in. Since computer is very expensive, people tend to fix it, rather than buy a new one. That is where we come in. For me, I sell computer parts like memory chips, hard disks, flash memory cards, external storage devices, monitors, cables, input devices, keyboard, mouse, printers (including toner), projectors, speakers, webcam, monitor and other computer accessories,” Odiaka added.

He disclosed that the computer industry is very competitive, in the sense that, “nearly in all states in Nigeria, there is a place dedicated for the sales of electronic devices including computer. In Lagos, it is called computer village.” However, selling and repairing of computer hardware is also lucrative, Odiaka added.

Requirements

While one don’t need to go to school before he/she can learn the business, Odiaka sai, like every other business, knowledge of the business is key, adding that, “you need to learn from someone in order to grasp what is needed.”

The next stage is funding, Odiaka said: “Fund is very important. Without fund, there is no business. So you need to raise some reasonable amount of money when venturing into the business. You need fund to buy computer accessories. In addition, you need to know where to procure good quality computer accessories at the lowest possible price.

“The next stage is to rent a shop at a very busy place. You need to consider your location and where your target customers are whether corporate or individual buyers. Renting a shop is very crucial, because people can easily locate you.

“Furthermore, you need to choose a business name. Please choose a business name that makes you stand out. After choosing a business name, you must register the name with Corporate Affairs Commissions (CAC).

“The next stage is that you need to use social media to sell your products. You can display your items at Jumia, Konga and Jiji etc. Instagram, Facebook and WhatsApp status have proven very effective in advertising my products. You can also make use of them.”

In addition to selling of computer hardware and software, Odiaka advised that one can learn how to repair them or fix a computer, adding that, it will be an added advantage.

Challenges

Funding is challenge to any business, Odiaka said. He added that; “the interest rates of most banks in Nigeria is frustrating. You cannot borrow money from the bank, because you won’t be able to pay the interest rate. So having enough fund for the business is a huge challenge for Start-ups.

“Another challenge is competitiveness, which is a major issue in the business. This in most cases has forced vendors to cut prices to keep their customers from being taking by another vendor or seller.”

Profitability

Selling and repairing computer hardware and software is a very lucrative business, Odiaka said, adding that, “It is the business of the future and as such it is expected to grow more.

As far as IT remains the main thing, the prospect for further growth is there.”

Advice

For sustainability, Odiaka said, what is required is to have a knowledge of whatever one wants to do or sell. In the case of selling and repairing computer hardware and software, he advised that, one needs to have the knowledge. “Learn the business. Also, learn how to repair hardware and software. You need to learn from someone in order to grasp what is needed.

“Have the cash; be focused; know when to adjust your prices either upward or downward, be truthful and be prudent. Try to create a relationship where you can be trusted by your customers. As the Chinese say, he who wants to make friends, must have a smiling face,” he advised.