Chandeliers are beautifully decorated branched ornamental lights which are mounted on either walls or ceilings or both. They are used for decoration as well as lighting. Therefore, investing in such business is an automatic money-making venture.
There is an increasing acceptance among Nigerians for this house fitting, which means that there is an increasing market for persons interested in joining this line of business.
Business Opportunities
The Nigerian market is a huge one which presents boundless opportunities to anyone who will take the initiative of venturing into this business.
Every new building will require electrical fittings. This is where the opportunity lies for you to take advantage. This is because as long as people continue to build, there will always be a need for building materials. Chandeliers are part of the building materials which need to be supplied.
Requirements
There are requirements one must follow to succeed in this business and some of them include:
Capital
This is very important because you need to get your first supply. While the business is capital intensive, you will need a minimum of N1million to start with in the current economy.
CAC Registration
You will need to register your business with the Corporate Affairs Commission(CAC). The CAC will require you to complete some documentation; such include the memorandum and article of association, proficiency certificate where applicable as as well as scanned copies of passport and other documents required by the CAC.
Business Plan
This is critical as it gives direction to your business. Its the manual of how you want to run your business. Your business plan should cover all your financial plans. When writing your business plan, you should seek the help of an expert as he or she will help you avoid common mistakes made by many business owners.
Knowledge
It is not good to have the zeal to start a business but lack basic knowledge on how to go about it. Therefore you should make every inquiry especially with your suppliers. It is necessary to establish contact with such manufacturers before commencing business. Importing your goods will require orders to be made.
However, in situations where you are not interested in importing or starting on a large scale, you can become a sub dealer by placing your orders with major dealers. There are major online directories where you can access this major dealers.
Profitability
Investigations reveal that if you market your business very well, you can get three times your investment capital in the first two years of the business.
Source: www.wealthresult.com
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