Setting Up Electrical Materials Shop

As electricity demand continues to grow globally, the market for electrical materials remains strong and offers potentials for profitable business opportunities.
This service includes a wide range of products such as; wires, cables, switches, outlets, bulbs, screwdrivers and lighting fixtures. These materials are essential in the maintenance of buildings, homes, and infrastructure.

To get started, you have to get someone who is experienced in the field as this person will guide you on market structure, price negotiation with customers, and sourcing electrical material for sales.
So, when you are ready to start, he will be the person to guide you on what to start with by selecting the materials that can be sold easily.
By offering high-quality electrical materials you can attract customers from various places to patronise. Additionally, providing excellent customer service and technical support can help establish long-term relationships with customers who may need these items.
Speaking with someone who is into the business but wants to be anonymous, he said, “you do not have to start as some apprentices do since you have the capital to start the business. What the person teaches you is how the business is done, so you can establish yourself quickly.

Location
The choice of location for your business will have a direct impact on the products you sell, as it can dictate the type of electrical items that are sold. For example, if your shop is situated in an emerging area, it would be advisable to offer products that are aligned with this new developing environment. Conversely, in more established areas where core electrical materials may not be needed such items could prove highly ineffective for profit.
So, it is recommended to conduct thorough research and surveys of the local area to determine its unique needs and preferences before deciding what product offerings to provide.

Market
You can get the materials from Alaba International Market, Idumota Market or even source for it around your area and sell, depending on your pocket.

Capital
The amount you have at hand is enough to start your business. But this is not the one you can start with N20,000 or N50,000. So, check the amount they rent shops in your area. It would be ridiculous to rent a shop of a million and above and you do not have a substantial amount to kick-start the business. Raise money higher than the amount you rent the shop.

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Profit
According to the anonymous owner of electrical material shop, “there are sales in the business. We sell different items and make money. I have a standing fan that I bought for N25,000 in the market. If I am to sell, I should be able to make at least N5,000 profit on it. Same for sockets. When you buy a bag of an original 13 amp socket at the market at N50,000, it means you buy one at the rate of N400. But at retail price is N1,000 per unit. So you can make a profit of N600 on each sold item.