No matter where one lives in Nigeria, starting a kitchen equipment business can be quite profitable, if run properly and with the right information, a report by NairaRush says.
The kitchen utensils industry deals in selling various cooking-related products to regular people, restaurant owners, culinary institutes, and other customers. These products include; silverware, dishes, and cookware.
One can also generate limitless sales and turn the kitchen supply business into a source of daily income by opening a store in a prime location.
Sales of all kinds of kitchen goods come with great profit margins, because of the high demand nationwide. So any one who is thinking of business should consider starting this venture.
Business Capital
“On the low end, you can launch a small-scale kitchen utensils business for around N200,000. On a huge scale, millions of Naira are required to launch a kitchen utensil business in Nigeria. You can also run the firm employing the micro importation technique, in which you purchase kitchen utensils in Nigeria for a profit by breaking them up and buying them cheaply from China. Here, you only need N10,000 to launch your business,” the report notes.
‘To raise money to launch a kitchen utensils company in Nigeria, there are numerous options. Since starting a tiny business or as a mini-importer of kitchen goods doesn’t require a lot of capital, you can work a few menial jobs to earn some money before starting. If you don’t already have money, you can seek partnerships or loans from friends and relatives to get started if you’re dealing with a lot of kitchen utensils or beginning out as a dealer or wholesaler.”
“The first investment you want to make after raising funds is in a store. A shop is necessary to run a kitchen utensils business in Nigeria, whether starting small or big. Establishing relationships with potential customers and getting your kitchen supply store in the correct location will help your business expand quickly and open up prospects for rapid expansion. Within a year or two, a second location could be established.
Profitability
“Despite the fact that Kano and Lagos are the most well-known cities in Nigeria for finding kitchen utensil suppliers, you can also purchase them from China for a low price and resale them in Nigeria for a significant profit (up to 200 per cent Return on investment). The mini-importation business model will be used in this. You may get started with just N10,000, so you don’t even need a lot of money,” the report advises.
“The next step is to start selling after finding your suppliers and receiving your products. You must advertise kitchen goods to potential clients in order to sell them. There are several ways to achieve this, including verbal adulation; Use social media to advertise and sell on online stores’ websites, among others,” the report states.
