The kitchen utensils business in Nigeria is a very lucrative venture that anyone can start and make money regardless of your location or gender.
The business is very easy to start, and sales of all kinds of kitchen supplies come with high-profit margins. You can start a kitchen utensils business both on a large scale and a small scale, and make money.
All kinds of kitchen utensils are in high demand across the country, especially when students are going back to school. The business is a perfect idea for all entrepreneurs, however, you need to know what it entails to get started.
That is why we’ve come up with this post to show you exactly how to start a kitchen utensils business in Nigeria. Not only that, but you’ll also discover the cost of starting, the profits to expect, where to buy, and how to sell all kinds of kitchen utensils for the most profits in any part of the country.
Along the line, we will also discuss how to buy different kinds of kitchen supplies from abroad and sell them in Nigeria both online and offline for good profits.
If you’re ready to know all that, let’s get started then!
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Starting a Kitchen Utensils Business in Nigeria
The kitchen utensils business involves selling different kinds of cooking-related items such as silverware, dishes, and cookware to everyday people, restaurant owners, culinary institutes, and so on.
This business is very lucrative in Nigeria. It is super easy to start and has good growth potential. You can start the business with both a small capital and a huge capital depending on how you wish to operate.
By getting a shop in a good location for a kitchen supplies business, you could drive unlimited sales, and make the business a source of daily income. Kitchen utensils sell for high prices in Nigeria, making profit margins juicy.
How Much Does it Cost to Start a Kitchen Utensils Business in Nigeria?
One common question people looking to start this business usually ask is – how much do I need to start a kitchen utensils business in Nigeria?
Well, the capital needed is based on how big or small you want to start the business. Also, location also determines the cost of starting a kitchen utensils business in Nigeria, and this is mainly due to the cost of transportation.
On the lower end, you can start a kitchen utensils business with about 200,000 Naira on a small scale. While on a large scale, you need millions of naira to start a kitchen utensils business in Nigeria.
You can also operate the business using the mini importation strategy where you buy kitchen utensils in pieces at cheap prices from China and sell them for good profits in Nigeria. Here, you can start the business with just as little as N10,000.
Is Kitchen Utensils Business Profitably in Nigeria?
Yes, the kitchen utensils business e is very profitable in Nigeria. This is because the demand for the products is high, and also the profit margin is good, as kitchen utensils are usually expensive.
Although it is truly profitable, the profitability of this business depends on some factors. These factors include location, and how you operate. For the location, if you’re living far away from suppliers (which is often the case), the cost of transportation may take up to 50% of your profits.
Also, how you operate determines the probability of a kitchen utensils business. You’ll definitely make more money starting on a large scale, than starting on a small scale with just a few products.
If you’re worried about the profit margin of a kitchen utensils business, on average, you could make anything from 20% to 70% per kitchen utensil sold in Nigeria.
How to Start a Kitchen Utensils Business in Nigeria
1. Start with a Market Survey
The first thing in starting a kitchen utensils business is to carry out a market survey to get to understand the business. You’ll need to do some findings on how the business works, how fast it moves in your area, the best types of kitchen utensils brand to sell, and so on.
Also, you’ll need to research the cost of starting depending on how big you want to get started. Also, find out the pricing strategy of kitchen utensils in your area.
To get the best result from your market survey, you need to meet with someone already in the business and do your findings. Create a solid business relationship with them, as they may be an important part of your success since they already know a lot about the business.
2. Arrange for a Startup Capital
After understanding the basics of the business, the next thing is to source for capital to start your business. The startup capital you’ll source would be based on your mode of operation, and the type of kitchen utensils you want to start selling, so, it may vary.
While sourcing your capital, make sure you raise funds that will be able to account for every operation of the business from the purchase of goods, to getting a shop, and other expenses that you would encounter after starting.
There are many ways to raise capital to start a kitchen utensils business in Nigeria. Starting on a small scale or as a mini importer of kitchen supplies, since it doesn’t require much capital, you can do some menial jobs and save up and get started. However, while dealing with a large quantity of kitchen utensils or starting as a dealer or wholesaler, if you don’t already have capital, you can seek partnerships or loans from friends and family to get started.
3. Get a Shop
After raising your capital, the first thing you want to invest in is a shop. Whether starting on a small scale or a large scale, a shop is required to operate a kitchen utensils business in Nigeria.
Getting your kitchen supplies store located in the right area and establishing relationships with potential buyers will help your business grow fast and give opportunities for rapid expansion. It is possible to open up a second location within a year or two.
Therefore, while looking for a shop, make sure you keep your target audience in mind. Also, make sure that the place you want to get a shop has a low crime rate because kitchen supplies stores are prone to theft in some parts of the country.
4. Source Suppliers of Kitchen Utensils
The success of a kitchen utensils business in Nigeria depends heavily on where you purchase your goods from. So, you want to take your time to source the best suppliers.
Some kitchen utensils are manufactured in Nigeria, so you can find out about those companies, identify the ones close to you and buy from them. This is great if you want to start on a large scale (wholesaler). However, starting on a small scale, you can visit big markets near you and find kitchen supplies dealers to buy from at wholesale prices.
Although Kano and Lagos are the most popular places to source kitchen utensils suppliers in Nigeria, you can also buy them from China at cheap prices and resell them in Nigeria for massive profits (up to 200% ROI). This involves using the mini-importation business model. You don’t even need huge capital, as you can start with just 10,000 Naira.
5. Get Start and Start Selling
After sourcing your suppliers and getting your goods at hand, the next thing is to start selling. To sell kitchen supplies, you must market them to potential customers, and this can be done in different ways including:
Word of Mouth
The most effective way of promoting your kitchen utensils business in Nigeria is through word of mouth. Tell your friends and family about your business, show them your products and let them try them out, and also encourage them to advertise the products to their friends, family, neighbours, and so on.
As a beginner, this is the best way to quickly drive sales, especially if you’re starting on a small scale.
Advertise on Social Media
Social media also offers you the opportunity to promote your kitchen utensils and drive sales. You can leverage the power of WhatsApp status to reach a lot of people through posting and seeking reposts from friends and family.
Also, post your products on Facebook groups, and WhatApp groups to drive sales. More so, do not underestimate the power of Instagram, Twitter, and Facebook pages. Create a profile for the business on those social channels to create brand awareness.
Sell on Ecommerce Websites
The power of ecommerce is not to be underestimated when it comes to selling kitchen utensils in Nigeria. Websites like Jumia, Jiji, and Konga offer you the opportunity to list your products and drive sales for free.
You can take advantage of the millions of visitors these websites gain monthly to reach a wider audience and drive unlimited sales.
The kitchen utensils business is a very lucrative one to venture into in Nigeria regardless of your location. There’s a lot of money to be made from the business if done the right way. With this post on how to start a kitchen utensils business in Nigeria, I believe you’ve gotten the beginner guide and tips to get started.