13 May
The rate at which technology has evolved globally is beyond bounds thus favouring the growth of mini importation business within countries
You don’t need to travel beyond your location to get what you want, the Internet has cut short such expenses and risks. It was customary for people to travel before they can buy wear, jewellery etc but this day, at the snatch of your smartphone.
You can preview your order and make an order irrespective of your preferences such as colour, size,
Many entrepreneurs, business owners, students, self-employed and 9 to 5 civil servants leverage this to supplement their income by buying different varieties of affordable prices and then selling them locally or online.
If you are among this set of individuals or aspiring to start a mini importation business, then there is a need for you to understand how important to grow your business continuously while it may seem overwhelming as a result of various restrictions, and regulations by government and immigration officials, there are several steps you can take to scale your business and increase your profits.
In this article, we will be discussing 10 essential tips to help you grow your mini importation business.
What is the meaning of the Mini Importation business?
Mini Importation business is the combination of 3 words (mini + importation + business)
- Mini simply means small-scale (relating to size),
- Importation is the moving of goods into a particular country or location
- Business is the trading of goods and services which involves legal tender(money)
In short, a mini importation business is the trading and moving of goods and services from outside my place of residence into my residential location on a small scale usually below 500kg.
Why there is a gauge is a result of it being on a small to medium scale usually transported via cargo aeroplanes or in collaboration with several other groups of people via cargo ships
This is quite different from corporations, companies trading and moving goods in fleets of cargo ships (weight runs in tonnes not in kilogrammes)
10 Essential Tips to Grow Mini importation business
There are many tips and strategies to grow a mini importation business but here are the best 10 tips to follow to generate a highly profitable business
- Develop a Niche
Identify a specific niche that you can focus on, and become an expert in that area. Have you heard of the quote “jack of all trades, master of one”
This quote lays emphasis on having a particular niche which will help you stand out in the market and attract customers who are looking for products in that niche.
2. Find Reliable Suppliers and the Right Products
The success of any mini importation business lies in reliable suppliers and appropriate products, you can’t just spot one just by coming in contact
Finding the right products to import plays a huge role in the profitability of the mini importation business
- consider the popularity of the product,
- its profit margin, and the competition.
- Look for products that are unique, high in demand, and solve a problem in our environment.
Finding reliable suppliers has a close relationship to the quality of your products and timely delivery.
You can use online marketplaces such as Alibaba, Amazon, eBay, and Aliexpress or attend trade shows Consider the following before choosing a suppliers
- Look for suppliers with good ratings and reviews,
- Check out the timely responses when asked a question
- Analyze the seller store, is it specialized or a mix (for example avoid a seller who claims to be a manufacturer selling clothes and kitchen wares)
- Ask questions relating to the product and
- be sure to ask for samples before placing large orders.
Detailed and thorough research is needed to identify who offers quality products at competitive prices, and a reputation for delivering on time.
3. Leverage with a Professional Website/Online Store
Just as a shop is needed in a traditional setting to showcase your products for prospective customers, so also is a website or online marketplace
Investing in a professional website will make it easy for customers to navigate and have a visually appealing look at your product. This will help you build credibility and make it easier for customers to find and purchase your products.
However, if you are just starting or working within a budget. You can leverage online marketplaces like eBay, amazon, jumia, konga, jiji, Facebook marketplace etc. You can contact us if you need help
4. Utilize Social Media
Social media platforms like Facebook, Instagram, and Twitter are powerful tools to engage, relate, inspire, and promote your business.
An appropriate strategy is needed for customers to engage with your product, you need to strategically plan and position your content in a way that addresses your customer pain points, motivate them with reviews and testimonials, post before and after photos and videos, how to use guides and what they should expect etc
With this, their loyalty will forever be to you. Ensure you are consistent and available to address their issues from time to time.
5. Offer Competitive Pricing
One way to attract and drive away customers is to offer prices that are not competitive. One of the cons of online business is the high competition rate, so to avoid this and grow your mini importation business and also increase sales. You must offer a competitive price, what is a competitive price?
A competitive price is one that would be so close to other sellers if you are selling in an online marketplace like the ones stated above (jumia, jiji, eBay etc). It could also be a price that your potential customers will understand its value for their money
This can be done when you carry out thorough market research, and then come up with a list of prices alongside yours
Carry out an average price and set your prices accordingly, but make sure you at the very least break even(meaning you are at no loss).
6. Provide Excellent Customer Service
Customer satisfaction is otherwise referred to as customer service, it remains pivotal to the success of any business, including a mini importation business
How to offer good customer service (or satisfaction)
- respond promptly to inquiries,
- be friendly and professional in all interactions
- address issues within 30 mins (because customers are not patient),
- engage a bot to reply friendly if not online or unavailable and
- provide a hassle-free return policy.
This will help you build a loyal customer base and increase sales.
7. Optimize Your Website/Store for Search Engines
In today’s world, the way to quickly grow your mini importation business is via paid advertisements which are not sustainable (as a result of a huge sum of money needed)
However, search engine optimization (SEO) is an alternative that provides value over an extended period of time, it’s critical for driving traffic to your website.
To do this, you have got to
- Find out low-competition keywords that will ensure your website/store easily gains attraction on Google or search engines
- Make sure your website/store is optimized for keywords relevant to your business,
- regularly publish high-quality content that will attract visitors via blog posts, meta description, category page, image alternate texts etc.
- Always add a call to action for people to engage and contact you
8. Leverage SMS and Email Marketing
Marketing online is complicated and expensive so to cut costs and maximise your profits, you can leverage on sms and email marketing.
This marketing is a powerful tool which you can leverage to build rapport and engage with customers who have one way or another related to your product
In this case, you generate leads which include getting their name, telephone number and email address. Once you get that, you can leverage their phone number with a text message or WhatsApp/telegram group training
The email address can be used as a powerful tool for engaging with customers and promoting your products via newsletters, promotions, and news updates to keep customers engaged and informed.
9. Continuously Monitor Your Finances
Your finances are the threshold where you pull out various resources to make the business work, its important you keep track of this
The lifeblood of any business is the financial backing it can boast of. To ensure the business is profitable, adequate money has to be in the system
For this to happen, you must
- record every cashflow (in and out, credits and debits)
- review every inflow and outflow from time to time (quarterly, weekly, and monthly)
- Use Google spreadsheets or accounting software depending on the scope and cashflow
- Identify possible areas of improvement
- Strike loopholes that make money go amiss
This step is important for ease while handling over to new management or in the pursuit of grants, investors and loans financing
10. Stay Ahead of the Competition
Finally, stay ahead of the competition by keeping up-to-date with the latest trends and developments in your industry.
Attend trade shows, read industry publications, news updates and research new products, collaborate with experts, have interviews and stay connected with other business owners in your niche to learn about new products and market trends
This will help you stay ahead of the curve and make informed decisions for your business.
In conclusion, growing a mini importation business takes time and a lot of effort on your side. You have to be deliberate and concise to meet up with your goals
With the right strategies in place, it is possible to scale your business and increase your profits.
Use these 10 essential tips as a starting point for taking your business to the next level.
Where would get started today? Kindly comment below
