The world has become a global village, and as such, there’s no limit to where you can carry out your business. Even if you trade in physical products, you can reach a broad range of customers all over the world.
Although this sounds daunting to execute, it is very possible. In fact, you don’t have to sell physical products before you start a business like this. You can source products from other wholesalers and export them to make money.
If you are an entrepreneur wondering how to expand your business to the shores of other countries, you’re at the right place.
This post will help you discover all you need to know as well as provide steps on how to start a lucrative export business in Nigeria. Additionally, we’ll be introducing you to a seamless payment system to make your business operations run smoothly. Without further delay, let’s get into the post.
Contrary to what you may already know, exporting is simply selling any type of product and earning in a foreign currency. This means that to be an exporter, you don’t need to have physical products that you send abroad. For example, if you provide services such as content writing on a site like Fiverr, and you are paid in a currency other than your local currency, you are exporting.
Why is Exporting Lucrative?
Exporting is a type of business that allows you to earn in foreign currency. As a result, it serves as a perfect way to beat inflation in your local currency and build wealth.
If you already own a local business, then you should consider exporting because of the diversification and hedging it provides.
What Products Can I Export?
In Nigeria, many local products have a high demand internationally. So, if you want to venture into exporting, these are a few of the products you can sell:
These are a few of the products that have the highest export potential in Nigeria. Remember that the export business is not limited to physical products alone. If you have digital skills, you can provide services for people abroad and get paid in foreign currency.
Step-by-Step Guide on How to Start an Export Business in Nigeria
Kickstarting a successful export business in Nigeria is possible. If you have the right information, there’s no limit to what you can achieve in your business. You can follow these steps to start your journey into exportation:
Register your Business
If you want to start up any business without the risk of possible problems in the future, it is usually advisable to register the business. In Nigeria, if you’re a small or middle-scale business owner, you can register your business name through the Corporate Affairs Commission to become legitimate.
Typically, this takes an average of two weeks to complete.
Decide On the Particular Niche
A lot of people jump blindly into different businesses because they heard about the sales and profits other business owners are making from the same business. However, this is not a good way to go about business because there are various factors to consider before going into any form of business venture. You need to do thorough research on what is involved, the policies governing trade in the countries you want to export to, and finally, you need to ensure that your products are desirable in the international market.
If you already sell products with high international demand, you can focus on them and start exporting. If otherwise, then you’ll need to find products that are in high demand internationally. You can do this by:
Examining trends on social media to discover products that are trending internationally
Analyzing key players in the industry and how they operate. This can help you discover innovative ways to beat the competition.
Research the products you want to sell in order to make informed decisions about them.
Identifying your target market in terms of knowing who your ideal customer is and what your ideal country’s market looks like
Find Genuine Buyers
If there are no buyers for your products, then there will be no point in exporting them internationally. This goes to show how important finding buyers for your products is. At the same time, this could pose the most complicated aspect of your business. Unlike a local business, you can’t walk up to anyone physically to pitch your products and services when it comes to exportation.
Nevertheless, you can find potential buyers by going through online market sites like AliExpress, Amazon, and so on.
Other alternatives you could consider when finding buyers include:
Registering with the national export board.
Source for buying agents.
Attending trade fairs and shows.
Taking advantage of online ads.
Use the power of social media.
Connect with Local Suppliers
One important thing that must be instituted in international business is trust and reliability. If you want your customers to keep on patronizing you, you must be trustworthy. This can only be achieved by consistently delivering quality products and providing value for your customers’ money.
If you’re not exporting your own products, you’ll need a constant supply of products to export. As such, the next step in your export business is to find ideal suppliers. You can find suppliers at trade shows, among industry professionals, and through referrals. Alternatively, you can enlist the help of the internet to find suppliers. For example, if you’re looking for a bag supplier, you can search on Google using the query “bag supplier” or “bag distributor.” Just ensure that you’re intentional about finding suppliers, and you’ll find that there are a lot out there.
How Changera Can Help
We are aware of the constant problems that international business owners face, especially when it comes to payment processing. That’s why it’s our mission to ensure that these problems have permanent solutions. Thankfully, we have just the right tools and features to provide lasting solutions to these payment problems.
Here’s a summary of how Changera Business is helping businesses all over the world. With Changera Business, you can:
Build a global team of experts that you can pay seamlessly.