Start & Grow Your Trading (Wholesale/Retail) Business

Learn the essentials to begin a profitable Trading (Wholesale/Retail) Business

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Trading business in Nigeria is one of the profitable sectors of the economy in Nigeria. This is largely due to the fact that everyone needs to buy and sell. Due to the popularity of the wholesale business in Nigeria, there is still room for more entrepreneurs to invest and profit from the business. If you start the business, there is every chance of making a profit from the business. However, this is in no way trying to tell you that the business is a get rich quick scheme. But when you develop a solid business foundation, you can be sure to grow the business from nothing to a profitable one.

The next chapter of emerging middle-class growth is the Wholesale/retail sector. Fueled by a new generation of Nigerian consumers, wholesale and retail sales are already the third largest contributors to Nigeria’s GDP, contributing 16 percent to the total, albeit mostly through informal markets. The estimate is that between 2008 and 2020, there is a $40 billion growth opportunity in food and consumer goods in Nigeria, the highest of any African nation. Despite the fact that Nigeria’s GDP per capita is $1,443, its believe that formal retail chains have a significant opportunity to capture the growth in this market. Given the country’s large population (174 million, 37 million households), the portion of people defined as the middle and upper class represents a sizeable pool of potential consumers. A significant 11 to 18 percent of urban households – numbering over 2 million –have purchasing power and annual incomes over $10,000, which puts them in the modest affluent class. Half of the country’s growth in wealth will come from these households.

Trading business is easy to start up you can start buying and selling business with #10,000 or more and upgrade gradually. If you’re interested in the business in Nigeria, then the location is really important. This is because your location will ultimately decide where you can buy the foodstuff when starting the business.

Local market and friends can be your first business customers. There are several open fair market where you can air your business. Supermarkets stores and shopping malls can also be your customers

Your potential gains depend on how much you can market your goods and the numbers of customers you have. Averagely about 20% or more of the capital invested in a particular good comes back as the gain.

Wholesalers get into the transaction with retailers and make effort in sorting out that which will best meet the interest of their business partners. If this is your passion then you are good to go.

Wholesalers and retailers marketing processes are interesting as one is trying to complement each other and the vise versa. The wholesale may decide to serve the retailer the time of coming to him to buy the products by traveling down the retailers' shop and stock the good there for him. For example. most of the goods we find at the supermarkets are usually brought by the wholesaler.

Your trading services can go big like Wigmore trading. Wigmore Trading provides an all-round service, which creates a one-stop shop that accommodates all of our business customer needs. We aim to offer our professional customers the very best service, choice of products and value for money. By working closely with both our customers and suppliers, we have a fantastic extended range available. Our core product range includes; food products, toiletries, household items, cosmetics, confectionery, stationery, hair, dental care, bath care, feminine and gent’s hygiene products, baby care products, batteries and hardware. With thousands of lines covering food and non-food products, you will find everything for your business under one roof. As well as an emphasis on product quality and availability, our focus on value for money means that you can keep the cost of running your business to a minimum. http://wigmoretrading.com/

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