Recharge card business in Nigeria is very profitable and lucrative provided you have enough money to start and run it effectively. It is a business you can start anywhere in the country without fear of low patronage. As long as there is GSM Network services and people are living where you are, you are good to go in your own big or little way.
This business is capable of giving you good money if you do it well. I wrote a book on GSM business in 2008 but have retired it since some of the subject matters are no longer relevant today because the business changes day by day. Add
+obejieric I will be hosting Google hangout on some of the latest trends in Recharge card business next week. You can only participate if you're on my circles, add
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No business has been hyped and over hyped as recharge card business in Nigeria in recent time due to selfishness and desire for quick gain. Contrary to Nigerians Seminars and eBooks claims, Recharge card business is not a business you can start with N10,000 and becomes profitable. No, it's not possible except you are mixing it with another business as a fraction of your existing business.
E.g: You have a provision store and decides to sell recharge card as part of your provision items or you have restaurant and decides to offer recharge card sells as a compliment to your food business, mainly to satisfy your customers so that they could relax and load their phone after eating without having to move around to buy it. This way, the little gain you make from the recharge card will add up to the general gains in your business
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If you want to start recharge card business as "Independent Business" that is, selling only recharge card on a small scale, you must start with nothing less than N100,000 if you really wants to make reasonable profit. The reason is because the profit margin per card is so low that you have to sell plenty to make any visible gain. That means you have to start as a wholesaler, selling in bulk to retailers who combines it with other businesses.
The profit you make per N100 recharge card is not more than N5. Therefore, for N10,000 worth of card, you wouldn't make more than N5 x 100 = N500. So, how do you expect to become a million with just N10,000 recharge card that yields about N500 profit?
But if you start the wholesale with N150,000 and sell to retailers, you are sure to sell N100,000 worth of cards everyday as long as you have good number of customer base. Each customer buys more than N5,000 daily while some buys as much as N50,000. Therefore, N100,000 cards will earn you N5x1000 = N5,000 per day which is a good gain! Hence, the gain in recharge card business starts from wholesales of N100,000.
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In this article, I will try and put you through on how to start recharge card business in Nigeria at any level and make your profit according to the level you are and your start up capital.
Here is exactly how it works
There are three levels of recharge card business and each of these level or category offers profit that is proportional to the investment.
1. Recharge Card Retailers - Retailers are recharge card business persons who buys in wholesale at cheaper price and sell to end users at the card surface price - the price written on the card. They make average of N5 per N100 denominated cards and earn total profit of N500 to N1,000 daily.
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Recharge Card Retailers in Business
This type of recharge card business is best when combined with other business or if the retailer is in a place with high traffic and huge demand for recharge cards. N10,000 is the perfect capital for this.
2. Recharge Card Wholesalers - These ones buys directly from the Dealers at reduced price and sell to the retailers who in turn sells to end users. Wholesalers make average of N5 per N100 cards and sell high quantity of cards daily. As a result, they make more profit based on much sells. Average profit they make per day is between N5,000 to N15,000.
Reasonable start up capital for wholesale is from N100,000. This way, your profit will be appreciable. If you are good in business and have N100,000 I'd recommend you start with wholesale level. Recharge card business at this level is very good and profitable with the potential to earn you N150,000 monthly.
3. Recharge Card Dealers - These are recharge card Franchisees or merchants who buys both the cards and PINS in large quantity directly from the mobile operators. Or from another company that has direct franchise with the mobile operators. This category comes in various forms, there are dealers and they are mega dealers.
Dealers sells directly to the wholesalers who then sells to the retailers. You will requires millions of naira to enter the dealership level, starting from N10 million.
Now that you know what GSM Recharge card business in Nigeria involves, let me know your preference among these categories. Make a comment below stating the level you wants to start from and possibly why.
Ask questions based on what you would like to be included in the next articles. The next article on recharge card will base on your interest.
