How to make money with a 100 Naira store

Posted by Felix Okoli on Saturday December 7, 2019 at 20:56:14:

There are many ideas to doing business in Nigeria and one of them which I would like to share is that of running a store that sells items for a price of pegged price of 100 Naira only. Yes, N100 is cheap and many Nigerians can pay for it as long as it's useful to them. You are more likely to sell faster if it's something they use regularly such as food, drinks or other stuff.

A couple of things you can sell for N100 includes Noodles, snacks, biscuits, soft drinks, bread, eggs, etc.

There are people who make good business in Nigeria selling things in a supermarket or small shop and they sell a wide range of stuff and at times I have to wonder how they are able to know the prices of all the things they sell without having them price tagged or using a product scanner. That kind of business can be a bit stressful and so I'm proposing a business strategy whereby you can have a store that sells things where the price for any single item is set at N100 only. Yes, just 100 Naira and no more, no less removing the need to try to remember or check what the retail price is.

Selling items in a store you own where prices of all items are at N100 only is a really easy business and all you need to do is decide on that you can buy or produce and sell it for just 100 Naira flat.

Sure, you can sell a variety of things if you like but you should try and make sure that the retail price is set at N100 only while leaving enough room for your profit margin too. So, the cost price of you getting your stock should e=be lower than N100 e.g. N80 so that you can sell it for N100 to keep a profit of N20. You can decide on what your profit will be such as N10, N20 or even N50 depending on your choice and try to make sure that it's something you can sell so that you can continue to do profitable business in the long run by keeping a loyal customer base.

Let me give an example here. You can decide to sell bottled water and soft drinks at your store for N100 and you can also include snacks or packaged food items that also sell for N100. You can also include other items in your store that also sell at an attractive retail price of 100 Naira and you should stick to that line of business for the long term to see if its profitable enough to continue and that should be for about 6 months.

You should keep records of your sales, expenses and procurement/purchase costs such that after a monthly or periodic period, you should check if you are making profit or not in order to continue that line of business or switch to another line.

You can use this business model to also run other businesses that sell at a uniform price range such as a clothing store that sells all clothes for N5,000 or a shoe store that sells all shoes for N10,000. It 's a recommended business strategy that would attract customers and remove the need for people trying ton negotiate prices or you trying to remember or check how much you should sell. It's less stressful when you are in the business of selling without having to use different prices for items you have in your store.

You should also put a sign/notice in a visible place that tells potential customers that all the items in that store sell for that fixed price and they won't feel that they're overpaying for it or cheated. People are more likely to return to your store if they know your price range and that you'd stick to that range all through the year or a fixed time period.

You may make and package your own products or you may buy and resell products for a retail price of N100. It is easy and rewarding. You can be in the business of selling a single product or variety of items for that single price. You should avoid items that you can't sell profitable at that pegged price.

A N100 item store is an easy retail business you can start with little capital and it helps attract customers who will remain loyal to you in the long term. A good majority of Nigerians especially in cities can afford to buy things for as low as N100.