How to Start a POS Business in Nigeria (Full Guide)
Have you been idle all this while thinking of a business to start? What if I show you the full business guide on How to Start a POS Business in Nigeria? Will you be ready to grab the idea and build your business smartly? If yes! That’s fine. Let’s see what the POS business looks like first.
Point of Sales system business – POS is one of the profitable businesses with absolutely a low start-up cost. Since bill payment, fund transfer, and withdrawal had become part of almost everyone’s life, you have a yes as an answer to the demand rate of this service.
But also, locality and some related factors may be put into place. With a good business plan in place, you can enlist your cash at hand, spell out the locality, your services and styles of execution, and other variables.
How to Start a POS Business in Nigeria
So what are those practicable ways to bring your business into its stand? Here is a full easy business guide to starting a POS.
Find a Suitable Name and Register it
Find a good venturing name for your business. It may not necessarily be your personal name. You can dub your business any name you feel is the best and could be easily pronounced by your would-be customers.
After you’ve done your homework, you will have to visit a nearby CAC agent to register your business. With just #20, 000, you can have your name included in the list of existing brands. Done with that? The next thing is to find a marketable location.
Locate Your POS Business
POS business isn’t about just transferring money or doing fund transactions at any time of the day; it’s about meeting the required demand of your assumed customers. What does this mean?
Rent a good shop in a bus stop miles away from commercial city banks and ensure you’re cutting any undue competition along the line. There is a rule here, is either you’re far from other POS shops or you don’t stay there at all.
When you’re done with the setting up of your approachable POS outlet, you need to get in touch with fund agents.
Connect with Fund Agents in Your Locality
Fund agents are those standard businesses partnering with smaller businesses for transaction extensions.
In locality like Nigeria, First Bank, FCMB, PAGA (Read Also: How To Be A Paga Agent: Full Step-by-step Guide), and Quickteller are front liner fund agents. Research about them all and see whose plans, deals, terms, and conditions meet yours. Reach out to them and get your POS machine.
Getting Your Tools
While banks like the First bank give them the POS machine free of charge in addition to the stated requirement you need to meet. You can get a POS machine from the tech store which costs about #85, 000 (please note, this figure is subject to change) for a durable and long-lasting one.
There are a few inevitable gadgets you may have to consider getting before launching your business out. Star MPOP, IPAD bundle, PC bundle, MAC bundle are popular POS machines you can go get. Apart from your POS machine.
You may have to look into the simple equipment needed in your office or shop. Like a good standing fan, a table and chair, a wall socket outlet, and a demarcation between you and the customers.
You need to consider the comfortable and relaxing business environment for your customers by providing a well-ventilated area and sitting furniture for them.
Advertise Your Local Business
You don’t need to climb the stage in front of the cameras in a TV studio before you advertise your business and you even don’t need to go to radio stations or newspaper media for your business exposure.
A simple, well-designed banner can do all the magic. You can get a good banner done around #5, 000 depending on how professional the artist is.
Tell your friends and family what you do. Let them come and recharge their GoTV ( Read Also, How to Become A GOTV dealer), DSTV, Startimes, MiTV, withdraw cash, transfer fund, and pay NEPA bills at your own shop.
Remember, you are just starting out, advice from successful POS business owners too would be a bonus for you, you should cherish them.
