How to start a POS business in Nigeria has been a trending internet question in the world today, considering the economic situation of many countries in the world.
Together with the Corona Virus epidemic, the world is facing today and many other challenges. Wait a minute please, you may also want to visit Amagojessy shop to purchase my product.
The question is “how would the poor and the less privilege survive”
Anyway, starting a POS business in Nigeria had been one of the great sources of relief to so many people, there’s no doubt about it.
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Let’s keep going, please!
But before we continue, I guess it would be necessary to know what the POS business is all about.
What is POS?
Point of Sale (POS) can be defined as the place and time when a retail transaction is finalized.
In common sense, POS is all about banking transactions and documentation
Of what use is POS Business
Many things can be achieved in a POS shop with the help of a POS Machine.
They are mainly to Withdraw Money and Deposit Money, and many other things.
Where to Get a POS Machine?
Though there are many sources to get this Machine I strongly recommend getting it from the Bank or buying it yourself.
When buying it for yourself, make sure to buy it from a genuine source to avoid getting a hacked POS Machine.
But if you finally decided to get your own POS from the bank, I guess possibly all Nigerian banks offer such services. But I’m very much sure of the banks listed below!
- First Bank of Nigeria
- Zenith Bank
- Fidelity Bank
- Access bank
- Oceanic bank
- Union Bank
- Guaranty trust bank
- Wema bank
- Unity bank
- Heritage Bank
How much do I need to Start a POS Business?
You can start with any amount ranging from 50k but remember the lower the amount, the lower the income.
Now let’s proceed to our topic on how to start a POS business.
How to Start a POS Business in Nigeria (5 steps)
1. Raise some Funds.
The first step how to start a POS business in Nigeria is to raise the money that you will use to run the business.
During this time of fundraising, always remember that the higher the money you have for the business the higher the income you will be making from the POS Business.
2. Get a Shop
Yeah, the second step on how to start a POS business in Nigeria is to get a Shop for the business.
But please when looking for a shop, you should consider it to be close to a security guard.
Also consider the population of people living around your shop location, doing so will be an added advantage.
3. Partner with a Bank.
There are many reasons to partner with a Bank when it comes to the POS business.
Remember that you cannot start a POS business without having a bank account.
That is one of the reasons to get connected to a bank and possibly also get your POS machine from them.
4. Get the POS Machine
The number four step on how to start a POS business in Nigeria is to get the machine itself.
Of course, you can believe me that a shop cannot be addressed as a POS shop without having a personal POS machine available for handling customers’ transactions.
As I said earlier, you either get a POS machine from the Bank or purchase it by yourself but from a genuine source, please.
5. Start your Business
Congratulations, You have finally reached the final step on how to start a POS business in Nigeria following just 5 simple steps.
I’m wishing you more money, more customers, and mostly more income.
Now that you have successfully started your new business, let me quickly give you some basic tips to succeed in your new business.
5 Tips to Succeed in POS Business
1. Low your Price
This is the number one tip on the trick to succeeding when you start a POS business in Nigeria.
Everyone knows that Cheapness in business is the number one factor that is capable of attracting many customers to a business.
So the trick is to lower your price for you to get more customers and make more income.
That reminds me of my childhood time when I will trek to a very distant place to buy something just to get a 5 naira reduction, it’s funny, right? but it’s still happening now.
It sounds funny, right? But it’s real. Low your price to make more wins!
2. Consider where to Site your business
Yeah, your business location also matters a lot when trying to succeed in a business.
Consider Bank availability to the place of your business and also consider the population of people living around the place.
Considering all these important ideas will ensure the smooth running of any POS business you started in Nigeria.
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3. Be a customer Friendly
It’s good to always wear a smiling face when entertaining your customers in any business you do.
Not minding their reactions to you, after all, there’s a business saying that a customer is always right.
But wait a minute, please!
Being customer friendly doesn’t mean you’re going to accept bullshit from people to retain them as customers.
Please be customer friendly on a limited level, and also remember that you deal with money.
4. Minimize the amount you accept
You should be smart enough to reduce the amount of money you accept from people depositing money.
Seriously, because you only knew them as your customers but can never predict their inner secret plan.
Big money would make a thief to take the risk of robbing you, but receiving small money automatically lowers the chances to less than 20%.
5. Avoid Operating at Night
Last but not least in the tip to be successful in the POS business is to avoid night business.
This is because night business will give robbers more opportunities to attack you.
So avoid it at all costs and see yourself smiling in your new business.
I guess this is where we will stop today on how to start a POS business in Nigeria, you’re free to contact me for questions and more inquiries.
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