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.
The question is “how would the poor and the less privilege survive”
Anyway, starting POS business in Nigeria had been one of the great source of relief to so many people, there’s no doubt about it.
Disclosure: Please this is a reminder to you that some of the links in my post are affiliate links but from trusted companies & products that I have used. So I always get compensated from the company whenever you use some of my links but at no cost to you, thank you.
Let’s keep going please!
But before we continue,I guess it would be neccesary to know what 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 a common sense POS is all about banking transactions and documentations
Of what use is POS Business
There are many things that can be achieved in a POS shop with the help of a POS Machine.
They are mainly to Withdraw Money and to Deposit Money, and many other things.
Where to Get a POS Machine?
Though there are many sources to get this Machine but I strongly recommend getting it from the Bank or buying it by yourself.
When buying it for yourself, make sure to buy it from the 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 Nigeria 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 ranges 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 on 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 fund raising, 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 POS business.
Remember that you cannot start a POS business without having a bank account.
That is one of the reason to get connected to a bank and possibly also get your POS machine from them.
4. Get the POS Machine
Number four step on how to start a POS business in Nigeria is to get the machine itself.
Of course you can believe with 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 POS machine from the Bank or purchase it by yourself but from 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 tips on the trick to succeed when you start a POS business in Nigeria.
Everyone knows that Cheapness in business is number one factors that is capable of attracting many customers to a business.
So the trick is to low your price for you to get more customers and make more income.
That reminds me of my childhood time when I will treck to a very distant place to buy something just to get 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 win!
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 this important ideas will ensure the smooth running of any POS business you started in Nigeria.
3. Be 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 in order to retain them as customers.
Please be customer friendly on a limited level,also remember that you deals on 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
The last but not the least in the tips to be successful in POS business is to avoid night business.
This is due to the fact that night business will give robbers more opportunity 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.