POS (point of sales) tops the list of business ideas in Nigeria you can start with 100,000 naira for obvious reasons. The business is one of those businesses that has come to stay for a very long time. Financial transactions are an integral part of human life and the banking sector habitually fails to live up to the people’s expectations in that regard.
POS serves as a subtle alternative to banking transactions and saves people from wasting their precious time that could be spent on something productive in bank hall queuing because of basic financial transactions. Financial transactions such as transfer of funds and withdrawals, payment of bills (DSTV, GOTV, PHCN), recharging of airtime, and selling of data among others can be taken care of by POS.
Mr Tayo Adewale, a 26-year-old HND holder from one of the federal polytechnics in Nigeria, after graduating and wrapping up his mandatory NYSC was unable to secure a white-collar job. He finally decided to go into the POS business, courtesy of N100,000 donated by his family which he used to kick-start the business. As of today, Mr Tayo claims he has been making nothing less than N100,000 return on investment since he started the business while some of his colleagues are still on the streets still searching for a non-existing white-collar job.
In starting a POS, one of the most important things to consider is the location you want to situate the business. The nature of the location your business is sited can either make or mar your POS business idea. While determining the kind of location, some of the things you should consider are:
This is an important factor that must be considered before opting for any location. You must ensure your POS business is situated in an area with a very good GSM network, to ensure hitch-free business transactions.
Proximity to banks
Another important thing you should consider before choosing a place to locate your POS business is how close the area is to the banking area. Locating your POS in an area very close to the banking area can be likened to efforts in futility and may not bring about the return on investment as expected. This is because the majority of the people may rather prefer to visit the banking for their transactions since it is close by.
While searching for a place for your POS business, you should ensure the place is secured and has little or next to any history of crime. This is because you will be dealing with cash daily which makes you vulnerable and a soft target for criminals if the location is not secured.
What you need to start
Some of the things you will need to get the business started are business capital, space/shop or container, a banner, and most importantly a POS machine for the operation of the business. You can get your POS machines from banks like GTB, UBA, Zenith, First Bank, Access Bank, Polaris Bank, and hosts of others.
2. Phones and other gadgets charging
Phones and gadgets charging is yet another business idea in Nigeria that can be materialized with as low as 100,000 naira. It is no longer news that the electricity supply in most states of the country is unstable and unreliable, which makes the business of changing phones a very juicy one to venture into with relatively low capital.