Shocking Things about Recharge Card Printing Business in Nigeria - Manknow

A Nigerian Infopedia Blog

Shocking Things about Recharge Card Printing Business in Nigeria

Share This

Shocking things about the recharge card printing business in Nigeria

                     
         

   Recharge card printing business is another business opportunity that has set sail in the business world of Nigeria on account of the rapid growth of the telecommunication industries in Nigeria. There is no doubt that there is a lot of competition between these four networks, as every single one of them wants to be more popular and patronize than every other telecommunication network. But let me ask you; is it your concern that there is stiff competition between these networks? Yes, it is! This is because, as a businessman or woman, everything, every situation or every problem is an opportunity for you.

 However, I have much more shocking news to you about the recharge card printing business in Nigeria. Without wasting much of your time, I want you to observe this event critically.


 “There was a man who lived in Port-Harcourt. He had budgeted the sum of N3, 000 000.00 to start up his own recharge printing business. N3, 000 000.00 is really a large amount of money to set you up for a really good business with prodigious profit. He summoned courage like a true eager beaver and bought all that is necessary to make the recharge card printing business become a reality. That means he bought the E-pins form the vendor, a computer, printer and all that is required. He started, oh but unfortunately he failed. He complained that he did not see any gain at all which had impelled him to quit.”

 So many people have ventured into the recharge card printing business but there are only a few who still remained in the business. Some has even invested more than a million naira and has not seen a profitable outcome which impelled them to quit.

 I have not come to disillusion you about recharge card printing business in Nigeria, rather it is my sole aim to demystify to you errors that a lot of people has made when they first start up the business so that you can you can learn from them and succeed at your own recharge printing business.


10 shocking errors that can destroy your recharge card printing business 

1.  Readers but not executioners: A lot of people read and listen to different business principle and strategy every day but will never implement or execute any of these principles. They end up repeating the same mistake that others have done. If you wish to succeed at your recharge card printing business, do not just read this post habitually but rather try to implement some of its principles and guidelines.



 2. Lack of calculation: Recharge card printing business is a game of numbers. It is very important to be aware of the great disparity or inequality in the pins presented by different vendors. Sorry, I do not mean to confuse you. Let me be more practical. You should know that there is no constant or fixed price for the E-pins which would be sold to you by vendors, but there is usually an agreed price sold to those usually retailing it and also selling it in bulk.

For instance, 10 E-pins of MTN N100 may be sold at a rate of N950 by some vendors, while another vendor may sell these same 10 E-pins of MTN N100 at a much cheaper rate. You need to ask yourself the following questions: how much do I buy these E-pins and what is my profit. So many people have rushed into the recharge card printing business into the hands of the wrong vendors and without proper evaluation of its profit. You should be aware that your expected profit depends on the prices of E-pins sold to you by your vendor.



.    3.  Increasing the cost with your own hands (Being extravagant): How much do you think you can make form recharge card printing business? How many customers do you have? How much is your shop rent per year? The profit earned – your expenditure which will also include the budgeted amount for the shop rent = original profit. A lot of people did not put this into consideration.



     4.  Lack of expansion: Do you know that you could start with buying the E-pins for as low as N6 000 and make up to N100 000 every month. This all depends on expansion. Expansion entails that you are not satisfied with your current profit and wishes to maximize it. A lot of people go into the recharge card printing business without the aim of expansion.




   5.  Lack of goal or target: Although everyone in the business of printing recharge card has the dream of making a colossal amount of money from the business, not everyone in the business has a tactical plan to execute that dream.

Making it as a successful recharge card tycoon does not only depict starting up the business with some large amount of money. You can invest N10 000 000.00 and still be very broke, why? There is no good marketing strategy.



      6. Following the crowd: Do you wish to start your own successful recharge card business and keep following the crowd; that would be a terrible idea. For instance, the crowd sales at the rate of N970, you too are selling at the rate of N970 or N975. How do you intend to break through the stiff competition of the market? I am not asking you to sell yours at a very low rate as this could be extremely risky.



What Business Strategy still works?

 Business is all about taking the risk, but not just any risk, you take only calculated risk. That is the difference between a successful business owner and an unsuccessful business owner. In order to yield maximum profit from your recharge card printing business, you need to be aware of the following principles.

1.     Do not only read this post habitually rather implementing it principles and start making money.


2.     Know your expenditures which include papers, colors, inks and maybe the shop rent


3.     Analyze your expected profit and analyze your expenditure. Subtract the examined expenditure from the expected profit gotten from selling the recharge cards and know your original profit.


4.     If the expenditure is higher than the gain then there is a big problem. Try to cut down the price. For example, if you cannot afford a shop then that printing at home and start up a mobile shop, this will help you to advertise yourself even better.


5.     If after examining the profit and it is not still enough. Try including other packages that are related to recharge card printing business such as selling and registration of sim card, sales of smartphone etc.


6.     Locate more than one vendor and select the vendor that offers the E-pins at a cheaper price.


7.     Set a target, how many customers do you wish to have? Is it 30 or 50 or 500? Remember, everything is possible. How do wish to execute this dream? There are several ways to execute this dream; one of the surest ways is through conducting a mobile market even though you do have a shop. You could advertise your recharge card printing business by telling different retailers of the recharge card you sell and the prices you offer.


8.     Reduce the price by just N5 or more only when necessary


9.     If you are operating on a small scale level of recharge card printing; aim to operate at the medium scale level or aim to operate at the highest level which is the large-scale level where you could resale E-pins without having to worry on printing cost.


 NOTE: You can start very low; you can start with just printing MTN N100 when you realize your little profit upgrade it to MTN N200, keep upgrading still you are at the apex. You need to know the importance of the number of the customers; the number of customers that patronize is crucial to your recharge card printing business. Without a substantial number of customers, you would not be able to make a prodigious profit. GOOD LUCK!




No comments: