I've once researched on lucrative businesses in my country, Nigeria and I got a really long list featuring real estate, food, cooking gas, transportation, cosmetics and a lot more businesses that has shown to be paying very well. But then, I wondered why the Point of Sale (POS) business wasn't added. Okay, maybe the word lucrative is too luxurious for it but this business is paying really well from what I've gathered.
The dynamics in the business makes it a good one to get involved in even by a novice in business
I found this business among a list of business you could start with small capital here in Nigeria and I remembered the recent tales about this business and so the birth of this content. No doubt, if I was to be given the chance to promote this business for people to do, I would gladly do it even though I'm not into it because it is one of the simplest but high paying business since recently here in Nigeria.
It wasn't until recently that I got to know the POS, as everyone called it meant "Point of Sale" which is a business that involves a machine that's mobile, help with cash movements between individual instead ATM stands and takes charges for most actions carried out.
This business was implemented by the central bank of Nigeria in the year 2013
While many would prefer the lucrative businesses, the white collar jobs or work abroad, some people are hitting it big with this business on a low key here in Nigeria. The first time I got to know the total pay a lady gets from just helping out in one POS corner, I was shocked. She was earning a lot monthly, we could only imagine how much more her Boss was getting before paying her.
I used to think that the business is for those struggling very hard to make hands meet, those who are willing to be humble and sit at a corner to receive any kind of humiliating look but earn some naira for upkeep. Well, that isn't the truth to me at all... Nowadays, those who I see doing this business are in a bigger shop, driving their own cars and even traveling to different places while their employees do the job on their behalf.
Point of Sale (POS) business isn't an ignored business anymore, many are finding out it's potential to make one rich and that is why a street could have up to 20 POS stands and they still make profits. I've noticed one thing about most POS business owners, they have side businesses that would attract new customers to them and earn them more money.
You'll find the Point of Sale business close to printing shops, in a snacks and drinks shops, at phone accessories places and even in a pharmacy, some would take charges from you when you buy something from them. They warn from selling to you and also earn from the POS transaction.
They say "One can start a POS business with 80-100k naira" which includes the machine used, I'd say it is way to cheap to start considering how much one is going to earn from joining the business. Well, it is one thing to be join in and it is another to see how it works well for you. Some POS business owners make the mistake of opening a POS shop in the midst of a lot of other POS owners and then they struggle to make a living.
Businesses face competition usually but there are some that can be avoided especially for those who have done a survey on the area to see that there are same businesses at a particular area so they should go somewhere else. Even as the POS business is like everywhere, there are a lot of places that are still in need of this easy service.
Point of Sale services came in handy for Nigerians early this year
They've been providing services to people ever since it was introduced but I bet a lot of Nigerians would agree that this year was different and we valued them more. They also found out we do value them more so they didn't hesitate to take advantage of the situation. It was during the naira redesign palava, banks closed and there was hardly money to go round. POS owners were able to get their hands on a few cash and make customers pay almost double to get an amount of money.
That period was almost hellish, those who do transfers became good at it and those who couldn't had to pay the extra fees to POS owners. I bet there were POS owners who earned way more than the big professions in this country at that time lol. After that period, I couldn't keep count of the POS stands that sprout up... Many decided to join the business too.
How do one start a POS business in Nigeria?
It's actually much easier than I had always thought it'd be as I've research on it and found out that it just takes a few visit to the banks to get started, I mean that's the main part of it. Here are a few things I found out that can be done to start a POS business in Nigeria. And know that you don't have to own any other business first before you can start this one.
- To meet the requirements placed by the central bank of Nigeria and this involves your personal details.
- Contact your preferred financial institution, there are even online banks that are trusted for this pick but most would go for well known banks in Nigeria like Zenith, first, UBA banks and many others.
- Get a POS machine which can be given to you at the banks you registered with after you pay for the machine.
- Secure an economical valuable location for your business.
Things to consider when picking out a location should be security, network connections and competitors as I've said before. With those in good check, a POS business would flourish in Nigeria as many make use of these services instead of going to their banks.
Good thing is, you can have as many business as you'd like to have and still run a POS stand in each of them to earn more money. Every transaction earns you 50-infinity naira everyday, imagine having a lot more customers and more businesses to draw them in.
I would say a big YES to anyone who wants to start this business, it is one of the easiest to start and maintain so long the first considerations are done thoroughly.
Thanks for reading, your comments and support will be very much appreciated
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