How To Start A Computer Accessories Business: Best Guidelines

Computer accessories are additional components that are connected to the computer to enhance its functionality or improve overall user experience.

Computer accessories as a business involves selling those components or accessories. These accessories include keyboards, mice, printers, webcams and so much more.

With the advancement of technology and the increase in internet usage in recent times comes an increase in demand for computer accessories. It’s no longer optional to have a personal computer these days it has become an integral part of us.

With thousands if not millions of people seeking computer accessories to either improve their user experience, enhance their PC functionality or provide additional features to their PCs daily it’s best to say this business has a lot of potential. There are lots of opportunities and growth in the computer accessories business, and it’s almost impossible to see any limitations in it.

But.., I would like to make something clear, like every other business out there, this business requires money, time and effort to reach its full potential. It’s also important to note that there are many business models under the computer accessories business and each model operates with different strategies.

The computer accessories business is a very broad business and one can’t possibly cover it all. There are tens of thousands of people making it in this business. You too can make it if you are determined and persistent with the business. 

This article covers important considerations and steps to take when starting your computer accessories business laying more emphasis on retail computer accessories business.

1. Important Considerations Before Starting a Computer Accessories Business

Before we dive into how to start a computer accessories business I would like you to know the important things that you need to sort out before you start this business.

1.1. Your location

The importance of location to any business can not be overemphasized. I have people coming to my DM to ask how to go about starting their own computer accessories business, the first question I ask them is

“Where is your location?”

Your location will determine how fast your business will grow. The availability of human traffic to your store will ensure you make sales every day. What is a business without sales? If you are starting without proper knowledge of digital marketing or finance to promote your products online don’t joke with location that will attract human traffic to your store.

1.1.1. Factors to Consider When Choosing a Location for Your Computer Accessories Business

Availability of tertiary institutions: It’s important to note that computer accessories customer falls mostly within the younger age bracket. Now with the rise of IT, more youths are working remotely and still going to school.

Positioning your store where you can attract these students to your store will be a massive advantage to you not to talk about how much students love video games, you will be selling gaming accessories like crazy.

Even video content creation accessories are not left out nowadays there are many content creators on campuses. 

Population: let’s face it, the more populated the area that your store is located in, the more the chances of attracting more human traffic to your store which is one of the major factors responsible for business growth. 

Establishing your computer accessories business where there is enough population will go a long way in helping you survive in this market long term. 

Availability of big companies: When there are clusters of big companies in a location it’s a sign to establish a computer accessory store in that location. Selling printer consumables and parts coupled with different types of office equipment will be a nice idea in this location.

These factors are the things you should give a lot of consideration when choosing a location for your computer accessories business.

1.2. Capital/Emergency Funds

One of the major determinants of how big or far your business will go is your Capital. It’s kind of funny but I usually get asked this question most times.

“How much do I need to start a computer accessories business?”

₦800,000-₦1,000,000 is the barest minimum I will advise, factoring in inflation and excluding your shop rental cost and daily expenses. If you have the means no amount is too big to start with, tho I will advise you to invest wisely, don’t go all in.

Emergency funds are more like the money you set aside in case of emergencies, this money will also cover your daily expenses in your first few months of starting the business. 

1.3. Proper Market Research

In as much as computer accessories offer a wide range of products to sell, you have to also do your research to know what is selling in your location. Don’t make the mistake of buying products just because you heard it’s a hot product, always make sure it’s what you can sell to avoid being stuck with inventories.

But that being said, you shouldn’t spend your whole life doing market research because the deeper you go into the business the more you know the market trends and what sells.

1.4. Getting a Reliable Wholesale Supplier

Before you start any business make sure you have contacts where you will be getting products at competitive prices. The amount you buy your product will determine the amount you sell, it will also determine your profit margin. If you buy products at high prices you lose out in price competition and your customers or potential customers will buy from your competitors.

There are many places to find computer accessories wholesale suppliers in Nigeria, especially in Lagos or you can make me your supplier if you want to save yourself the headache of looking for one.

1.5. Marketing/ Online Presence

Without proper marketing, your business won’t go that far. Many small businesses overlook this. As you are about to start, even if you still don’t have the money for advertising, try and create room for that, it will help you a lot.

Also try your best to create an online presence, these days if your business is not online you are missing out on the bigger picture. Create social media accounts for your business, that’s the least you can start with.

1.6. Legal and Regulatory Requirements

Legal and regulatory requirements encompass the necessary laws, permits, licenses, and compliance standards that your computer accessories business must adhere to to operate legally and responsibly within your location. 

2. How to Start a Computer Accessories Business (Step-by-Step Guidelines)

2.1. Apprenticeship

I know you have been hearing this a lot. Yes, you need to learn under someone, even if you have enough money try to learn from someone inside the business. It won’t take that long, usually, it takes 4-6 months to learn the basics. It will save you many guesswork, trial and error and in most cases, you will get contact of where you can buy your products from without the hassle of looking for them yourself.

2.2. Settling In

By now you are done with your apprenticeship, with the help of your boss you get a shop or you can look for one yourself. Make sure to get a shop where there’s a good amount of human traffic. This is very important, especially at this stage where nobody knows you, you need all the visibility you can get.

2.3. Buying/Selling Your First Market

At this point, you already have a shop or at least where to display your products. Important advice, make sure to buy those products that are high in demand in your location, sometimes those products have a low profit margin but begin with them first, you need the turnover, then expand to other products that have a good profit margin. 

2.4. Keep Good Records and Account

Proper bookkeeping will allow you to analyse how your business is performing, it will also let you identify potential financial challenges early, enabling you to take proactive steps to mitigate risks. Always make sure to keep good records of your business transactions.

2.5. Marketing Your Business Online

At this stage, you have attained some level of success in your offline business, it’s now time to expand online. If you have the money to get an e-commerce website, I highly recommend using WordPress. You can create it yourself or hire a professional to create it for you.

Set up your Facebook page, and ad account and start running ads for your business. Ok, I know I’m going too fast, you might not know how to run an ad. Well, you can pay a professional digital marketer to run ads for you or you learn it. I will advise you to learn it because it’s a valuable skill to have. 

If you are my customer I will help direct you on how to set up your online business properly, that's one of the benefits of making me your supplier.

2.6. Documents and Registrations

Many small businesses overlook this a lot. Try and register your business, I know we Nigerians don’t take business registration seriously but it’s very important. 

There will come a time business supply opportunity will come your way, without your CAC certificate, Invoice that has your RC number on it and Corporate account, no company will take you seriously.

Other business documents are also important but the three above are the most important. Also, try registering for TIN. 

3. Common Mistakes to Avoid When Starting Computer Accessories Business 

When starting a computer accessories business, these are several common mistakes I see new entrepreneurs make.

Inadequate Market Research: Failing to thoroughly research your target market can lead to poor product selection and pricing decisions. Make sure you understand what products are selling in your location.

Poor Inventory Management: Overstocking or understocking can hurt your finances. Always maintain an intelligent balance.

Ignoring Competition: Neglecting to analyze your competitors can result in pricing errors and missed opportunities. Understand your competition to know how to craft an offer that will attract customers. 

Neglecting Online Presence: In today’s digital age, not having a strong online presence, including a website and social media, can hinder your business’s growth.

Underestimating Marketing: Effective marketing is crucial. Allocate a budget for marketing strategies such as Content marketing and social media advertising. 

Neglecting Customer Service: Excellent customer service builds loyalty. Respond promptly to inquiries and address customer issues promptly and professionally.

Failing to Adapt: The tech industry evolves rapidly. Stay updated with the latest trends and be ready to adapt your product offerings accordingly.

Poor Quality Control: Selling subpar products can damage your reputation. Ensure quality control measures are in place to maintain customer trust. That’s why you need a reliable supplier like me.

Not Considering Logistics: Shipping and logistics can be complex. Plan for efficient shipping methods and be transparent about delivery times. Don’t play with this. 

Inadequate Financial Planning: Underestimating startup costs or failing to secure sufficient funding can lead to financial struggles.

Ignoring Trends: Keep an eye on industry trends, such as sustainability and eco-friendly products, and consider incorporating them into your offerings.

Not Building Relationships: Establish partnerships and relationships with suppliers and other businesses in the industry for potential cost savings and collaborations. Do not run a one-man show business proper connection and collaboration will take you far more than you’d expect.

Avoiding these common mistakes can increase your chances of success in the competitive computer accessories market. That being said making those mistakes won't put you out of business if you correct them on time.

4. Why You Should Start a Computer Accessories Business

Good profit margin: Some computer accessories have a relatively high-profit margin. You can make 100% profit with some products. On average you will be making 40%-60% profit on most products. 

Not perishable: Computer accessories are not perishable so you are not in a hurry to sell them off because of the expiration of products. Be mindful that some accessories do get outdated with time.

High in demand: Given the number of PCs and internet users available today, computer accessories are always high in demand.

Growing opportunities: The potential for growth in the computer accessories business is huge. With time and persistence, you will make it big.

Not seasonal: There’s no season that people stops using computer so therefore the business doesn’t have any season. You will be selling all year round.

Consumable: Some computer accessories are consumable products meaning it’s something that the user has to buy regularly. Examples are inks, toners, papers, foam cleaners etc.

It sells fast: If you are in a good location, selling your products won’t be hard, even without paid ads you will sell it fast. The turnover is what makes this business interesting.

5. Complementing Your Computer Accessories Business

Focusing only on one business these days is not a wise decision. Try to complement your computer accessories business with some technical skills to maximise your income. 

5.1. Skills That are Relevant to the Computer Accessories Business 

Tech blogging/Technical writer: If you are good at writing, trying out tech blogging or technical writing would be a great way to add extra income to your business. 

Because you are inside the market you have the knowledge to write whatever you want to write relating to tech products and it also comes with the advantage of you having original images for your blogs. With the help of AIs like Chatgpt, these days you don’t have to be a very good writer to start a blog.

Technical writing requires deep knowledge and skills. It’s more harder than starting a blog, if you have established strong writing skills with blogging you can venture into technical writing.

Laptop repairs: Laptop repairers are in high demand, combining it with your computer accessories business will go a long way to improve your income. 

Printer/Copier repairs: Printing is an everyday thing and printer/copier technicians will always be in high demand. Learning this skill is an added advantage because you get to repair and in most cases sell printer consumables and parts to your customers at the same time.

Software engineering, AWS, Cyber Security, Programming, etc: Learn relevant tech skills that can get you remote jobs. These skills when used interchangeably with your computer accessories business will increase your income significantly.

It’s important to note that learning and mastering these skills will take time. It will take time before you will land any major gig. 

Offer IT consultation: With your deep knowledge of computer accessories, you can offer consultation to companies. You have to establish some level of authority in the computer accessories niche to attract clients or companies looking for IT consultation. 

Researching And Exploring other relevant skills: One of the best ways to stay in the game long enough is by experimenting with new ideas. These skills mentioned earlier are not all the skills that are related to the computer accessories business, they might not be your normal turf.

It’s left for you to research and explore more skills that are compatible with you and that you can combine with your business without causing any major hindrance to your business or your overall health. 

6. Conclusion

Starting a computer accessories business can be advantageous due to the increasing reliance on technology in our lives. With a growing demand for gadgets and peripherals, you have the opportunity to tap into a thriving market. Additionally, the consistent need for upgrades, replacements, and new accessories offers a stable customer base. This business can also provide flexibility, potential for innovation, and the chance to cater to various customer preferences, ultimately contributing to potential profitability and growth.

Contact me if you need more guidance, I’m more than willing to help.