How To Start A VTU Business With N1,000 In Nigeria
How To Start A VTU Business With N1,000 In Nigeria
Finding work is an enormous challenge, especially during a pestilence like COVID-19. Some employers are even lowering salaries. this suggests that you simply will need some extra income.
One of the ways you’ll raise that extra income is to begin a side business. What better business to begin than a VTU business in Nigeria? Surely, this isn’t the primary time you’re hearing about this.
VTU businesses cater to customers who must acquire data bundles, airtime recharge, electricity bills, cable subscriptions, etc. Guess what, you’ll be able to start this business with just N1000. Read on to find out how.
Explaining VTU and the way it works
What exactly is VTU? VTU is an acronym that stands for Virtual Top Up. many folks also know this business as Recharge and get paid. it’s one in every of the foremost famous businesses among young individuals in Nigeria.
So how does this business work? It involves a dealer recharging the road of the service subscriber through the dealer’s account number. This process doesn’t require the utilization of a recharge card or USSD code.
Why start a VTU business in Nigeria?
You must be wondering why you ought to start a VTU business in Nigeria. There are plenty of reasons why but let’s share some with you.
When you do a transaction, the client receives a notification almost instantly. With this, you’re sure that there’ll be no arguments together with your clients.
Convenience and security
The VTU business is one that gives you plenty of convenience and security. you’ll run your business from any location and you don’t even have to meet the client physically. The business is additionally very secure since you’ve got security codes that protect each transaction.
Requires little capital
This business is ideal for people who don’t have such a lot funds to start. With as low as N1000, you’ll start a VTU business in Nigeria. we’ll show you ways before the top of this post.
People will rather make purchases from their homes than leave. VTU business meets this need which is why there’s a high demand for its services. one more reason for the high demand is that the flexibility of the platform. you’ll be able to recharge but N100 using VTU. Of course, you can’t buy any recharge cards from vendors at that quantity.
How to start VTU business with N1000
By now, you need to be itching to grasp a way to start VTU business with N1000. we’ll show you the way during this section. So far, we’ve got established one fact, this business is one in all the most affordable to begin and run in Nigeria.
Here’s all you wish to start out your VTU business:
An internet-enabled device
This business cannot run without a web connection. you would like a tool that connects to the net. the majority make use of a smartphone for this purpose. You’ll also have to subscribe internet services with any of the service providers within the country.
Instant messaging account
You need an account through which your clients can reach you. Like we stated above, many times, you’ll attend to customers virtually. As such, you ought to have Whatsapp, Instagram, Twitter, and Facebook accounts.
This business isn’t one that needs much capital. With as low as N1000, you’ll be able to start your VTU business.
A physical shop
Though this can be optional, it works well for this business. People tend to trust you more after you have a physical store whether or not they’ll never come there. you’ll be able to partner with a phone or phone accessories seller to share their stand if you don’t have enough funds.
Cheapest VTU Platform in Nigeria
For now, the most cost effective VTU platform in Nigeria is Jumia. It presents you with an app referred to as the Jumia One app. Once you register on this platform, you’ll be able to start running your VTU business. the steps below should make the method easy:
Step 1 – head to the Jumia official website to register. If you have been trying to find the way to register as a VTU agent, that’s your clue. Within some minutes, you ought to be done.
Step 2 – Download Jumia One to your smartphone.
Step 3 – Log in using your registration details on Jumia (from step 1).
Step 4 – Pick the service you wish. there’s a good range including airtime recharge, cable TV subscription, and electricity bills. during this case, we’ll work with airtime recharge.
After doing these, you’re able to begin your VTU business. Now, let’s show you ways to begin selling.
Step 1 – Select Airtime from the choices on Jumia One.
Step 2 – Choose the service provider that you simply want to top up.
Step 3 – Provide the telephone number of the customer and enter the quantity of airtime they have.
Step 4 – You’ll see a confirmation page that needs you to supply your ATM card details. This page also requires you to approve the transaction. After confirming, click/tap on “Pay Now.”
Step 5 – Provide the OTP sent to your mobile via SMS to affirm that you just initiated the transaction.
Step 6 – The transaction is finished and both you and therefore the customer receive a notification.
Do you know that you simply can make between 3% and 5% of the quantity you recharge counting on the amount?
Profitability of the VTU Business in Nigeria
After all the interesting gist about starting a VTU business in Nigeria, you want to be wondering about the profitability of the concept. We already told you that you simply can make between 3% and 5% on each recharge.
If you sell N1000 daily and earn 3% (worst case scenario), you’ll get N30 daily. this implies that in an exceedingly month (30 days), you’d compose to 90% profit. Of course, you must be selling plenty more after your first week. See how profitable this business is?
Now that you simply have an understanding of the VTU business in Nigeria, you ought to make efforts to start out. The opportunities are boundless so there’s no have to waste to any extent further time
ALSO CHECK OUT : HOW RECHARGE AND GET PAID WORKS