Steps To Start A Virtual top-up (VTU) Business In Nigeria
Virtual Top-up (VTU) can guarantee high profits, but you need to employ strategies that have been proven to work. Strategies that can help you take a cut of the millions of dollars in profit banks and other big organizations take home every day.
As outlined in this post, we will show you the steps you need to take in order to start your own VTU business in Nigeria.
Want to start a VTU business in Nigeria? What are the steps?
Howtod.ng has all the essential information provided to you in regards to how to start a VTU business in Nigeria, and steps on how you can get it started. Follow up with this post…
How Does A VTU Business Work?
We are seeing the decline of scratch cards and USSD codes for loading scratch cards on our phones. For example, (*555*Pin#) is being replaced with VTU.
Nowadays, the majority prefer to recharge online or through their banks rather than leaving their homes or offices in search of the nearest airtime vendor. People want to live a stress free life.
Be rest assured that starting up this business doesn’t require much capital.
Are there any key players in Nigeria’s VTU business?
VTU business in Nigeria is dominated by many key players. Here are some of them:
1. Telecommunication companies such as mtn, glo, 9mobile etc.
2. KPS limited
3. Seltec investments limited
5. MCTee investment Nigeria limited
6. Commercial banks
7. Stratford communications limited
8. Apple tree Nigeria Limited
9. Recharge and get paid
10. Real time communications limited; and so on…
Over 100 VTU merchants are operating in this market in the country, so there is a lot of competition in the industry.
The Business Opportunities in Nigeria for VTU
It is a well known fact that VTU business is expanding in Nigeria. Nigerians are increasingly using airtime for data subscriptions and voice calls. Hence there is high demand for VTU services in Nigeria. Nigerians have become accustomed to purchasing airtime through the service on account of its ease and seamlessness in meeting their needs; and best of all, it can be used in any part of the country. As you progress, you may branch out to other top-ups and online payments, like JAMB registration; Cable networks, like Startimes, Gotv and Dstv.
Ideal Target Market
Everyone needs airtime to stay in touch with family and friends or to access information. Everyone needs airtime to stay in touch with one another. As a consequence, the main target market for VTU businesses in Nigeria is students, businesses, workers, and family.
Why should you consider VTU Business?
VTU business is a portable business, so you won’t need to be located in a physical area. Since there are no paper recharges or recharge cards to convey, it helps decrease untidiness Paper work and mistakes.
8 Steps To Start A VTU Business In Nigeria
1. CONDUCT A FEASIBILITY STUDY OF THE BUSINESS
Despite the fact that it might appear to be an easy business to launch, you need to conduct a feasibility study so that you can find out if the business is economically feasible.
2. LEARN THE NECESSARY KNOWLEDGE
The requirements for working for this business do not necessarily include special knowledge or a university degree. However, having a general knowledge of how it operates is vital. Taking part in network provider conferences and seminars provides insights from industry experts and keeps you up-to-date.
3. GET CAPITAL FOR YOUR BUSINESS
Depending on how large or small your business is going to be, and how much you can afford, you may need some funds to get started. If you have a laptop or smartphone, you can use N5000 for each VTU sim card in order to start up the business. Savings; loans from family or friends and cooperatives are some ways you can raise capital for your business.
4. FIND THE RIGHT LOCATION FOR THIS BUSINESS
The most essential thing is that people can find you when they need to schedule a broadcast appointment or settle a bill. The most imperative thing is a downtown area where a lot of people wander around. Those areas with high traffic and high demand are the best places to begin a VTU business, which include major cities, universities, economic hubs, etc.
5. REGISTER YOUR VTU BUSINESS IN NIGERIA
To operate a small business or a one-man operation, a license is not required. Your business only needs to be registered with the Corporate Affairs Commission (CAC).
6. SET UP A PLAN FOR ADVERTISING
Almost everyone wants his or her business to succeed and advertise can help them reach this goal. Since VTU is a digital service that recharges people with airtime, why not use digital advertising? Because of the intensity of competition within this industry, social media platforms can be used to advertise widely. Radical advertising may be beneficial in this regard.
7. GET A WEBSITE
You can take your business to the next level by setting up a website or a dedicated website where you can promote your business and your products/services.
8. NOW, START!
As a result of going through all of these steps, you are now ready for business. Take action to market your business.