How to start a POS business In Nigeria with 100k
Have seen a lot of questions popping up if you can start using 100k to start a POS business in Nigeria presently and also make reasonable ROI at the same time
Well, the answer is yes, you can still use 100k to start a POS business with proper guidance.
These are the things to be considered when starting a business
- Pos type
From my own experience and the reviews have read, I will advise you to choose the Baxi mpos. Baxi mpos has a good network plus their charges are very reasonable. Baxi charges 0.55% for 1-20000 cash withdrawals and 100 Naira flat for 20001-100k, stamp duties excluded.
When it comes down to commission, you get 1% on every bill payment, cable subscription, and data you pay for through the app and the mpos only cost 10k
Why Mobile pos ?
Going for a standard pos will reduce your capital Leaving you little to start the business with. But the mobile pos you will still have enough money left with you to start the business with and with time you can get a standard pos that can print receipts.
Location and structure
A good location is also another thing that should be looked into. To start, look for a busy area that also not too populated with pos operators, mind you with that 100k you can’t erect a kiosk, you will need to buy an umbrella and chair which should cost you less than 15k.
In conclusion, the total money spent shouldn’t exceed 40k while the remaining 60k will be for the business.