10 Websites To Buy Cheap Quality Items Online For Business

If you are thinking about starting a simple importation business or just wan to buy cheap quality items online, there are many things you have to think about and make decisions on, but no matter what decision you make, like getting some funds, how to purchase, etc, you need trusted website(s) to make the purchase online.. 

Below is a list of ten websites to possibly make your Purchases.

1. eBay - eBay.com is the best online shopping websites, it is recommend for anyone, there are millions of quality goods and products from top-rated sellers to choose from. 

 You can also get almost anything you could ever think of buying at a very reduced and affordable price through auction (bidding) where the highest bidder goes away with the goods.

Also, eBay uses buyers protection to make their marketplace a very safe and secured one.

2.  Amazon – Amazon is also very similar to eBay, being the largest online shopping website, they have different type of products with reduced price ranging from refurbished and used to new Electronics, Apparel, Computers, etc.. 

Amazon features numerous services including one-click buying, extensive customer and editorial product reviews, gift registries, gift certificates, wish lists and photo processing. 

 

3. New Egg – You can buy many things on New Egg but they put more attention on the Technology part of life unlike other websites in this list e.g Laptops, Computer parts, Accessories and so on.

 

4. AliExpress – Aliexpress is also a good place to buy cheap Electronics, Appliances, Fashion Stuffs etc. 

But note that Aliexpress is located in China thereby most (not all) of their products are Chinese products. 

Aliexpress currently offer more than 11 million unique consumer products across more than 4,000 categories, ranging from apparel and accessories to consumer electronics to jewelry and more. 

5. Ever Buying – This is another stop spot to shop for Mobile Phones, Cheap Laptops and Tablets but the site is mainly filled up with Chinese products just like Aliexpress.

 

6. DH Gate – DHGate is a Chinese Wholesale Marketplace for Small and Medium Buyers interested in purchasing Directly from China Manufacturers with Extensive catalog, free drop shipping, wholesale discount, express door-to-door shipping, escrow service.

 

7. IP mart – IPmart is an Online shop specializing in GSM unlocking device, china phones and some other china gadget and accessories.

 

8. Dino Direct - DinoDirect.com is an Online Store With so many products you need to buy which also includes Free Shipping depending on the type of product.

 

9. Cellular Country – This website only sell Used, Refurbished and New Phones. check the sites for more details.

 

10. Made In China – The name already justifies what you are going to see, They provide online marketing platform for both Chinese enterprises and global buyers.

 

Note that the sites listed above are just recommendations, you can check the websites to see how they look like, the prices and what they have to offer you.  

If you know some other website(s) where online shopping /importation is not expensive?

 Kindly share using the comment box below.

Hope This Helps.

 Have a good time. !!!

4 Major Challenges Of Running Microfinance Banks

Speaking of the Nigerian business environment, running a Microfinance business can be a highly profitable and importantly can also be a huge challenge. 

There are many obstacles, problems and threats which could both slow down or even stifle your success in the business. 

For instance;

1. Internal Bank Fraud
 
While the CBN, EFCC, NDIC, NDLEA and the police have played crucial roles in limiting internal fraud in many Microfinance bodies, there are still instances of where bank staff make away with depositors funds. 

  Some Microfinance banks have even folded up because a director made away with huge sums of money under various pretext. 

This is a reality which still happens till date.

2. Loan Defaults from some Customers
 
In comparison to commercial banks MFBs tend to record less loan defaults. 

Sometimes Farmers, petty traders and artisans who are less educated seem more likely to repay a loan than a formal business run by educated people, depending on determining factors. 

But there are indications that loan defaults among Nigerian microfinance have been on the increase year on year by very small margins.   

Loan defaulting has a way of frustrating revolving loan schemes which in turn can discourage further savings.

3. Misapplication of Loans
 
Some people will approach a bank to raise a loan for their business but divert it to pay house rent, splash on wedding or cater to another non-business need which could lead to them either not repaying the loan or taking longer than they should.

4. Mini Commercial Bank Syndrome

A newspaper report quoting the CEO of an Microfinance noted how many MFBs in Nigeria are struggling to stay afloat. 

In fact most of them are close to closing down as over 40% of the entire market is captured by just 10 out of 991 existing MFBs. 

This was attributed to ‘mini commercial bank syndrome’ where the MFBs function like commercial banks and target more of middle level customers than low income earners and micro businesses. 

According to the CEO when you neglect the core microfinance practice you are heading for insolvency which most Micro Finance Banks in Nigeria are currently doing.

Setting up a Microfinance Bank offers great Returns

You can actually start a microfinance bank in Nigeria with about N10 million operating from just one unit location within a state. 

Alternatively, you can startup as a state Micro Finance with  about N50 to N100 million startup capital or N1 billion for national Microfinance bank. 

The return on investment (if you manage the business well) can be as high as 30% and this can be realized by your 3^{rd t 4th} year. 

Your first year is capable of generating over 20% ROI.

Setting up a Microfinance in Nigeria has stringent requirements but they are not too difficult for serious minded individuals who want to invest in it. 

Secondly while the market is growing, there are challenges to deal with and but sound management practices can handle most of them. 

Have a good time.