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WHY MOST YOUTHS IN GHANA ARE SHIFTING TOWARDS MINI IMPORTATION
As the name implies, mini importation business is a simple business where someone buys a product from overseas at a cheap price and resells it at a higher price to maximize the profit margin. It is a bit technically since it’s only done online. China is currently the option to import goods from since they tend to have a variety of products at a relatively low cost as compared to other countries. In this article, I will be discussing some reasons why most youths in the country are moving into mini importation.
Below Are Some of the Few Reasons
1. Nature of the economy
Ghana`s economy is run on imported goods as it has been the norm of the day. Importation of goods has come to stay since we don’t have many manufacturing companies to produce such products, and the citizens have tended to embrace the importation of goods. If anyone ventures into the mini importation business then that person has made a good turn since people have already fallen in love with imported goods.
2. Profit margin
It is quite convincing why people will venture into mini importation business just because of the huge profit they are going to make after a successful importation. People do business with a single idea of making a profit but with the mini importation business, the profit is super good. As a way of maximizing the profit margin, the importer must be good enough to choose the right product and select the right market to speed up the selling process and also for quicker returns. Another essential part of this mini importation business is the negotiation power of the importer. You can get cheaper products than your counterpart if you have good negotiation skills. Even if you consider the products cheap, you don’t necessarily have to pay that exact amount. You can go further by bargaining prices with the suppliers and in the long run, improve your profitability.
3. Entrepreneur
Large portion of the working population of the country are unemployed. Meaning there has been a rapid rise in the unemployed population from day to day because the population keeps increasing whiles there are no new jobs created. The youth then tends to be entrepreneurs where they set up businesses on their own taking on financial risks hoping for a profit. In as much as the youth wants an office job to do because they believe they`ve been to school and have all it takes to work in that space and there are no such jobs, they take the opportunity to become entrepreneurs and venture into mini importation business to take care of themselves and even the family.
In my own opinion I think mini importation business is very good to the new generation and people who believe in setting up their own businesses rather than looking up to someone to employ them.
