How do you start a VTU business in Nigeria? In 2021, it is commonly agreed that one of the best ways to build financial stability is to start a business. The VTU business is one of the most lucrative businesses you can engage in. This is because people will always need airtime and data. Another great advantage of the VTU business is that it requires minimal capital, research, and effort to run.
Want to find out the steps to starting a successful VTU business in Nigeria? This article will give you all the helpful knowledge you need to start your own VTU business today.
What is VTU?
Before diving into the details of starting this lucrative business, you must know what it is all about. There was a time that we could only recharge our phone lines after buying a recharge card. Technology has made loading our lines a lot easier. We no longer need USSD codes and recharge cards to get airtime or data. With a few clicks on a mobile device, you can complete these tasks easily.
Virtual top-up, popularly known as VTU originated from recharge cards. It makes it possible for you to top up a phone number digitally within seconds. VTU has gone beyond airtime recharge. With VTU, you can offer services like sales of data bundles, payment of utility bills, and cable subscriptions. VTU platforms have made it possible for you to pay for DSTV and GoTV subscriptions online. You can even pay Electricity Bills. The VTU vendor gets 3 – 5% profit whenever they make a sale.
How lucrative is the VTU business?
Every year, key players in the Nigerian telecoms industry make millions of Naira by selling recharge cards and data online. You could also become part of the profit makers in this industry.
In January 2021, there were as high as 187.9 million mobile connections in Nigeria. Imagine selling airtime, data, or paying bills for 1000 people in a day and making at least 3% on all those sales. This is not even up to 5% of the active number of sim cards in Nigeria. The market is large and there is money to be made for as many as are willing.
How to start a VTU business
The VTU business is quite easy to start and it needs very little capital compared to many other businesses. However, as with any business, there are steps to take to make your business successful. Here are a few steps to start a VTU business:
You need to get the necessary information.
VTU vendors operate an online platform that helps them offer all these amazing services. While these platforms are not complicated, you need to know how they work. The VTU platforms usually have an app or website that you can register on to start your business. There is a way to fund your wallet, send airtime, data, pay bills and it is essential that as a vendor, you understand how it all works.
Select your preferred VTU platform
It is also crucial to select the right platform. How do you know which platform to register on? How do you know the one that will serve you best? This is why research is important. It helps you know the pros and cons of doing business on all the platforms. Some of the VTU platforms are Recharge and Get Paid, MobileVTU.com, VTUpaydirect.com among others. You can also register on more than one platform or create more than one account on a single platform. Different platforms also give incentives for registering with them. There are also online forums that will help and guide you on your journey.
Get the necessary materials
After doing your research and deciding on the platform you want to do business on, there’s one more thing. To start a VTU business in Nigeria you must get the essential tools which include:
– A computer or Smartphone
– A mobile banking app or debit card
– Google drive app
– The virtual Top Up vending Pack
Register and start selling
The registration process on most platforms is easy and quick. You just need to input your details on your selected platform. After doing this, pay the required registration fees and top up your wallet with your debit card. When you finish all this, you are good to go.
Advertise your business
Most times, while using an ATM, you’ll notice a prompt to recharge your phone. Have you ever wondered why banks seem to be interested in getting you to recharge your phone? It is not because they are trying to be helpful. They are simply advertising their VTU business. Commercial banks have been able to use ATMs as an effective means of running and advertising their VTU business.
If banks can constantly advertise their VTU business, so should you. Don’t hesitate to tell others about the products you offer as regularly as possible. You share information about your business on WhatsApp, Facebook, Instagram, and any other social media platform. Also, you could create a business account to spread the word about your business on social media. You could also pay for ads to reach a larger audience.
Another option is to get a physical shop in a well-populated area. You would need to pick a location carefully. This way, you can reach people you don’t know without contacting them online. You would also need a display sign to attract new customers and create awareness for your business.
Conclusion
As the world becomes ever more digitized, it is unlikely that the demand for airtime or data will ever reduce. It is almost impossible for most people to go more than a few weeks without data or airtime. We now need airtime and data to connect with the world.
These and many more are reasons to start a VTU business in 2021. You can check out our article here for a list of VTU websites in Nigeria.