Mobile phones are now our second nature. Not only do they provide useful information at our finger tips, quite literally, they enable us navigate our day easily. A mobile phone is without a doubt the most important and significant gadget of our lives yet! Needless to say, mobile phone business is booming anywhere you go in the world. Whether you sell phones, repair them, sell accessories, or upgrade software, the mobile phone business is only going to get better. As we wait for the next big invention, here are some tips to help you decide if the mobile phone business craze is for you or not!
Research and Conduct a Market Survey
Market survey will give you a sneak peek into your customers’ preference, starting budget, selling price, etc. You will learn whether the customer base uses smartphones or feature phones. Information gathered about the kind of phones commonly used in the area will be vital while stocking. You will also learn more about the market completion and the number of similar businesses within your preferred location.
Choosing of the Mobile Phone Accessories Location
A business should be visible to as many clients as possible. A location that is open and has high human traffic is ideal for this kind of business. There are more clients in major towns than in the shopping centres’. Security is always a big concern in the mobile phone business, given the high demand mobile phones easily attract thieves. The higher the footfall in your shop the higher the chance of losses, find ways to display the phones to control access.
Acquiring Licenses and Business Permits
You can always avoid being on the wrong side of the law by complying with different business requirements. The county government requires one to have a business permit to be operational. It is also essential to have your business registered through the Business registrar’s office.
Find a Consistent Supplier
Look for a supplier who will always be available and have all items in a one-stop. It is essential to save transport costs for going from one supplier to the other. Always go for a supplier with a fair price and quality products. Do not rely on a single supplier; always keep contacts backup suppliers should your main supplier fail. In the mobile phone business, a reliable consistent supplier is the key to success.
Stock your Mobile Accessories Business
Mobile phones will always require accessories. It is therefore wise to stock up inexpensive but stylish accessories that will supplement your business. Some of the crucial accessories to stock up include;
- Screen protectors
- Power banks
- Mobile phone covers
- Flash Disks
- Micro SD Card
- Mobile Phone batteries
Creating Business Awareness
The new era of clients visiting social media is here with us. You can use it as a diverse advert tool. You can open social media pages on different platforms for the business. Clients can be contacting you through the platforms to place their orders. Signboards are also essential to attract passer-by customers.
When dealing with electronics big or small, insurance is inevitable. It may seem unnecessary to insure your shop at the beginning given all the costs incurred when setting up the shop. However, keep in mind that electronics are a thief magnet. The entire shop stock could disappear in a flash – God Forbid! – In a fire or burglary. A good insurance cover cushions your business and gives you peace of mind to focus on growing your business and learning the industry. Make sure to clearly understand what the policy stipulates and use a credible reliable underwriter
Estimated Profit Margins of the Business
Mobile phone business is lucrative attracting an average margin of about 25% across the value chain. As long as you can keep up with the technology and deliver quality to your customers you are always guaranteed of a smile when you look at your bank statement.
Just like in any other business, you must be patient and consistent as you grow your customer base. Also learn the new tricks in the industry to seal any potential loop holes that may lead to leakages in the business. Find good charming and knowledgeable employees with the patience to explain phone functions and capabilities to potential customers and most important, supplement your business, sell accessories, set up an MPESA booth, set up a mobile repair booth etc. Go ahead and dive into the tech business. It surely will pay. Good luck in your endeavors.