Mobile phones have become a basic necessity for people and businesses in the digital world. The increasing usage of new-age tools and applications to do presentations, modify documents, or send emails are some elementary things that get seamless with cell phones.
Cell phones has helped increase the flow of information in society to a great extent. Besides communicating with friends, family, co-workers, or the world’s population instantly, these small devices are beneficial for modern businesses as well. It enables them to boost productivity, safety, mobility, and morale of your workforce.
There is no denying that the world witnessed a magnificent growth in cell phone usage over the past few years. With a global population of 8 billion, over 6.8 billion people use cell phones today worldwide and this number is increasing every day.
With mobile phones’ increasing usage, the demand for their accessories is also rising. The cellphones accessories provide a variety of functions that make handling cell phones easy. It is inaccurate to say that people cannot live a single second without mobile phones and their accessories.
Cell phones require a lot of accessories that increase their efficiency and protect the phone. It means there is a lot of potential in the smartphone accessory market. To start a smartphone accessory business, you must have a certain business plan. This article will help you design your mobile phone accessories business plan and model.
Different Mobile Phone Accessories
The first question that comes to everyone’s mind is how much investment is required to start a business. For calculating investment, it is substantial to know a few things, such as land/property cost in your area, how much staff would be required, and most importantly, what accessories you think the customers will purchase.
Here is the list of mobile accessories that you can trade in:
- Cases/Covers
- Earphones (wired or wireless)
- Phone Camera Lenses and Smart Flash
- Headphones (wired or wireless)
- Mobile screen tempered glass
- Selfie stick
- Tripod
- Mobile screen lamination
- Batteries and chargers
- HDMI cables
- Charging brick
- Bluetooth device and cable
- Power bank
- Car charging brick
- Bluetooth speaker
Ensure you include all these products in your mobile phone accessories business plan to thrive in this business.
How to Design a Mobile Phone Accessory Business Plan?
The mobile phone accessory sector is a multi-billion dollar industry that continues to flourish with new products and services. You can be a part of it by doing comprehensive planning and research.
Listed below are a few steps that you need to execute to kick off your cell phone accessory business–
1. Identify the Market
There are several competitors in the accessory market, although competition is a healthy and necessary part of owning any business. After looking at leading players in this sector, do not get disheartened or think of changing your business plan; remember that the cell phone accessories market is massive, and there is always room for another player.
See what your competitors are selling and try to set yourself apart by creating a product list that is unique from others. Consider everything which you can include or exclude to make your business noticeable.
2. Pick the right location
The first question is whether you wish to sell accessories online or open a store. If you plan to open a store, you must look for a rental space or purchase the land to open the store.
Always select the location of your physical mobile accessory store, considering all aspects. Some important factor you must not ignore is that you should not open your accessory shop in a solitary place. It is recommended to open a store by renting a kiosk in a mall or a marketplace with decent footfall. Also, ensure that the area is easily accessible.
3. Capital Required
This is one thing that would require a lot of planning and diligent work. Every business needs capital to get started. You require a nominal initial investment to set up your accessory store online or offline and the cost to acquire the mobile accessories in your stock.
You can raise capital for your business in various ways, including business loans, credit loans, or personal savings.
Mostly, people opt for a business loan to start a small-scale business. You would have to approach a bank and then submit the form for applying for the loan. This process does not take much long and the good thing is that the interest rates are also nominal.
4. Meet Legal Requirements
To start a mobile accessories business, you must get a business license. You must check with the government agencies to acquire the license. Depending on the type of business you opt for, licensing would differ, such as for solo, it is different, and for the partnership, it may require you to get different legal documents. But these are the few things that will be required in both cases:
- You must register the shop under Shop and Establishment Act if you want to open a physical shop.
- Obtain a GST for a GSTIN if, as per your plans, your sales would be more than 20 lakhs annually or if you wish to sell your products inter-state
- Traders license
- PAN registration
- Aadhar Registration
5. Choose a Supplier
Goodwill is the most important factor in embarking success journey. Thus, it is important to choose your supplier diligently. If you sell low-quality products or cannot deliver them on time, no one will turn to your store again, whether online or offline.
It is always recommended to buy products from a local vendor to supply them on time and at comparatively low prices, increasing your margins. You can also contact a local manufacturer directly and get the products at a cheaper rate.
6. Know-How About All Your Products
Not every person who makes a mobile phone accessories business plan has sound knowledge about all the brands and handset models. But, if you want your business plan to be perceived as unique, ensure that you completely understand the products you plan to sell.
7. Payment Mode
You should ensure that you accept payment through different methods as it will enable your customers to make transactions conveniently. We do not want you to lose any clients because of the restricted payment method.
8. Invest in Fast-Moving Products
The mobile phone industry keeps on updating with new techniques and products. Hence, it is recommended to invest in fast-moving products to avoid a lot of inventory getting blocked.
9. One-Stop-Shop
Try and become a one-stop shop for your customers so that they do not have to go anywhere else to buy anything related to mobile phones.
10. Manage the Inventory
Managing your stock might be a little time-consuming process, but it will help you understand which products are moving fast, which are out of stock, and which products have less market demand.
11. After-Sales Support
Just selling should not be your focus; providing after-sales support to your customers makes your customers feel happy and satisfied. They will help you build loyal customers and boost your cell phone accessory sales.
Even if they request you for small things such as installing an app, updating the phone, etc., take accountability and guide them. Customers will be enticed and feel satisfied.
What Should you Include in Your Mobile Phone Accessory Business Plan?
This was the guide on mobile phone accessories business plan. Also, ensure that you include these key elements in your mobile phone accessory business plan and model to turn your business into a success:
1. Table of Contents
When you build a business plan, organize the table of contents after knowing the area you need to work on. It will give you an idea about what you must try your hands on. This makes your business manageable and more organized.
2. Company Overview
The bank or investors would want to know about your business plan and its objectives. Hence to get an overview of your business, it is important to mention these critical aspects:
- Vision
Mention your company’s vision and where you see this company or store after a couple of years. Also, demonstrate how you wish to expand your business or how you wish to invest the money that you earn to amplify your business.
- History or Background
You must mention the history of you and your previous experience. This will help build trust and credibility.
- Markets and Products
Briefly describe your target market and the primary products you sell.
3. Market And Industry Analysis
This section would make the investors perceive your hard work and passion. If you have well-researched the market and industry, it shows how much knowledge you have gained before entering into this business. Some of the things that you should include are Industry Analysis, Market Analysis, Target customer, Competitor Analysis, and SWOT Analysis.
4. Marketing Strategy
When you contact your investors, you must have a well-built marketing strategy. It is ideal if you thoroughly plan and prepare the strategy to have their investments in your business. Consider these key elements and include them while crafting your marketing strategy for your mobile phone accessory business:
- Pricing Strategy
- Target Market Strategy
- Sales Strategy
- Distribution Strategy
- Product/Service Strategy
- Advertising and Promotion Strategy
- Marketing and Sales Forecast
5. Operations & Management
Your plan should include how you intend to run the business, its future potential, and overall expenses. Also, do not forget to mention the leadership plan.
Final Words
Mobile phones have become a medium for entertainment and a boon for modern businesses than just their basic use of connecting. Hence, you must ensure a robust mobile phone accessories business plan is ready while establishing your footprints in this industry.
