If you are looking for a sample cell phone accessories business plan template, here is a guide for starting a mobile accessories business.
Interested in small cell phone accessory business planning tips? If YES, here is a practical guide on mobile phone accessory store business.
How to Start a Cell Phone Accessories Business
Do you what is takes to sell cell phone accessories for profit? In the world in which we live in, two very distant points on the earth which ideally should serve as a chasm between two people can now be bridged easily with the use of mobile phones. Existing cell phone networks have made the world a much better place to live in. This has not just brought about employment opportunities; it has also greatly increased the prominence of cell phones.
As a result of the increase in the demand and prominence of cell phones, the need for phone accessories such as mobile phone chargers, phone batteries, earphones, USB cords, memory cards, etc. have also significantly increased. The need for cell phone accessories by mobile phone users has brought about a lucrative business opportunity; the retail and wholesale cell phone accessory business.
If you belong to the class of individuals that are considering starting a cell phone accessories business, then you should read on.
About Cell Phone Accessories Retail Business
A cell phone accessories business is undoubtedly one of the readily available avenues to make good gains in the world of mobile phones. There are quite a number of reasons cell phone accessories businesses are very profitable. Some of them are:
- Starting a cell phone accessories business does not require a huge amount of capital. This means you do not need to wait until you have a bulk of cash before you start one
- It leads to really high profits irrespective of the amount that was used to start out initially.
Steps in Starting a Cell Phone Accessories Store – Business Plan
Starting a cell phone accessories business is not really different from starting other businesses. Just like in the case of other businesses, there should be a good business plan for your cell phone accessories business if you must succeed at it. Prior to starting a cell phone accessories business, the following should be carried out.
1. A Thorough Analysis of the Market
While carrying out an analysis of your market just before starting a cell phone accessories business, the first step involves making a research about the demands of your prospective clients. Also, you should find out the type of products that are available in the market. If you must succeed rapidly in this business, then you will have to bring something that is not yet in existence into the market.
Although lots of new business owners have the belief that following the trend leads to better success in business, that is not the case. Being innovative yields way better gains than following the norm. Therefore, in starting a cell phone accessories business, you will need products which other cell phone accessories dealers are yet to introduce into the market.
2. Cost of Starting a Cell Phone Accessories Business
The cost of starting a cell phone accessories business is the net step that should be put into consideration after carrying out thorough analysis of the market. There is no fixed cost needed to start a cell phone business. This therefore gives you the freedom to have a solid plan with the cash that you have in hand.
3. Get a Location for Your Business
The location of your cell phone accessories business is a major determinant of the success or failure of your business. In making a choice of a location, it is expedient to choose a location that is in the heart of the city. With a location in the heart of the city, prospective clients will be able to find you without so much stress.
4. Choice of Product
The business of selling mobile phone accessories is a very broad one. As a result of this, you will have to make a choice of the line of products that you want to deal in. You will need to get an updated fast-selling cell phone accessories list generated from your own market research.
5. Branding, Promotions and Adverts
The trio of branding, promotion and adverts are vital ingredients that are needed to boost the growth of your business. If you want to have a good business that is characterized with good sales, then you should make your business an attractive one. The way to do this is by branding.
More often than not, people will not buy phone accessories from you just because they know you have good products. They would rather buy from you because they think any products that come out of your store will be genuine. After branding, the net thing to do is promote your business. Your business will never get to the level that you expect it to get to if you do not advertise.
6. Style of Making Sales
Gone are the days when businesses only made sales through the traditional method of sales; the offline methods. In modern day business, sales are more viable online. This makes it important for your business to have an active online presence.
7. Get the Needed License
To effectively run a cell phone accessories business, a license is needed. To get a license, reach out to government agencies in your neighbourhood.
8. Choose a Supplier
If you want to make maximum gain, it is important to buy directly from the manufacturers. You can also buy from online market places such as Indiamart and Alibaba.
CELL PHONE ACCESSORIES BUSINESS PLAN SAMPLE PDF / DOC
Cell Phone Accessories Business Plan Sample
We are in an era where cell phones have become an integral part of our daily lives. This is a multi-billion dollar industry that continues to thrive with innovative products and services. However our focus is on the cell phone accessories side of things. This cell phone accessories business plan sample targets readers who wish to start their cell phone accessories business and need help with their plans.
Are you one of those? If you are, relax and read through the article as we guide you through the entire process. By using this as a guide, you need not stress yourself over how to structure your plan. Ready? Let’s get cracking!
Telecoms Masters® is a cell phone accessories business that sells and supplies cell phone accessories of different brands. We sell accessories for major cell phone brands which are popular among users. We are headquartered in Phoenix’s Central Business District in Arizona. Telecoms Masters® has partnered with these cell phone brands to provide an assortment of accessories for users.
- Products and Services
For the meantime, our primary area of focus would be the sale of cell phone accessories. However, within 2 years from the time of commencement of business operations, we will include cell phone repairs. We will be selling accessories such as screen protectors, mobile power banks, selfie sticks and phone casings. Others are cellular signal boosters, popsockets, and battery extenders among others.
- Vision Statement
Although we are launching as a small business, our sights are set way beyond our current scale. We plan on becoming major suppliers of cell phone accessories to both end users and wholesalers. Also we will be opening outlets in major cities across the 50 states of America. We hope to have achieved this within 8 years.
- Mission Statement
Our mission at Telecoms Masters® is to only work with reputable brands. This is to help establish our business as a major provider of quality cell phone accessories. Our outlets will be patterned in such a way that whoever walks in is assured of a good deal in addition to finding several options to choose from. In other words, our outlets will be a one-stop shop known for quality and affordability.
We are selling a 30% stake of our business to investors. This amounts to $1,500,000.00. This will be valid for a period of 8 years after which 100% ownership will return to the business owners. This is a fair deal that not only allows the investor(s) recoup their investments but also share in the profitability of the business.
- SWOT Analysis
We are concerned with our level of readiness to launch into the cell phone accessories business. Hence to measure our capability as well as areas that need improvement, we have done an analysis of our business structure by taking into consideration key indices that reveal our strength. The results are as follows;
We are a small business but understand the dynamics of the cell phone accessories market. We have also formed vital partnerships with product manufacturers. These have been carefully chosen and offer attractive discounts that enable us have good profit margins. This creates a win-win situation. Also, technicians will be trained starting from our second year. This will lead to the creation of a cell phone repair department.
Our cell phone accessories business is still in its infant stages. This means that we have limited financing. This will eventually be overcome as the business grows or expands. Then, we will embark on an aggressive expansion drive. However, we have a limited capacity in the short term.
There is no shortage of opportunities. This is because newer and better models of cell phone accessories are being developed. The vital partnerships we have built with product manufacturers means that we will be given first preference for these products. Because people want to have a feel of the newest products, we have the opportunity to increase sales significantly.
A decline in income will directly affect the purchasing power of our clients. This will affect the entire chain of production and distribution. Therefore effective government policies are important to the profitability and growth of our business. An economic recession will also affect production and sales too.
- Financial Projection
A financial projection is basically a forecast of sales over a specific time frame. We have done this to cover a three year period. Our findings have been encouraging and reveal a steady climb in sales. Current market conditions as well as data obtained over a period of 5 years helped us reach our current projections as summarized below;
- First Financial Year $450,000.00
- Second Financial Year $800,000.00
- Third Financial Year $1,500,000.00
- Competitive Advantage
We have taken a great deal of time to carefully select our partners (cell phone accessories manufacturers). This was done to enable us obtain quality products as well as offer competitive prices for our products. This is only possible when there is a good profit margin. This also gives us a better deal/return which speeds up our growth.
- Target Market
Almost everyone uses a cell phone. This has become a necessity and aids easy communication. These phones come with multiple functionality and accessories make for better use of these devices. In view of this, our target market consists of people using smartphones. Such people may need screen protectors or casings, headphones, etc.
Did you expect it to be this easy? We have stripped this cell phone accessories business plan sample of all complexities. You are able to put together a clearer and comprehensive plan. This not only helps interested investors to understand, but also helps you implement its contents.