Did you know it is predicted that smartphone sales will slow down in the coming years, though usage will not? People are spending more time using the same device and repairing it, rather than buying a costly new product. But do you know how to capitalize on this?
One way is to start a repair business. Read on as we give must know business tips for starting a smartphone repair company.
Create a Business Plan
Even if you are starting a business from home, it still helps to plan. You may need to get capital from a bank at some point, or you may need to set goals to help the business grow. Having a solid plan in place can assist you with this.
A business plan should include short, long, and medium-term goals. In addition, it should contain all of your costs and proposed revenue streams, along with an analysis of your competition.
Work Out Your Costs
One of the most important parts of your business plan will be working out the costs. The bulk of this will come from stocking up your inventory. Many mobile phone parts are not cheap, and to avoid waiting for parts on delivery, you may want to buy them in advance.
In addition to this, you will need special tools to get the job done. Do not forget the cost of administration and tax costs, as well as ticketing and invoice systems.
Form a Legal Entity
Once you have a plan in place, you need to get the legal entity of your business in place. When starting a company, you have three choices. These are sole proprietorship partnership, limited liability company, and a corporation.
Find a Location
Some phone technician startups decide to operate from their home premises. This cuts down the costs of a brick-and-mortar rental and lets you test the current market. However, it does rely on your own marketing to get custom and lacks footfall traffic.
A store will cost money, but it increases awareness of your business, and you benefit from walk-by traffic. If you want to grow slowly, then consider moving from a home business to a kiosk in a shopping mall before progressing to a store.
Apply For Permits
Depending upon the state you open in, permits and licenses may vary. While you don’t need any specific license for phone repair, you will have local business registrations and permits that need to be taken care of.
Organize your Marketing
Without the correct marketing, no one will know that your smartphone repair business exists. As people only visit when their devices are broken, you can’t rely on repeat business.
There are several ways to market your business. Start by listing online, particularly on social media and search engine business pages. Combine this with a traditional strategy involving print media, a local publication, and even direct mail.
Implementing Business Tips
These business tips are just the start of your journey. Your business could open into a chain or a fully mobile sales store. Remember to plan and grow carefully and slowly.
If you enjoyed our article, then we have many more to help you. From mobile technology news to finance, we can help grow your business in the coming year.