How to Start A Mobile Phone Accessories Wholesale Business
Mobile phone use is increasing in our modern world, which will increase the demand for mobile phone accessories. The accessories you use on your mobile phone make it more efficient and protect it. Thus, a wide variety of business opportunities are now open to you. You can make a lot of money from starting a mobile phone accessory company, but for that, a good business plan is required. I’ve gathered a few tips on how to get started with selling mobile phone accessories below, along with a quick overview of the smartphone market.
Top Selling Wholesale Mobile Phone Accessories
Your cell phone accessories marketing plan must include all these products so that there is very little chance for you to fail if you work hard. The accessories that will make you more money are bulk Popsockets, wireless earbuds, and phone cases. The margins of different accessories vary, but the margins of mobile accessories are higher than those from selling the phone, according to existing business people. Listed below are a few items that are ideal for your store:
- Phone Cases/Covers
- Wired or Wireless Earphones
- Tempered Glass for Mobile Screen
- Selfie Stick
- Power Bank
- Multi-port Charger
- Bluetooth Cable
- Bluetooth Speaker
- Car Charging Port
- Bluetooth Speaker
7 Steps to Start Your Mobile Phone Accessories Business
Previously, we reviewed some of the best-selling mobile accessories. What matters is that you are taking steps toward making your dreams come true by starting your own mobile accessory business. Following these steps will help you to launch a business selling cell phone accessories:
Analyze the Market
The accessory market would have multiple competitors, which is natural and healthy for any business. Look at what your competitors are selling and create your own unique product list that will set you apart from them. If you want your business to be noticed, think about everything that can be included or excluded.
Find The Right Location
How would you go about selling accessories online or opening a shop? Mobile accessory businesses need to have an ideal location since this business can’t operate from one location alone. If you want your store to succeed, then you should rent a kiosk in a mall or a market with high foot traffic. An online store will allow you to reach a broader customer base.
Source for capital and investments
In order to accomplish this, extensive planning would be required. The start-up of a business requires capital, without which it is impossible to prosper. Capital can be raised in various ways depending on your business needs. Here are some of the ways.
- Business Loan
- Credit Loan
- Input from friends and family
- Your personal savings
Understand the Legal Requirements
A business license is required to start an accessories business. Licensing must be done through a government agency. Some of the licenses required by all types of business are,
- Traders license
- Aadhar Registration
- PAN registration
- It is a requirement to register under the Shop and Establishment Act if you intend to open a physical store.
- If your sales would exceed 20 lakhs annually or if you were to sell your products across state lines, you should obtain a GSTIN
Choose a Supplier
Finding an accessories supplier will be the next step. Choose the right supplier when you run an accessory business. When finding a supplier, you should consider their reputation first. Pick a supplier whose products are always of high quality.
Remember to Invest in Quick-Moving Products
New products and technologies continue to be introduced to the mobile phone industry on a regular basis. In contrast to cable technology, everybody now uses wireless technology. In the past, this was considered impossible. It is important to take a look at the products that are doing well now and are making waves. These are the ones in high demand, so invest in them. Do not let your inventory become blocked.
Set up Marketing Channels
A marketing plan is also essential. A marketing system helps you spread the word, and you cannot succeed without one. If your business operates online, you have a greater need for marketing. Social media can help you market yourself. Social
media marketing isn’t the only way to promote your brand online. YouTube and Google AdWords are other platforms you can use.
Things That Are A Must In Your Business Plan
To be successful, you need to include a few things in your business plan, such as:
Banks and investors will be interested in your business plan and its goals. For an accurate picture of your business, remember to mention:
- Market & Product
- Cost summary
- Keys to success
Market and Industry Analysis
Your passion and hard work would be presented to investors in this section. Before you start your business, you learn more if you do more research on the market and industry. Include the following items:
- Industry Analysis
- Target customer
- Competitor Analysis
- Market Analysis
- SWOT Analysis
Whenever you contact investors, they will ask about your marketing strategy. Ideally, you should prepare your strategy and plan before you get there. Plan your business according to all of these strategies:
- Pricing Strategy
- Sales strategy
- Product/Service strategy
- Advertising and promotion strategy
- Distribution strategy
- Target market strategy
- Marketing and sales forecast
How to Increase the Sale of Accessories?
As soon as you start a business, all you think of is expanding it and increasing sales so you can make a profit. Boosting the sales can be achieved in a few different ways:
- Use Internet Marketing – We live in an era when internet usage has skyrocketed and social media platforms are frequently used for advertising. Without this platform, you may be at a severe disadvantage. As a matter of fact, you should consider opening an e-commerce store to grow your cell phone accessory company.
- Promote and advertise your business – Offering great deals and discounts to your customers is the best way to get more customers into your store. To draw a larger customer base, it is advisable to advertise on social media, through hoardings, or by using leaflets.
- Ask for feedback – Although mistakes are bound to happen if you learn from them, that is always appreciated. Your store can keep a feedback form where customers can write down their good and bad experiences, which will lead to an improvement in service quality.
In this article, we have discussed how to start a mobile phone accessories wholesale business. We hope that the information provided in this article has helped you in some way. If you are thinking of starting your own business, this article can help you. Make sure to buy the accessories from a reputable seller among all the other things mentioned here. Please feel free to contact us if you have any questions regarding this article.