In today’s generation, electronics have become an essential part of most people’s lives. More than half of a person’s day is around electronics whether they’re in school, at work, at home, at the gym or even while going for a walk.
This is why electronic stores are essential and overall, in demand. These are stores you can find in every mall, making it a necessity and just one step below food and clothing. So if you’re looking for a business idea, why not consider opening an electronics store?
You can even pick out a scope of electronics to offer. You can sell mainly phones and mobile accessories or computers and computer parts. But the best kind of electronics to sell is the one you have the most knowledge of.
So if you’re thinking about stepping into this line of business, here are more things you should know before opening an electronics store:
Is The Electronic Business Profitable?
Annually, the demand for electronics has increased making it a great business to get into. So, yes it’s a profitable business to get into. Plus, as stated earlier, electronics are now an essential thing in people’s lives making them in demand.
So you can count on having a pretty good amount of customers a day. The main sector in electronics that makes the most sales are computers, both desktops and laptops. So you can start off with that, you can consider selling things that people are already looking for.
But to give you more choices to choose from, here’s a list of profitable electronics stores around:
- Computer repair shop
- Cellphone retailer and repair shop
- Solar panel installation
- CCTV camera retailer
- LCD and LED shops
Who Is The Market Leader In Electronics?
Knowing this will give you the upper hand when choosing what to sell later on. 10 major electronics companies that rule the market which is (1) Sony, (2) Toshiba, (3) Panasonic, (4) Samsung, (5) LG, (6) Microsoft, (7) Apple, (8) Intel, (9) IBM and (10) Fujitsu.
What Devices Will Be Popular In The Future?
It’s great to know what consumers will be interested in later on. This will give you time to prep and stock up. So if you’re considering stocking up before other shops do, here’s a list of items that’ll be in demand in the future:
- Wireless charging stations
- Functional phone cases
- Wearable devices
- Phone tripods
- Wireless headphones
- Drones
- Smart LED bulbs
- Car rear cameras
- Smart plugs
- Solar power outdoor lights
What Do I Need To Start An Electronics Store?
Before diving into the electronics business, you first have to know everything you’ll be needing. This will make the process less complicated and more simple. So if you’re ready to open your very own electronics business, here’s a step-by-step guide:
- Do Your Research On The Market
To up the chances of running a successful electronics business you first have to know the market you’re getting into. So consider knowing your competitors, what’s in demand, know the average price margin and so on.
Doing so will help you become more aware of your chosen market. So remember, the key to success is through mastery!
- Choose What You Want To Sell
After doing your research you’ll then know what products are booming in the market. You can use that knowledge to know what you’d like to sell in your store. You can choose to simply sell electronics or provide a repair or installation service.
- Look For Suppliers
If you still don’t know what you’d like to sell, suppliers near you can help you decide. Either look for a supplier that supplies products you want, or get whatever products a nearby supplier has to offer.
When choosing a supplier, make sure to get reputable ones. This can prevent you from getting scammed in deals. Plus you can make sure you’re working with someone you trust.
- Create Your Brand
Now that you know what you’d like to sell, you can now create your brand. You can choose to revolve your brand on one sector or make it general. And remember, this is an important step to consider since you’re coming up with your business’s personality.
So for this step come up with your brand name, mission and vision, logo, and brand colour.
- Get All Necessary Documents And Permits
Now you can make it official by getting registered. All you have to do to get your business legally registered is provide all the necessary documents. Once you get approved, you can now get permits to run your business and other requirements needed for your shop’s location.
- Get Your Business Insured
Another vital thing every business needs is business insurance. Before officially opening your store make sure to insure it! This will protect it from legal, financial and actual damages. Without insurance, these damages can potentially be your business’s demise.
You can consult with an insurance advisor to help you make good decisions when picking out coverages to get. As a starting business, you can consider getting sme business insurance. This kind of insurance coverage is perfect for small to medium-sized businesses.
