How to Start a Business in Selling Cell Phones

Phone selling is a very lucrative business and a business also that you can make a quick turn-over if you know how to manage it. If you want to go into phone business where you sell and make profits, you must first of all decide which area of specialization that you want to specialize in. That is either as a:

·       Dealer.
·       Sub -dealer/Wholesaler.
·       Retailer.

There and then you will know what the start up capital will look like. You should be a little bit experience in buying and selling as well as keeping record, knowing also the type or brand of phone you want to sell.

You can also get some necessary information like cost price, selling price and profit margin of the type or brand of phone you want to sell. You should also look for a shop in an area of more human traffic.

Once you are set of doing the above procedures, proceed to the market to buy the phones or you order for it from a well-known dealer or wholesaler if you are buying in large quantity. Let’s assume that you are starting as a phone retailer. Requirements needed for a phone Retailing business.

1)  Capital: As a phone retailer, you can start your business with a minimum amount of N100 000 depending on the type of phone you want to start with.

2)  Shop: You should be able to get a shop of about N100 000 or cheaper as the case may be depending on the area or location. But it’s important to locate a shop in an area of more human traffic.

3)  MANAGEMENT: Proper management of your phone business is necessary if you really want get a reasonable amount of profit returns at the end of the month. Proper record keeping should be taken each time you buy products and also selling even record of expenditures.

4)  PROFIT MARGIN: Let’s assume that you are starting with a minimum of N100 000 and you are also starting with a particular brand or different brands of the same amount of may be N4000. That means that you likely to buy up to 25 numbers of phones, you are also likely to get up to N500- N1000 for each phone you sell. Meaning that your profit at the end of the total sell is 25 x N1000 = N25 000. Then you go back to the market to buy.

One thing about this business is that the market is already there you need not look for customers but rather create a good relationship with anyone who decides to do business with you that come as well as having a good data based of your customers.

Written by Utibe Moses for WealthResult.com

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