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1) MOBILE PHONE REPAIR BUSINESS OVERVIEW
Mobile phone or smartphones devices are an undetachable piece of gadget which has become a part of our lifestyles. With the amount of daily usage, they are bound to get impaired, broken or develop software error. In such a case you would need to get it repaired or serviced, here comes a mobile repair shop for or mobile service centre to your rescue.
1.1 What is a Mobile phone repair and mobile service centre Business?
A Mobile repair store or a Mobile service centre is an establishment where skilled technicians and engineers of mobile phone devices repair or service the malfunctioning device and restore the device to its original working conditions. These mobile service centres also help in retrieving important Data from mobile phone devices in case they device is not repairable.
1.2 How to learn Mobile phone repair and Servicing?
There are no specific degree courses for mobile repairing. One can start learning at vocational training institute or learn practically as a trainee at a mobile preparing and servicing centre. There are also some online mobile phone repair course which one can join, other than that there are YouTube videos, blog post articles, and books which one can refer to before stating a cell phone repairing company.
1.3 What are the opportunities in Mobile phone repair business in India?
The mobile repair business is great for low cost business idea with over 440 million mobile users there is great potential and opportunity especially in big and growing economy of India. The opportunity lies in smartphone repair, servicing of mobile phones, replacing of damaged parts, selling mobile phone accessories, Data recovery, reselling of newer mobile phone devices etc. With the rise in sales of cheaper smartphone devices there is growing demand for skilled mobile repairing technicians and mobile repairing business services.
1.4 What is the market size of Mobile phone repair business in India?
With over 440 million mobile devices the Mobile Phone repair Industry has a market size of 150 crore. The Mobile repair industry is still in nascent stage and there is huge potential for businesses to tap this market with unique product offering.
2) WRITE A BUSINESS PLAN FOR MOBILE PHONE REPAIR STORE
2.1 How to write a Business Plan for Mobile phone repair Business?
Writing a good business plan for your mobile phone repair business is crucial for success. A good business plan provides a perfect road map for your business to attain its goals.
A good business plan should be simple and concise. You should write in very simple language which is easy to understand. Include all the necessary details in your plan like important facts and figures.
A business plan should not be over complicated, confusing or difficult to comprehend.
Be realistic when preparing your business plan and give yourself realistic and achievable business goals. Stay away from overly ambitious plans which are hard to execute and achieve.
Here are few things that should be included and more importantly, given your thought and consideration when Writing a Business Plan for your Mobile phone repair business.
- Executive Summary: Executive Summary is a brief description of the company’s business activities and goals.
- Company Overview: Discuss the leadership structure of your business, your team and business location.
- Market Analysis: Describe an overview of the market and industry give details analysis of your competitors and how you plan to differentiate yourself from competitions.
- Business Organizations: Describe the legal structure of your company, its founders, leaderships and other important positions in your company.
- Products and Services: Describe your product and service in great details along with technical configuration. Discuss the revenue models and pricing model.
- Marketing and Sales Plans: Clearly define your Marketing and Sales plans. Describe in details your ideas and strategies to promote your business.
- Financial Plans and Projections: Analyse the industry trends and forecast at least three years of financial projections.
3) CHOOSING RIGHT LOCATION FOR MOBILE PHONE REPAIR STORE
3.1 How to choose the right location for Mobile phone repair shop?
Picking the right location for your Mobile phone repair shop is crucial for the success of your business.
Identify the best spot for your business which is logistically convenient, easily visible to passing customers, close to business street and offers a loyal local customer base.
Understand the space requirement of your mobile phone repair shop for functioning effectively. Divide the space among customer waiting area and your workstation are.
Check whether the location you decided on meets all your technical requirements like electricity connections, water, washroom, fire exits, safety and security and other important details necessary for your business.
Typically, if your Mobile phone repair shop is located in good area like market or shopping malls it will guarantee you a steady inflow of customers.
Before renting or buying a store make sure you do your location research. Study the location demographics and customers patterns of that area. Remember that customers are more likely to buy from locations that are easily accessible, safe and secured.
4) REGISTERING YOUR MOBILE PHONE REPAIR STORE BUSINESS
4.1 How to register your Mobile phone repair business in India?
Registering your business is the first step before commencing your business operations in India.
You should register your Mobile phone repair business as sole proprietorship or partnership firm depending upon the numbers of partners involved in starting the business.
Registering will provide your business with legal status and legal entity. It also gives businesses the right to perpetual successions and limited liability protections to owners towards debts. Registering your business helps in building credibility of business and seek funds or loans from institutions.
The registration process for a company in India is done by Ministry of corporate affairs under the Companies Act, 2013. Consult a Charted accountant or Company secretary to file application for registering your firm.
The most common types of registration used by businesses in India are given below.
- 1.Private Limited Company
- 2.Partnership Firm
- 3. Limited Liability Partnership Firm
- 4. Sole Proprietorship
- 5. One Person Company
Here are the steps to file an application for registration a business as a Private Limited Company in India:
Step 1: Obtaining DSC (Digital Signature Certificate)
Step 2: Obtaining the DIN (Director Identification Number)
Step 3: Bidding for Company Name Registration
Step 4: Bidding for Incorporation of company
Step 5: Apply for PAN, in Name of New Company
Step 6: Open Current Account in Bank
Step 7: File Intimation to ROC about Appointment of First Auditors of Company
Step 8: Apply for GST Registration
5) LICENSES & PERMISSIONS NEEDED FOR MOBILE PHONE REPAIR
5.1 What are the licenses and permissions needed to start a Mobile phone repair shop or Mobile service centre?
There are no special permission or licenses needed to start a Mobile Phone repair business.
One need to obtain the same licenses and permission needed to start a retail store or shop in India. There are list of licenses and one has to obtain from State’s licensing department and local municipal corporation of your area.
Here is the list of licenses you may need to obtain before starting your Mobile Phone repair business in India.
- Shop and Establishment Licenses
- Gaumasta or Trade License
- GST registration
- Udyog Aadhar registration
Other important permissions you may need to obtain depending on your State government requirement.
- Fire safety license
- Import Export Code license (Incase you are importing large number of spare parts from foreign country)
The above list is only illustrative to give you an idea, please check locally with your State licensing department and local authorities to get the complete list of all license and permission needed before commencing your business in India.
6) HIRING THE RIGHT TECHNICIANS FOR MOBILE REPAIR SHOP
6.1 How to hire the right mobile phone repair technicians and other staff for your business?
Hiring the right technicians for your mobile phone repair business is a very important decision to be made.
The most important thing that you should look for when hiring a technical staff is the experience and Certification of the technician.
Consider their past experiences, skills and knowledge when hiring. Take a trail of their work to ascertain that they are familiar with the smartphone and Mobile Phone repair.
Understand your business requirements and then write down a detailed description of the job profile. Then screen and shortlist candidates according to the job profile. Hire the employees which fits your job profile perfectly.
Negotiate the salary with your employees by proposing an initial salary offer as per industry standards and then negotiate on the final package with employees.
Once you hire the staff make sure you conduct a background and reference checks.
When hiring a front end staff make sure they are presentable with good communication skills and has the aptitude to handle the customer complaints and queries.
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7) TOOLS & EQUIPMENTS NEEDED FOR MOBILE PHONE REPAIR SHOP
7.1 What are the tools and equipment’s needed for Mobile Phone repair and service centre Business?
A Mobile phone repair store cannot function without the right tools and equipment needed to repair the cell phone devices.
It is vital to have the most comprehensive and complete tools and equipment’s needed for repairing.
You should opt for good quality and standardised tools that are both durable and safe to use for your technicians.
China is the top supplier of precision tools and equipment, needed for repairing all kind of devices. One can order directly from B2B sites like Alibaba, India Mart, Trade India and from other similar sites.
Below is list of most common skilled tools and instrumentation required for mobile phone repair.
This is not an exhaustive list there are other tools and equipment you may need from time to time to repair newer mobile phone devices.
8) SATRT UP COST AND FINANCE’S FOR MOBILE PHONE REPAIR SHOP BUSINESS
8.1 Cost of starting a Mobile Phone repair shop and service centre in India?
To start your Mobile phone repair store, you will have to invest capital in building your business. Most of the cost incurred is paying for regular expenses like Rental, Salaries and maintaining Inventories.
There are fixed cost and variable cost that you have to incur when running a business. Keeping your strartup cost as low as possible is the most important aspect when starting a new business.
The total investment needed to start a mobile phone repair shop in India could be anywhere between ₹ 5 lakhs to ₹ 7 lakhs.
Here is sample breakup of the total capital investment needed to start a Mobile Phone Repair Store in India.
|Cost of Starting Mobile Shop business|
|3||Computers and Printers||₹ 45,000.00|
|4||Cell Phone Parts, Tool kits, and Equipments||₹ 1,50,000.00|
|5||Licenses and Legal||₹ 15,000.00|
|6||Other Fixed Assets||₹ 10,000.00|
|MONTHLY VARIABLE COST|
|1||Salaries – 2 Technicians||₹ 26,000.00|
|3||Bills – Eletricity / water etc||₹ 5,000.00|
|7||Miscellaneous Expenses||₹ 5,000.00|
|9||TOTAL STARTUP CAPITAL REQUIRED (A+B)||₹ 3,44,000.00|
8.2 How to fund my Mobile phone repair shop and service centre business in India?
Raising fund for your business is a tedious job. Any business needs investments as capital in its early days for sustainability.
Your Mobile Phone repair store cum service centre would need at least ₹ 3.5lakhs or more as early investment depending upon your scale of business.
The best way to finance your Mobile phone repair shop is to self fund your business.
Here are some good ways to fiancé your Startup business.
- Self Funding: Personal saving, Fixed deposits, and other investments
- Family Loans: Loans from family members, friends, relatives or colleagues.
- Institutional Loans: Loans from Banks, NBFC Financial institutions etc.
- Crowdfunding: Seek funds from crowdfunding website like kick starter, Patreon etc
- Government Grants: Search for government scheme’s which grants financial aid to new startups.
8.3 How profitable is Mobile phone repair Shop and service centre in India?
A Mobile Phone repair and service centre is certainly a profitable business with decent operating margins and good revenue.
Selling of mobile accessories and newer smartphone devices alongside of mobile phone repair will certainly boost your income and make your business more profitable.
The profits on spare parts used for mobile phone repair are around 25% to 30%. While retail margin on newer mobile devices is 8% to 15%. Mobile Accessories have profits margins of around 50% to 300%.
8.4 How much money can you make from a Mobile phone repair and servicing business?
Labour and servicing charges could be anywhere between ₹ 500 to ₹ 2500 depending on the type smartphone Devices.
The monthly revenue may vary due to location, area and other factors. However most regular Mobile phone repair stores generates annual revenue anywhere between ₹ 4,50,000 to ₹ 10,00,000 lakhs annually
9) MARKETING AND ADVERSTISING OF YOUR MOBILE REPAIR SHOP
What are some marketing strategy for your Mobile phone repair shop?
Marketing is an important process for creating awareness among your customer for your business in an effort to increase revenue.
Planning is extremely important and you should build strong marketing plan for your mobile phone repair shop. Planning also help you to keep a tap on your budgets.
One should invest in local advertising like distributing pamphlets, Ads in local newspaper or magazine, brand promotions, discounting or offers etc.
Offer onsite mobile phone repair and free pickup and delivery services at door step of customers.
Offer Annual maintenance contract at very nominal rates for servicing and repairing Smartphones
Build a website and an App to start an online mobile phone repairing services to broaden your customer base and increase business.
Use SEO services to optimise your blog or website to increase online visibility in and around your locality.
Create a social media profile to actively engage with your audience and keep them up to date about your product and services.
Have good customer service and try to resolve their problems at the earliest this way it helps in spreading word of mouth popularity for your business.
10) FREQUENTLY ASKED QUESTIONS ON MOBILE PHONE REPAIR BUSINESS
10.1 What is the future scope of mobile repair services in India?
With total number of mobile phone users in India crossing over 75 crores the future scope for mobile phone repair industry in India is definitely promising. Total mobile repair industry in India is estimated to be 50 crores and increasing does the future for mobile phone repair industry look good.
10.2 How to learn Mobile repairing Online in India?
One of the best ways to learn mobile phone repairing is through online websites. there are plenty of websites offering online courses in mobile repair.
Here are few of the top websites offering online mobile repairing courses in India
10.3 What are the best mobile phone repair franchises?
Starting a franchise business is good way to start a mobile phone repairing business.
Franchising offer benefits like lower failure rate, higher profits, built in customer base and Business assistance are some of the advantages of taking a franchise.
Phixman, Fonecare, acmatech, iservice centre are some of the popular Mobile phone repair franchises.
10.4 How much one can earn from mobile phone repairing business?
There is good earning potential from mobile phone repairing business one can easily earn anywhere between ₹30,000 to ₹ 50,000 per month. Most small to medium businesses easily generate revenue in excess of ₹ 3,50,000 annually.
Mobile phone repair cum servicing centre is a good business with overall great future prospects as the number of smartphones user are going to rise in the near future. As the demand for mobile phone would rise so will the demand for smartphone repair and servicing centre.