With the fast growth in technology, new business opportunities and innovations are rolling out steadily. Likewise, the electronics industry in India had an absolute increase in the past few years. Hence, more and more entrepreneurs are looking for how to start an electronics business?
There are few details to figure out at the initial stage of starting a steel business like:
~Understand your competitors
~Register your Business
~Acquire License and Permits
~Make a Business Plan
~Know your customers
~Plan your investments
~Find a location
~Buy the Stock
~Hire the team
The first step of starting any business is to analyse it.
Therefore, visit the electronic stores near you and find out:
There are three types of electronics stores:
Multi Brand Outlet: Stores having products of multiple brands. For example, Gada Electronics, Reliance Digital etc.
Single Brand (Franchise): Stores that have products focused on a single brand. For example, the local showroom of brands near you like Samsung, Whirlpool, LG, etc.
Second-Hand Dealer: They are the dealers selling refurbished products for low prices.
To clarify, refurbished products are those that are returned to a manufacturer or seller for various reasons, like not being sold in the market or a new product launch.
The most crucial step is to register your business legally to avoid any conflicts.
Above all, business registration keeps your personal and business assets and liabilities separately.
Therefore, when you are looking for how to start an electronics business, you should consider registering it on priority.
You can register your business under the following structures:
To read more about the business registration process, check out: How to register a new business in India?
NOTE: The electronic business license differs from state to state. Therefore, visit your states municipal corporation for the list of licenses required and get them all.
A good business plan must have the following points:
It is crucial to understand who your customers are.
Therefore, there are certain things that you have to learn about your local customers.
Electronics business needs good capital investment for all the latest electronics gadgets and several items like store fixtures, lease amounts, employee wages, and advertisement.
You will require an initial investment of Rs. 15 - 20 lacs if you plan to start your business in metro cities like Delhi, Mumbai, Bangalore etc.
But, in smaller cities, you can even start your electronic business with a minimum investment of Rs. 5 - 8 lacs.
Funding Sources: There are various sources to get investments these days.
For instance, bank loans, angel investors, friends, family, crowdfunding, government schemes, venture capital, business loans from NBFC, microfinancing are the best funding sources.
The location of a store plays a vital role in attracting customers.
Thus, a business works best in the areas which have the highest footfall of customers.
Therefore, if the location of a store is accessible to everyone, it will increase the demand and improves the survival possibilities.
Getting the right products affects the growth and popularity of your business directly.
Moreover, there are two ways to get the goods:
-Buying directly from the wholesalers according to your judgment of the customer preference and budget.
-Tying up with a brand or buying a franchise so that they keep a check on all your stock. Also, you can order any specific products of the brand that you think has a good demand in your niche.
An electronic business must have professional and disciplined staff for efficient running.
Accordingly, you require the following people:
After fulfilling all the requirements and getting all the necessary licenses, you are good to launch your business in the market.
So, plan a GRAND OPENING and use your network like friends, relatives, neighbors, family, business circle to promote your business.
Above all, circulate the pamphlets of your grand opening with the local newspaper.
Also, you can encourage people to buy on the first day by putting up some exciting offers.
To sum up, starting a business is a dream of many of us. Further, with the appropriate information from the experts on how to start an electronics business, all of this becomes easy to achieve.
Also, be patient as no firm generates profit immediately. However, with the rapid growth of technology, you can recover your investments within 2 months in an electronic business.
For any more information, contact our experts at www.starteazy.in