How To Start Electronic Store Business Idea
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1. INTRODUCTION
The world has created so much miracles in the filed of technology and the electronics machines, gadgets and equipment are the best example for it. There is abundance availability of the products of electronics in the market having different specifications, size, shape, colour, brand, price, etc. If you demand in doing electronic business or open electronic store then you have to be particular to your choice because variety is available in this field, as what type of electronic shop want to open? Which brand you are promoting or selling? Are this brand in demand or having profitable? What are the other products that brand sold?
The answers to this question solve your problem, for example you have decided to open mobile shop, the decided to sell Samsung mobile and then you have to choose which other products are available of Samsung. The answer is headphones, chargers, power banks, air pods, speakers etc.
Increasing demands of electronics products made this business profitable. Also, reduction in the sales of electrical gadgets causes more usage of electronics tools. Thus business is on the growth.
2. CASE STUDY
the case studies for the electronic store is as below:
- # E-Zone: E-Zone is an electronically specialize store, and was started in Lucknow in 2007.which is having products of almost every brand. This store make prominent success in just two years that is open 40 stores in all over Indian Market. The best part about this stores is that they open three sections in their store: Liberation Zone, Experience Zone, Home Zone. This all zones are open up with pricing sections and depending upon the classes like middle class, upper middle class and VIP class.
- # Infiniti Croma: This chain is controlled and owned by TATA Son’s and is started in 2006 . they invested 35 millions in it. their aim was to open 40 stores in up to 2010 . they also open sections as per the category classes as middle class, upper middle class, etc
3. BUSINESS IDEAS’S SWOT
i) Strength
- # This business can help you earn good profit as prices of products are usually high so profit is also high.
- # For the sample or display you don’t have to show actual product and have limited stock of particular product.
- # Once customer impress with your service for maintenance, they required you only and can help you earn money from upkeep fees.
ii) Weakness
- # The products in this store are usually expensive, if in case cause damaged, they have to face heavy losses.
- # This type of business requires good investment to start.
- # Each hour is technology is updating, so old outdated products gets sold in very low prices or wasted out.
- # People demand for the latest versions of any equipment’s so you don’t have to store in bulk.
iii) Opportunities
- # During any festive season like when offers are over new products.
- # When any company launches their new products lot of customers buy it.
- # During rainy season, most of the people faced mobile failure due to rains ,this brings opportunity for new mobile phones.
- # Also people demand AC in summers more like heaters in winter too.
- # If any company or organisation is started nearby you, demands computers, AC , coffee machines in mass .
iv) Threats
- # Alike every business this business has threat from competitors.
- # Accidental damage is bigger threat to them also.
- # Market phenomenon like inflation, deflation affects mostly to this business.
4. OPERATIONAL PLAN OF RENT BUSINESS IDEA
While starting any business this are the things you need to plan and keep o n working it:
- # Survey:
This is the most crucial step towards starting any business especially an electronic one. Make a survey identifying what people demand for , which brand they prefer , what pricing they are comfortable with , what are the other products they do purchase with that , do they bargain, etc. Do the survey of mostly youths as they are the one who prefer the most usage of technology and keeps on buying and selling it.
- # Location:
After the survey is completed, you need to find the perfect location for your store to open, that should be full of chaos of people but not of competitors . the location is one major factor which affects your business badly or better.
Once the location is set out ,start planning for the interiors . your interiors must be unique as to attract more crowd and it should not be suffocating and clumsy.
- # Availability:
Then after the interiors get ready its time to order the goods for yoirstore , in which you have to choose sharply, that which brand to promote and which type of store you are going to open. Once you order products that they not replace nor exchange.
- # Staff:
In this electronic store, there are fellow staff that handle according to sections, that is one is maintenance department , one from cleaning ,other from demo ,extra and they all have one manager who supervise them all.
- # Marketing:
The marketing should be done adversely and promote your store so that maximum people gets to know about it. All print banners, hoarding all your corners of your city, do advertisement in newspapers.
- # Customer satisfaction:
As always every businessman does, make sure about your customer satisfaction and also trained you employees too. They must be enough trained to understand customer needs and act accordingly.
- # Expanding:
Once you starts earning profit and have confidence about steady state of your business, then move step ahead and think on expanding your business.
5. LEGAL NEEDS
As per the Indian Norms :
- # Gumasta
- # Municipal/Nagar Nigam Registration.
6. FINANCIAL PLAN
- # Place
- # Electricity
- # Licenses
- # Interiors
- # Goods