This cell phone accessories business plan sample is for a techie or a cell phone freak who sees himself/herself as an entrepreneur who can venture into the cell phone accessories business.
You are probably wondering why a cell phone accessories business would need a business plan. The truth is that every business needs a business plan, whether simple or elaborate.
In this post, we will show you the importance of a cell phone business plan pdf, and what it should contain. Are you ready? Let’s get to the crux of this post.
Overview of The Cell Phone Accessories Business in Nigeria
Have you tried to consider the population of Nigeria? The last population census results stated that we were 180 million individuals. As the fastest growing and most populous black nation in the world, we currently stand at almost 200 million.
If you have an entrepreneurial mind, you must be seeing lots of opportunities already. Just in case you can’t, let’s paint a simple picture for you. Statistics from the NCC show that over 100 million Nigerians have access to phones. This means that their phones would need accessories at one point in time or another.
Can you count how many times you have needed a charger, earpiece, phone pouch, or screen guard? Just because you didn’t find one in your area, you had to walk a long distance to find what you need. Now try to calculate how many people have been in the same dilemma.
Another thing you need to consider is that Nigerians are ostentatious in their buying. We love to buy things that will boost our status. This is great news for the cell phone accessories seller because you are sure of a ready market.
Things to Consider to Start Cell Phone Accessories Business in Nigeria
Before you even consider writing a cell phone accessories business plan sample, there are few factors to consider. These factors are important to ensure that your business stands and thrives in the populated market. We will take a look at some of the key factors to consider in this section of this post.
For a Done For Cell Phone Accessories Business Plan CLICK HERE
Without a feasibility study, you shouldn’t even begin any business. It is like a blind man trying to swim across an ocean without a guide. It is a hopeless situation. A feasibility study gives you an idea of what to expect as you run the business and what people expect from you.
When running your feasibility study, you need to watch out for pieces of information such as:
- Where to run the business.
- The population of the area.
- What the people want.
- How much are they willing to pay?
- Where to get quality products.
- Who your competitors are and what they do, etc.
This might take from a few days to months depending on how large you plan on making your business. As a matter of fact, this study never really ends because as you run the business, you run studies. These concurrent studies will help you adapt to the ever-evolving cell phone accessories market.
Location of the business
Where you site your business plays a major role in how successful the business will be in the end. The truth when it comes to this kind of business is that you cannot be in a solitary place. You need an area where there is lots of traffic.
By traffic, we don’t mean vehicular traffic alone, we also mean human traffic, which is what you need. You also need a place that is easily accessible and is close to the market. In choosing a store, you should find one that isn’t too costly. This will help you manage resources better.
Raising capital for a business is where most entrepreneurs suffer the most. This is why you need an efficient sample of a business plan of phone accessories. A business plan will help you raise funds needed to start your business with ease.
You can get money from friends and family members, from savings, from banks and loan providers, and from investors. The last three would need a business plan to understand what you want to achieve and be sure it is viable.
Where to buy your products
Your reputation is one of the key factors that will make you stand out and make your business grow. If you vend poor quality goods or you don’t deliver variety and on time, you may have lots of problems. As you know, Nigerians are not really patient people and they are also difficult to satisfy.
This is why you must be on top of your game with your products. Find the best locations to order from and make sure they offer you great prices. If their prices are too costly, yours would be costly too. The end result of this is that you will find it hard to attract and keep customers. As much as Nigerians like flashy things they are not willing to pay so much because of the economic crunch.
You also need to find out what registrations you should have before becoming a cell phone accessories seller. Don’t just jump in, you might get embarrassed which is also not good for your image. Make inquiries from existing sellers so you are not left in the dark.
What your cell phone accessories business plan sample should contain
By now, you must be wondering what the contents of your cell phone accessories business plan sample pdf should be. That’s normal so we put together a list of contents for you. You can contact us for a cell phone accessories business plan sample which you can edit to your taste.
Here are the contents below:
Table of contents
This section gives the reader a map of the rest of the plan. It contains the chapters and pages as they appear in the plan. When you have this in your plan, it shows that you are organized and know what you are doing.
A number of people refer to this as the abstract of the business plan and they are right. It can be likened to the abstract of a project or book. In simple terms, it is the summary of the whole business plan. This is why it is written last even though it comes before every other part of the plan saves the table of contents.
Your investors want to know who you are, they wouldn’t just invest in a stranger. It is wise that you come as clean as possible with your company details such as:
- Mission Statement
- Vision statement
- Current Status
- Markets and Products
- Keys to success
- Cost summary
You give a concise description of the products you plan to sell at your store. We advise that you do not provide too many details here so that you can protect your idea. There have been cases of ideas being taken over by investors.
Market and Industry analysis
This section provides you an opportunity to show off how much you know about the industry you want to venture into. Therefore, you provide the following pieces of information:
- Industry analysis
- Market analysis
- Customer analysis
- Competitor analysis
- SWOT Analysis
Anyone that wants to invest in your business will ask what your strategy for selling the products is. You must be able to provide a specific answer. These are the pieces of information required:
- Target Market Strategy
- Product/Service Strategy
- Pricing Strategy
- Distribution Strategy
- Advertising and Promotion Strategy
- Sales Strategy
- Marketing and Sales Forecasts
How do you intend to run this business? This is the question you will be answering in this section. You need to discuss your operations strategy, scope, and expenses.
Without efficient leadership, any business will crash, it is just a matter of time. It is imperative that you have a draft for your company leadership when it grows beyond the start-up level. Hence, you need the following:
- Company Organization
- Management Team
- Administrative Expenses
Just like in the management section, this is more of a futuristic approach because presently you may not need any complex structure. However, as the business grows, you need to become more complex with calculations. The financial section gives a forecast of what you expect, mostly in the first three to five years of your business.
- Financial Assumptions
- Financial Forecasts
- Projected Cash Flow
- Income statement
- Balance sheet – Profit and loss, Profit Margin, chart, Financial Risks, etc.
Here you present all the tables, graphs, and calculations that you couldn’t put into your plan. This way your plan is not laden with so many unnecessary items that will make it confusing.
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Cell Phone Accessories Business Plan Sample – Conclusion
Now that you know what a cell phone accessories business plan sample contains, you can order yours at an affordable price. You have also learned what you need to set in place to start up your cell phone accessories business in Nigeria. Share your comments with us in the comments section.Follow Us