Starting a mobile phone accessory business can be highly competitive and promising when it comes to returns. In addition to independent stores, mobile phone franchises selling accessories, kiosks scattered inside many malls and other public areas. The web is also competitive as it offers diverse websites and online stores that are enthusiasts to sell mobile phone accessories.
If you can find a location wherein it has a small competition or you make a strong online presence that can excel your competitors, then you can create a booming small business for mobile phone accessories.
Why Mobile Phone Accessories?
For the past 10 years, total smartphone sales globally have a growth trajectory and reach from about 122 million in the year 2007 and gone by 1.5 billion in the year 2016.
Last 2018, the smartphone accessory market was worth 66 billion dollars consisting of 36% of protective cases. It’s a mind-blowing of $23.7 billion spent on phone cases only in 2016 and showing no signs of the market to slow down any moment soon.
If you want your mobile phone accessories business becomes a success, there are several factors to consider before starting your mobile accessory store.
Join Any Local Trades and Events
Fortunately, aside from selling your products online or in a physical store, there are still many good opportunities to market your products in person. Check out all the upcoming local events and trades in and around your area to monitor what kind of fairs is coming wherein you might be able to promote and sell your mobile phone accessories.
Take advantage of the crowds as since everyone in the event has a mobile phone, there is a high chance to convert them as a buyer. Aside from that, you will be able to get an opportunity to showcase and market your products but you will be able to get in touch with your customers and potential buyers and make a survey about the designs that they really like or what accessories are frequently asked for during the event.
Analyze the Market and Innovate
There are a lot of competitors and well-known and established brands in the accessory market business including Insignia, Mophie, Lifeproof, OtterBox, and Zagg. Do not get intimidated easily by them because of this healthy amount of competition is another aspect of any successful business. The mobile phone accessories market is so extensive and broad that there is always room for another player who wants to join.
You can try to study their weaknesses as a brand and identify what item is missing on them and try to work it out by looking for a different niche such as cases, power bank, water protection cases, drop protection, Bluetooth device such as speaker or earphones, on-the-road or wireless charging, selfie stick, charging ports and cables, and many more options. From there, introduce a feature or item that isn’t already available on your competitor’s list.
Take Your Business to the Online
If you still don’t have the capacity and not yet ready to venture on a physical store, you can launch an e-commerce store for accessory business. You can try some established and popular platforms to set off and introduce your products such as the Amazon, eBay, or Etsy you can also set up your store with webpage sites like Shopify to establish your brand and business in the online business.
Regardless, if you want to pick an existing platform and their client basis or put up your own website business, you need to apply online marketing procedures to market your mobile phone business. However, you need to spend your budget wisely. You can try to use services such as Facebook Ads, AdWords to target all your prospective buyers who are looking for mobile phone accessories. Alternatively, you can also promote your business using Instagram and YouTube to advertise and promote your products.
Comply All the Legal Requirements
You need to secure a business license for your mobile phone accessory business. Check out all the government agencies in your area where you are planning to operate your business to get this license. For example, if you are residing in California, you need to register with the California State Board of Equalization.
Meanwhile, if you are planning to conduct your business as a kiosk, most probably you will be required to obtain a kiosk license agreement. For example, if you want to operate a kiosk in the John F. Kennedy International Airport, you need to sign a retail kiosk lease agreement before you fully operate.
Choose a Reliable Supplier
Finding a reliable manufacturer or business partner will be a big relief as it will help you to maximize your earnings. While you may see the need to buy products in bulk or wholesale – anywhere starting from 10 to 200 items per transaction–this will help you to save a lot. Depending on the model or type of mobile phone accessories, you may get a discount since they may be cheaper for about $1 per piece but can be sold for many times.
Getting into the mobile phone accessories business is promising. You need to manage well your business and strategize whether if you sell your product online or in a physical store.
Choosing the right platform to promote your product is also something to consider, plan, and study the competition as well. Several brands are up and established now, but don’t get intimidated, instead try to innovate to stay in the competition.
Whether if you are looking for a reliable supplier or looking for some update on your phone, here at HLC Wholesale, we offer the best and trendy mobile accessories that can elevate the look of your mobile phone. Check out all the deals by visiting https://www.hlcwholesale.com/ and get a $20.00 off for your first order.