Starting an industry in electronics can be very challenging as this industry is volatile and can be difficult for start-ups if they lack a good blueprint to compete with many other established names in the business.
Hence starting an electronic shop business is a safe option and a profitable one. If everything is planned well in advance and one understands the business thoroughly then you can have a successful business. So here’s how to go about starting a business and opening an electronic shop business of your own.
Let us understand how to start an electronics shop in India further in this article
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. Let us understand the steps to start an electronics shop in India
The first rule of all businesses is to investigate the competitors. Know all about them, what they are doing, their products, services, growths, success rate, failures, and marketing strategy.
There is a great deal that you can learn from it, things you should do and things that you should not. Knowing your competitor’s business module well will help you bring originality and uniqueness to your store that will set you apart.
Location plays a key role in the success of your store. The location needs to have proper accessibility which will also improve the survival of the business.
The location should convince the franchise to tie up with you which will give a lot of visibility to your store and eventually help in the growth of your business.
Set up a nice office space that will attract your customers and mainly the franchise companies when starting your electronic shop business. Having a nice base would show the seriousness of your business.
This gives psychological satisfaction to the customers of the displayed products and also gives a nice plush experience to them. This would also give the real feel of the product and make them realize what they feel about it.
Do deep research on the franchise electronics companies and the know-how they function this way you would be able to determine which of these franchises fits your budget, personal interest, and goals.
Know all the parameters and check beforehand if you qualify for the requirements. Once done, get an appointment with them to discuss everything related to the franchise.
All business heavily relies on the investment and the capital it raises. The capital needed in the initial days is a lot hence you must start raising funds from early on. As per a survey, 57% of small businesses depend on personal savings initially.
You need funds for things like store inventory, location, products, lease amount, store fixtures, employee wages, marketing, etc.
Registering your business is mandatory and there is no other way around it. Registering your business gives it a legal existence and also registers the name in the particular industry.
The government will identify your business only after you register it through the official agencies. This would also help you with a simplified taxation process as well as help in running your business smoothly.
You must hire employees to run a smooth electronic shop business. The people you need to hire are for the following positions:
1. Floor Manager
3. Promotional Head
4. Stock Manager
5. Sales Representatives
Other departmental duties include:-
A license gives legal authorization on every product you sell, the exceptions being:
1. If your store’s display space is less than 20% of the total display space, a license won’t be required.
2. If you’ve less than 30 electronics for display or sale, a license is not needed.
1. Sales Tax Identification Number
2. For only electronics services- Electronic and Home Appliance Service Dealer License (2 years validity)
3. License Number
4. For selling second-hand electronics- Second Hand Dealer General License (2 years validity)
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