Things you should consider before starting a mobile phone-based business

Things you should consider before starting a
mobile phone-based business
While there are opportunities for both small and big players in this
market, entrepreneurs who do not do their homework well are
bound to fail. We have identified three key areas you should pay
attention to before you start this business.
Capital – Depending on the type of opportunity you intend to
exploit in this market, you can always start with a very low capital
investment. Big players who have the money can import brand
new or used phones from abroad at very cheap prices. With less
than $100, anyone can start a recharge card voucher retail
business. The message here is simple: start at a level you can
afford and scale up gradually. There’ll hardly be any need for you
to break the bank or borrow heavily from friends and family.
Competition - Because most businesses in the mobile market are
cheap and easy to start, there are usually a lot of people selling
the same products and services. To ensure that you do not survive
on luck alone, you need to find a unique way to satisfy your
customers. You could offer home services, buy-now-and-pay-later
offers in addition to great customer service. However, you must be
careful to ensure you’re running a profitable business and not
giving away things for free!
Location – This is another important factor to consider. Your stall,
shop or outlet has to be easily accessible to potential customers. It
should be in an area where human traffic is high and the
population is large enough to provide enough customers to you
and any competition you may have. Residential areas, university
campuses, markets, industrial areas and city centres make very
good locations.
Putting it all together…
Mobile phones will continue to provide great business opportunities
in Africa over the coming decades. If you believe this type of
business will work for you, start working on a business plan and
take action now! You could also choose from many more amazing
business ideas in the Browse ideas section of this website.
We would love to hear from you about your successes, challenges,
advice and questions. Do not forget to leave a comment in the
section below and share this opportunity with your friends.
To your financial success!