Smartphone Repair: A Great Business Opportunity

andreaatwork By andreaatwork, 16th Feb 2016 | Follow this author | RSS Feed | Short URL http://nut.bz/i92rbm97/
Posted in Wikinut>Business>Business Opportunities

Want to be your own boss? A mobile device repair franchise may be your key to business ownership.

Introduction

Smartphones and tablets have become prevalent commodities today as the purposes and technologies of these devices have greatly increased. Modern smartphones and tablets from brands like Apple, Samsung, HTC, LG, and Motorola have expanded their functionalities and have grown more accessible to consumers.

Thus, almost everyone you know probably owns a mobile communication tool for personal or business use. These devices have turned into necessities for an average person, and it's hard to be without one if it's broken. As much as users want to safeguard their smartphones and tablets, these devices are made of fragile components such as the glass screen and LCD display that are prone to damage.

This is where mobile device repair shops come in.

Why the Mobile Device Repair Industry Is Booming

The industry has gained a significant $4 billion revenue and 1.7 percent annual growth based on IBISWorld’s Cell Phone Repair market research report in 2015. People choose to have their smartphones and tablets repaired because of the stored data, the cost of new devices, and their outstanding contract with their service provider.

Mobile devices are not shatter-proof. Common issues experienced by users are cracked screens and LCDs, water damage, bad batteries, and other faulty components. If the number of mobile users in the U.S. is projected to go above 200 million by 2017, a great percentage of them will encounter hardware issues on their devices and will have them repaired. Some smartphone users may have insurance plans to cover the replacement of the phone, but 70 percent are completely uninsured. Since buying a new phone will be more expensive, the only option favorable to users is to have it repaired.

Benefits of Buying a Phone Repair Franchise

You have that drive to become a successful entrepreneur but you might be facing the question of either buying a franchise or setting off on your own. Joining a franchise means you can be a part of an established system and network, instead of starting from scratch. It provides benefits that you should consider despite the costs of paying franchise fees.

Brand awareness
A well-established business will guarantee the same products or services that the customers expect from the brand. A franchise offers a proprietary operating manual that allows all the locations to provide uniformity and consistency in their store operations. So if the phone repair franchise has a good name, customers will expect the same from your store.

Equipment and Supplies
Franchisors are your best sources for finding suppliers, obtaining quality merchandise, and negotiating deals. You'll also be given great advice on the right amount of inventory to avoid overstocking. You'll receive invaluable help on what and how much to buy so you will end up saving more money in the long run.

Economies of Scale
Another benefit of being a franchisee is the savings you can get when you purchase from a vendor. You can get a bulk rate from a trusted supplier, and even get a line of credit. The lower the costs of your replacement parts and accessories, the higher profit margin you can get. You'll be able to break even earlier than starting out on your own.

Legal Disclosure
You won't be entering the business blindly because franchisors are required by law to disclose business information and documents. You are also given opportunities to talk to other franchisees about their sales and finances to help you decide if franchising is the way to go.

Training
You might have a fear of owning a phone repair shop if you are not tech-savvy or if you do not have business management experience. This is where buying a franchise is a great advantage because you will receive extensive guidance on store management, staff training, marketing, and point-of-sale systems.

Site Selection
Needless to say, finding a location with heavy foot traffic is a must in the retail business. Realtors can give you their advice on selecting a venue but they don't have the expertise with regard to the industry. A franchisor knows this by experience and from the books so you will get knowledgeable advice on where to locate your phone repair shop. Moreover, you can get help negotiating deals with the landlord when leasing your location.

Tags

Business, Business Opportunities, Business Opportunity, Business Ownership, Business Startup, Businesses, Franchise

Meet the author

author avatar andreaatwork
I like to write about mobile technology and the latest Apple or Samsung products.

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