Do you wish to offer services through the provision of guaranteed mobile phones that ideal customers might like to purchase? Well, it will prove a convenient and extremely profitable choice for you since mobile phones have become a necessity in this modern world and almost everyone in the UK needs one. But what are the backup plans that would ensure that you can take a lead over your competitors? How do you plan on managing your activities to ensure that you are always on the right track? The main secret ingredient your mobile phone business might be lacking is a business plan. But not to worry. In this guide, we have outlined a simple template that can help you formulate a mobile phone business plan for your business.
We have also constructed a professional mobile phone business plan right here, just in case you don’t want to go through the stress of creating one yourself.
What is a Mobile Phone Business Plan?
A mobile phone business plan is a living document that comprises several sections, including a company description, an executive summary, products and services, market analysis, marketing strategies, and a financial plan, among others. With these sections written down on paper, it will be easier for any business owner to easily assimilate the information and then keep track of their business.
Your mobile phone business plan can also serve as a road map that will gradually drive your business through every setback and obstacle to success is assured. With a business plan, you will be able to set your business on the right foot while looking out for setbacks along the way. Meanwhile, after creating a mobile phone business plan with the template below, remember to always refer back to it and make a few changes when necessary.
What is the Importance of a Mobile Phone Business Plan?
It is a fact that most startups and existing businesses are still indecisive about owning a business plan. Although a business plan might not guarantee the success of a business, most big corporations have testified to its great help in ensuring that a certain amount of growth is assured. Having a business plan will help demonstrate your vision and ability to successfully run a mobile phone business.
A business plan also covers you when seeking financial support from banks and investors. How? It will show your lenders your business ideas and how credible you are in making profits within a certain period. Once they validate your business through your plan, they will want to be a part of its growth. For this reason, we have provided a simple template that can guide your steps into producing a professional mobile phone business plan that your audience will relate to.
How to Write a Mobile Phone Business Plan
Writing your mobile phone business plan might be an overwhelming stage you don’t wish to cross, but with this self-explanatory template, you will find the process much easier. We have carefully stated and explained each section in the simplest language, so you won’t have any complications constructing each element. Let’s look at them.
#1. Executive Summary
Your executive summary should be an introduction to the business. It is more like a summary of the general section of a business plan. It is the first to appear and the last to be written down because you will need information from other sections. While writing this section of your business plan, you should keep your language clear to attract and engage your readers. In summary, you will need to give a brief overview of the mobile phone industry. You can also mention your competitors and provide a marketing plan as well as your financial plan.
#2. Company Overview
This section is mainly about your business venture. You will get to give some basic knowledge of your business. While writing this section of your business plan using this template, you will need to specify the type of mobile phone services or products you would love to sell to your audience. You can also write a brief history of your mobile phone business, who you are and why you started. This is just to give your readers a simple touch-up on the company itself before going to other sectors.
#3. Market Analysis
Still in the industry, but this time we are going deep into it. To efficiently write your market analysis, you will need to have thorough research on the mobile phone industry. The essence of this is to convince your reader that you have all the necessary knowledge about your new industry and you also know what it takes to scale through. To complete this section, you will also need to talk about the market, who your competitors are, your market trends, the market size and your potential customers. Once they have this information, they will know how credible you are.
#4. Competitive Analysis
This section should be about your competitors, which can be either direct or indirect competitors. The direct ones are your fellow mobile phone sellers, and the indirect ones are other options your customers can look up to. Mention all the competitors you have and state their strengths and weaknesses. You can also include the type of customers they serve and the prices at which they sell their mobile phones. To round off this section, you will need to mention your areas of advantage. You can state how your products are unique and better than those of your competitors. Will you provide better customer service? Also, state if your prices will attract more customers to you.
#5. Sales and Marketing Plan
What will your marketing and sales strategy be? How do you intend to attract customers and make sales? These are the basic questions that you will need to explain in this section. You will also need to talk about your marketing and promotion strategy. Will you advertise in local papers, make flyers, use social media platforms, create websites or engage in email marketing? This is information that your readers will need to know about your marketing plans because, without constant sales, a business can’t grow and hence might experience failure.
#6. Financial Plan
A proper financial plan should include your income statement, balance sheet, and cash flow statement. Your income statement consists of your profit and loss information. A balance sheet is what shows your assets and liabilities, while a cash flow statement will determine how much money you need to start or grow your business. If you are also seeking any form of financial support from banks or private investors, then you will need to state how much capital you will need to set up your business. You will also convince them that you will make profitable returns over a given period.
#7. Appendix
Finally, this section should have your full financial projections and any supporting documents that can make your plan more presentable. It can be in the form of a license or permit.
What is a mobile business plan?
A mobile business plan can also be used interchangeably with a mobile phone business plan. This means that it is still a living document that contains all the vital sections of your business and can still be constructed using the mobile phone business plan template that is provided above.
How much money do you need to start a phone business?
As a startup company that is new to the market and industry, your first-year budget can take up to 25% of its first-year budget. This means that you could be spending a total of £2,987.
Should we Develop your Plan for you?
Most people won’t tell you this, but creating a business plan can be fun and daunting at the same time, especially when it’s your first time trying.
But because time waits for no man, you have to take the easier route out, and for this reason, we have created a ready-made mobile phone business plan for your convenience.
Over the years, businessyield consult has specialised in creating professional business plans and, so far, has helped millions of businesses stand on their feet, and we are happy to help you too. Get started here.
Final Thoughts
It is sad that the power of a business plan is not fully recognized by entrepreneurs, and thus they pay no attention to employing it in their businesses. But who wouldn’t like to keep track of their mapped-out business plan and always ensure that they are moving according to plan? Since you happen to know the benefits, you should now invest your time in creating a professional mobile phone business plan using our unique template. Don’t forget to reach out to us here when you experience any difficulty creating one.
FAQs
How do I start a smartphone business?
Starting a smartphone business is not as hard as it seems. You will only need to take a few steps to get better at what you do. First, you will need to get your mobile phone store or online store fired up. You should refer to your local authorities for this. After that, get yourself a business plan, understand your market, associate with other mobile phone businesses, market your products and set your pricing.
Is selling mobile phones a good business?
Yes, it is. We are in a modern world where almost everyone needs to communicate by phone. And starting a mobile phone business with good marketing plans will surely draw ideal customers to buy from you. Remember that you don’t need to break the bank doing this, even as little as 10 mobile phones is enough to set you off the market.
How much do phone stores make?
A UK mobile phone store can make an average of £28,596 per year and a total estimation of £14.66 per month. This rate solely depends on how many mobile phones you were able to sell and at what price it was sold.
