Do you feel like you have an entrepreneurial mindset? Do you feel like you do not want to serve under a corporation? Do you want to be your own boss? Well, starting your own business might be the best career path for you! In this extremely digitally advanced era, opening a tech store is usually extremely profitable. Especially if you have expertise and understanding of technology.
Spending a few years in a job to save up for your entrepreneurial project and opening your store may just be your best bet. If you feel incredulous, do not be! Every billionaire starts with a simple plan that may seem unachievable, but dedication and hard work are all that is needed!
Know What Market to Target
Probably the most important factor to know while opening a start-up is what audience to target. The audience is defined by factors like age, social class, and employment status. This is important because how you market your product varies with the audience you target. For example, if you are targeting millennial upper-middle-class employed individuals, you will probably not advertise in a newspaper.
This is because studies show most of the millennial population is not even subscribed to a newspaper, they get their information online. So it may be a better idea to purchase advertising space on platforms like Facebook and Instagram. These technologies even offer targeted ads.
Basically, any individual who searches for example, ‘laptops for sale. They will send your ad on their feeds. A person who is on the lookout for new laptops is much more likely to click on a tech store ad than someone who is not.
You also need to gauge the demand for your product in the area you plan to provide your service. If there are high unemployment or low literacy rates in the area you plan to open your tech store, it is likely that you will face problems.
This would mean either people do not earn enough to afford your products or they are not educated enough to demand technical gadgets. This would mean your business will not operate at optimal sales levels. It would be prudent to choose a different business or locate your business in a different region.
Now that you have the perfect target audience selected, it is time to decide where you will get your products from. A simple approach is to adopt a reseller business model. You can contact different tech brands like HP, Dell, and Apple. Directly import your product from them. This sort of business especially thrives in countries where these companies do not have stores themselves. You can become the primary supplier in this region.
Some companies require a professional course to be completed before you can become a reseller on their behalf. So you must keep this in mind when you are planning out a timeline for your store’s opening.
Hire Your Employees
Now that you have your suppliers arranged, it is time to do some hiring. You can advertise for job openings on social media platforms or places like Linkedin. Make a list of skills you will require from your employees. These should include people skills. This means they should be able to communicate clearly and maintain a friendly demeanor in all sorts of situations.
They must understand how to deal with an unsatisfied customer. They must of course have technical skills and knowledge pertaining to your product.
The depth of knowledge displayed by your salesman and a detailed analysis of the different options according to the customer’s needs will compel the customer to purchase from you. A good salesman is one of the most integral factors in a tech store. Especially it sells expensive products like desktops and laptops.
Buy a Commercial Area Store
Have a brick-and-mortar shop set up to store and display your products. You need to decide where to buy your shop space. Well, this depends on a number of factors like the competition nearby and the sort of people that are likely to visit that area. You want an area with low competition but saturated with your target audience.
This sort of area is hard to come by as most people looking to buy computers or phones tend to visit areas with lots of tech stores. This is so they can compare options and prices. You can gamble and open your store in a place with a lot of offices. This means you are likely to be in an area with high demand and low competition.
If you do open your shop in an area where there is a lot of competition, you will have to offer competitive pricing. This will decrease your profit margin.
Once you buy a shop, you must renovate it to your purpose. Have strong customized shelves built-in to display your computers. Arrange dust covers and console enclosures to protect your products from the elements. Use bright lighting to display your brand new computers in all their sleep glory.
You need to make sure you always have electricity available in case your customer wants to test our product. You can source your electrical distribution boxes from Chinese manufacturers.
It is now time to do a grand, well-advertised opening. Try to offer special discounts, offer snacks and make it a fun affair. Continue these opening activities for two or three days. Make sure your store looks well-lit and attractive.
Lastly, it is important to have some sort of an online presence for your store. It can be a website or an account on a social media platform. Here, your customers can place orders or book products. Customers can also just acquaint themselves with your business. This will help in building trust and increase your customer base.