So you’ve been thinking about getting into business for a while now. You want to stop working for someone else and “want to do something for yourself.” But, you’re not sure what line to get into, what’s involved and how much it’s going to cost you in time, energy and money.
Perhaps you’ve never thought of becoming a wireless dealer or you have but don’t know how to get started. Here we will present you why opening a wireless retail location makes sense and how you can do it.
First, our world revolves around communication and technology. It seems like that every aspect of our lives are intertwined with technology and it will just increase into the future. And communication and technology require cellphones, tablets, and other gadgets. Therefore, wireless retail is not just a great business to get into today, but it has a lot of potential for generations to come.
Second reason wireless retail is a great line of business to get into is that it requires: a) minimal financial investment, b) very little training, c) hardly any licensing or permits and d) can be managed with minimum time commitment.
a) Opening a typical cell phone store requires anywhere from $20K and up to get started depending on rent, security deposit, and build out costs. Some wireless carriers will even contribute towards the build out costs.
b) If you can do simple reading, writing and math, and have basic computer skills, you can be a cell phone store owner. No fancy degrees and diplomas required. Ongoing training is often provided by carriers and wireless master dealers to further broaden your knowledge base.
c) In most places, no special licenses or permits are required. Some towns and cities may require consumer protection license which can easily be obtained through a simple process.
d) Many wireless dealers get into wireless business while maintaining their “9 to 5” job so that they have a steady source of income. Once the business starts rolling well, they gain the financial confidence needed to quit their job and focus on the business full-time. Other dealers, jump into the business fully and master all the ins and outs of what’s involved on a day to day basis. Once...
they have fully understood their business, they feel confident enough to staff the business with competent employees and provide oversight after hours so they can go out and work full-time else where. They can also use the freedom and flexibility to look for other locations to expand to or use the time for leisure and personal activities.
Once you are convinced that wireless retail makes sense, it is time to put the plan in motion. Like all brick and mortar businesses, you will begin by locating a place for rent in a high traffic (lots of people walking by) area so that your store is visible and accessible to tons of potential customers. Be sure to visit the space/neighborhood you are interested in several times (at different times and on different days) to see how the foot traffic is at various times. Once you have narrowed down on a location, you will contact the landlord or renting agent to secure a lease. Be sure to secure long-term lease, with as low rent as possible and without a personal guarantee. (Personal guarantees require you to pay the entire term of the lease even if you shut your business at any point and even you close your corporation. Hence the name “personal guarantee). Be sure to ask for a “build-out concession” from the landlord for the amount you will be spending in fixing up the location. Also, before you sign the lease, be sure to check with wireless carriers and master dealers to see if the location can be approved to sell wireless services there. (In our next series, we will discuss how to contact master dealers for location approval).
Once the lease is signed, it’s time to do some paperwork with the master dealers to get your location approved to sell wireless services. At the same, you will be focused on selecting a cell-phone store point-of-sale software that will help you manage your wireless business, keep track of inventory, show you which products are selling more, and which employees are doing the selling. Also, start looking for some job candidates suitable for the job. (See our previous blogs for some great hiring tips.)