In the technological world of today, I know you are thinking of investing in technological devices such as phones but don’t know how to go about it then. In this guide, you are going to be informed on how to start a phone business in Ghana.
In recent times, an average Ghanaian uses two phones, one that can’t access the internet for calls and an android phone for the internet.
This has been the normal lifestyle of an average Ghanaian, and it has also raised the demand for phones, making the phone business in Ghana a lucrative one that is attracting investors now and then.
The phone business in Ghana runs under two scales, and they are;
1. Small-scale phone business – this business operation is run by investors with small start-up capital. In most cases, they operate the business through phone display showcases.
2. Large-scale phone business – this is the scale of operation that is run by investors with huge start-up capital. Large scale operation is run in big shops.
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Other Items Sold In The Phone Business
1. Phone cases
3. Screen protectors
6. Memory cards
7. Portable music box
Things To Consider Before Starting A Phone Business In Ghana
Below are some of the things to consider when starting a phone business in Ghana:
1. Build a good business plan that coincides with your start-up capital
2. The location of your business is a key factor
3. Register your business
4. Choose the right suppliers or distributors when stocking your shop
5. Advertisement is very important in flourishing your business
How Much Does It Cost To Start Phone Business In Ghana
The cost of starting a phone business in Ghana differs depending on the scale of operation.
Operating under the small-scale phone business can cost between (3,000 -5,000) Ghana cedis, which will involve the selling of mini phones that can’t access the internet.
Also, operating on a large scale can cost between (400,000 – 500,000) Ghana cedis. Even though the start-up capital for this business is huge, but the profit that comes with it is overwhelming.
Is Phone Business In Ghana Profitable
The high demand for phones has made the phone business a lucrative venture. An investor can make a profit of about (35 – 45) percent if the business is managed well.
Best Places To Start Phone Business In Ghana
Below are some of the best places to start a phone business in Ghana:
1. Along busy roads
3. Near market centers
4. Commercial areas
How To Run A Successful Phone Business In Ghana
To be a successful player in the phone business, an investor has to take note of the following;
1. Good customer relationship must be practiced
2. Good customer care must be ensured
3. Choose the right distributors or suppliers for a reasonable price when stocking your shop
4. Affordable pricing of goods is key to attracting many customers
5. Stay reliable to your customers, don’t delay in stocking shop with shortage products
6. Hard work and determination are key factors for a successful business
7. You’ll face fierce competition from already successful players in the business, do well to face competition to make a fair share out of the market
8. Stock your shop with quality products to meet the satisfaction of customers
Challenges Faced In The Phone Business In Ghana
The start-up capital for a phone business is quite high, which drives away many investors with little capital.
Benefits Of Setting Up Phone Business In Ghana
Some of the benefits of setting up the phone business include:
1. The financial benefit gained from the business is overwhelming
2. It creates revenue for the government
3. it has improved upon lives
That is the information at our disposal on how to start a phone business in Ghana.