PHONE ACCESSORIES BUSINESS PLAN IN NIGERIA
Phone Accessories Business Plan in Nigeria
This sample Phone Accessories Business Plan in Nigeria can be used for Grant Applications, Bank Loans, Proposal writing, Business Concept Notes, Competitions, etc. Phone Accessories Business is a lucrative business that needs a lot of strategic Planning to start and a business coach like Dayo Adetiloye to help you start the Implementation.
Business Description of Phone Accessories Business Plan in Nigeria
Business: PHONE ACCESSORIES
Industry: Telecommunication (Phone Accessories Business plan in Nigeria)
Patilad Phone Accessories company is a firm that is based in Ajah Lagos State. We are into the sales of phone cases, external batteries, chargers, and USB flash drives. We carefully select the brands of the products we sell to ensure our customer’s satisfaction and fewer complaint.
Market Research:
According to Allied Market Research, the global mobile phone accessories market size was valued at $224.69 billion in 2018 and is projected to reach $284.06 billion by 2026, growing at a CAGR of 3.1% from 2019 to 2026. Mobile phone plays a vital role in modern-day to day life. An increase in the adoption of smartphones, as they offer effective connectivity to the digital world, majorly drives the mobile phone accessories market. A rise in demand for wireless accessories drives the mobile phone accessories market growth. The need for mobile phone accessories has increased due to an upsurge in disposable income and a rise in social networking sites in urban areas. In addition, an increase in internet penetration also boosts the online retailing platform.
Target Market:
Our target market includes engineers who make repairs, students, business centers, households, wholesalers and retailers, individuals, and businessmen and women.
We have an online service option for our customers, and our outlet has various payment options. We will ensure that we get our customers involved in selecting products (brands) in our store and when making some business decisions that directly affect them.
Our intention of starting a phone accessories store business is to build a standard store outlet in Enugu. Although our phone accessories store might initially not be as big as some of the industry’s most significant stores, we will ensure that we put suitable structures that will support the kind of growth that we have in mind while setting up the business.
We will ensure that we hire qualified, honest, customer-centric people and are ready to help build a successful business that everyone in the organization will benefit from.
Problem Statements:
- Market Saturation and Competition:
- The phone accessories market in Ajah, Lagos State, is saturated with numerous competitors offering similar products, making it challenging to stand out and capture market share effectively.
- Supply Chain Disruptions and Product Availability:
- The business faces potential disruptions in the supply chain, including delays in product shipments or shortages of popular items, which could lead to customer dissatisfaction and lost sales opportunities.
- Online Security and Data Privacy Concerns:
- As the business relies on online platforms for sales and customer support, there is a risk of cybersecurity threats and data breaches, potentially compromising customer information and eroding trust in the brand.
- Seasonal Demand Fluctuations:
- The demand for phone accessories may fluctuate seasonally, with peak periods coinciding with events such as new phone releases or holiday seasons, posing challenges in inventory management and resource allocation to meet varying customer needs effectively.
Solution Statements:
- Strategic Differentiation and Branding:
- Implement strategic branding initiatives to differentiate the business from competitors, emphasizing unique selling points such as exclusive product offerings, innovative designs, or environmentally friendly materials, thereby attracting and retaining customers.
- Supply Chain Optimization and Diversification:
- Optimize the supply chain by diversifying suppliers, establishing backup sources for critical components, and implementing efficient inventory management systems to ensure consistent product availability and minimize disruptions.
- Investment in Cybersecurity Measures:
- Invest in robust cybersecurity measures, including encryption protocols, secure payment gateways, and regular security audits, to safeguard customer data and protect the business from online threats, thereby enhancing trust and confidence among customers.
- Forecasting and Seasonal Planning:
- Utilize data analytics and market research to forecast demand trends and plan inventory levels accordingly, proactively stocking up on popular items during peak seasons while optimizing resources during slower periods to maintain profitability and customer satisfaction.
Benefits of our products and services:
Our products and services
Patilad sells phone accessories such as phone cases, chargers, earpieces, Bluetooth, SD cards, etc. The following are the products and services we offer;
- Phone Cases (Pouches and sleeves, Holsters, Shells, Skins, Fitted cases, Bumpers, Flip cases and wallets, Screen protection and body films, Drop and shock protection, and Leather case)
- Mass storage component (SD card, SD card slot, and USB micro-B flash drive)
- Power banks
- Chargers and external batteries,
- Bluetooth cable/ speaker
- Selfie sticks, smartphone tripod mount
- Micro-USB to HDMI cables used in smartphones with MHL
Keys to Success:
Objective for Phone Accessories Business Plan in Nigeria
- To have constant growth in sales in 12 months
- To increase customer base by 40% in the next two years
- To become a brand leader in the sales of phone accessories in Nigeria
- To develop a profitable/sustainable home-based
Goal for the Phone Accessories Business Plan in Nigeria
To become one of the leading brands in the Phone Accessories industry.
Vision for the Phone Accessories Business Plan in Nigeria
Our vision is to continue to expand our services to other areas. The company’s coverage area is constantly increasing, as the areas are becoming aware of the company’s presence.
Mission for the Phone Accessories Business Plan in Nigeria
Our mission is to become a standard firm producing and selling Phone accessories in Nigeria as a whole.
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Phone Accessories Business Plan in Nigeria
Management Team of the Phone Accessories Business Plan in Nigeria
Adeyele Emmanuel – He obtained a BSc in Computer engineering from Yabatech, Lagos state. He has worked in computer village Ikeja, Lagos. He is the general manager of our organization.
Mr. Dayo Adetiloye – (B. Agric., MBA, and PMP): He has over 15 years of experience in business management, business start-up dynamics, financial management of business, and overall business growth and development. He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan African University (PAU). He is our business development strategist and a strategic partner.
Tiamiyu Eniola: She is in charge of the sales and marketing team. She has over five years of experience in marketing. She obtained a Master’s degree in Marketing from the University of Lagos.
We brought to the business:
- Academic skill and practical experience in the Phone Accessories business.
- Capacity to consistently provide outstanding service.
- Quality processed product and a good understanding of the market trend.
- Our staff brings operational, marketing, and promotional skills to the business.
Management experience gained for the Phone Accessories Business Plan in Nigeria
With over ten years of experience in the Phone Accessories industry and numerous exposure to both the scientific and practical aspect of law services, I’ve been able to master the technical requirements, financial management, staff recruitment, and organization skills, among other things necessary to give the industry good commendation from our clients.
My managerial skill has also helped put together a workforce for over five years, which will also help me coordinate the teamwork in most aspects of the company.
I am the CEO of the company overseeing the day-to-day activities of the business.
Materials and Machine for Phone Accessories Business Plan in Nigeria
Office Space, cabinets, show glasses, business cards, air conditioner, fan, furniture, hand tools for necessary repairs (screwdriver), fashionable nylons, telephones, etc.
Competitive Edge for Phone Accessories Business Plan in Nigeria
People buy from us because of the following reasons:
- High-quality products
- Consistent quality service.
- Outstanding customer care service.
- Professional and highly qualified staff.
- Reasonable prices and discount offers.
Our three major competitive advantages are:
- High-Quality Products:
- Our commitment to offering high-quality phone accessories ensures that customers receive reliable and durable products that meet their performance expectations, setting us apart from competitors who may compromise on quality.
- Outstanding Customer Care Service:
- We prioritize delivering exceptional customer service at every touchpoint, from product inquiries to after-sales support, fostering positive relationships and loyalty among our customers, which distinguishes us in the market.
- Reasonable Prices and Discount Offers:
- Our transparent pricing policy and regular discount offers provide customers with affordable access to premium phone accessories, enhancing their overall shopping experience and reinforcing our reputation for value and savings.
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For the remaining part of this business plan, including the detailed financial analysis, call me on 08105636015 or 08076359735 or send me an email at dayohub@gmail.com.
We help institutions and organizations write concepts, implement Business plans, and train on business Plan writing in Nigeria. We can help you write a detailed, strong, and winning business Plan for any use.
Call me on 08105636015, 08076359735 or Send me an email at: dayohub@gmail.com.
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