So you have all the training you need and feel confident enough to open your first phone repair shop, right? How do you plan on going round the issue? You should know what it takes to open a phone repair shop in terms of how to run a shop and the legal requirements. You don’t want the government to come after you because you did not register your business when you started out. You also don’t want to find out that your registered business name is the same as someone else’s. this could get you into some serious legal trouble and it is why you need to do some serious research and plan well before you start your iphone and ipad repair shop.
Below are some of the steps you need to take before you can start and operate your phone repair shop.
Write your Business plan
Planning sits at the heart of every successful business. You just have to take a pen and a paper and write a concrete plan that you will follow as you start your business. A concrete plan will not only help to ensure that you succeed but will also ensure that you get the funding you need. Banks are only willing to fund ventures they are sure will succeed and presented them with an error-proof business plan goes a long way in making it easier for them to make that decision.
The plan should include short term and long term goals that you intend to follow as a road map to success. The milestones you include in your plan should be realistic and achievable so that you don’t end up with a document whose content is meaningless to you.
Form a Business Entity
With a concrete plan that you can actually follow, you should move on to creating a business entity. This is where you have to get your business registered so that you can form a legal entity. There are four different kinds of business entities that you can choose from to register your business as. These four are LLC, corporation, partnership, and sole proprietorship. There are different advantages and disadvantages associated with each type of legal entity. The main differences among these options are administrative requirements, liability, costs, and exposure. As a small business owner who is starting the business alone, it is advisable to register it as a sole proprietorship.
Select your Location
Thirdly, you need to select a location to situate your business. This is what will determine the level of success you will have in your business. Being located in a place where there is a huge population of people guarantees you work throughout the year. You should also ensure that there is storefront space so that you benefit from walk-ins and increased publicity. The cost of leasing the space you operate from should also be reasonable so that you don’t end up spending all your money on rent.