How to Open a Cell Phone Store

by Contributing Writer; Updated September 26, 2017

The cell phone business might require some initial investment, but if you start it up correctly, it also delivers you respectable profits. After making an accurate business plan with a marketing specialist and your business partner, you can start planning where you shop will be and how you will stock it to suit your particular location.

Step 1

Plan your cell phone business in detail with small business experts. By creating a plan to get from Point A to Point B, you will also be able to estimate the budget required as well as what kind of other expenses you should expect.

Step 2

Visit banks, credit unions and the Small Business Administration to inquire about and procure a loan (see Resources). Apply to obtain the needed funds to start a cell phone store, which will require you to provide your tax forms, credit card statements, proof of assets and bank statements, among other variable documentation.

Step 3

Wait for loan approval. Once this arrives and you know you have the start-up funds required, you can obtain a business license via application to the proper state office. The forms for this license are available online, and you will be required to pay a fee (see Resources).

Step 4

Shop for your new cell phone store location. Compare prices with different Realtors, and drive around the city to look for independently owned and managed buildings for rent.

Step 5

Review your rental contract carefully before signing to start your cell phone business. Be sure that the terms are ideal for you, and consider hiring a lawyer to review the contract prior to agreeing.

Step 6

Purchase your inventory. Don't forget that besides the newest models of cell phones, pay-as-you-go and cell phone accessories can be quite lucrative. By making agreements directly with specific cell phone companies for deals, new releases, and special model announcements, you will have a competitive edge in your area.

Step 7

Plan your grand opening complete with special promotional packages, deals and "limited time only" sales. Don't let the word of mouth be your only form of advertising, and use flyers and classifieds announcements

Tips

  • Don't forget to check out Craigslist to find out about buildings to rent for your business. Consider setting up a website as the second phase of your cell phone business to attract new customers from other areas.

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