Business Loan for Mobile and Accessories Business

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The ICEA reported that more than 250 mobile factories including accessories business are in operation in India. Supplies such as Powerbank are becoming an important business in the Indian market generating 2,000 crore rupees and can reach 15,000 crores in the coming years.

Being an industrialist brings in many options for the individual. In recent days being an employee in private companies is very volatile. Therefore, establishing a side business is a wise idea for every individual. You can make money as well feel secured. Nowadays, there are many niches where the demand from both manufacturers and suppliers is unbridled. Against this background, managing a small business individually is appropriate for a person who wants to be their own boss and earn more than their usual salary.

Start as a vocational business 

In the unstable market, it is not good to put all the eggs from a single basket. If a specialist who works but wants to get the most out of his experience, he has to look for other options as well. In fact, starting on your own seems to be a promising option apart from the regular work you have.

It is indeed difficult to move from a fulltime job to business. At the first cut, it may look exciting but will take time to understand the market and hence the business. Before you start the business, it’s important to analyze the marketplace and then select the nature of business you want to manage. However, according to our survey in the market steel processing companies, apparel, and mobile phone accessories are the most promising business opportunities. 

Why mobile and its accessories business

Among all options available, the mobile accessory business looks simpler to achieve and offers a modest income. Sales of mobile and its accessories have increased drastically in recent years. There is a huge demand for smartphones and hence made the business grow rapidly offering a great opportunity to entrepreneurs. 

Do not expect declines or unwitting slowdowns in this industry in the near future as the business grows. As a result, people can go ahead confidently by making a small investment. 

Steps involved in starting a mobile and its accessories business

The first pace for realizing this dream is to reach a starting point. The future entrepreneur must choose a commercial specialization, as a large number of entrepreneurs currently manage the mobile accessory sector. For surviving in the tough competition, you must get into a market that had a huge demand and grows consistently. 

#1. Business specialization

As the mobile accessory sector is reasonably pricey, a negligible number of people start the business from home or from another private location. This increases competition and must, therefore, seek a different specialization in the same arena to sustain. 

From a self-made mobile phone case to mobile device accessories, you can create a different demand for products on the market. Discover the possibilities in the same way and consistently choose the specialization of your company.

#2. Visual presence 

After confirming the business, you must create an image for your business. The first step is to register the business online. When creating the online profile for your business, be sure to talk in detail about the business and add product images.

It’s imperative to create a beautiful and presentable professional image, and you’ll need to focus on specific combinations of colors, photos, visual styles, typography, and symbols. If you want to create a visual style, you should hire a professional who will create an image that suits your needs and also it will consume less time but will give a professional image. 

#3. Form your own community

Once the business is created, you will need to conduct a pilot run and keep your business contacts informed. Keep an eye on the reviews constantly as that will provide you with ways to resolve product defects.

Make a note of these steps to successfully launch the mobile and its accessories industry.

Tips to get loan approval

  • Maintain your personal information that includes PAN and Aadhaar number as well as the CIBIL score.
  • Also, get your KYC intact that includes PAN card and the registration of incorporation document.
  • Specify the proof of payment, proof of address and bank statements for the last six months.
  • You can apply only if you complete 25 and not exceed 65 years.
  • Your business should be profitable at least for 3 successive fiscal years.
  • Your sales should show an uptrend and the balance sheet needs to be verified by an auditor. 

Top 4 reasons for applying for a business loan 

  • Business Expansion

Growth is the key to every business. If the business is flourishing, then development will help you to avoid any loss in business. A business loan will help you to cover the expansion costs without having to withdraw your resources so you can see your business mature.

  • Inventory

It is the cornerstone of all business such as seasons, wholesale and retail. Soon after your business starts functioning, you will need funds to constantly expand and replenish the inventory for meeting the demand and offer superior service to customers. By taking a commercial loan, you can balance inventory costs and remain at par with the industry trend by meeting all customer need without affecting the income.

  • Cash flow

Every seasonal business suffers cash flow and also at times when customers slow down payment cash flow becomes a challenge. This will affect your inventory, personnel, and utility, rental or mortgage costs. A business loan will help you in managing the regular costs but manage even at the downtime. 

  • Components and products 

Companies often have to buy, service or replace various types of devices. The products and components are expensive but essential for companies to maximize efficiency and productivity. Accidental expenses, such as repairing or replacing defective parts, can affect your budget. You can use the business loan for continuing the business as quickly as possible to an optimal level.

Why are we your preferred partner? 

  • We care for you: Our business loan will meet your needs. We don’t impose tedious formalities but follow all legal ones.
  • We offer the best interest rates: Our interest rates for commercial loan are attractive that are reasonable and competitive. We will let you decide based on your convenience to repay.
  • We are flexible: We allow you to select the amount, duration of loan and duration of the EMI.
  • We don’t stress you with guarantees: Stay assured as we do not ask for a guarantee. No collateral and hence no stress. 
  • We go green: We only need mandatory information and no paperwork. All can be done online. 
  • We provide custom-made loan: We are aware that each one of you has a different need and hence we discuss individually to decide on all rates.

Our features in a nutshell: We offer loan in 100 Indian cities and process loan in 48 hours. Also, you can plan for a business with our maximum loan amount of 1 crore. 

Reach us today to start your business ASAP.

 AbbreviationICEA – Indian Cellular & Electronics Association