Do you want to start a new business or do you want to expand on your various sources of income, chances are that you’re probably missing out on this hidden gem many people are using to make money regardless of their age, status, or educational background, anyone with the right mindset, intelligence, and charisma can start this business and succeed.
That hidden gem is Electronic accessories, yes, l think you have heard the term a thousand times after all electronics are everywhere, the schools, offices, our homes, hotels, the streets, everywhere and every place has some sort of electrical appliance, this might not mean much to an ordinary mind but to entrepreneur, that only means one thing, there Is money to be made.
Electronic accessory is a broad term that encompasses a wide range of products, such as phone cases, chargers, headphones, screen protectors, and more. This business involves buying and selling electronic accessories to customers through various channels, such as online stores, physical stores, and marketplaces.
To answer the question of what this business is all about, it is important to conduct a thorough analysis of the industry. This includes identifying the pros and cons of investing in electronic accessories, as well as any potential loopholes in the market that can be exploited for profit.
Some of the pros of investing in electronic accessories include a growing demand for these products due to the increasing use of electronic devices, relatively low startup costs, and the potential for high-profit margins. Additionally, the market is constantly growing, which provides opportunities for businesses of all sizes to participate and invest in this business.
However, there are also some cons to consider, such as intense competition from established players and the enormous giants in the industry, plus the need to keep up with rapidly changing trends and technology.
To succeed in this business, it is important to identify and exploit any loopholes in the market. This may involve offering unique products or services that are not readily available elsewhere, targeting niche markets, or leveraging new technologies to provide a better customer experience.
Electronic accessories are a collection of the following sections:
- Phone Accessories
- Electrical installation
- Solar installation
- Cctv camera installation
We will be ignoring machinery as it does not align with our line of business, however, I think these are the basics of electronic accessories and services, the first three parts are the most common ones since they exist in our day-to-day life, while CCTV camera installation isn’t as popular as the rest, it’s proving to be a popular hit nowadays in Uganda, think about it, sooner or later cameras will be called for in all public places, hotels, schools, homes, and the list goes on hence this is the right time to learn the skills necessary for camera installation, as they will be vital and much needed in the near future. Besides, it only takes 6 months to learn all the skills required. For an electrician, it could take only 3 months or fewer.
Electronics vs hardware. Which one should you choose?
The answer to this will depend on your passion and area of expertise still both businesses require some technical know-how, it will be hard for you to engage in electronics without having some basic knowledge of how to operate things, or else it will be challenging, the same applies to a hardware store, however, you can solve such a problem by hiring a technician
Capital. I think your initial capital also plays a significant role in which enterprise you should choose. Hardware demands a relatively high starting capital compared to an electronic accessory shop.
Location, your business location matters, a hardware store can be located on the outskirts of the town and still survive with significant progress while as for an electronic accessories shop, survival greatly depends on the location, but in most cases, it must be stationed in the middle or close to the town center to make significate progress.
Why choose an electronic accessory business?
A lot of people, especially the youth, are making success stories from electronic accessory business and you may be perplexed by how easy this business is to start. Here are some reasons why you should choose this business:
Electronics are in demand and have a high-value market
This is because we use these accessories in our day-to-day life, the growing population of Uganda is also providing a high market demand, and the fact that the government is working towards providing electricity even in the rural areas, the future looks bright for this sector.
These accessories also get faulty and need maintenance, this creates jobs for the service providers and ensures a steady market flow
Highly profitable
when we go into detail, the electronic business has a high-profit margin compared to a hardware store, let me explain a bit about this topic
the prices of hardware goods are fixed meaning that if a bag of cement costs ugx30000, that’s the same for every hardware shop, this isn’t the same case for an electronic accessory shop, the business can set its prices for goods and services depending on the market situations and location of the business hence providing a huge unfair advantage to the owner.
Highly flexible
This business is highly flexible, and this is because of the simple nature of the products involved, they are not bulky, and their flexible nature has paved the way for the hawkers and small businesses to start in small places like kiosks, containers, or even street vending electronics products
Does not require high capital input.
This is because of its flexibility, for one with limited funds can start small in a kiosk and slowly expand his business but remember, for something like this to work you must be located in an active center and you must at least be providing some additional services like phone repair and electrical installation to supplement on your income since the one from your shop won’t be enough.
Large customer base:
The market for electronic accessories is vast and includes people of all ages and demographics. This gives you a wide customer base to sell your products to.
Factors to consider before starting an electronic accessories business
Even though this can yield a significant amount of profits within a short period, there are some factors one must put into consideration before engaging in this line of business. We won’t dig deep into this, but here is a simple summary:
- Basic skills, as I mentioned earlier, one must have some basic skills since this is a business that involves service provision hence the need to learn some simple skills, remember you have to look like a pro to gain the customer’s trust, however, you can solve this by simply hiring a technician
- An active center is crucial as one must be in a center of activity where traffic flow is steady. This will give you an enormous unfair advantage over your competitors.
- Starting capital between 4 to 10 million, for a small business can start with 4 million excluding rental fees, I think this is a humble beginning as you can expand your business with time, for one with enough resources 10-15 million excluding rent is a sufficient amount with the right setting. However, if you have a lesser amount, don’t lose heart, start small and expand small. I promise you, someone out there will always like and respect your work.
- Products, the main products in your business matter, for a small piece of advice, you should begin with electrical installation products like wires i.e. earth wire, load wire, 1.5 for light, 2.5 for sockets, bulbs, switches and sockets, mk boxes, ceiling roses, earth load, conduit pipes. Meter boxes, trunkings, and master switches with the common types being Hagar, Tronic, and chnt, Solar power products can also add significant revenue to your business.
Phone accessories like chargers, screen guards, headphones, batteries, and much more are a few of the products with a high-profit margin since you can buy them low and sell them high depending on the supplier, which takes us to the fifth factor.
- A trustworthy supplier, most supplies are located in Kampala as it’s the capital city of Uganda but how can you find the right one since Kampala is a big place, well, this is simple, electronic accessories are just like any other business, it’s full of competition so finding a supplier won’t be hard since some companies are willing to provide you with goods on loan, yes, it’s true but your business must be a stable one with a steady supply of customers if you’re a small starter and have no idea where to get the right supplier, we are here to help.
How to find the right supplier
Finding the right supplier for your business greatly determines the direction in which your business is heading. Here are some small tips on finding a good supplier.
- Connect with people in your same line of business or ask a friend.
- Do some research on the prices of the products so as not to be overpriced.
- Conduct online research to find potential suppliers.
- Verify the certification of the supplier, especially for products with health restrictions.
- Visit Kampala in person to find the appropriate supplier.
However, if you are still having trouble finding the right suppliers, don’t stress yourself up. We have gathered the two best suppliers who are trustworthy and have the right certification; we have been working with these guys for almost 15 years, and I can say from experience; they are the best in their line of work.
Elite electrical center
The elite electrical center is a registered company with headquarters in central and eastern regional areas like Jinja and lganga and Kampala. They offer full customer care services via phone calls and WhatsApp. elite offers services like delivery of goods to your address, provide services like electrical installation, and the paperwork involved in electrical installation and certification. With the right leader and CEO Engineer Babalanda Sharif, the ELITE electrical center is the right choice for your business as they provide you with the right products at competitive prices and they will give you the right advice on how to start and run your business.
Do you want a clear quotation and a strategic work plan for your electrical accessory business? Contact the elite electrical center at.
Gmail, linktoelite@gmail.com
Whatsapp +256702845646
Deriam technologies.
Deriam technologies is a registered company mainly located in the eastern region, however, its been expanding over the years and soon it will be reaching the central region, deriam technologies is a trusted company with the best customer care, and this is the right option if you are looking for services like
Cctv camera installation
Electrical installation
Phone Accessories
These two companies have been in business for 15 years or above. They are trustworthy and have a high reputation in their line of work.
Disclaimer
Electronic accessories and hardware stores are both excellent businesses. However, from an expert point of view, the electronic accessories business is a better choice.
Appreciation
Our appreciation and gratitude go to engineer BABALANDA SHARIF, the CEO of the elite electrical center, and engineer BAITA DERRICK for the insight and knowledge they offered, which greatly helped us in writing this article.
Conclusion
The pessimist sees difficulty at every opportunity. The optimist sees an opportunity in every difficult situation. That’s a quote you should remember.
Starting something is the hardest part of the journey. That’s why here at share-afro.com, we share stories and ideas to help you get inspired; you are not alone on this journey, but with hard work and focus, we will get there.
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