These days, it’s almost impossible to find someone who doesn’t have a smartphone. This is something of a mixed blessing for those in the smartphone and smartphone accessories business. On the one hand, the audience for these products is truly vast. At the same time, the competition is extreme, making it crucial for smartphone entrepreneurs to enter this field with a sound strategy in place.

To get your smartphone and accessories business off to a strong start, here’s a 10-point checklist to keep in mind.

 

Checklist: How to Launch a Successful Smartphone Business

 

1) Conduct market research.

Before launching any new enterprise, it’s important to conduct plenty of research, gaining a clearer understanding of consumer trends and preferences, as well as sizing up competition within the industry.

Simply put, it’s crucial to know as much as possible about who you’re trying to reach… and who you’re trying to outmaneuver.

 

2) Make a business plan.

A business plan is a crucial document that every new enterprise needs. It serves as a kind of blueprint for entrepreneurs looking to set clear goals and to map out a way for achieving those goals.

Specifically, your business plan should outline your business objectives, target market, pricing strategy, and financial projections.

 

3) Register as an LLC.

When launching a new business, one of the most important decisions you’ll make is which legal structure to choose. The Limited Liability Company (or LLC) format is best-suited to smartphone companies, offering ample flexibility but also plenty of built-in legal protections.

The actual steps for registering an LLC vary by state; to register for an LLC in Wyoming is naturally going to look a little different from registering in New York. Generally speaking, though, the steps involve:

• Choosing a name for your LLC.
• Selecting a Registered Agent.
• Filing Articles of Organization with your state.
• Paying the registration fee in your state (usually between $20 and $300).

 

4) Make an Operating Agreement.

You don’t necessarily have to create an Operating Agreement; it’s not a legal mandate. And yet, this document can potentially help you avoid significant conflicts down the road.

Basically, this document spells out:

• How you and your business partners will split duties and responsibilities.
• How you and your business partners will split profits.
• How you will handle the departure of a partner.
• How you will bring new business partners into the fold.

 

5) Manage relationships with suppliers.

When selling physical products, such as smartphones and accessories, supplier and inventory management are key functions.

It’s crucial to identify reliable suppliers and to establish partnerships with distributors or manufacturers, ensuring you can get the products your target audience wants, at a rate that aligns with your financial forecasts.

Additionally, make sure to set up an efficient inventory management system to track stock levels, orders, and deliveries.

 

6) Build out your storefront.

One crucial decision you’ll need to make is whether you’re setting up a physical, brick-and-mortar storefront, a digital retail platform, or both.

An e-commerce website is likely going to be necessary for your smartphone business to thrive. Whether you’re partnering with an existing e-commerce platform or building a new site from scratch, there are a handful of must-haves for your smartphone website:

• Ensure that it’s mobile-friendly and that it loads quickly on all device types.
• Verify that you provide safe and secure payment options; it’s generally best to accept multiple payment types.
• Create a website navigation that makes it easy for your shoppers to find the information they need without a lot of hassle.

 

7) Invest in marketing your smartphone business.

Given the sheer number of companies providing smartphones and accessories, it’s vital to make strategic investments in marketing, ensuring you can distinguish yourself from the competition and engage directly with your target audience.

Some tips;

• Start by creating a brand guide, including a clear statement of your value proposition. How does your smartphone company stand out from the competition?
• Also consider making buyer personas, which outline some of the key values and pain points of your target audience.
• Ensure your website is central to your marketing efforts, investing not just in sound UX but also in robust SEO.
• Consider strategic investments in social media, PPC, video marketing, and email marketing, as well.

 

8) Create policies for customer service and support.

One important way to distinguish your smartphone business is by offering responsive customer support. Specifically:

• Create clear, written policies for handling customer inquiries, returns, and warranties.
• If you have staff, train them to provide excellent customer service and ensure they have thorough product knowledge.
• Consider the use of AI chatbots to field customer inquiries that come to your website, and to help direct those inquiries to the right department.

 

9) Get your financials in order.

Before you can do things like pay vendors, receive payments from your customers, and process payroll for you and your employees, there are a few financial necessities to get into place.

• Claim your Employer Identification Number (EIN), which American citizens can get for free from the IRS.
• For LLCs, it’s crucial to have a business bank account that’s distinct from any personal checking or savings accounts.

 

10) Keep an eye on your performance indicators.

Even after you launch your smartphone and accessories business, there will be ample opportunity to refine it.

Continuously monitor sales metrics, customer feedback, and trends within the broader marketplace. Website analytics can be really helpful, too. Adjust your marketing strategies, product offerings, or pricing tiers based on performance data and as well as insight from your customers.

 

Prepare for Success in Smartphone Sales

As you consider launching a smartphone business of your own, follow this checklist to ensure you’re positioned for longevity and success. And with any questions, don’t hesitate to reach out to a business coach in your area.

 

Author Bio

Amanda E. Clark  is a contributing writer to LLC University. She has appeared as a subject matter expert on panels about small business ownership as well as digital and content marketing.