These days, the use of mobile phones in the world has gone a long way, it has now become a basic necessity for people, and there are different kinds of phones coming into the market every day. The business of mobile repair has also been fast because a lot of people are using the phone, and when their phones get spoiled, they get repaired.
When a person buys a phone, he will get a 1-year warranty from the company but after one year if his cell phone has a problem, then he has to pay for repairs. The business of Mobile Repairing is also growing in India, Many people are engaged with this business and earning good money from this business, if you want to incorporate your mobile repairing business in India then you have to fulfill the legal requirements.
How to Start a Mobile Repairing Business in India
- The first thing you have to do is Market research, The First step for starting any business is Market research, In Market Research you will know about your competitor and their market prices, so after Market Research you can decide your repair prices. Market Research is also important for a business like Mobile Repairing because every day a new phone is launching and new technology is launched so you have to beware of it.
- You have to get comprehensive knowledge about smartphones and have to learn about repairing, and you can also hire people who can work for you. You should hire only those who are certified engineers, who can repair a Smartphone, and who have good knowledge and experience.
- You have to plan your business; you have to prepare everything so that it will help your business for smooth running in the future. You have to plan your capital investment how much you can generate and how much time it takes. Planning is very important, and you also have to set up your shop or showroom for which you have to invest wisely.
- You have to decide on a good location for your shop or showroom. A good location is required to generate customers if it is convenient for people then they will come to your shop, so an excellent position in the market is necessary for your mobile repair shop.
- For a Shop Establishment, you have to get a license for running your shop, You have to get a Shop Act license which is a necessary license for running a shop, the local authority of your city issues it. You have to get permission from the Municipality so in the future there will be a problem arises for you. For a Shop Act license, you have to fill out the online form with an attachment of required documents and then you will get your shop establishment license.
- There is some important license or registration which is necessary for your mobile repairing business like GST registration, MSME Registration, and incorporation of a company. You have to get done your GST registration because it is very important you have to mention your GST identification number on your invoice so you should register your business with GST.
- MSME registration is also important for getting benefits from government schemes. If you want to express your business under MSME then you have to register your business with Udyog Aadhar, which replaced the prior registration process of MSME. Udyog Aadhar is 12 12-digit unique number which is issued by the Ministry of Micro, Small, and Medium Enterprises. Udyog Aadhar Registration can be done online. Udyog Aadhar is important for getting benefits from the government schemes and subsidy from the government and you will get a loan at low-interest rates, so it is very important for your new business.
- If there is two or more partner in your business then you can incorporate your business as a Partnership Firm. Incorporation of a Partnership Firm is very easy as it does not require a minimum capital contribution. You can incorporate your business with a Partnership Agreement which should be signed by all the partners and should contain a stamp and notary on it. If you want to register your Partnership Firm Registration, then you have to follow the procedure of the Registrar of Firms.
- An advertisement is very important for any business; you can give advertisements in newspapers or on social media. Social Media is very popular nowadays you can advertise your business on Social Media.
If you are thinking of starting a new business in Mobile repair, then it is a good idea you can generate a good profit from it. As above mentioned you have to make a good plan and execute the plan, and you have to follow laws and have to do the required legal registration. As above mentioned registering your business with MSME and GST will give you benefits, and it is important for your business so you should be done with your registration.