The enormous progress in IT and electronics technologies has made our lives much more convenient through a number of items. Such as personal computers, smartphones and tablet devices, along with automobiles and home appliances.
Starting an electronics components retail business is undoubtedly a rewarding experience. But it is also crucial to plan out the business elaborately before starting off.
The following are some of the external factors that will have a significant impact on your startup-
Review competitors: before opening an electronics materials and components business in your town. It is advisable to find out how the competitive landscape will accommodate you.
Make sure you know what you are going to offer your customers. That will have a marked advantage over the offerings of your competitors.
Learning more about the industry: this, needless to say, is part of the due diligence and it will be a wise idea to learn from someone. Who is already equipped with experience in the business.
You can probably seek guidance and help from a fellow entrepreneur. Who has started an electronic materials and components business in another town.
Since they are not in direct competition from you. They are much more likely to share their startup advice with you.
Buying advice for electronic components retail business entrepreneurs: if you have made the decision to buy an electronics components retail business instead of pursuing a startup, you’re soon to usher in a successful experience of ownership.
However, without adequate financing, the plan will fall flat on its face. Even though the financing process can be exhausting, still business acquisitions are easier to finance than business startups.
Keep franchising as an option in mind: Your chances of being successful business owner will eslcate to a considerable degree if you choose to franchise instead of doing it all on your own.
If you are planning on starting an electronic components retail business, make sure to check out whether franchise opportunities in your space can lighten your startup process.
An engineer loan can go a long way in helping self-employed or consultant engineers to execute business functions. Bajaj Finserv offers business loan for engineers, keeping in mind that every engineering professional needs to be well-equipped with finances as well as sufficient working capital and that holds good for even self-employed and consultant engineers.
All you need to submit is an ID proof, income proof, and tax returns. The lender may also ask for a balance sheet and bank statements, for the last three months. In order to avail this loan, your business should be at least five years old. Also, keep a copy of your business registration certificate handy too.
The following are the main features and benefits offered by Bajaj Finserv’s business loan for engineers-
Flexible line of credit – According to this unique credit facility given to the borrowers.
The applicant is given a ‘credit line’ for a certain period of time.
A key benefit of this feature is, you have to pay interest only on the amount.
That you utilize during its tenure, and thus it saves unnecessary costs.
Also, the borrower of engineer loan can enjoy the option of paying only the interest component of the monthly EMIs. He/she can then pay the principle amount at the end of the year. This line of credit can be converted into a regular loan at any time during the tenure. This facility also allows you to prepay a part of your loan amount.
Pre-approved offers – There are a host of services and offers. At the disposal of customers when it comes to professional loan for engineers.
Bajaj Finserv promises exciting offers for its existing customers. To enhance the customer experience as well as their level of satisfaction.
As a customer of Bajaj Finserv, you can be eligible for pre-approved offers up to Rs. 15 lakh.
Online account access – it often becomes crucial to have all your financial details just a few clicks away. With this aim in mind, Bajaj Finserv provides an easy platform that helps you view all the loan information online. You can easily track your transactions, payment schedules, pending loan value, etc.