Do you want to start a business from home? Are you looking for some business ideas to work from home with very little investment? You may consider mobile recharge business that you can do it in your free time or can also take it up as a full-time business. Starting a mobile recharge business requires onetime small investment but gives you immediate return in terms of commission on every charge. It is really a hassle free business and soon offers you a continuous stream of income.
Market Potential of Mobile Recharge Business
Everywhere you go you will see people using mobile phones and other mobile devices like tablets. Mobile internet usage has also been skyrocketing over the past several years. Almost 83 % of the Indian population is using mobile and with so much usage like calls, SMS, data, games on the mobile, the need of balance refill has also been growing by leaps and bounds. As per the estimates of Statista, the number of mobile phone users in India will reach to 730.7 by the year 2017. Mobile phones has become an indispensable part of our life, so whatever may happen a person will definitely recharge his mobile. How hard the market may get affected with inflation or recession, no one will stop recharging the mobiles. So it’s the one of the safest business with potential market.
Benefits of choosing Mobile Recharge Business
Recharge Business is one of the easiest ways to start a business from home. There are no such legal formalities involved in it and it doesn’t need much of educational degrees. Let’s find out the requirements to start a recharging business: –
- Start-up Cost: – The need of investment is very less in starting a mobile recharge business. Anyone with a capital of 5,000 to 10,000 INR can easily start this business.
- Required Equipment: – Earlier there was the need of different mobiles to recharge for different mobile operators, but now with the availability of smart apps, mobile recharges can easily be done with one single app to various operators from a single mobile. You need just one Smartphone for the same with internet connectivity.
- Infrastructure: – The best part of this business is you don’t need a storefront to start up the same. Anyone without a shop can also start this business and even work from home. A mobile recharge business will increase the customer count if you already have an established shop of any product.
- Advertisement: – You don’t need to spend much in promotion also coz’ as soon you start your business, the mobile operators will start placing their billboards and hoardings to promote your business. At the begging, just a sign of “All Kind of Recharges Done Here” will attract customers.
- Mobile Business: – Here mobile means you can carry your business in your pocket. You can continue doing recharge in your office or when you are travelling also and keep on earning a profit on the move also.
Types of Mobile Recharge Business
Along with our mobile, there are various other things which need recharges or payments. So with the online mobile recharge service we can do several other things rather than just mobile recharge like: –
- DTH Recharges: – As DTH cable service is now spread all over India in both urban and rural places and there are several DTH operators available in the market and they need monthly recharges to provide the service which can easily be done through online mobile recharge and over this the margin of profit is also higher in this.
- New Connection: – Along with mobile recharges you can also provide new connection and earn a good amount of commission from each new connection you provide.
- Data Card Recharges and Other Payments: – With the service of online mobile recharge, you can even make payment for the Data Cards and it also provides the service for paying different other bills also like your landline and the most important your electricity bill.
Precautions Need to be Taken
Along with various advantages, every business has its drawbacks also and to be successful you need take care of the drawbacks cleverly.
- Involvement of Liquid Cash: – A lot of cash transaction will happen in this business and you need to be very careful in keeping those cash as spending the same for another purpose will not help a bit. For a smooth run, you need to keep the cash from the recharge business separately to pay for your balance.
- No Credit: – Like other business, you will not get any kind of credit support from your vendor, i.e. you need to pay in cash for refilling the amount in your account. So make sure that you also don’t provide any credit facility for the same.
- Margin of Profit: – The mobile recharge business will not give you a huge profit margin. So if you want to see the benefits then you need to increase the numbers of customers. The Higher number of recharges will definitely fetch a good margin of profit and for this reason, it is very important that the above mentioned two points are take care off.
- Mistakes: – The goodwill of any business depends on the satisfaction of the clients, so it is important to avoid the few common mistakes in recharge business like writing a incorrect number which will lead to incorrect recharges and customer harassment and another thing is to complete the recharge on time. We never like a service which is late even after paying the price for the same. So complete the pending recharges as soon as possible and if there are any technical issues, mention this to the customer in details.
Online mobile recharge service has brought revolution to our life. Now customers don’t need to wait in the long queue to pay their mobile recharge. All can be done from any of the mobile recharge business shops and thus opening a huge opportunity to run a business from home with a low capital involvement.