Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$600

$5,400

Equipment & Supply Expenses

$63

$200

Retail Business Expenses

$1,250

$10,450

Inventory Expenses

$350

$14,750

Advertising & Marketing Costs

$75

$4,786

Software Expenses

$150

$2,719

Total Startup Costs

$2,862

$52,872

Simple Mobile

simplemobile.com

58,841

Tecno

tecno-mobile.com

75,740

COURANT

staycourant.com

152,343

Xantrex

xantrex.com

286,563

SparkCharge

sparkcharge.io

333,150

SCAN

scanmalta.com

378,029

Zens

makezens.com

406,261

Motorola

motorola.ca

520,377

Rayovac - Batteries & Battery Chargers

rayovac.com

572,576

Altec Lansing

alteclansing.com

587,291

Carphone Warehouse Ireland

carphonewarehouse.ie

594,792

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

Meaningful business connections

You never know who you will meet as a portable phone chargers business. This could be the start of an incredible business opportunity!

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

High margins

The gross margins for your portable phone chargers business are typically around 45%, which is considerably high and allows you to grow your business and manage costs easily.

Easy to encourage "impulse buy"

In the portable phone chargers business, you have a much higher chance of encouraging your customers to buy on impulse - you can easily alter the price, placement, packaging, and promotional value to influence the decision of your buyer.

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Longer Sales Process

A portable phone chargers business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

High employee turnover

In the portable phone chargers business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.

Taxes

As a portable phone chargers business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

High overhead expenses

With starting a portable phone chargers business, there are overhead expenses that come with selling a physical product. You will want to make sure you strategically budget for these overhead costs. We discuss this more in the startup costs section below.

You may need to charge sales tax

If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out this article