We love a gadget here in the UK, so setting up an electronics store business could be your ticket to a healthy income. Read on to find out more about why you should consider joining the technology retail sector and the electronics store franchises currently looking for investors.
In 2019, the UK consumer electronics market reached a value of just under £16,000 billion. With nine out of 10 people in the UK being able to access an internet connection at home, there’s a huge technology market. Here are some more reasons why you should consider joining the sector…
Why start an electronics store business?
The electronics sector is huge; almost everyone owns at least one gadget here in the UK. If you need convincing, take a look at these statistics from an Ofcom market report:
- 78 percent of UK adults use a smartphone (this figure rises to 95 percent for 16-24-year-olds)
- On average, people check their smartphones every 12 minutes, with 78 percent saying they couldn’t live without their phone
- 58 percent of households own a tablet
- 44 percent of adults own a games console
- 42 percent of people watch a smart TV
- 20 percent of people wear a fitness tracker
Digital technology manufacturers are continually releasing new and improved products, so consumers are forever ditching their old models in favour of the latest gadget. Electronics companies can cash in on this constant demand by making sure they offer new releases.
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Electronics store franchise options
Many of the best electronics store franchises in the UK specialise in second-hand equipment. Often, as much as Brits love to stay up to date with the latest tech trends, economic uncertainty drives them towards these ‘used tech’ retailers.
In fact, there’s been a perceptible move towards second-hand electronics in recent years. Buying used devices gives Brits the chance to save a bit of money while helping protect the planet. Here are four of the best second-hand electronics store franchises you could consider joining:
If you’d like to help customers across the UK find high-quality second-hand technology, CeX could be right for you. This franchise has quickly become the go-to retailer for any customer with an interest in tech, gaming or hard-to-find electronics.
CeX was launched in London in 1992 and now has a huge customer base across the globe. The brand currently operates more than 600 stores in total, many of which are run by franchise partners. It relies heavily on the franchise model in the UK, as 267 of the 385 UK stores are run by franchisees.
- Becoming a CeX franchisee: The brand takes on investors with previous retail management experience and a passion for electronics.
- How much you need to invest: To join the franchisee network and set up your own CeX store, you’ll need to have funds of between £150,000 and £250,000.
- What you get for your investment: CeX franchisees have access to a world-renowned brand and an established customer base. But if things don’t go to plan and you change your mind, you can turn to CeX’s ‘buy-back guarantee’, which gives you a safety net when you first join.
2. The iT Store
The iT Store specialises in repairing Apple products. It provides a reliable, high-quality service across a range of items, from iPhones and iPads to Mac computers and accessories. The business was first established in Canterbury in 2014 and implemented the franchise system for expansion in 2018.
- Becoming a The iT Store franchisee: You’ll need to be passionate about Apple and its products, and can run a retail unit.
- How much you need to invest: The minimum investment sits at £50,000, but you should be prepared to part with around £70,000 to get your business up and running. After two years, you should expect to generate a revenue of around £570,000.
- What you get for your investment: The iT Store provides a comprehensive 14-day training programme covering every aspect of running a franchise business. You’ll learn about sales, marketing and, of course, repairing Apple products.
3. Cash Converters
You’ve probably heard of Cash Converters, but did you know it sells second-hand tech?
This franchise traces its roots back to 1984 when Brian Cumins opened the first store in Perth. Gradually, he was able to set up more Cash Converters branches and bring the brand to the UK in 1992. Today, there are more than 700 Cash Converters stores across 20 countries and four continents, 28 percent of which are in the UK.
- Becoming a Cash Converters franchisee: With its established brand identity and strong franchise network, Cash Converters is one of the most attractive investments on the franchise market. As long as you are enthusiastic, hard-working and dedicated to the brand’s success, you’re encouraged to get on board.
- How much you need to invest: A minimum initial investment of £39,000 is necessary to launch a franchise store, but you’ll need to make a total investment of around £155,000 to secure its future.
- What you get for your investment: You’ll be able to take part in a comprehensive training programme and access business support throughout the set-up process.
>> Read more:
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: The Official Franchise Start Up Checklist (Part 2)
- New Year, New Career: No Better Time Than Now to Start a Franchise Today
- Franchising 101: 8 Signs You're Ready to Start a Franchise
- Starting a New Business Doesn't Always Lead to Immediate Success: Here Are 5 Ways to Change That
- It's Never Too Late to Start a New Business
4. Cash Generator
Like Cash Converters, this franchise sells used technology equipment. It was established in 1994 by Brian Lewis, and now has a network of around 700 across 21 countries. The brand has a similar reach to Cash Converters, with 200 locations in the UK.
However, franchisees who opt to join the brand will benefit from multiple income streams. Cash Generator offers international money transfers, currency exchange and other financial services as well as second-hand products.
- Becoming a Cash Generator franchisee: Cash Generator is looking for entrepreneurs who are prepared to take a managerial role and delegate day-to-day responsibilities to a trusted team of employees.
- How much you need to invest: You'll need to invest at least £80,000, but a total investment of up to £240,000 will be required in the long run.
- What you get for your investment: The Cash Generator franchise team makes sure all its franchisees are equipped with the tools and skills to successfully run their unit. New investors can expect to be enrolled onto a dedicated, six-week training scheme covering business management, retail operations, customer service, lending practices, currency and money transfer operations.
Join an electronics store franchise
Browse our full selection of franchise opportunities in the IT and electronics sectors. You’ll find everything from children’s coding coaches to online marketing providers and technology cleaners.
Alice Tuffery, Point Franchise ©