Mobile phones have become indispensable these days as they have already replaced various things from our life. Yes! A mobile phone has replaced a camera, a watch, an alarm clock, a calculator, a stopwatch and so on. It is estimated that more than 3.5 billion people are using smartphones which is almost 45% of the world’s population.
Statistics reveal that the usage of smartphones has skyrocketed up to a maximum of 40% in the last 3-4 years. Statista, a popular portal for statistics state that the number of mobile users will rise to a staggering 7.3 billion by 2023. In this article, we’ll take an in-depth look at how to open an MI Store Franchise in India.
History of MI Store
MI is a brand that is owned by Xiaomi, a Chinese based company mainly involved in the manufacturing of high-quality mobile phones. Founded in 2010 by Lei Jun, Xiaomi Mi1 is the first mobile phone launched by the company.
Xiaomi is also considered to be the 4th largest company in the world next to Apple and Samsung, Huawei to develop their own chip-based mobile phones. In September 2019, the monthly active users of MI phones rose to 291.6 million. In the Fortune 500 list released in 2019, Xiaomi is the youngest company to feature in the list.
What is the USP of Xiaomi MI Store?
Xiaomi has made a name for itself in the industry and has created a huge market for its mobile phones in India. The main USP behind Xiaomi is that it sells its products at very nominal margins. Hence it has been able to attract customers in large numbers. But the fact is that Xiaomi makes profits through the services offered. Apart from mobile phones, Xiaomi also sells various other products including mobile accessories, computer speakers, wearables, laptops, and tablets, etc.
Benefits of Running a Franchise of MI Store
Before you start investing your money in any business, it is important to understand the benefits offered. It will give you a fair idea of whether you really need to invest in that business and the kind of profits you can make from starting the business. Listed below are some of the benefits of opening a Xiaomi Franchise:
Well Established Brand
MI (Xiaomi) is a highly reputable brand and has made a name for its high-quality mobile phones in India. Hence, you don’t worry about brand building in any way. People are already aware of the brand and the moment you start the franchise you can expect MI customers walking into your store.
Excellent Customer Support
Another reason that people like MI us that the customer service they offer. It is quite exceptional and all your queries regarding the franchise are solved in a quick time.
Advertising & Marketing
MI will provide you with all the marketing and advertising materials and hence, you don’t need to worry about that part whatsoever.
Highest Quality Guaranteed
MI guarantees the best in class quality always. Hence, people will always want to buy any new models and keep updating their mobile phones.
Highest ROI (Return on Investment)
Opening an MI store franchise guarantees for maximum profits with minimal efforts and investment.
Simple Terms & Conditions
One of the major highlights of opening a MI Franchise is that you don’t need to go through tonnes of paperwork, terms & conditions, etc. Once you are selected as a franchise partner, the next stage of processing is pretty much simple and quick.
Requirements for Starting a MI Store Franchise in My City
Please read the requirements specified below to getting a Franchise of MI store in your area:
Area Requirement
To open a MI store franchise, you need to have a minimum area requirement of up to 200-250 sq. ft. of space. The place can be either a rented space or owned, but there needs to be enough space for customers to come inside and take a look at the various products offered by Xiaomi.
Location
One important requirement by MI is that there should not be any MMI store located in the vicinity of close to 10 Kms from the franchise. Xiaomi would give more preference to a store that is located in a commercial area and the footfall intensity is high.
Experience and Skills
You don’t need any special skills or experience to open a MI store franchise. If you have the passion and interest to run a business, you can apply for a franchise.
Training
Once your franchise is approved, a team from MI will provide all the needed training materials and documents needed to help you get acquainted with MI products. To ensure that your store gets up and running, Xiaomi will provide back office and bookkeeping support along with regular inventory audits along with ongoing business advisory assistance as well.
Investment – How Much Does a MI Store Franchise Cost in India?
To open a MI Store, you might need to spend around 12 to 15 lakhs INR as an upfront investment, out of which 6 to 8 lakhs INR will be spent on purchasing the required stock for the store. The rest of the money will be spent on infrastructure, furniture, computers, etc.
How to Apply for a MI Store franchise?
To start your own MI store franchise, below steps you need to follow:
- Apply for a Franchise
To apply for a MI Store, you need to fill out the application form located here
- Application Review
Your application form will be reviewed by a team from MI and applications approved will be contacted for the next round of discussion.
- Telephonic Discussion
The first round of discussion is carried out over the phone to get to know more about the franchise owner. If the details provided are found suitable, MI will send a booklet containing the Franchise business information for store owners to review.
- In-Store Visit
Next, a team from Xiaomi will visit your store to check if the location is suitable for business.
- Finance Approval
Next, the finance terms are discussed and processed.
- Agreement & Approval
Finally, when everything is discussed and finalized, an agreement is signed between Xiaomi and the franchise owner to open a MI store franchise.
Final Words
Xiaomi has the second-largest market for mobile phones in India and opening a franchise with such a renowned brand calls for guaranteed returns on investment. Moreover, the company provides a lot of assistance and support to its franchisees to make it a grand success.
We hope that the information provided above is helpful to know about How to Take the MI Franchise in Your City. If you still have any queries, please post them in the comments section below, and we will be happy to provide all the answers at the earliest.