1.

HAVE SOME CAPITAL SET ASIDE FOR THE BUSINESS. To start this kind of business, a certain amount of money is required. We went to get the money by borrowing loan from bank. We ensure that the money we borrowed is not too exorbitant for us to pay back when the time comes. As a group, we contributed 10,000 Naira each in addition to the one we borrowed. We make sure that the money is enough for us to start the business and also to buy some necessary things we need to buy.

2.

DO YOU MARKET RESEARCH AND FEASIBILTY? Market feasibility is very important in starting a business more than any other functions. As a group, we went for market research in order to ensure that our products have high demanding from customers. Based on our research that we went for, we discovered that most people are using Nokia phones compare to other types of phones which gave us an assurance for whatever we want to put in for. From the statistical experiment, it shows that 75% of people that are leaving in the environment we want to establish our business are using mostly browsing phones while 25% of people are using other types of phones.

3.

LEARN ABOUT THE FEATURES OF THE PHONES One important tip to buy and sell used phones is to understand the features of the phone well. What this means in essence is that you must be technology inclined or oriented it would be easier to sell a used phone if you can market its features to your potential buyers. As a seller, we make sure that all the phones we bought are all functioning well. To prove that, we know the feature of the phones we bought so that we will not be neglected by the customers when it teaches asking question from our seller. We also document the phones with their functions being written with them so that when the buyers

come, we can easily go through our book records for clarification and confirmation. 4. FIND A SOURCE OR SUPPLIER You can visit online classified websites such as craigslist, eBay, and alibaba.com or aliexpas.com to if there is used cell phone that you can resell the phones for. Note that you can sell used cell phones for what retain shops can sell. Or you can look for local pawn stores for used cell phones. Pawn stores are as they always pay little to buy items to start with frequently. They will sell those to new buyers for half of the original retain prices 5. CONSIDER THE PRICE

Another important tip on how to buy and sell used phones is to consider the price. When buying used phones, we make sure that we got the best deal in terms of quality and price especially since we are planning to resell it after words. We make sure that we still have good profit when resell the used mobile phone.

6.

CHECK FOR DEVICE Used phone sometime have defects which could affect the price, especially if it is a major defect. To avoid buying defective phones we do not buy a used phone with major defect like damaged LCD screen because this will be too expensive for us to repair and we may end up with a useless mobile phone that nobody want to buy. It is better for us to buy used phone in person than online, so that we can better check the condition of the phone.

7.

MAKE SURE THAT THE PHONE IS NOT STOLEN One important tip to note when buying and selling used phones is to ensure that the phone is not stolen. What we do is to get a check mend certificate proves that the phone is not stolen. IMEI or the international mobile equipment identity number is needed for us to check the phone in the check mend certificate database. We paid a small fee for the certification.

8.

ADVERTISE YOUR BUSINESS Following too many competitors in area where our business is situated. To motivate our business we need to advertise our venture in order to prevail over competitor and rival. We registered our business name with some website that promotes business name and also went for advertisement of our business in some radio and television stations. Finally on advertisement, we canvass people by moving around the street by letting them know how quality our products is, so that our business or product name can be heard in all over the area.

9.

WRITE YOUR AID MAKING USE OF CONSICE AND CLEAR LANGUAGES It is important that we gave a clear description of the exact model and condition of the phone and the price which we want it to be sold. We do not forget to give our customer description of scratches on the screen or any other problem with the pone. We also remember that the best marketing too far this kind of business is word of mouth marketing and referral .but no one will refer their family and friends is the quality of the phone we sell is very poor.

10.

BE PREPARD FOR THE DOWNSIDE As a novice or beginner in this business, it is inevitable that you will end up buying dead phone or very low quality phone at the initial stage.

This is a necessary loss as it will help you gain more experience in the selection and pricing of used phone .Another way you can reduce the effect or loss arising from this risk is to learn how to repair and reconfigure phone. Inclusion you should always expect to get up to 75 percent of the retail value of used cell phone that are in good condition smart phone such as blackberries and iphones could have a bit more value depending on the area for phone that are more than two year of existence just expect to have about 40 percent of the original retail cost.

THE FEDERAL POLYTECHNIC ADO-EKITI

COMPUTER SCIENCE DEPARTMENT

GROUP C of B BUSINESS PLAN

(BUYING AND SELLING OF USED PHONE)

NAMES OF STUDENTS IN GROUP C of B 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Famokunwa Victor B. Ajewole Tope E. Ajayi Taiwo M. Afolabi Bosede B. Ikade Agnes Agbi Tolulope E. Olusola Adesegun Agbona Felicia Ogunsuyi Morolake E. Adegoke Gbemileke F. Adefunrin Ileola Joy Adekunle Funmilayo