Learn how to apply for Mi Store Franchise to get started.Follow the complete tutorial step by step.
There have been inventions throughout history that have changed the way people live their lives. Some in a better way and some not. The impact of these inventions varies case by case. But one invention that has had a terrible impact on people living all over the world is mobile phones.
They are gone the days when people would write letters and put them in mailboxes, which others would wait for days to read and read. The invention of mobile phones has revolutionized the world. People can talk to other people sitting in any corner of the world.
Today, cell phones have evolved so much that the last aspect that one thinks of when buying a phone is the calling element. RAM, processor, operating system – in the early 2000s, these were not the features one considered when buying a phone. But a lot has changed over the years. This is an industry where innovations keep pace. A ‘new’ feature released now becomes ‘old’ in a short space of time. What people want today is a good looking phone with all the latest features. All telephone companies are fighting to provide that.
This is where MI phones stand out. The IS Xiaomi the company, in a short time, has faced tough competition for the big players in the mobile industry. With their excellent research and development department, they have managed to stay ahead of the curve and are currently an excellent choice for smartphone buyers.
Xiaomi has its operating system on which to run their products. MIUI is the name of the operating system, which was launched in August 2010. The provision of high quality smartphones at very affordable prices is one of the main reasons for the meteorological rise of MI.
Today, Xiaomi is giving its competitors a run for their money. The company is doing it by making high-spec phones and selling them at very low prices. The margins are razor-thin and the company is doing it without compromising the quality or performance of their phones. This is why the competitors are having a hard time competing with Xiaomi.
Initially, Xiaomi had no retail stores. To save costs, they used to run all their business through their online store. However, the company later realized that they must also have a physical presence or they will be left behind. So now, the company has begun to move into the brick and mortar space and started opening retail stores to combat competition.
The company relies primarily on social media and word of mouth rather than traditional advertising to publicize its products. By holding flash sales regularly and checking its stock, the company ensures that the demand for its products always exceeds supply. Instead of focusing on sales revenue, Xiaomi, by selling its products at almost bill of bill prices, has succeeded in building a loyal customer base in the market.
Another thing that Xiaomi stands out is that the company is paying attention to consumer feedback. They pay particular attention to customer suggestions and sometimes, based on those suggestions and add-ons, develop and then roll out updates. Therefore, their customers are involved in the development process.
So, by appealing to their fan base with low-priced phones, high specification and listening to what they have to say, Xiaomi rose to the top.
Xiaomi produces various products like phones, telephone accessories, laptops, etc. They tried to serve as many segments of society as possible with their wide range of products. The products run on their internal operating system called MIUI. The range of their smartphones includes series like MI phones, MI Note, Redmi phones, Pocophone, etc.
Mi Store Franchise Requirements:
As with any franchise, it is necessary to fulfill certain requirements to find a Xiaomi vendor. To be the owner of a Mi store franchise in India, one must have space or area of 200 to 250 square feet where there is space to store the MI products. The space can be purchased by the individual or rented out.
One condition is that there should be no MI store in the radius 10 km from where the person wants to open the store. Otherwise, the person would not get the franchise. The store should be in an area where there are lots of people. It would work against the individual if the store area is sparsely populated.
After meeting these requirements, filling is the next step Mi store franchise application form here. The form will ask for information such as the name of the applicant, address, telephone number, store details, etc. The application form will then be reviewed by MI personnel. They will check to see if the outlet or warehouse location is convenient for opening an MI shop. On this basis, they will contact the applicant to proceed further.
Return on Investment (ROI) / Profit:
Mi is a well-known brand that is in high demand across India. Also, the brand is constantly coming up with new products that have the latest features and technology. Therefore, it should come as no surprise that a company such as MI would receive high returns in a franchise store.
Depending on the location of the store and the size of the population in the surrounding area, one can expect returns from 75,000 rupees to 1 lakh rupees in a month. That’s not all. There are also many other benefits of investing in an MI franchise. MI staff is very helpful to the person looking to open a franchise.
Excellent technical support, good communication, simple terms and conditions, other franchise support, etc. These are just some of the services the company provides to the franchisee to help it succeed the franchisee’s business.
Also check: Oyalo Pizza Franchise – Cost, Requirements & More
More About The Company:
Xiaomi is an electronics company founded in Beijing, China, in 2010. Dr. Lei Jun, Hong Feng, Lin Bin, Wong Kong-Kat. It was co-founded by Zhou Guangping, Li Wanqiang and Liu De. The company manufactures and sells products such as mobile phones, laptops, televisions, etc. Xiaomi is the parent company of MI phones.
In Chinese, Xiaomi literally translates into ‘millet’. But according to the company’s CEO, Lei Jun, the company’s name has a lot more meaning to it. According to him, the first part, ‘Xiao,’ is related to a Buddhist concept, meaning that one grain of rice of Buddhism is as big as a mountain. The second part, ‘Mi’ stands for Mobile Internet or Mission Impossible.
In less than 10 years since its inception, Xiaomi has become one of the Fortune 500 companies. It is 468th on the Fortune Global 500 list. It is currently the fourth largest smartphone brand in the world. On the list of the most valuable technology start-ups, Xiaomi is in 4th place with 1.1 billion US dollar financing from investors. Xiaomi is expanding at a rapid rate. It already has around 15,000 employees in Malaysia, Singapore, China and India.
With its rapid growth rate and adaptability to the changing environment in the technology industry, Xiaomi has become the home of the technology sector in less than 10 years, a milestone that may take several years to reach companies.
You can: Amul Ice Cream Franchise – Profit Margin, Cost and More!
Franchise Mi Store Frequently Asked Questions:
1. How to apply for a Mi store franchise?
To find a Xiaomi seller, one is required to go to Xiaomi’s official website and fill out the Mi store franchise application form to apply for the ownership of the franchise. Mi personnel then review that form and if unsure, the seller should be assigned to the individual. They contact them.
2. What are the requirements for Mi mobile dealing?
A person must have an outlet or space around 200 to 250 square feet in a prominent area. The outlet owner must ensure that there is no MI retail store within 10 km of the outlet concerned.
3. What is the ROI or Franchise of Mi Store in India?
Bringing in the Mi store franchise gives great results. Keeping aside the non-monetary benefits provided by the company, one can earn the profit of between 70,000 rupees to 1 lakh rupees a month, depending on the location of the store and the population in that area.
Today, Xiaomi is the long-awaited brand in the technology sector. They constantly innovate and come up with new products. They are not limited to mobile phones only. There are laptops, televisions, speakers, etc. Also included on Xiaomi’s list of products that make and sell.
In less than 10 years, Xiaomi has grown into an industry giant and is also listed on the Fortune Global 500 list. These are all good indicators for someone looking to invest in the company as Xiaomi is continuously growing with no sight slowing down soon.