Inside the Collectors World of Old Android Phones

There’s something about androids that give them inherent value. Ask any collector. And, if you enjoy your android phones, you already know this fact because you have 10 of them in a bottom drawer, but can’t see them ever being discarded; they had value and they still represent value, right? You may even fondly remember the android for the pics it took. As I was informed by my friend, who owns a Samsung Galaxy Z Fold4, it’s time to let go of his old device in favor of the next, but he’s certainly not going to discard his beloved Z Fold4; it has too much personal value.

In search of answers to the “where should I store my collection of phones” question, there are options available. Sadly, most include a disposal trip to the nether world somewhere in the plan. If you are cagey, however, you may want to seriously consider saving those phones to start your own business in selling them. There are phone aficionados who are already checking out supplies of old android phones, purchasing and stocking them. And, someday in a decade or less, when a collector is wildly pursuing a purchase of a Samsung Galaxy Z4, my friend will have one in stock, just waiting for the perfect buyer. If you’ve ever considered starting your own collectible phone business, read on for tips and strategies to start and grow a profitable collectible android phone company.

First, you’ll want to set up your business as a legal entity in order to first define any liability of the company owners, and second, to separate personal income and expenses from business income and expenses. This is critically important, as legal companies can write off purchases of stock and certain business expenses against the income the business receives, while tossing all income and expenses into personal taxes will generally fail to produce any tax advantages for business expenses.

Consider setting up one of the four options below:

Sole proprietorship. This isn’t a legal entity; however, it is a designation that allows the business to claim expenses as business-related. The upside of this structure is that it requires almost nothing in expense or time. You’ll be able to set it up and move on quickly. The downside to this structure is any liability your company faces is your personal liability.
C corporation. A C corporation is created when an owner believes there may be more than 100 shareholders. In other words, the owner is planning for a sizable business. A C corporation is structured to take income and pay taxes at the corporate level. After that process, distributions are made to shareholders, who are taxed on an individual basis on the income received.
S corporation. An S corporation is actually a subset of a C corporation. It was created to fit a small model of family members or others in an alliance of business ownership. The primary difference found in an S corporation is that of taxation. The S corporation is not taxed; however, all income at the end of each fiscal year must be distributed to shareholders, who are then taxed individually for that income.
Limited liability company. This structure was set up to protect individuals from personal liability if a business fails. Typically, a family or partnership of sorts is created under the rules of the state in which the owners are residing. There are some advantages and disadvantages to this structure, as there are with other legal entities.

With the first major step determined, you will next need to gather as many old android phone models as possible, picking them up from friends and associates who no longer want them, or hunting for the androids that you already know will become prized models in the future. Advertise online as a buyer willing to pay for old phones. Stock up, photograph each from various angles, label and sort, clean and prepare your growing stock of old android models.

An excellent next step will be to form the roadmap for your collectible phone company. Where and how you’ll do business is important to recognize; otherwise, your efforts may go in all directions, much like an old android, and that will waste time and cash. To create your roadmap, use this free business plan software to develop your outline. In the plan, you’ll include mission and objectives, followed by an assessment of potential customers and competitors, along with a set of marketing strategies, a financial plan and forecast, and other crucial elements to starting your collectible phone company.

Finally, seriously consider the possibilities ahead: hundreds of collectible android phones in stock, customers calling for favorite models, scaling your company with long-term growth and success just ahead. This is the true value of androids.

Consider setting up one of the four options below:

Sole proprietorship. This isn’t a legal entity; however, it is a designation that allows the business to claim expenses as business-related. The upside of this structure is that it requires almost nothing in expense or time. You’ll be able to set it up and move on quickly. The downside to this structure is any liability your company faces is your personal liability.
C corporation. A C corporation is created when an owner believes there may be more than 100 shareholders. In other words, the owner is planning for a sizable business. A C corporation is structured to take income and pay taxes at the corporate level. After that process, distributions are made to shareholders, who are taxed on an individual basis on the income received.
S corporation. An S corporation is actually a subset of a C corporation. It was created to fit a small model of family members or others in an alliance of business ownership. The primary difference found in an S corporation is that of taxation. The S corporation is not taxed; however, all income at the end of each fiscal year must be distributed to shareholders, who are then taxed individually for that income.
Limited liability company. This structure was set up to protect individuals from personal liability if a business fails. Typically, a family or partnership of sorts is created under the rules of the state in which the owners are residing. There are some advantages and disadvantages to this structure, as there are with other legal entities.