Have you wondered about starting your own business with low capital? Everyone says successful business is about ideas and investments, but in reality, a successful business doesn’t need a lot of money; it’s all about making your ideas work.
Many people are willing to start their businesses, but thinking about investments makes people struggle, but more than investments, a business needs innovative ideas, strong determination, and confidence.
Before starting a GPS business, there are some basics about GPS that you need to know.
Topics Discussed in the article:
What is GPS? What does GPS stand for?
Tip: Before getting into something, Go! From scratch.
GPS stands for Global Positioning System. It is a global navigation satellite system that locates an object’s exact position with time and speed.
How does GPS Work?
Let’s take a quick bite; GPS works under a method called Trilateration.
Often we get confused with trilateration and triangulation. Triangulation measures angles, Trilateration measures distances, and GPS receivers work with the trilateration method, measuring distance.
For example, consider 3 transmitters or satellites in various positions. The first satellite transmits a signal that hits your GPS receiver. The satellite knows the GPS device’s distance where that distance is taken as radius and forms a circle.
The same thing happens with the second satellite signal when it hits the GPS device. This time, we know the GPS receiver’s distances from two satellites with two circles intersection points.
Now here, the third satellite reveals the exact location of the GPS device. The intersection points of all 3 satellites are considered the GPS device’s location, and it is the actual GPS receiver position.
It is how the GPS works. The real world happens in 3-dimensional space instead of 2-dimensional space, which is a bit more complicated, but the basic principle applies the same.
Coming to GPS business idea; Why GPS? Is GPS worth it?
GPS market worth can reach up to $146.4 billion by 2025. GPS is widely used in many sectors like transportation & logistics, mining, marine, construction, surveying, and mapping & geography purposes.
Many applications like navigation, fleet management, tracking, satellite road traffic monitoring use GPS. These applications are expected to fuel the market over 2025.
We know the market of GPS system various applications, but what about GPS Tracking Device?
GPS tracking device market worth is estimated as $1.7 Billion in 2020 and expected to grow up to $3.9 billion by 2027. This GPS tracking device market was divided into 3 types Standalone Tracker, OBD Device, and Advance Tracker.
STAND ALONE TRACKER: GPS TRACKER TO TRACK AND MONITOR COMMERCIAL VEHICLES
OBD DEVICE (ON-BOARD DIAGNOSIS): GPS DEVICE FOR ENGINE DIAGNOSTICS.
ADVANCE TRACKER: GPS DEVICE TO TRACK LIVE LOCATIONS, RECORD ACTIONS LIKE VEHICLE ACCIDENTS, AND ENGINE DIAGNOSTICS.
Advance tracker offers services more just than a vehicle tracking system. These advanced tracking systems are used in fleet management services and many more with data analytics.
The advanced GPS tracker is expected to be in huge demand and holds vast shares in the market. Trending ideas made the vehicle tracking system shift from a basic location mapping system to a pro-data-driven solution.
Is it worth starting a GPS tracking business in APAC Region?
Asia-Pacific is known as the ruling market for GPS tracking devices until the 2025 forecast.
The usage of GPS devices in the APAC region is light when we compare it with other regions. Approximately from the year 2015, the growing commercial vehicle market brought demand on GPS tracking devices. Now, this APAC region has enormous GPS tracking market potential.
We come to know the GPS tracking system business’s market potential, Now moving a step forward,
Where to approach? How to start?
1. Find the Right Partner for your Success
Half of your business success depends on the business partner. So, find the right partner to make your business successful. Doing business with industry expertise makes your base strong.
The very first step to start your GPS business is to choose the best GPS system. Why do you want to choose the best GPS system in the market? Every GPS device and GPS software in the market are not the same; each one was manufactured for a different purpose and gives a different output.
Every business success depends on the product and market experts, so how to identify them?
How to Choose the Best GPS Tracking System in the Market to Start a Business?
Step 1: Identify and Understand the Market Needs
You need to analyze and understand the market; what market needs? Does that product have value in the market? A single product will be suitable for different regions? And many more.
TIP 1: Analyze and follow the current trend according to the market, which improves your business stability and sustainability in the market.
TIP 2: Understand the sales of commercial vehicles and its market; If the needs of the commercial vehicle market growth, there will be demand for drivers, so know that the place has a vast market potential for the GPS tracking system.
Tip 3: Talk with the Industrial experts; before starting a business, get to know entirely about the ground.
Step 2: Surf the Market
After Understanding the market, get into the market. According to your definition, keep a clear definition of what you want to sell in the market and start to hunt the GPS tracking systems.
Tip 1: Consider and collect every GPS tracking system you come across in a bucket.
Step 3: Request for a Demo (Test)
Here comes your foremost step, Demo. Ask for a demonstration of every GPS tracking system you collected in the bucket to the providers.
Tip 1: A trustworthy provider will demonstrate the complete system and guide you with the system’s different features.
Tip 2: Get into the real market and find some experts who already researched and used any of the GPS systems you selected.
Step 4: Compare the Demonstrated GPS System
Here comes your second-foremost step, compare the demonstrated GPS systems. Be defined in what you need; see which system addresses your definition.
Tip 1: Make sure the GPS system you select is worthy of comparison.
Tip 2: See If anyone who used the system previously is suggesting you.
Step 5: Choose your System
Many GPS tracking systems revolve around the market provide dealerships, but the quality varies while comparing various factors. So, choose a provider wisely by analyzing, testing, and comparing.
Tip 1: What you need to expect from a provider/ how to choose your best provider?
- Choose a successful provider who came from your place.
- Choose a provider who gives solutions to your business needs.
- Choose a provider who provides a user-friendly platform and constant customer support.
As we said, there are many GPS providers and suppliers in this competitive market;
Why should you Choose Vamosys?
We stepped your place earlier; we know in what position you’ll struggle, we are here to support your business. Vamosys, a leading GPS supplier company – offering top brands – GPS devices, fuel level sensors, software for the GPS tracking system, fuel monitoring solution and fleet management system to all our clients, and GPS business plans for dealers globally.
When we say GPS business dealership, Vamosys provides dealerships with business plans, i.e., how to fuel your business with Vamosys. We hope many companies in the market are failing to provide business plans to the newbies. The people who choose the right business partners make success in their business life.
2. Choosing Whitelabel Brand
White-label branding is a process when a product or service provider removes their brand and logo from the end product and is sold by the brand and logo, which the purchaser requests.
- White label products are simply created by a company and sold by other businesses under multiple brand names.
- Starting a white-label branding is beneficial? A significant benefit of white label branding is saving. It saves production costs and marketing costs.
Tip1: Choose Private Label when:
- You have your idea as a designed product.
- Your product should be worth enough to compete with other products in the market.
- You can invest some amount of money to make your business stable, and you should aim to manufacture your products by yourself at some point.
Tip 2: Choose White-Label when:
- You want to get into the market faster and establish your brand faster.
- You have only a tiny amount of investment.
- When you don’t want to spend money on the research and development of a product.
- When you want to handle multiple businesses.
Tip 3: Choose wisely between white label and the private label business.
3. Get your Complete Branding System
We know how important a business is in your life. In our experience, we recommend you to come up with a recognition; who you are? What you exactly provide?
Tip 1: When you choose a White label product for business, make changes, bring modification to the brand and feel comfortable with what you sell.
Tip 2: Get ready with your complete selling kit; changes, modifications in brand, have a website, have links; pages.
We VAMOSYS assist, support, guide with plans to promote your brand and business in the GPS tracking market with our white label GPS tracking device and GPS tracking software. Suppose you are interested in starting a business as an established company and want to be stable in this telematics industry; we help you with proper training and a 24*7 customer support team to stand with you.
What do you get from Vamosys Whitelabel?
- Secure and Reliable GPS Tracking Software application.
- Mobile Application for both Android and iOS.
- Compatible with the best GPS tracking devices.
- Application with API Integration.
- White labeling option for Resellers and Dealers and you.
4. Market your Brand
A website is a base for the business marketing strategy. If you want your brand to be an established one, the foremost step is to create a website for your brand, clearly defining its purpose.
Tip 1: Creating a modern website can take time but, complete this task in some time.
In this digital world, always having your presence online will make your business grow. If you couldn’t make it to a website, create pages and channels over social media.
Tip 2: Don’t say no to social media.
You have many chances to acquire valuable customers through social media.
Tip 3: Analyze and know who is your target audience, create and market for them.
Not only websites and social media are a platform for marketing. Marketing is known to be an ocean. When you go deeper and deeper, you’ll get to see a lot. Marketing is all about communicating; every type of communication is like a piece of content on blogs, newspapers, and magazines; advertisements and media will drive the consumers to you, but a bit expensive way.
Here are some Digital Marketing Tips for Low Budget
- While starting your business, advertise for free, such as free ad portals, make your digital posters, create GPS tracking catalogs, Facebook groups, etc.
- Make use of Google Adwords; you will get popularity.
- Social media, one of the best ways to acquire customers.
- Do SEO according to the keyword, rank higher in google.
Vamosys provides business and a business plan, which makes you stable and growing in the market.
5. Make a Profit
Starting a business doesn’t matter; the main challenge of a business comes when you begin to market. Have consistency and patience to make a profit in the industry.
We hope this guide to start a GPS business helps you in many ways. Not only GPS, try these points with any business you like to start; it will work out for anyone.
Join your hands with Vamosys and get your business and knowledge from our experience because we started like you as a small budget company. We know what you want exactly.
Tip to be successful in your business: Always have a clear definition of what you sell? Why do you want to sell? To whom you want to sell? This question makes you achieve in the market.