If you are mechanically inclined, you will find lots of income opportunities by starting an appliance repair business. When you start such a business, you will be rescuing homeowners with broken stoves, fridges, dryers, washing machines, and any other essential appliance used in our homes.
Statistics indicate that there will be an increased demand for appliance repair services in 2020 – 2024—thanks to the increased disposable household income, as well as increased appliance sales. This shows there are plenty of opportunities in the industry. With that, let’s look at the top 6 pro tips for starting an appliance repair business.
Start with the basics
Most ambitious entrepreneurs tend to be obsessed with the difficult or complex aspects of their business and end up forgetting the basics. Here some of the basics that you should consider when starting an appliance repair business:
- Choose a name for your company – ensure that you choose a catchy name, which adds value to your business. Don’t forget to add a logo, as makes your business look professional, and assists customers to recognize your business.
- Come up with a business structure – this involves registering the company—even if it’s a sole proprietorship. This helps to protect your business in the event things go south.
- Identify the services you’d like to offer, as this will allow you to:
- Acquire office space
- Purchase the required tools
- Hire the needed staff
- Create marketing campaigns
- Identify your target market
- Acquire the required means of transport
The Hartman’s Jacksonville appliance repair technicians advise new technicians to check the laws and regulations governing certifications and licenses in the area of your operation. Dealing with certain appliances like AC systems, freezers, and refrigerators require one to obtain an Environmental Protection Agency certification—meaning you will also need one.
Create a list of services
This is the next thing to do after you are done with the basics. What type of services would you like to offer? When starting an appliance repair business, you need to be prepared to work with all types of appliances, and this includes:
- Washers and dryers
- AC systems
You should ensure that you are trained to repair any appliance indicated on the list of your services. This also includes any staff that you hire to assist you. All in all, you shouldn’t have a challenge in repairing the commonly used appliances in our homes—so long as you have background training in repairing appliances.
Arrange for financing
All business startups require sufficient financing—and yours is not an exception. Failing to secure financing for your appliance repair business is a great mistake, one that will see your business fail before it starts. Therefore, you need to secure the required financing upfront. One way to do this is to secure a bank loan for the initial costs you need up to when your business can fund itself.
Additionally, you will need to create a cash flow plan for the business. Today, most businesses fail not because there’s no business potential or customers—but because of poor cash management. And this is where liability insurance comes in. This protects the business owner in case the repair job damages the appliance or the premises. Besides, it protects you from compensating employees who get injured while on duty.
Create a clear pricing strategy
The appliance repair business has a cut-throat competition, and that means you can only make it by minimizing your costs, as well as improving your internal efficiency. This shows the importance of understanding different ways to reduce the costs for any appliance repair job. Besides, you will need to know what needs replacement and what needs repair.
When it comes to appliance repair jobs, the total bill should include labor, parts, as well as service charges. Don’t forget to add hidden costs like transport, taxes, and depreciation, among other essential factors when calculating the service fee.
Besides, you should note that there are no standard repair costs in the appliance repair business. However, you can use the costs charged by your competitors as a benchmark. In case you opt to charge your competitors, ensure your clients understand the extra value that you offer. While competing on rates is a good strategy, it won’t sustain your business for long. Therefore, you need to create an effective quote generation method before starting your business.
Embrace the digital world
Your appliance repair business will need a website, active social media channels, as well as a mobile app to attract and engage with customers. Many people looking for reviews will browse through these channels to find them. Besides, these platforms are the best for raising customer support concerns. Having an SEO optimized site with fresh and unique content, as well as an active blog will help to keep your appliance repair business on top SERPs.
Create a marketing strategy
With an appliance repair business, you’ll always get customers whenever their appliances break down. That means you’ll need to market your business to attract new customers. Different marketing options include social media, direct mail, and print advertising among others. The costs of these marketing strategies will vary depending on the volume and method used. However, your reputation will become the most essential marketing strategy since word-of-mouth referrals by previous customers will drive more customers towards your business.
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