If you’ve decided it’s time to start your own electronics repair business, you can’t have picked a better time. The amount of reliance people now put on technology is not at all matched by how reliable that tech actually is.
It breaks down often, and because people need it for everything they do, they want it fixed quickly, and they need it done locally so they don’t have to send it off to be repaired. This means that if you have a storefront (or at least somewhere they can drop off their phone, laptop, or any other device), a workshop out the back, and the know-how to fix it, you’re in business.
However, it’s not as simple as that. While it’s a great idea, there are one or two practicalities to deal with before you launch your new business. With that in mind, here are a few of the things you need to consider before you get your electronics repair business off the ground.
#1 Check out the competition
Getting off the ground can be difficult, so you need to be sure about what you are doing. Check out what other businesses in the same niche as you are offering, so you know what you are competing with. Look at their quality levels and their profit margins to see if you can beat them on quality or price.
You’ll also need this when you go looking for finance (more on that in a minute) and when you write your business plan (more on that next).
#2 Write a killer business plan
You can’t go looking for backing with just a great idea, so you’ll need a business plan. You’ll need facts, figures, and a clear vision of where you see your business in five years. You’ll need to detail all of your start-up costs, including websites and advertising, all your ongoing costs, and most importantly, a projection of when your business will be in profit.
#3 Get some start-up capital
A business like this won’t be cheap to set up; sure, you could run this from your bedroom to start with, but to really make a go of it, you’ll need backing. Business loans, even with a killer business plan like the one you just created, are hard to come by but don’t be put off. If the local bank has said no, try specialist tech investors who can see the real potential of what you are doing. The specialist loan doesn’t always have to mean sky-high interest rates either.
#4 Source the best components for the lowest price
Find a specialist component supplier. You could use one of the few bespoke search engines available to help you source everything from test equipment to tooling or individual parts like Through-Hole Resistors or BJTs (Bipolar Junction transistors).
Sourcing in this way can be considerably more cost-effective as you will have many suppliers to choose from with prices displayed so you can compare like with like and make an informed choice.