If you have an interest in fixing machines or finding the root cause of their issue, then you should try starting an appliance repair business. This can allow you to handle different types of appliances, showcase your creativity, as well as problem-solving skills. Besides, you will now have become your own boss.
An appliance repair business provides repair services for appliances, such as ovens, refrigerators, washing machines, garbage disposals, dryers, and freezers. Typically, these services are offered in the owner’s home, because it’s a challenge to transport these appliances. Owning an appliance repair business can help homeowners save a lot of money since they don’t have to buy a new appliance.
Things you’ll need to get started
Now, once you get these essentials, you’ll need to choose your target market. According to the technicians at Hartman’s Appliance Repair, Jacksonville, your target market for an appliance repair business will depend on your special area of interest. So, you can choose to focus on general appliance repair, specific appliance repair, like kitchen appliances, or select a particular brand like Panasonic, Samsung, LG, or GE. Besides, your target market will be homeowners, which have a disposable income to afford appliance repair.
Once you get your business idea, it should be supported by a business plan. A business plan is essential, as it can help you get the necessary financing from your bank, as well as ensuring that your business doesn’t have challenges when starting.
Typically, a business entity refers to how your business should operate. Currently, there are four types of business entities, which include sole proprietorship, corporation, partnership, and limited liability company (LLC). Each of these entities has its benefits and drawbacks—and you should ensure that you review the entity that you like.
Once you choose your business entity, it’s time to choose a business name. When choosing the name, ensure that it’s easy for clients to remember, brandable, and available for use.
As an appliance repair technician, you can choose to provide on-site repairs or pickup services. When choosing your location, ensure that you consider your option is cost-effective and convenient for your business.
Yes, your appliance repair business might not require extra employees when starting. However, your business might grow to some point where you will need staff to help you. Other than purchasing spare parts, labor costs come second for any appliance repair business. So, when hiring your employees, ensure that you have enough funding for their salaries, as well as any extra costs like insurance cover, as well as paid time off.
Just like any other business, your appliance repair business will need money to operate—even when you’ve not hired employees. Sourcing financing for your business can be a challenge for most startups, and this is where a good business plan can save you. In addition to your business plan, you also need to have a good credit score and also have the capacity to invest around 30% of your money towards your total start-up costs.
When running an appliance repair business, you will need to get several insurance policies to ensure that your business is fully covered. Kindly consult your insurance services provider to know which policies apply to your business.
Please note that the cost of your insurance policies will vary, depending on several factors like the value of your business, including equipment, as well as the location of your business.