Do you have electronic appliance repair skills you’ll want to turn into a business opportunity?
This is one of the best repair ideas whose actualization will require using the tools necessary. One of the primary tools you’ll need is a business plan.
While this is true, developing such a plan isn’t easy for many entrepreneurs.
APPLIANCE REPAIR BUSINESS PLAN GUIDE
For many, this can be overwhelming as they have little knowledge of what should be added or how the process should go. We’ve provided a guide to help with that.
When followed, this appliance repair business plan template will give you an idea of what needs to be included and how to develop the general plan.
Using a Systematic Approach
The secret to writing a great appliance repair business plan is to understand that it must be well structured.
Structuring in this sense refers to the inclusion of vital sections you cannot do without. They include the executive summary, company description, and the products & services section.
Other key components include the market analysis section, strategy & implementation, organization & management team, and the financial plan & projection sections.
What remains here is the development of each section. You’ll need to be knowledgeable about what needs to be included.
i. Executive Summary
The executive summary section of your plan is considered highly important to understand what’s in the plan. By going over a few pages, your audience finds condensed information about the business plan.
This section is best written last but appears first in order of arrangement.
As an advanced organizer for the reader, it should be clear and concise. All the main sections in the plan are briefly covered here.
The perception of the plan by the reader is determined by the work you put in its development. Readers get to assess the viability of your appliance repair business from your plan.
Among details covered in the executive summary are the business name and location, products & services offered, mission & vision statements, and the purpose of the plan.
All of these need to be clearly stated to make for enhanced comprehension.
Your appliance repair business must have a name. This name gives it its identity.
Also necessary is the location of the business. Here, readers can connect the business’s site and the patronage it’s likely to attract.
An appliance repair business is largely service-based. Some repair technicians or entrepreneurs may also sell replacement parts which will be the products. Mention the services provided by your company.
Further details about these are saved for the primary services and products section.
Your mission statement should describe your business operations and the purpose it serves. The mission statement should mention why the business exists and the objectives it seeks to achieve.
Accompanying the mission statement is the vision statement.
The vision statement should be an inspirational statement that should point out what you’ll want to achieve. In other words, it should briefly describe the goals of your appliance repair business.
It should paint a mental picture of where the business should be at a definite time in the future.
ii. Company Description
Without fully describing your business, your audience will have a vague idea of what you do. This isn’t an impression you want to create.
Here, you’ll need to provide a high-level view of your operations, goals, and how you plan to operate.
Provide information on the legal structure for your appliance repair business. This should be followed by a summary of short and long-term goals.
Also, state how you intend or plan on making a profit. A brief history of the business and its nature with needs or demands you plan on the meeting are necessary additions.
iii. Products & Services
What specific appliance repair services and products do you plan on selling?
Here, you want clearly define service costs, net revenue expected from the sale of such services, and more. Provide a detailed description of these services and the benefits enjoyed by the customer.
Mention any research and development activities in the works that will lead to newer appliance repair services. What’s the market role of your service and products?
Clearly state any advantages it has over those from competitors.
iv. Market Analysis
By conducting thorough research about your field, you can demonstrate appreciable industry knowledge that easily wins your audience’s confidence.
Have a sketch of your target customer segments with size and demographics added.
Identify and examine the strengths and weaknesses of your competitors with an industry description and outlook provided along with supporting statistics.
Your audience needs to be presented with historical, current, and projected marketing data for services and products.
v. Strategy & Implementation
An operating plan needs to capture a summary of your sales and marketing strategy.
You’ll need to clearly explain you intend to promote your appliance repair business to your customers. Also important is information on how you intend to enter the market.
Details on pricing, costs, and promotions are also necessary. Include information on how your business will function. Will you need a workforce? If so, what are your labor sources?
vi. Organization & Management Team
Your appliance repair business’s organization and management team are crucial to its success.
You’ll need to have an organizational chart that describes departments and critical employees here. For the business owner, include details like names, percentage ownership, the extent of involvement, and biography.
A profile of your management team should include names, positions held, primary responsibilities, and experience. You should add information such as the list of advisors as well.
vii. Financial Plan & Projection
You should develop the financial and projection with help from an expert (professional accountant).
Details to cover here include historical financial data (for existing or established appliance repair businesses), realistic prospective financial information, and analysis of financial data.
Having followed every detail provided, you should easily overcome any challenges involved in writing your appliance repair business plan.