ELECTRONICS REPAIR SHOP BUSINESS PLAN SAMPLE TEMPLATE
Sometimes I do receive so many messages from aspiring entrepreneurs asking me if starting an electronics repair shop is a good business idea.
My honest answer to these questions has always been the same, “it all depends on how you treat the business”.
With the fact that people are spending more time on electronics, that gives you an idea that venturing into electronics repair would be a great idea. There is no household that one won’t find electronics, the business opportunity is that, nobody is interested on how to repair them when they do get bad.
Though, electronics repair is not just a business that anybody can just wake up in the morning and start without having a broad knowledge on the repair of electronics. Electronics repair business requires specialize skill and services because most devices like the iPhone or Apple product requires special tools and knowledge to be able to fix them.
Without too much details, let us go into how you can start an electronics repair shop business in Baton Rouge and make a good income from it.
Here is a sample business plan for starting an electronics repair shop.
- Develop an Electronics Repair Shop Business Plan
The first thing you need on how to start an electronics repair shop is a business plan. It is a written document that help to keep your business on track. Just pick a pen and paper and design how you would want your business to be run.
Decide on the form you would like to register your business legally. In Bloomigton IL, Most entrepreneurs prefer registering their electronics repair store as a LLC to prevent personal liabilities and tax consequences.
If you won’t be able to do this by yourself, consider using the help of an business expert. Make sure you include important details about your target market, marketing strategies, competitors and financial requirements.
- Get required Knowledge or Skill or Hire an Experienced Technician
Remember, people will be turning to you for help on the electronics matter. With this, you will be able to save them some cash for fixing them electronics properly since they may not be able to afford a new one at that time.
Thus, if you don’t have the required skill and knowledge on how to repair electronics, you will then need to hire a skilled experienced technician for the job. You will just be the business owner while you employ a technician as your employee.
- License your Business
Since you have picked the form of business you wish to run your electronics retail and repair business on, you will need to get appropriate documents that certify you to run your business legally.
Apply for a business permit or license as required in your state or city.
- Apply for Business Loan Using your Business Plan
This part is for those who might be able to finance an electronic repair shop themselves. If you are among this category, then your well-detailed business plan can help you seek for loan from financial institutions or angel investors.
The money you will be asking for should include working capital that can help you run the business for at least 3 to 6 months since it takes time before you start generating income in this business.
- Buy Necessary Tools for your Electronics Repair Shop
Start by acquiring the needed tools for your business. Get a reliable spare parts vendor so your business delivering services won’t be delayed and you won’t end up disappointing your customers during emergency.
Stock up your shop with quality up to date electronics component. Selling some accessories can be a source of income when they are no repair job needed.
- Network with Small Electronics Companies
One way to get on-going work in this electronics repair business is by reaching out to small electronics companies to be their personal repair technician to check their products when the needs arises.
Some companies do sign contract on such terms and even give you the offer to be their part distributor for their product lines.
- Diversify What You Repair
To make more income, you can choose to repair all form of electronics ranging from computers to phones, television, radios, etc. This is how most electronics repair shops make extra income.
- Build Strong Relationship with Customers
As a business owner, you are supposed to have a good communication skill to be able to deliver good customer services. Even if you are the best electronic repairer in the world and don’t know how to communicate or talk to your customer, your repair business may end up losing to your competitors.
In today’s competitive business environment, you need to build a strong relationship with your customers more than ever before.
- Promote your Electronic Repair Shop
You should have a marketing strategy in place to promote your new business. Here are some ideas that you might want to consider;
• Giving discount to your first time customers or first 10 customers.
• Manually distribute flyers and posters.
• Taking advantage of social media platforms you are a member to. Etc.
Put more on advertising your business and you will start seeing growth of your electronic repair business in no time.