If you have the kind of mechanical knowledge and skills to repair different types of machineries and want to start up your business then starting an appliance repair business is a lucrative opportunity to be your own boss and earn a good livelihood from the business. It is an excellent option to use your expertise to provide repairing services to appliances and earn servicing charges for the same.
Nowadays, almost every residence have some kind of appliance in their residence, from television to micro-oven, every house is equipped with various appliances for the luxury of the life but as we know very well that no machine can run without giving trouble for a lifetime and they need servicing and repairing in regular intervals which give a great boost to the idea of starting an appliance repair business.
There are new inventions of different and complicated appliances of every passing day with different purposes and there are very few houses in India which are without any kind of appliance in their house. So it is a huge market to venture into.
Advantages of Starting an Appliance Repair Business
Every business comes with a great opportunity to cash on the idea, but it is very important to work on the advantages on making the idea a successful one.
- Home Based: Appliance repair business is a home based idea, you can easily setup your business from home, however, you may need to visit clients place for the repairing task and even can bring the appliance at your place that will totally depend on you and your way of doing business.
- Small Scale: Again it is a small scale business to start with which can easily be converted to large with your dedication and hard work along with the much-required skills. Being small scale the required procedures are very easy for starting an appliance repair business.
- Less Capital Involvement: Your skill and knowledge is the most important part of the business and you need just few equipment along with you for the same. So a maximum capital investment of 20 to 30 K is enough to begin your dream business.
- Huge Market: As mentioned above the market potentiality of appliance repair business is huge as almost every residence in India is having some kind of appliances at their home which will definitely need repair and services.
Disadvantages of Starting an Appliance Repair Business
Every coin has two ends; likewise, every business ideas also have both pros and cons of the same. Having disadvantages is not the issue but it is important to know about the same in details so that you can work accordingly so that it affects the business to the least.
- Competition: As it is easy to start a business, there are many competitors in this sector who are providing the appliance repair service for a long time.
- Uncertain Business Flow: The demand of the business is not regular. There may be a time that you land up with so many service calls that you end up declining few and sometimes you may be just spending the time at your workshop fiddling with old equipment for a long period of time.
How to Start an Appliance Repair Business
To start any business you need to start planning for the same for a long time back. You need to plan each and every step and follow them accordingly. Below are the procedures that you need to follow for starting an appliance repair business and run it successfully: –
- Business Plan: Creating a business plan is one of the most important factors of starting any kind of business but it is also the most neglected one. Starting any business is a lifetime venture, so you need to have a very smartly drafted business plan for the same. A proper business plan also helps to get financial support like loans from financial institutions.
- Research: It is also a part of the business plan but needs to be mentioned separately as plays a vital role in for the success of the business. From checking about the competitors to the perfect location of the business everything should be researched perfectly.
- Location: Although, it is a home bases business idea, but if your residence is not in a suitable area for the business then you might opt for renting or buying a place in somehow more attractive place to get a higher amount of customers.
- Skills: This one is the basic requirement for starting an appliance repair business. Without anything else except a perfect skill, you can still manage to run the business but it will be impossible to run without this. You can take training in various institutions for this field and work under any other business house to get practical experience about the same.
Promotion: Promotion is necessary to market your skill. How come anyone will know that there is someone who can fix any kind of appliances near their place. Word to word promotion is the biggest achievement and for that, you need to keep up a very good job. However, you can also adopt other promotional ways like social media, posters and banners, ads in newspapers etc.