Electronic Repair Business Plan
Electricity is now became a part of life for humans. Without it humans are like losing their body part. And without electrical devices electricity is also useless. We all are surrounded by smart electronic appliances all the time in today’s world. Electronic devices are attached with us like a daily basic need in our day to day life. If you are looking for an opportunity related electronic items, selection of electronic repair business idea can be a great choice.
They work for you from the beginning of your day from turning your geyser on, to the end of your day by turning the lights out.
Whether we talk about your home or your workplace, electronic gadgets are everywhere. Even the device in which you are reading this article is an electronic device. It may be your smartphone or your computer; both of them need electricity to work.
We are humans and we became ill sometimes. And the things which surround us, that is electronic devices, Also deteriorate sometimes. Repairing these devices in exchange of money is an amazing idea. And turning ideas into business is a great economical deal.
In this electronic repairing business, you can take any amount from your customer for your services. And also the customers have to give the required amount to you,
because they need those electrical appliances in their daily life at any price.
What is the market growth in electronic repair business?
Globally this industry is included among the largest and one of the fastest growing industry. It was expected that this industry will grow at a compound annual growth rate (CAGR) of 5.1% annually.
The market growth in this industry was expected to grow from $7.98 billion in 2021 to $8.38 billion in 2022.The near future is fully digital and the need for repairing those digital appliances will also increase.
Not in future but nowadays also the need for good electronic repairing shops is increasing.
Setting up your electronic repair shop in a perfect place will give you additional benefits also. This business industry has a good profit margin as you grow higher.
How much it costs to start an electronic repair business?
Cost involved in starting a business plays an important role in decision making for businessman. It is the cost which defines the starting of your business. It depends on you that how much you want to invest in your new business.
Also it depends upon the state you are living, at which level you want to start it.
You may start a good electronic fix shop first or you can also form a huge company with big investments.
But still, on an average the cost involved in starting an electronic repair shop is,
20,000 Rs to 30,000 Rs in India or 263.17 to 394.76 US Dollars. All of these expenses you have to do in furniture setup, acquiring home appliance tools, hiring workers, etc.
You can also buy the tool kits online, but make sure that they will be of best quality.
If your tools get damaged while working at the customer’s home, it will be dishonorable and also can stunt the growth of your starting business.
If you pay on best you will also get the best. The cost involved previously didn’t include the purchase of a shop or a workplace. If you have hired any skilled worker then you also have to give him his salary on time.
Now, when you have workers under you, then you have to buy vehicles for their transport to customer’s houses.
Now, the most important and basic question comes is
Start an electronic repair business by following these 6 steps
The business you have started involves electronic repair services.
1) Be skilled
So, you have to be skilled to start your electronic repair shop.
Skill is very useful in starting of your business.
You have to make sure that you have the skill which can repair anything.
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Either you can learn all consumer goods products skills online through free and paid courses. If you study or collect information about consumer goods companies, this will be also beneficial for you. Which at least provide you the basic knowledge of this business. Even you can work as an employee at another electronic shop to acquire all the necessary knowledge and skills.
2) Buy a shop
You have to buy yourself a shop in the market area or at a place which is near public area. You also have to research on the area about the competition in this industry there. If that place already have too much of electronic repairing shops, then you have a little chance to survive and succeed in the market.
You can either buy your own shop or you can rent someone’s shop available in the market.
3) Make your business a legal entity
To make your business a legal entity you have to take its registration.
You can register your shop as a sole proprietorship or one person company or anything you want.
Registering your business provides you several benefits and also helps in taking the benefits offered by government in future. Taking all the licenses and certificates required by government helps you in running your business efficiently.
4) Take GST registration
GST registration is also important for your business to expand from one state to another. It allows your business to fill up the government tenders, which helps your business in public recognition and can accumulate huge profits for you.
Even you do not have to give GST to government from your business, You only have to collect that GST from your customers and then transfer it to government offices.
GST registration and filling income tax on time helps your business to make a good image in front of government.
Which ultimately helps you in getting loans to expand your business from banks easily.
5) Take MSME license
MSME (Micro, Small and Medium Enterprises) license is advisable to take by the business owner.
This license helps you in availing the benefits offered by government to small and medium Enterprises. MSME also provides you different types of helps in starting your business and growing it.
You got connected with various people due to MSME which will help you in running your business. MSME registration provides you help in getting loans at easy installments with lower interest rates.
6) Make a trademark of your business
If you want to grow your business from zero to the top leading company in the country,
than firstly you have to make a trademark of your business. Trademark helps people to understand your brand out of thousands of companies.
Trademark helps you in forming a separate identity of your business in the industry.
Your company does not fall in the category of consumer good industry, It provides people electronic repair services.
Trademark and name of the businesses are the only thing in service industry.
Due to which people can trust your brand and have a positive image of your business in their minds. If you are planning to manufacture your own consumer electronic products, then taking a trademark becomes more crucial for your business.
If you want to enter in consumer goods sector or consumer goods industry in electronics, then it is the trademark which allows your business to look different from the other copied products.
Now, before actually starting it, let’s talk about the businessman’s interest, that is profits and earning.
Advertising your business catches the attention of potential customers, And it is also true that attention is equals to attraction. The thing which grabs your maximum attention will attract you the most. Advertising your business also do the same thing.
You can make professionally built visiting cards for your business. Or you can pay to any digital marketing firm to advertise your business in their social media platforms.
You can also do offline marketing at a public place in a creative way to increase your profits in the business. Not only advertising, you also have to offer high level services to your previous and coming customers.
How much can you earn in electronics repair shops?
Your earning in electronic repair business depends upon several factors such as,
The area your shop or company is located. What is the competition in the area where you supply your goods or offer services?
If there are very few repair shops in your area, then you can charge your customers any amount you want. Customers will have no choice then, other than repairing their electronic items from your shop only.
But still you can easily cover all of your expenses incurred in starting the business in just one month.
How to increase your earning in electronic repair business?
You can easily increase your earnings by some simple tips. Your workers are going to repair people’s electronic products, so make sure that their behavior towards customers must be polite in every situation.
Whenever you repair any electronic products, make sure that you tell your customers the real reason due to which that product was deteriorated. Repair that product such that it will never stop working in future.
Building trust among the customers plays a vital role in expanding your business. If you have one loyal customer, then he will bring ten more customers to you. In the beginning, you can charge less labor charges from your customers.
This thing attracts more customers to you, which ultimately helps in increasing your revenue. To increase your revenue you can do collaboration with any electronic products manufacturing firm.
You can sign a contract with any electronic device manufacturing firm, that if any of your product is defective then only our firm will repair it.