Start an appliance repair business by $4000 initial investment
Get this awesome home based appliance repair service business idea. The mechanically inclined will find plenty of opportunity for income with a home-based appliance repair business.
You can earn plenty of money by establishing a home-based appliance repair business instead of direct product selling business. Because people are not well acquired about mechanical device. They can use it but very few of us can repair the mechanical device.
If unskilled appliance owner become handy with a wrench, it can often be tempting to try to repair their own appliances by themselves. However, many homeowners don’t understand the associated risks and end up injuring themselves or worse in various electrical and mechanical accidents.
Household appliances use high levels electricity that can sometimes be lethal, and when they malfunction, this can result in a very hazardous situation. That being said, it’s best to leave some things to the pros.
You can’t imagine a house without some kind of appliance. In modern lifestyle people are much more dependent on various appliance. And not any machine can provide lifetime service without any trouble. At a certain period of time they need servicing and repairing. And from this point of view starting a home-based appliance repair business would be a good idea.
Why people call Appliance Repair Man?
You need an appliance repair man or company who has skill in fixing your appliances while effectively communicating with you each step along the way. Professional repairman do this by focusing on the task at hand and give updates on the repairing progress.
You may think this business is not so profitable for you but you will be inspired by knowing some major reasons that why people frequently calls a technicians for repairing their home appliance:
1. Safety
Major appliances work to complete complex tasks. Since they are powered by electricity, they can cause unpredictable situations if they malfunction. That’s why, homeowner need a professional services to handle the situation so that they can remain safe.
2. Convenience
Appliances are designed to help make our lives easier. Any time any appliance malfunctions, it causes a huge inconvenience to our daily operations. These disruptions are increased when appliance owner have to take time to find out how to repair them. In this situation hiring a professional Appliance Repairman would be wise decision.
3. Cost Effective
Working with professional repairman or company is more cost-effective than repairing your appliances on your own. While it’s an investment, repairman or company will help by getting the job done the first time around. This helps to save money and by not having to pay extra for additional repairs.
4. Comprehensive Examination
While appliance owner might be able to understand the problem, there might be some underlying issues behind it. And to diagnose the appliance problem properly need a high skilled technicians. If they spot any issues, they will know how to repair it.
5. Longevity
Repairing appliances with professional company will be faster and this will increase their longevity. Whether it's a new toilet or a washing machine that they’ve had for decades, a professional repairman or company will help to keep them as long as possible.
From the above points we can understand there are many reasons that people call repairman and from this points of view this is a profitable business to start.
Advantages and Disadvantages of an appliance repair business
Every business has both advantage and disadvantage. In home appliance repair business also has both advantage and disadvantage.
Advantages of an appliance repair business
This is a welcoming field for potential business owner. Because the demand of appliance will increase day by day and it will create more opportunity for the business owner.
- This is a Rapid growing business.
- Business can run from home.
- High skill formal training doesn’t requires to start this business.
- Flexile hour to work.
- Higher revenue can be generate within short time.
- Low initial investment requires.
- Less rules and formalities to initiate the business.
- Clients can be found in neighborhood.
Disadvantages of an appliance repair business
Beside of advantages there are also many disadvantage involve with this repair business. Such as
- Appliance repair requires some heavy labor and lifting.
- You may get injuries anytime when you transport heavy appliances.
- You may also be exposed to electric shocks and gas leaks.
- Home appliance can keep malfunctioning and breaking down after few days of repairing.
- It can be costly for consumers to repair appliances.
- Some formal training require for working with refrigerants.
Types of appliance repair service for your Business
You can’t offer all repair service through your business at a time, rather you should pick some specific service items for your potential clients. There are many types of appliance that often need to repair and according to the following list you can pick couple of appliance to offer repair service.
- Television
- Microwave oven
- Stoves
- Dishwashers
- HVAC
- Washing machine
- Clothes dryer
- Gas fireplace
- Refrigerators
- Vacuum cleaner
- Electric water heater tank
- Small twin window fan
- Sewing machine
- Space heater
- Steam mop
- Stove
- Appliance plug
- Clothes iron
- Cold-pressed juicer
- Combo washer dryer
- Dish draining closet
- Can opener
- Ceiling fan
- Tie press
- Toaster and toaster ovens
Beside of those there are many appliance people are using in their residence. If you are expert in other appliance repairing job then you can simply include in your service list.
Initial Investment for your Home appliance repair business
To start your home appliance business you need to make some initial investment. I just sum-up an initial business cost for your convenience. However many people can start business by purchasing the tool set only but to start your business professionally you need to invest at least $4000. At the beginning you don’t need to buy a van or truck for your business, after growing our business then go for this big investment. Instead of van or truck use your own vehicle to visit your clients.
| Necessity | Monthly Cost *Using high-end estimates. | Yearly Cost |
|---|---|---|
| 1. Toolset | $500 | $500 |
| 2. Magnetic door signs | $100 | $100 |
| 3. Computer or laptop | $800 | $800 |
| 4. Website Design | $300 | $300 |
| 5. Website Hosting | $15 | $180 |
| 6. Business licenses | $150 | $150 |
| 7. General business liability insurance | $50 | $600 |
| 8. Accounting | $25 | $300 |
| 9. Business cards | $20 | $20 |
| 10. invoice | $50 | $50 |
| 11. Internet | $54.15 | $650 |
| 12. Phone | $29.15 | $350 |
| TOTAL COST FOR FIRST YEAR | $4,000 |
We cannot guarantee that the price information is 100% correct. We have just tried to give you an idea, in reality business startup cost may require more or less.
What you’ll need to get started in an appliance repair business
To start any kinds of business you need to arrange some components that will help you to keep running your business. Similarly to start appliance repair business you must need the following things.
1. Transport to support your Business
Generally to carry your equipment you need a transport. Initially you can use the trunk of your car and an ample backseat can get you started but later you should buy a van or truck to transport tools and equipment.
2. Toolset for repairing work
For repairing work you must buy some common tools and dollies, for this you need to invest some capital if you don’t already have them. You need to purchase the following basic tools but it depends on the types of repairing work you will do.
- Screwdriver set.
- Nut driver set.
- Multimeter.
- Fuses.
- Belts.
- Thermostats.
- Needle-nose pliers.
- Channel-lock pliers.
- Adjustable open-end wrench.
- Work gloves.
- Safety goggles or glasses.
3. A website for attracting clients
In modern world every business need a website, otherwise you won’t reach to potential client swiftly. There are almost all home-based business maintain their website to promote their business and attract clients.
4. A work Space to do repairing work
You can manage a work space in your home premises or separate room for major repairs. However most of the minor repair work you can perform on site. Make sure you have Printed business cards and magnetic door signs for your work address.
5. Insurance to cover your business components
Generally for home based business doesn’t require insurance but if you use own van then you must have your vehicle insurance that covers you on service calls.
6. A license for business legalization
Be aware about the business legalization. However in many countries business license doesn’t required but check with your local chamber of commerce or state officials to know the rules and regulation about home-based appliance repairing business.
7. Formal Training for recognition
Most of the cases no formal training is required in repairing business, because hands-on experience from apprenticeship or vocational training is enough for you but in some countries you must need formal training and registration for working with refrigerants. Mainly this is requires that you pass an Environmental Protection Agency test. To get well-regarded tests in diagnostics for electronics get certificate through the International Society of Certified Electronics Technicians (ISCET) and the Professional Service Association (PSA).
8. Promoter your Business
For promoting your business you need to build a strong network. Networking skills will help you to develop relationships with your clients, appliance vendors and warranty companies. Beside of this to promote your business use print and social media.
How much should you charge for repair?
This is very important element of business to set the price for your service. In USA for common appliances clients are paying about $70-$80 for a visit. However, for high-end appliances repair persons are charging $120-$150 per visit or more.
However you should charge Price for according to local repairman in your area. Just talk to them than how much they are charging and after consultation set your own price. Initial stage set bit lower price than your competitors to get more clients.
To attract more clients you can provide different offer like if get a first-time customer then offer them several great deals such as $30 off for online booking, deals for seniors, and more! Introduce a nice referral program where you can offer $15 cash for each neighbor who refer you.
Final Verdict
This is one of the profitable business area that most of the people ignore. In technical work people always can earn more money than non-technical work and business. In modern world technology is advancing day by and people are becoming dependent on technology. As a result use of appliance is increasing day by day and this will opening a new door for home appliance business owner. This is a low cost home based business where you can earn more revenue within shortest time period.
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| Make Money Start a Home Appliance Repair Business |
However always remember to get more clients you must fix the appliance problems with high quality parts. You shouldn’t use cheap and low-quality parts to make an extra dollar, because this will ruin your reputation. You must be committed to perform each job to the highest standard of quality. This means only using the best parts that are guaranteed to last and perform to factory safety standards.
8 comments
It completely depends on size of population and household in your area. More population means more chances to get clients. Beside of this set your price according to your competitor's rate. Additionally you can take help of any expert in your area.