There are many businesses out there that offer repair services. Some of these businesses are very successful while others fail miserably. If you want to start a repair business, then you should first decide what kind of service you want to provide. You can choose to repair items such as electronics, appliances, furniture, etc.
You can also choose to specialize in one type of item such as cars, computers, cell phones, etc. There are many types of repair services available. For example, if you want to repair cell phones, then you can either repair them yourself or hire someone else to do it for you.
Once you have decided what kind of service you will provide, you can now look for potential clients. You can advertise your services using various methods such as flyers, brochures, websites, social media, etc.
How do you calculate the break-even point for service businesses?
The break even point is when an individual starts making more money than he spends on his expenses. This means that once this happens, the owner has reached profitability and no longer needs to work anymore. The amount of time needed to reach this stage depends on how much profit the business makes per year.
If you own a small business with low overhead costs, then you may be able to make enough profits within just a few months. However, if you run a large company with high overheads, then it could take years before you see any significant increase in revenue.
Read: Profitable Laser Cutting Business Ideas to Start
What are the costs involved in opening a car repair shop?
When starting up a new business, you need to consider all aspects including cost. One important aspect is the initial investment required to open a car repair shop. In addition to the capital expenditure, you must also factor in other costs like rent, utilities, insurance, advertising, supplies, maintenance, repairs, etc.
In order to determine whether investing in a particular business idea is worth it, you must estimate its return on investment. To find out about ROI, simply divide the total income generated by the total expense incurred. A good rule of thumb is to invest at least three times the annual operating costs.
What are the ongoing expenses for a car repair shop?
One major concern when running a car repair shop is maintaining adequate inventory levels. When selling parts, you must ensure that they meet quality standards so that customers receive satisfactory results. It’s therefore essential that you maintain sufficient stock levels.
Another recurring cost is labor which includes salaries, wages, benefits, taxes, training, equipment, office space, etc. Labor accounts for approximately 60% of the overall cost of doing business.
One thing that most business owners forget about running their own business is that they still need to pay taxes. Taxes include both federal and state tax payments. These two forms of taxation are based on different factors but ultimately affect the same person – the entrepreneur.
For instance, if you earn $50,000 annually from your business, then you would only owe around 10% of that amount in taxes. On the other hand, if you earned $100,000, then you would owe 30% of that amount in federal taxes alone.
Some of Successful Repair Business Ideas:
Some lucrative ideas are mentioned below;
Repairing Cell Phones
Cell phone repairs are among the most popular repair jobs because they require little equipment and training. In fact, anyone who owns a smartphone already knows how to fix their device. All you need is a screwdriver and a pair of scissors.
Car Repairs
Car repairs are another great option for those looking to get into the auto industry. Many people don’t realize that car repairs aren’t all that difficult. They only require basic tools like wrenches, pliers, hammers, drills, saws, sandpaper, etc.
Appliance Repairs
Appliances are probably the easiest things to repair since they usually involve replacing parts rather than fixing broken ones. Most appliance owners know exactly where to find replacement parts so repairing them shouldn’t pose too big of a problem.
Electronics Repairs
Electronics repairs are similar to appliance repairs but they tend to cost less due to the lack of complicated components involved. It doesn’t matter whether you are good at soldering or not, you can still learn how to fix electronic devices by watching YouTube videos.
Furniture Repairs
Furniture repairs are relatively easy compared to other kinds of home improvement projects. Since furniture requires minimal maintenance, it won’t take long until you earn enough money from selling used pieces.
Shoe Repair
Shoes are expensive and hard to maintain. Therefore, shoe repair shops are always busy. People come here to replace soles, heels, laces, buckles, zippers, etc.
Instrument Repair
Instrument repairs are very common especially among musicians. Musicians often use guitars, pianos, drums, violins, flutes, clarinets, saxophones, trumpets, trombones, tubas, etc. These instruments are quite delicate and therefore require professional attention.
Generator Repair
Generators are one of the simplest machines to operate. If you want to start up a generator repair shop, then there isn’t really anything else you should worry about. Just buy a couple of generators and sell spare parts online.
Air Conditioner Repair
Air conditioners are also simple machines to repair. All you need to do is remove the old part and install the new one. You will have to spend around $50-$100 depending on what kind of air conditioning unit you purchase.
Refrigerator Repair
Refrigerators are fairly straightforward as well. Simply open the door, pull out the faulty component, put in the new one, close the refrigerator door, turn on the power supply, wait for 10 minutes, and voila! Your fridge is fixed.
TV Repair
TVs are pretty complex appliances which require lots of technical knowledge. However, if you are willing to invest some time learning, then you could become an expert TV repair technician.
Washing Machine Repair
Washing machine repairs are extremely easy. The main thing you need to consider when starting your own washing machine repair business is finding a reliable supplier. This way, you can save yourself from spending hours searching for quality products.
Dishwasher Repair
Dishwashers are even easier to repair than washer/dryers. In fact, most people don’t realize that dishwashers aren’t actually connected to water pipes. They just run using electricity. So all you need to do is unplug the device, change its filter, add detergent, plug it back into the wall socket, and press “start”. That’s literally it.
Microwave Oven Repair
Microwaves ovens are probably the easiest kitchen appliances to repair. Basically, all you need to do to get started with this type of business idea is purchasing a microwave oven, buying replacement parts, and marketing them online.
Vacuum Cleaner Repair
Vacuums are another popular household item that needs regular cleaning. As such, vacuum cleaner repair businesses are booming today. It doesn’t matter whether you fix small or large vacuums, they both demand similar skills and tools.
Water Heater Repair
Water heaters are not only useful but also essential. Without proper heating systems, life would be miserable. Unfortunately, repairing these devices is no longer possible without specialized equipment. But fortunately, many companies offer their services at affordable prices.
Chimney Repair Business
Chimneys are used by almost every home owner. Therefore, chimney repair businesses are always in high demand. To make money, however, you must first learn how to clean chimneys properly before selling any parts.
Dryer Vent Installation & Repair
If you live near a city, chances are you already know someone who owns a dryer vent installation company. After all, everyone wants to keep their clothes fresh and free from lint. And since there are so many different types of vents available, choosing the right one isn’t too difficult either.
Bicycle Repair Service Business
Bicycles are very common items nowadays. Thus, bicycle repair shops are quite profitable. If you want to start up a bike shop, you should ensure that you buy good-quality bicycles because cheap ones won’t last long. Also, you’ll need to find a place where customers can park their bikes while waiting for service.
Bike Repair
A lot of people ride bikes as part of their daily routine. For those individuals, having a bike repair shop nearby will definitely increase sales. You may have to spend more on advertising though.
Credit Repair
Credit repair is an excellent business opportunity if you’re looking to earn extra cash. There’s nothing like getting paid to help others improve their credit scores! However, you’ll need some training before launching your own credit repair business.
ATM Repair
ATMs are everywhere. This means that anyone can open one anytime he or she wishes to withdraw cash. Because of this, ATM repair has become extremely lucrative over time. All you need to do is purchase new parts and install them onto old machines.
Private Jet Repair Business
Private jets are expensive pieces of machinery. As such, private jet repair is a great way to earn additional income. The best thing about this kind of business is that you don’t require special licenses or permits.
Roof Repair and Installation
Roofing materials aren’t cheap. In fact, roof repairs can cost thousands of dollars. That being said, it’s still better than spending hundreds of dollars each month on rent. So why shouldn’t you try opening a roof repair store?
Carpet Repair
Carpets are among the most important things in our homes. They protect us against dirt and moisture, which makes them indispensable. Sadly, carpets wear out after years of use. Fortunately, carpet repair is easy to perform. Just follow instructions carefully and you’ll soon see results.
Tier Repair
Tier repair is another popular type of business idea. It involves replacing damaged tiers with brand new ones. Although tier repair requires experience, it doesn’t take much capital to get started.
Tile Repairs
Tile is often found indoors. Since they’re made of porcelain, tile repairs are perfect for homeowners. Moreover, tiles come in various shapes and sizes. As such, finding clients might prove challenging.
Window and Door Repair
Window and door repairs are also highly sought after services. People love to fix broken windows and doors because they make their houses look newer. Of course, these kinds of businesses usually involve high maintenance costs.
Computer Repair
Computers are essential tools today. Unfortunately, computers break down all too frequently. Luckily, computer repair is something everyone needs at least once every few months.
Maintenance and Repair Blog
If you enjoy writing articles, then starting a blog could be ideal for you. After all, blogs allow users to share information online. Furthermore, many bloggers turn into successful entrepreneurs later on.
Engine Repair Business
Engines play a crucial role in automobiles. If yours breaks down, you won’t be able to drive anywhere. Thankfully, engine repair isn’t difficult. All you need is proper equipment and knowledge.
Game Repair Shop Business
Video games have been around since the 1980s. Today, video game consoles continue to grow more powerful by the day. As such, people spend countless hours playing video games. But what happens when those controllers stop working properly? You guessed right: gamers will pay good money to have their devices fixed.
Read: How to Make Your Business More Fun: 50+ Ideas to Try
Wooden Boat Repair Business
Wooden boats are beautiful works of art. However, wooden boat repair is not an easy task. For starters, wood expands as time passes. This means your boat may become unusable if you leave it unattended for long periods of time.
Bookbinding and Repair Service
Books are one of humanity’s greatest achievements. And yet, books tend to fall apart over time. Book binding and repair service allows book lovers to keep their treasured possessions safe from damage.
Home Improvement Services
Do-it-yourself home improvement projects are fun but dangerous. Homeowners should always hire professionals whenever possible. Otherwise, they risk getting hurt while performing DIY tasks.
Conclusion
People can’t afford to buy new things when the old ones get damaged. They always need someone to repair their damaged material including washing machines, clocks, dyers, bikes, cars and many more things. You can adopt any of the professions at a time which will give you benefit latter. All you need is to buy the tools and know the skills. Once you are master and people know you, then people will even come at your door step.
