Between 2024 and 2030, the appliance repair industry is projected to grow at a compound annual growth rate (CAGR) of 7.1%. This means it is the right time to start your appliance repair business.
However, starting something new requires an understanding of how to start and what steps to take to succeed. Luckily, we at Inquirly are here to guide you through this entrepreneurship journey.
From understanding the appliance repair industry and creating a business plan to choosing a list of services you will offer, read this blog article to understand how to start a successful appliance repair business in 2024.
What is an Appliance Repair Business?
Appliance repair businesses assist their clients with the installation, repair, maintenance, and removal of microwaves, dishwashers, refrigerators, and cooktops.
Today, appliance repair businesses can specialize in a specific type of appliance, a specific manufacturer, or offer general services for various brands and models.
The client audience of appliance repair businesses is homeowners. But sometimes it can be other businesses like home builders or development companies as well.
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How Do You Start an Appliance Repair Business in 2024?
Follow these 10 steps for starting a successful appliance repair business:
1. Develop a Business Plan
Your first step in starting an appliance repair business is to develop a business plan. Make sure that your business plan includes:
- Clear vision and goals
- Target audience and location
- Type of appliance repair service you want to offer
- Local competitors
- Sales and marketing plan
- Operational strategies
- Team
- Financial plan
- Profit margin and loss statement
- SWOT analysis
A well-developed business plan will help you identify crucial steps that you might be missing on the way to starting your appliance repair business. Moreover, by creating a business plan you automatically increase your chances of succeeding.
2. Research Your Local Competitors
Researching and analyzing local competitors for your future business can provide very valuable information. Here are some areas you will need to pay attention to:
- Pricing
- Products and services they offer
- Client audience
- Their marketing efforts
- Things to learn from them
- Things you are better than them
By researching your local competitors, you will understand what can set you apart from them and what you can improve on. For example, you may identify that one of your competitors offers only specific types of appliance repair services. This means that you can use it as an opportunity to focus on the services they are not offering and get access to a larger client base.
3. Choose a Name for Your Company and Register it
Now that you have a business plan and know your competitors, it is time to choose a name for your future appliance repair company and register it. Consider choosing a relevant and catchy name. It should be easy to spell and ideally have some meaning.
You can use some of these online resources to generate the ideal name for your company:
4. Get a Business License and Insurance
Check to ensure that your appliance repair business has all the required records such as licenses, permits, and registrations from the federal, state, and local government agencies as a corporation or as a limited liability company (LLC). Here is a full list of what you will need.
- Federal licensing
- State licensing – for installing appliances in Texas and the Bureau of Household Goods and Services regulates appliance repair businesses in California.
- Local licensing
- Federal Employer Identification Number – apply for EIN
- Sales Tax Permit or Number
- Resale Certificate
- Certificate of occupancy
- Business Insurance
5. Create a List of Services That You will Provide
Ideally, you will need to choose services you are good at. However, we recommend considering choosing services that are in demand or have low competition.
Here is a list of standard appliance repair services:
- Repairing refrigerators
- Repairing freezers
- Repairing ovens
- Repairing dishwashers
- Repairing microwaves
So, no matter what services you will provide, make sure that you and your team are capable of providing the best quality services.
6. Get Your Appliance Repair Team
Getting the perfect team is essential when it comes to starting an appliance repair business. Most of your potential clients will be homeowners who are looking for quick, efficient and high-quality services.
Therefore, do your best to hire professionals who have a decent amount of professional work experience and the necessary certifications.
7. Invest in Tools and Equipment
It is not a secret that it is impossible to start an appliance repair business without having the tools and equipment you need.
So, ensure to invest in purchasing the necessary tools required to start a business. Here is a list of the standard tools you will need:
- Nut drivers
- Putty knife
- Screwdrivers
- Multimeter
- Gloves
- Needle nose pliers
- Protection glasses
Additionally, consider getting at least one vehicle to transport tools and appliances. This can be any van like an Astro Van, Nissan NV200, or Mercedes-Metris cargo van. Such vehicles will play an essential role in transporting equipment from one location to another.
8. Develop a Digital Marketing Strategy
In today’s digital age, having a strong online presence is vital to the success of any business, including appliance repair. A well-crafted digital marketing strategy can help you reach more customers, establish your brand, and ultimately grow your business. Here are key steps to developing an effective digital marketing strategy for your appliance repair business:
- Develop a user and mobile-friendly website
- Optimize your website for Search Engines (SEO)
- Use social media channels like Facebook, Instagram or YouTube
- Invest in Pay-Per-Click (PPC) Advertising
- Use content marketing strategies
- Stay up to date and adapt to the latest trends
9. Get a Physical Office/Workspace
Taking the service call and conducting meetings and paperwork will require a place. For this reason, you might need to rent a small office or workspace. But there is still an opportunity to set up a work area in your home. So it is completely up to your preferences and budget.
10. Hire Appliance Repair Lead Generation Specialists
When your business is established it is time to get your first clients. One of the fastest and most cost-effective ways of getting appliance repair leads is to hire a lead generation specialist.
Working with an appliance repair lead generation agency like Inquirly will give you access to exclusive and high-quality leads for your business.
At Inquirly, your success is our success.
