How You Can Start a Computer Repair Business
If you are planning to start a computer repair business, you're probably wondering how to get it off the ground, and this guide can provide you with some answers. It also will help you avoid common computer repair business mistakes.
While every computer repair business is different, there are certain things that you'll need to do to run a successful small business in this industry, including:
Properly managing and organizing your computer repair business.
Making sure that you offer exceptional services, which should stand out against the competition.
Offering affordable prices and effectively differentiating yourself from the competition.
Looking at the area to ensure that there isn't an excessive amount of competition in general and what the competition might be offering.
Knowing how you'll be able to stand out from other computer repair shops in the area, including both small businesses and major companies that offer these services, such as Best Buy's Geek Squad.
How Do I Start a Computer Repair Business?
If you're starting a computer repair business, it's important to have the right business plan. In order to succeed, begin by choosing a location where you're likely to find lots of customers. Nowadays, big box stores offer these services in many regions.
However, there are areas where these services are difficult to access. As a result, there are still opportunities for small computer repair businesses, especially if you will be able to offer reasonable prices.
Here are a few tips that can help you choose the right location for your shop:
Set up in a non-box-store area: Consider whether or not there are big box stores in the area. If there are, it may be best to choose another region, which will reduce the amount of competition that you're facing.
Check commercial property prices: Evaluate whether properties in the area are offered at a reasonable price. Also, it's important to consider whether or not the business location is likely to be a stable investment. This can minimize your losses if the business doesn't work out.
Ensure it's easily accesible: Determine whether the business location will be easy for people to access. If it isn't, you might want to consider a more accessible location for potential customers.
How Much Does It Cost to Start a Computer Repair Business?
The cost of setting up your business depends on the region, the type of shop that you're creating, and other factors. Overall, there are several different aspects to consider in order to determine how much you'll pay to get your business started.
Here are seven of the most important factors to assess:
- How large of a business you are planning to create
- The cost of commercial real estate in your area
- Commercial property tax rates in your area
- The type of business location that you will need
- Computer repair equipment that will be needed
- The cost of business insurance
- The cost of utilities at your business location
Overall, if you’re starting a computer repair business in your home, it will cost around $2,000 to $3,000. If you want to set up shop in a brick-and-mortar location, it will cost closer to $10,000.
Where Can I Get Funding to Launch My Computer Repair Business?
If you know the state where you want to set up your computer repair business, find it on our State-by-State Funding Guide.
Here are 4 options that you should explore to get the funding you need to launch your computer repair business:
1. Federal grant programs
Grants.gov: Here, you’ll be able to see grants offered by a number of government agencies. You can search, filter, and apply to obtain funding from one of the programs using Grants.gov's Search Grants feature.
2. Private Grant Contests
FedEx Small Business Grant Contest: This is an annual contest where the company awards $250,000 to 12 small businesses. The grand prize winner gets an additional $50,000 grant and $7,500 in FedEx print and business services, which would be a great boost for a repair business that relies heavily on shipping.
3. Small business grants for women
Women’s Business Centers are sponsored by the Small Business Association and can be found across the country. These centers can help you find grants and loans that you qualify for, and some, like the California center, lend money directly. Check out our full guide to business grants for women.
4. Grants for tech businesses
Small Business Innovation Research and Small Business Technology Transfer programs are excellent resources for tech businesses. These programs help small businesses in the technology field connect with federal grants and contracts.
Is a Computer Repair Business Profitable?
This type of business can be highly profitable, but you'll need to use the right business management strategies. Furthermore, it will be important to ensure that you offer services that are as effective as possible. So, how much money can you make with this type of business?
The answer to this question depends on the type and size of the computer repair business that you have. However, it is possible to do very well in the industry. This is especially true if you offer your services to other business owners in and around your town or city. Computer repair businesses can make anywhere from $27,000 to $100,000 a year.
4 steps you need to take to ensure that your business remains profitable
In order to ensure that your computer repair business stays profitable, it's important to have the right liability coverage to keep you safe from lawsuits. This will help you to avoid court fees and lawsuit payments, which could potentially bankrupt a small business. Here are 4 steps that can help you run a profitable business:
1. Have a marketing strategy: Successfully promote your business online and offline, and do research to ensure that you know how to market a new computer repair business. For instance, you could start a blog with tech advice to both help your current customers and reach new ones.
2. Stand out from the crowd: Offer something that's unique compared to the competition. One big reason people use small businesses is because they’re more personable. You can really use this to your advantage if there are box stores nearby.
3. Provide fast service: Make sure that you offer repairs quickly, which can help people get their electronics back in working order as soon as possible.
4. Accept a wide range of payment options: This includes major credit cards, cash, and PayPal. Consider accepting cryptocurrency as well, especially if you live in an area where the use of crypto is becoming increasingly widespread.
How Do I Start a Computer Repair Business From Home?
If you want to run this type of business, it is possible to do it from home. However, the process will be somewhat different. You'll need to consider how the devices will be delivered to you. Do you want to work with the USPS or a company like FedEx? It really is up to you and what's easiest for your location and situation.
One of the most important aspects of running a small business from your home is to have a dedicated space. This should be an office that you only use for your repair services. It should be well organized, whether you have digital or paper records, so you can easily find what you need.
The repair work that you do won't be affected if you choose to run your business from home. The only thing that will be different is the logistics of running your business. You may have to make some tweaks here and there, but it shouldn't be too different from running a traditional storefront.
The Importance of Carrying the Right Insurance
In order to protect your business from lawsuits, it will be essential to carry the right type of insurance for IT consultants. Here are 4 tips you'll need to note down to help choose the right insurance policy for your business:
- Make sure that the coverage amount is large enough for your business.
- Read reviews of any insurance provider that you're considering.
- Check that the company offers accessible and effective customer support.
- Choose a policy that's laid out with the tech sector in mind.