People spend a lot of money on electronics gadgets in order to satisfy their social, household, recreational and work related activities. Almost every home and office have one form of electronic gadget or the other, yet in most cases no one is prepared to repair or fix them when they go bad. Others like environmentally conscious people; business owners and busy professionals want to make use of their gadget or devices to the full extent of their capabilities before replacing them.
The electronics repair business involves repairs of damaged or malfunctioning equipment such as televisions, radios, stereos, and gaming devices etc. Professionals in this business help conserve natural resources. It is the right business for only those who enjoy learning about technology and the challenge of restoring damaged items to good working condition. There is indeed a large market for electronic repair shops.
An electronics repair shop is a money spinning business that an aspiring or ambitious entrepreneur who is looking towards starting a thriving business should consider. One good thing about this type of business is that you can learn the technical skills from someone who is already in the business or from a technical school.
There are two ways to make money in this business of fixing broken or damaged electronic gadgets/devices; either by
- Repair service or
- Picking up discarded electronic gadgets, repair them and sell at a good profit.
A lot of people practically give away electronics items that are not working.
Repair technicians charge for labour apart from the cost of new parts.
How to Start Up a Small Electronics Repair Shop
All you need to do to get started with this type of business first and foremost is to learn the technical skills required to service, maintain and repair electronic gadgets. With good skills and minimal tools you can have your business up and running.
- Technical knowledge of repairing electronic goods is essential for success of this business.
- Get a diploma in electronics,
- Enroll for certified trainings conducted by companies,
- Try to constantly expand the domain of your knowledge.
Carve out a niche for yourself in this business by specializing in repairs and second hand sales of home electronics and appliances, etc. Often revenue from second hand electronic product sales surpasses the core repair income.
- Write a formal business plan that describes your
- Services and/or product line.
- Expected cash flow.
- Expansion plans.
- W.O.T analysis.
- Other details of your business.
Decide and define on which format of business you will want your business under legally. Register your company with the CAC (Corporate Affairs Commission), obtain necessary operating permit or license’s from the state or LGA.
Here are some of the options you can explore when sourcing for startup capital/funds for your electronic and computer repair business;
- Raising money from personal savings and/or sale of personal properties;
- Raising money from investors and business partners;
- Applying for loan from your bank or
- Source for loans from your family members and your friends.
4. Shop/Store Location
It is cost effective starting on a small scale by running the business from your home or sharing shop/office space. You may rent a suitable shop/office in an area that will create favourable visibility to house your business. The shop will be used to store all your customers’ electrical products like TV, DVD player, electric oven/cooker, stabilizer, Fan, Radio, Home theater system, etc. Select a location with good connectivity with residential and/or commercial area.
5. Electronics Repair Equipment and Tool Kit
Acquire the needed tools for your business. Shop for advanced electrical tools that will help you in fixing the products in minimum time. Get a reliable spare parts vendor so your business delivering services won’t be delayed incase of emergency work. Stock your shop with quality up to date electronics components. Selling some accessories is also a good source of income when they are no repair job on hand.
6. Business Promotion and Marketing
Market your services using the following methods:
- Door to door – Direct Marketing,
- Bill boards,
- Radio advert,
- Internet advert,
- Networking with local retailers and companies,
- Get license for authorized repairing from different electronic brands retailers,
- Join local electronics repair association etc.
An important aspect of business is trust, therefore:
- Give your customers a good and comprehensive repair at lower cost with quality spare parts.
- Be professional in keeping up the promise of assured delivery.
- Target people who give great importance in their entertainment equipment and/or own higher-end electronics.
- Provide home/office repair service for customers.
- Guaranteed customer’ products and services delivery such that going to any other electronics repairman will not occur to them.
- Maintain a data a base of your customers that you can call them once in a while to enquire about the performance of the repaired item.
Electronics repair business is one of thriving business venture in Nigeria. It is ideal self-employment for the young people technically qualified to handle the repairs of electronic appliances with very meager startup cost.
Create your own market and stay positive that things will work out well.