The ability to configure a motherboard or coax a CPU back to life is a valuable skill, and those who have the technical chops are a hot commodity in the job market. But what about tech whizzes who dream of being their own boss? If you have a knack for fixing electronics, starting a Computer Repair Fishers in business could be a logical career move.
However, going into business for yourself is not something you should do on a whim. The more time you spend planning, promoting, and protecting your business, the more likely your business is to succeed. Here are some tips to turn the dream of starting a computer repair business into a reality.
Starting a business is exciting, but shouldn’t be rushed. It takes time, planning, hustle, and money to launch a successful computer repair business. Once you’ve decided you want to take the plunge, your first step should be to build up your savings.
It’s important to build up a financial cushion in case there is not enough billable work to cover your expenses and salary when you first start your business. Savings can keep your business afloat during those lean early months. Ideally, you should stockpile enough cash to pay your bills for at least six to nine months before quitting your day job.
A solid business plan is the cornerstone of any successful company. It forces you to not only think about how you want to structure the business initially, but also how you envision it evolving over time. Some of the questions your computer repair business plan should answer include:
- What services will you offer? (repairs, server maintenance, retail sales, etc.)
- Who is your target customer? (individuals, businesses, or both)
- What is the business structure? (sole proprietorship, LLC, etc.)
- Where will you perform the work? (retail location, coworking space, client sites, etc.)
- How are you financing your business?
- What does the competitive landscape look like?
- What is your projected budget and income for the first five years?
- What is your marketing strategy?
- Do you plan on hiring employees? If so, when?
Once your business plan is finalized, you’ll be ready to approach lenders if you choose to look for business funding. (Related: “How to budget your way to a successful IT business launch.”)
Finance your business
In addition to building up a nest egg, seeking out additional funds can help you get your business off the ground. One option to consider is a loan through the Small Business Administration. The SBA partners with lenders, community development organizations, and micro-lending institutions to set guidelines and facilitate loans for small business owners. This reduces risk for lenders and makes it easier for small business to get approved – typically at lower rates than they might ordinarily qualify for through a traditional bank loan.
Other financing options to consider include finding investors, such as venture capitalists or angel investors; using credit cards; tapping into a 401(k); crowdfunding; and borrowing money from family and friends.
Try to run the business as lean as possible, at least in the beginning, to minimize the amount of money you’re borrowing. You want to focus the majority of your efforts on building your business, not repaying debt.
