Home appliances are a major investment. American households spend an average of $319 on major appliances every year. Cumulatively, US consumers spend around $9.4 billion on small electric household appliances.
Depending on the appliance type, model, brand, size, and functions, household appliance pricing ranges from $120 to $10,400. For example, the average washing machine can cost anywhere between $445 and $2,300, meanwhile, a cooktop costs somewhere between $320 and $4,030. If any of these machines conk out, replacing it with a new one can definitely hurt your budget.
It is not surprising why most homeowners would rather have broken appliances repaired than buy a new one. Almost instinctively, they’ll get in touch with a local appliance repair company to see if they can still salvage their old appliance. Usually, appliance repair offers a quick fix, so you can get back to your routine. Often, replacing the unit is only the last option as it entails tremendous cost.
If you have a knack for tinkering and fixing machines, you might be wondering whether appliance repair is a good business.
According to the IBIS World, the appliance repair industry is estimated to be worth $4 billion as of 2020 and is expected to grow due to the ubiquity of home appliances and increased consumer demand. With access to more disposable income, consumers are more likely to spend on non-essential appliance repairs instead of attempting DIY repairs or putting off these repairs. This makes appliance repair a potentially profitable business.
Reasons Why Appliance Repair is a Profitable Business
Basically, four reasons make appliance repair rewarding.
- Appliances are ubiquitous.
Nowadays, it’s hard to imagine life without appliances. Our increased dependence on these machines makes appliance repairs a lifetime career – and even a recession-proof trade. People need washing machines, oven toasters, fridges, and stoves. Hartman’s Jacksonville appliance repair specialist emphasized that people nowadays can’t live without appliances, so they will readily have these units fixed.
Demand may fluctuate depending on the economy or community, but it will always be there. Households will quickly call up for appliance repairs when the machine conks out.
- Appliances are bound to conk out; demand is always there.
Although appliances are built to last, they are bound to fail at some point. Whether it is a minor or major fix, there is a potential income that awaits certified technicians. And with millions of appliances in every city, there is a large demand for this service.
If you have a technical background and skills in repairing everyday household appliances, every friend, colleague, and neighbor is a potential client. Wherever you may be, the demand for troubleshooting household appliances is there. To many homeowners, fixing these vital home appliances is still the most logical, affordable, and sustainable option.
- Appliance repair is relatively cheaper than replacement.
As mentioned above, repairing a broken appliance is more affordable than replacing it. Likewise, a new appliance involves a great deal of hassle and expense. From shopping for a compatible unit to having it delivered and installed, as well as, uninstalling and disposing of the old machines. Buying a new appliance often means additional costs and logistical hassle.
- Appliance repair startup is easy.
The appliance repair business requires a relatively low startup cost. You can start with the basic toolset and eventually adding new tools and equipment as the demand grows. It is a good home-based business so you won’t have to spend on rentals. However, you need to invest in good training as well as regular updates and certifications. By being certified, you can become an authorized service center where you can get even more clients.
Starting an appliance repair business is an exciting undertaking. You’ll have the chance to work on various appliances as well as meet different people. You’ll put your problem-solving, creativity, and thoroughness to good use. Alongside these skills, you’ll need to develop marketing, accounting, and communication skills to ensure success.
Benefits of Appliance Repair Business
Starting an appliance repair service comes with many advantages that include:
- Potential to start the business from your home
- Minimal startup cost, requiring basic tools
- Connect with different people, clients, and other businesses
- Develop relationships with community
- Exciting and challenging new learning and experiences
- No stringent educational requirements
- Provides a sense of autonomy as you own your time
Drawbacks of Appliance Repair Business
Although it has many advantages, the appliance repair business also has some cons, such as:
- Looking for and hiring reliable technicians can be difficult
- Competition can be tough especially if you’re a newcomer
- Establishing your career can take time
With diligence and commitment, the appliance repair business can be a truly rewarding career where you can be your boss.