There are millions of iPhones active in the marketplace, and that means opportunity knocks. Each day, iPhones get dropped, wet, abused or simply stop working due to electronic or mechanical issues. Each one of those smartphones needs repairing, and many owners prefer to avoid returning the phone to the manufacturer out of fear it will take too long to get the phone back or the repair will be too expensive. An iPhone repair business is relatively inexpensive to start and can grow along with the introduction of new phone models by offering up-to-date repair services.
Business planning begins with identifying the specific phone models that will be repaired. There are many older versions of iPhones still in use. The services, marketing, inventory and technical abilities of the repair staff are all dependent on the types of products that will be repaired or refurbished. One of the most important things the business wants to be able to say is, “We have the parts in stock.” The reality is that smartphone users rely on the devices for business and personal needs and have little tolerance for slow repair services. One of the critical competitive advantages that can be claimed is being able to repair iPhones quickly, efficiently and affordably.
Other ways to ensure a new business repairing smartphones is competitive include:
• Adding other phone models to the list of phones that can be repaired, even if the iPhone is the primary model (many people eventually switch to an iPhone which means repairing other phone brands creates future iPhone repair business)
• Plan inventory levels for the parts most likely to need repairing or replacing, like cracked phone screens and batteries
• Locate reliable and honest distributors selling authentic iPhone parts that are not cheap or shoddy (that can ruin a business reputation)
• Develop a marketing plan that reaches into the various social media channels where technologically savvy people are found
• Use media that attracts technology users, like web-based videos and customer service chat
• Develop a plan for collecting leads for follow-up, which influences the rate of growth in the customer base and profitability projections
The services provided by the business can include refurbishing iPhones also. In that case, the smartphones can be resold creating a new revenue stream. This is strategically important as people are becoming more willing to accept the less expensive alternative to buying the latest iPhone upgrade. As the market continues to mature, more people are looking for affordable options to stay connected, giving forward-thinking entrepreneurs the opportunity to stay ahead of the market trends. Potential investors want to see business planning that includes in-depth market research, personnel with technical capabilities, realistic financial projections that take market changes into account, and a solid marketing plan.
OGS Capital (https://www.ogscapital.com/) is ready to assist entrepreneurs with the development an iPhone repair Business plan that includes all the critical information needed for business viability. Send a name, email address and phone number via the online contact form to get the process rolling.
Illustrative business plan samples
OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.