In this day and age, people are finding it far better to work for themselves than to work for someone else. However, we see just as many new businesses fail as we see succeed. In many cases, these issues that led to their failure were very preventable. We are going to take a look at them now.
Listen to Your Mentor
We all need mentors in the business world that can pass on knowledge. If you are getting ready to break out on your own, do not burn bridges with your current employee who could serve as your mentor. The pie right now is big enough for everyone to take a slice, not to mention there could be times when either of you have too much business and you need some help to make sure you don’t lose the client. You would not be in business together, but you would have a significant ally to “talk business” as well as someone you can refer and get referral business from.
I can flat-out tell you this is one of the biggest struggles that I see in new business owners. Do not undervalue your time. Of course you want to see what other repair businesses are charging, but you also need to make sure that you are setting your pricing to enable you to pay your bills and make a nice profit. The repair business is more about turnover than anything else. You can set a more reasonable price if you can quickly and correctly repair items. Know your skillset and set your pricing accordingly.
Repairing the Unrepairable
Pride in any industry can be a career killer, and this business is no exception. You will come upon appliances that will either take too long to repair to make it worth the owner’s while or something that just cannot be fixed. Do not let your ego dictate the job.
Warranty work sounds great, especially for someone that is just starting out in the business. You know you will have a steady flow of work, but the problem is that you will be chasing your tail in the process. You are going to be running all over the state for jobs. Then, you have to wait for your invoice to be paid by the company for all the jobs over a period rather than getting payment instantly from the client. This is a tough way to earn a buck.
We hope this helps you start out on the right foot!