What could you do with $100/per repair profit margin business, where avg time per client is 30 minutes? 2 Ways to learn how to start your own repair business...
Why listen to me?
Ready to jump in?
NOT ANY MORE!
A cell phone repair business can be highly profitable, backed by concrete statistics. With over 3.8 billion smartphone users worldwide as of 2021, there's a consistent demand for repair services, according to Statista [1]. Reports indicate that the global smartphone repair market was valued at $116.4 billion in 2020 and is projected to reach $172.8 billion by 2026, growing at a CAGR of 6.4% from 2021 to 2026 [2]. This substantial market size ensures a steady flow of customers seeking repairs for various issues such as cracked screens, water damage, or malfunctioning components.
Furthermore, the low overhead costs associated with starting and running a repair shop contribute significantly to its profitability. Research from Small Business Trends suggests that the initial investment for opening a cell phone repair business can range from $2,000 to $10,000, much lower compared to other ventures [3]. Moreover, the repair margins are substantial, with the cost of repairing a device typically being 50% to 70% lower than the price of buying a new one, as stated by Forbes [4]. This allows repair shops to charge competitive rates while maintaining healthy profit margins. Additionally, with customer satisfaction and quality service, a cell phone repair business can thrive, leading to repeat business and referrals, further enhancing its profitability.
One of my graduates...