Starting a Generator Repair Service – Sample Business Plan Template
1. Conduct Your Market Research
The first thing for any person who intend to start a business to do is to conduct a market research so as to be certain that there will be a market for the service or product that they are bringing to the market. The truth is that there are areas where generator repair business can’t thrive and there are areas where this type of service is needed. It is your market survey that can help you discover it.
For example, you are likely going to struggle with a generator repair business in London or any part of the UK and you are sure of making great returns on your investment if you setup your own generator repair business in any part of South Africa. As a matter of fact, South Africa remains one of the highest importers of generators in the world; in essence, the services of generator repair technicians will be in high demand.
2. Acquire the Technical Skills Required
If you have made up your mind to start your own generator repair business, then you should endeavor to acquire related technical skills. There are several ways you can acquire generator repair skills. You can enroll in a technical school or a trade school, or you can go ahead to learn the trade directly from someone who is already into generator repair business. As a matter of fact, you can even go through college to acquire generator repair skills. All you need to do is to apply to study mechanical engineering and then specialize in Plant and Power.
3. Write Your Business Plan
Once you have done you market survey and you are sure that generator repair services is needed in your area and you have been able to acquire the required skills, then the next step to follow is to write your business plan. Although you can operate this type of business without a concrete business plan, but if you have a dream of building a business that will grow beyond you, then it will pay you to take the pain to document your business plan.
4. Register Your Business and Open a Corporate Account
The next step that you are to follow in your quest to successfully start your own generator repair service is to register your business with the corporate affairs commission of your country, obtain your Tax Payer’s ID and then open a corporate account for your business with any bank of your choice. You can also choose to open a corporate account for your business with different bank since there are no restrictions to the number of corporate account you can have for your business.
5. Purchase the Required Working Tools
When planning to start your own generator repair service, you are expected to make provision for the purchase of tools that are needed for generator repairs. Some of the tools that you would need are Thread Chasers for spark plugs, complete set of spanners, pliers, choke cable bender, ignition system tester, and carburetor pressure gauge et al. or you can just order for a complete generator repair kit.
6. Rent a Decent Facility for Your Repair Workshop
Since the nature of your job requires you going to fix your clients generator in their location, it is still important that you have a workshop where you will operate from. The truth is that some people still prefer to bring their generator to your workshop to get it fixed. So ensure that you rent a spacious and secure facility for your generator repair workshop.
7. Source for Generator Repair Jobs
There are several ways you can source for generator repair jobs. You can source for repair jobs by dropping your business card with generator owners. You can as well inform those that sell generator to refer clients to you. As a matter of fact, you can partner with generator dealers to help out in helping their customers install their generators and also to help them with maintenance.
Starting a generator repair service is indeed a profitable business, but you can as well maximize your profit in this type of business by adding the sales of generator spare parts to your business. It is the wise thing to do, because it will save you some bucks when you need to buy parts to help someone fix his or her generator, and you can also maintain steady flow of income when you don’t have repair jobs to handle.
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