Starting a Business
Starting an Audio Video Equipment Service & Repair Business
Launching an audio video equipment service and repair business is an excellent entrepreneurial opportunity but it's important to plan out the business in detail before you start. Here are a few secrets that may be key to your ultimate success.
Make your entrepreneurial dream a reality. Starting an audio video equipment service and repair business is tough...but much easier after you read this article.
Locating Customer for a A/V Repair & Service Startup
For most audio video entrepreneurs, the task of identifying and securing customers is a constant concern. Without a steady stream of customers into your shop, all of the time and effort you invest in planning will be a waste. Ultimately, your ability to attract customers drives revenue, and revenue drives bottom line profitability.
Customer traffic begins with a robust marketing plan. Unfortunately many new entrepreneurs are tempted to skimp on marketing due to a lack of resources or a failure to recognize the necessity of a proactive promotional strategy. Although consumer a/v repair can be fruitful, the most profitable jobs are found in the B2B segment of the marketplace -- and in the B2B universe, aggressive marketing is a must.
If capital is in short supply, we advise audio video repair startups to either delay their launch or create a marketing plan that leverages an ample amount of low- or no-cost marketing channels. Social media initiatives, email campaigns, networking and other marketing tactics incur minimal costs, but have the potential to deliver big B2B wins.
Tips for First-Time Audio Video Service Entrepreneurs
Starting an audio video repair business and making it successful are two completely different creatures. To increase the likelihood of your startup's long-term survival, there are a few tips and techniques you'll want to incorporate into your operation.
- Service Contracts. It's not uncommon for audio video repair businesses to also engage in retail sales. But whether you sell retail equipment or not, it's in your best interest to sell maintenance and service contracts to your customers. If the contracts are structured properly, the purchase of maintenance contracts will provide a clear benefit to customers and deliver a stable revenue stream to your startup.
- Factory Training. It's important to make sure all of your company's service technicians are factory trained and certified by leading manufacturers like Sharp, Panasonic, Sony and Epson. However, it's mission critical to make sure your team is trained and certified by any manufacturers whose products you sell in a retail capacity.
- Warranty Repair. As soon as possible, contact several manufacturers to begin the process of becoming an authorized warranty provider. In the field of audio video repair, many customers materialize based on warranty referrals. You don't necessarily need to sell a manufacturer's product line in order to become an authorized warranty provider, although a combined retail and repair business model for specific product lines can provide a competitive advantage in the marketplace.
How to Write a Top Quality Audio Video Equipment Service & Repair Company Business Plan
A business plan is the skeletal framework for your audio video equipment service and repair business's mission, goals and strategic vision.
But from an outsider's perspective, your business plan is also a reality check. Third-party stakeholders want to make sure that the most important parts of your plan are based on real world information, including your business plan's market analysis section.
Early in the process, it's worth your time to learn how to write the market analysis section of a business plan. While a robust market analysis can be a selling point for an audio video equipment service and repair business startup, weak market research is a sure giveaway for a business that hasn't invested adequate effort in planning.
Review Competitors
Well in advance of opening an audio video equipment service and repair business within your community, it's a smart move to see how many competitors you have. Try our link below to get a list of local competitors near you. After clicking on the link, type in your city, state and zip code to get a list of audio video equipment service and repair businesses near you.
Prior to opening your doors for business, be sure you fully understand the competitive landscape and where your new business will fit in.
Turning Competitors Into Collaborators
If you want to open an audio video equipment service and repair business it's a smart move to have a conversation with someone who is in the business. Local competitors are not going to give you the time of day, mind you. It'd be crazy for them to teach you the business.
However, a fellow entrepreneur who has started an audio video equipment service and repair business on the other side of the country will be much more likely to talk with you, given that you don't compete with them in their area. In that case, the business owner may be more than happy to discuss the industry with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
What's the process for finding an audio video equipment service and repair business founder outside of your area who is willing to talk?
Simply, try our helpful link below, type in a random city/state or zipcode, and start calling.
Getting Started in Audio Video Equipment Service & Repair Business Ownership
Would-be audio video equipment service and repair business business owners can either launch a new business or acquire an existing operation.
We understand why a startup may sound appealing. A new audio video equipment service and repair business will definitely be more reflective of your personal business philosophy. Yet startups are also more difficult to finance because their nature is inherently risky.
Armed with several years of actual financials and a current asset appraisal, it is much easier to convince lenders to take a chance on an audio video equipment service and repair business acquisition. Although buying a business doesn't guarantee success, it substantially increases your odds of obtaining financing and achieving profitability.
Consider Franchising
Staffing. Supply chains. Marketing plans. Those are just a sampling of the challenges you'll face during the first days of your business startup. And if you aren't careful, those challenges could spell disaster for your fledgling company.
Franchised businesses present a viable alternative for startup entrepreneurs interested in minimizing investment risk. Although there are no guarantees, a proven franchise startup eliminates many of the obstacles startup owner face right out of the gate, significantly improving survival rates and profitability.
Our video photography franchise directory is full of audio video equipment service and repair business startup opportunities. Just clink on the link below to get started.
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