Lanai screen repair: A screen repair business helps people repair electronic devices that have sustained physical trauma. Whether it’s a cell phone, tablet, or laptop, an experienced screen repair technician can help restore technology for a reasonable cost without the client having to buy an expensive replacement.
Learn how to start your own Screen Repair Business and whether it is the right fit for you.
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Lanai screen repair
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We have put together this simple guide to starting lanai screen repair business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
1. Plan your business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns.
2. Give a name to your business
Choosing the right name is important and challenging.
3. Know the costs involved
Total costs will depend on whether or not an owner decides to open up a formal space. You likely already have many of the tools they need on hand to perform repairs (e.g., scissors, screwdrivers, etc.) If not, the costs are usually around $50 or less to purchase. In addition, you’ll need an inventory of replacement screens available so that you don’t have to make customers wait for you to order a new one. This will likely cost several hundred dollars to get the parts you need.
Additional costs include employee salaries if the business requires extra help, advertising dollars to get the word out, and website software to ensure easy online communication with customers.
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4. Know about the ongoing expenses
Most technicians will want an available inventory to work with rather than ordering new screens every time, so they’ll need to keep up with replenishing their available stock. Owners will also have to factor in mortgage/lease payments if they have an office, and liability insurance on the off-chance they irreparably damage someone’s phone or a natural disaster (e.g., flooding, etc.) destroys their customer’s electronic devices.
5. Know the targeted market
The target market is anyone with a broken electronic device who doesn’t want to spend full price on a new device. The most common repair request will usually be for smartphone screens.
Lanai screen repair
6. Know how the business make money
Screen repair businesses charge based on the time they spend making the repairs, the equipment they use, and the nature of the physical device itself. For example, certain phones require more expertise to fix, which means owners can charge a premium for those screens.
7. know how you can charge your customers
Because screen repair is a valuable skill, it’s not unusual to charge around $80 – $100 for each repair. Look up the rates of the competitor’s in your area for a better idea of how to price your services.
8. Know how to make profit
The cost of operations for a screen repair business is on the low side, so it’s not unusual for each repair to make high returns. If you’re charging $100 a repair at an 80% profit margin, you would only need to repair 20 phones in a week to make $1,600 in profit. Considering a dropped phone is a common occurrence, 20 customers a week may not be difficult to achieve.
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9. Know how to make your business more profitable
As you grow your clientele and your confidence, you can start offering additional repairs besides screens. For example, fixing phones and laptops with water damage or replacing broken components to ensure the longevity of the device. You may also want to start buying old, broken devices from customers so you can fix and sell them (either online or in-person) for a profit.
Lanai screen repair
10. Form a legal entity
The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation.
Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your screen repair business is sued.
You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.
Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services. You can choose to hire a registered agent or act as your own.
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11. Register for taxes
You will need to register for a variety of state and federal taxes before you can open for business.
In order to register for taxes you will need to apply for an EIN. It’s really easy and free!
You can acquire your EIN through the IRS website. If you would like to learn more about EINs
There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.
12. Open a business bank account & credit card
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.
13. Open a business bank account
Besides being a requirement when applying for business loans, opening a business bank account:
- Separates your personal assets from your company’s assets, which is necessary for personal asset protection.
- Makes accounting and tax filing easier.
14. Get a business credit card
Getting a business credit card helps you:
- Separate personal and business expenses by putting your business’ expenses all in one place.
- Build your company’s credit history, which can be useful to raise money later on.
Lanai screen repair
15. Set up business accounting
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
16. Obtain necessary permits and licenses
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
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17. State & Local Business Licensing Requirements
Certain state permits and licenses may be needed to operate a screen repair business.
Most businesses are required to collect sales tax on the goods or services they provide.
18. Certificate of Occupancy
A screen repair business is sometimes run out of a storefront. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO). A CO confirms that all building codes, zoning laws and government regulations have been met.
- If you plan to lease a location:
- It is generally the landlord’s responsibility to obtain a CO.
- Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a screen repair business.
- After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
- If you plan to purchase or build a location:
- You will be responsible for obtaining a valid CO from a local government authority.
- Review all building codes and zoning requirements for your business’ location to ensure your screen repair business will be in compliance and able to obtain a CO.
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19. Get business insurance
Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.
Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers’ Compensation Coverage.
FInd out what types of insurance your Screen Repair Business needs and how much it will cost you by reading our guide Business Insurance for Screen Repair Business.
Lanai screen repair
20. Define your brand
Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.
If you aren’t feeling confident about designing your small business logo, then check out our Design Guides for Beginners, we’ll give you helpful tips and advice for creating the best unique logo for your business.
If you already have a logo, you can also add it to a QR code with our Free QR Code Generator. Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.
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21. Know how to promote & market your business
A screen repair business can be promoted on social media, with paper flyers, and through digital advertisements. You should also have a website that’s both memorable and easy to navigate. Once you start building up a clientele, word of mouth business should continue to compound your revenue.
22. Know how to keep customers coming back
The best way to impress a customer is to provide courteous, efficient service all while making their device look as good as new.
23. Create your business website
After defining your brand and creating your logo the next step is to create a website for your business.
While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.
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Here are the main reasons why you shouldn’t delay building your website:
- All legitimate businesses have websites – full stop. The size or industry of your business does not matter when it comes to getting your business online.
- Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
- Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.
Lanai screen repair
24. Set up your business phone system
Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.
There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use.
25. Is this Business Right For You?
This business is right for someone who loves technology. As new devices come out and screens change, owners will need to keep up with new demands while still being able to work with older devices.
26. Know the challenges
The majority of the day will be spent scheduling appointments and fulfilling repair commitments. There should also be time devoted to marketing, budgeting, and general equipment maintenance.
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Lanai screen repair
27. Get some skills and experiences
Owners should have some experience repairing a variety of screens, whether they learned their skills in a classroom, on the clock, or just tinkering around at their home. As devices change from year to year, owners should be just as comfortable handling a 10-year old device as they are with a brand-new model. You’ll also need some experience in customer service to be able to handle customer disputes and general requests.
28. Know the growth potential
Smartphone repairs are a multi-billion dollar industry, and there’s still plenty of room to capitalize on the activity. Electronic devices have become truly ubiquitous in the world today, and their popularity is unlikely to change anytime soon. While new production methods will undoubtedly yield tougher, more resilient glass as years go by, it’s unlikely it will eliminate the need for a skilled screen repair technician.
29. Find a business mentor
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners.
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Lanai screen repair
30. Learn from other business owners
Want to learn more about starting a business from entrepreneurs themselves? Visit BusinessHAB’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.
31. Get some insider tips
The first think you’ll need to do is decide on a specialty for your business. Few people can fix every type of device in the world, so choose based on the demographics of the neighbourhood. Fads aren’t just for teenagers, so it should be easy to spot whether people seem to favour Apple, Samsung, HTC, or Google devices.
You’ll also need to decide if a storefront is worth it to you. Storefronts give you an opportunity to house your inventory in one place, and makes it possible to work on several devices at once. It also gives you more credibility with your customers because you look like an established business. Finally, you can likely choose a storefront in a less expensive section of town because you just need a consistent space to work — not necessarily to impress customers.
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Lanai screen repair
However, a mobile business that allows you to visit customers at their home cuts out many of your initial start-up costs, and offers your customers the all-important convenience factor. It can still be a good way to build rapport and credibility as you service different clients (albeit, one at a time.)
Owners should also consider the angles they want to use to attract their customers. It’s important to put some time into determining your prices — especially as the cost of technology continues to go down. If you charge the same price as a used version of a current model, it will be difficult for a customer to justify spending the money to have their screen repaired. You may also be able to increase your revenue by marketing to those who want to keep their nostalgia devices (e.g., first-generation iPods, etc.) up to par.
32. How and when to build a team
You don’t necessarily need to hire a team at the beginning. In fact, it’s not recommended if you’re trying to keep your costs low. Use management tools such as online calendars to keep your appointments straight until you have enough customers (and revenue) that you absolutely need to hire help.