You would think the revenue your repair store can generate would depend entirely on the device fixing. But that isn’t the case. Turns out there is a whole lot more you can offer as a repair retailer without moving beyond your technicians’ skill sets. To reach further and faster, repair shop owners need to start thinking outside their toolkits. Getting a new perspective on your own repair shop’s offerings would allow you to scale above the competition while making good on all your invested capital.
You might already be fully up to try and screw on a few new things at your repair store, but are you confused about how? Well, no need to worry. We have a few ideas lined up to make your store the star among the competition.
Exploring New Avenues of Repair
If your technicians are already experts in cell phone repair, chances are they may be willing to branch out further. And it just might be that they are already well-versed in more than your current scale allows them to expand to. So, why not use your existing resources to the best of their abilities for a grander landscape of revenue streams.
In some cases, you might have to train your techs a little, but there is green dough at the end of that tunnel. It is not a giant leap from cell phones to computer repair. Just the addition of computers and laptops to your service roster can boost you into the stratosphere. From battery changes, screen repairs, and RAM fixing, to aesthetic customization, there is a whole gold mine ready to be hacked at if you’re willing to venture out of your usual path a little.
But what if you have already gone that extra mile? Where can you veer off to now? Well, once you are comfortable with computer repairs, the only logical choice is to go a little further and try your hand at TV repair. All the repair store owners we talked to, have claimed that it is a great value addition to their shops. What’s more, it might not even require formal and paid employee training. There are plenty of great tutorial videos for the team to learn from in the classroom of all self-taught repair techs; YouTube.
Not to mention the whole host of opportunities this opens for your store, from console repairs and custom PC building to surfing further towards more generic repair, electronic and otherwise.
Branch Out to Other Services
Out beyond the ideas of repair and products, Your customers have more needs!
Catering to those can bring a whole host of new revenue-generating opportunities for your repair store. A great idea may be to become an Internet Protocol Television (IPTV) reseller. Whether you provide TV repair services or not, this can still be a stream you can tap into. In today’s hustle culture, no one really has enough time to rest and watch a bit of television. And even if they do, cable is slowly becoming a thing of the past with the integration of the internet into all aspects of life. This is why the global IPTV market has already crossed a whopping $101.45 billion mark in 2021.
So, offering your clients sourced content that they can stream whenever through an IPTV network, can be a huge cash grab for your shop.
But if that isn’t the flow you’re comfortable diving into immediately, there is still much more to venture toward in terms of additional revenue streams. Services like data backup and recovery are always in high demand, be it because of device malfunctions or data breaches. Chances are there will always be individuals with sentimental or professional attachments to their data. And when they need it backed up or recovered, that’s where you will come in.
You can even take it a step further by providing monthly insurance subscriptions or varying degrees of protection plans. Adding these to your board of offered services would require barely any changes in your business setup but can add thousands to the monthly revenue streams.
The best part is, with the figures that they bring in, you can even invest in the heavy-hitting, specialized services like micro-soldering and refurbishments that can make you a master in your niche and raise you above your competitors with ease.
Partnerships at Repair Stores
As mentioned above, micro-soldering is a bit of a specialized service that not many repair stores offer. If your shop happens to be one such business but has loyal clients looking for it, you can always collaborate with the stores that provide it. For a cut of their profit on the service, you can agree to recommend the store specialized in micro-soldering to your clients whenever they need it. This can bring in a bit of extra revenue without taking anything away from your existing pool or requiring you to add to it.
A more investment-centered stream would be to offer other products. Not just the general phone accessories that you might already have in your store. We are talking about branching out to things like video games and DVDs. Some vendors can sell these to you in bulk for surprisingly low costs per item, or you could even practice buyback when it comes to video games. You can gain a large crowd of interested customers by offering them at lower prices than well-known suppliers. This might not be the high-return investment you write home about, but it can definitely boost the revenue significantly. That, too, without having to put too much of your resources into it in the first place.
Don’t Forget the Holiday Season
The holiday season is always the cash cow for retailers of all categories. So, if you want to grow your revenue stream, it is definitely not a time you can slack around. Bring in a bit of holiday cheer by offering themed accessories or unique product designs that people would like to gift to their loved ones. Even just offering the option for gift cards at your repair store can go a long way with last-minute shoppers. Especially if you are running low on stock, gift cards can come in handy if you just know how to sell them right.
There is always further to go and grow in the repair industry, so we hope you aren’t limiting yourself and letting the competition leave you in the dust.