Starting Your Own Computer Repair Business
Start a Computer Repair Business – Windows Renew
starting your own computer repair business
How would you start your own computer repair business with $52,000?
Hypothetically: if you are a computer technician who currently works for a company to remove malware off of computers, you found out that your grandmother (who you didn’t know that well) died and left you $52,000 how would you use that money to start your own business? What things would you buy besides the building that your business would be in?
I would not buy the building unless it was for investment as well.
start off by hiring a lawyer/accountant and consulting with them about getting your business started.
deposit all the money (or most of it) into a business account with your local bank, and ask about lines of credit.
apply for the AmEx or other business-centered lines of credit
get insurance. If you are driving to a job and hit someone/something – they will sue; if you are at a job, and somebody slips on your tools – they will sue; if you don’t do everything you promised, everything on your contract, and everything in the client’s imagination – they will probably sue.
Put together a business plan ( with the lawyer or with aid from a “business incubator” or at least the local Small Business Association.
Figure out how you are going to get customers, and keep them.. without stepping on the company you currently work for. Even if you did not sign any non-compete agreement, they may come after you for poaching customers.
Incorporate or otherwise create a business entity.. so if the place burns down, all your tools get stolen, or some other calamity hits – you only lose the business, not your home and life savings, too.
Once you have a plan for the business, that 50K is going to need to be your first year’s funding.
Most places don’t turn a profit until 2-3 years down the road.
Start with advertising – get customers
Arrange deals to rent / lease space for your storage and workshop, make sure you have parking, loading/ delivery space, and everything meets commercial and city codes. That is why I wouldn’t buy right away.. you’d blow everything if your offices were not up to code.
Rent/lease a car/truck and any tools you can.
If you are not an excellent accountant, then make a business arrangement with one — early.
You’ll need to keep track of every penny you spend or accept.. and keep the business money separate from your own. (or face the IRS later)
Look at your own needs.. how are you going to get on;
– salary? live off savings?
– health insurance, unemployment, retirement ?
– self-owned businesses usually don’t let you have sick days or vacation days. Plan to be / live the business 24/7 for the next year or so — until you start to turn a profit.
– remember that late deliveries, customers who slow-pay or don’t pay, and stolen merchandise is a reality. You can try to minimize it, but there will be some months when no money comes in… and you still have all your bills to pay.
… you still need to make time to attend trade shows and training, so you are knowledgeable about new tech, too.
In my area – I know the market is tight, taxes are high, and margins are very low. Even if I had both an MBA and all the tech experience … I doubt I could get a business to run profitably without at least $200K and 2 years of generally good luck.
If I had that cash, I’d buy stock in a company that pays a good dividend.. and wait until I was sure I could run the place I work for now. From top to bottom.. payroll to parking .. advertising to cleaning the toilets.
Take the time to learn the business – let them think that you are eager to learn, and they will probably take it – and try to take advantage of you. Just do it.. so you can learn all the tricks of the trade, and see how it is all done. Then when you are sure you can run every job in that place.. look around and see where you can make a good go at a business of your own, and do it better than this place.
