2017-03-15 00:00:00 Business Planning English Start a successful technology repair business with these basics, including creating a business plan, networking, and acquiring funding. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/close-up-of-business-server-under-repair.jpg https://quickbooks.intuit.com/ca/resources/business-planning/how-to-start-technology-repair-business/ How to Start a Technology Repair Business

How to Start a Technology Repair Business

2 min read

With a growing reliance on technology, small businesses need dependable tech-savvy professionals to keep their networks running smoothly, and most don’t have the budget for an in-house IT department. With a little know-how and the proper preparations, you can launch a successful technology repair business to meet this growing need.

Creating a Business Plan

Your business plan is the lifeblood of your new venture. It should define your niche, identify funding sources, establish a marketing plan, and lay out a budget. Technology is a broad field, and you can distinguish yourself as an expert specializing in certain products or services for individuals or small businesses. Focusing on your strengths can help you find your niche and set yourself apart from your competitors. Do you enjoy working on complex hardware devices, such as servers, or would you rather specialize in personal computer repair? Maybe software is your niche, or you excel at fixing smartphones and tablets. The possibilities are endless, and defining a specific niche helps to establish you as an expert.

Acquiring Funding

Once you have a niche, you can work on acquiring funding, marketing your business, and purchasing overhead. New small businesses in Canada enjoy an array of potential funding sources. The Canada Small Business Financing Program helps small businesses get loans. Private financial institutions lend the money, and the government assumes part of the risk, so the bank is able to ease its qualification requirements. The government also provides small business grants, many of which are targeted specifically to technology businesses.

Grow Your Business Through Networking

Advertising and marketing can be cost-prohibitive at the outset, so an inexpensive place to start is to join professional networking groups and position yourself as the technology expert in the organization. These groups often include professionals from a variety of industries who come together to share ideas and trade leads. By creating relationships with other business professionals, such as accountants and lawyers, you can get referrals from their clients and customers who have repair needs.

Hiring Staff and Buying Overhead

Your staffing and overhead needs depend largely on your niche and scale of operations. If you decide to start as a one-person shop focusing on smartphone and tablet repair, you might not need any staff, nor do you need much overhead aside from reliable transportation, marketing materials, and basic tools for repairing gadgets. In fact, starting small and then scaling up is a wise option for new small business owners, as it allows you to turn a profit quickly and incur less debt than financing a large-scale operation.

Licencing and Registration

Apart from registering your business, the government imposes few licencing requirements for technology repair. Certain tasks that might be peripherally related to technology repair, such as electrical installations, require you to obtain specific permits. Otherwise, you can run your business largely free of government red tape, but it’s always wise to check with local municipal and provincial regulations to make sure you’re fully compliant. With small businesses relying on technology more than ever, a technology repair business offers a rewarding and lucrative career path. By finding a niche, growing your network, and starting small, you can position yourself to take advantage of this growing industry.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

How to Deduct: Technology and Equipment Deductions and Capital Cost Allowance

When you replace or [upgrade your company’s technology](https://quickbooks.intuit.com/ca/resources/technology/when-upgrade-business-technology/), it comes with a…

Read more

Accounting and Bookkeeping Industry Trends to Implement Today

In October 2018, Chartered Professional Accountants of Canada (CPA Canada) held a…

Read more

How Technology Is Changing the Rules of Fundraising

Technology is dramatically changing the rules of nonprofit fundraising. As more philanthropic…

Read more