Do you want to know how much money appliance repairers make yearly? If YES, here are 6 factors that determine the income & profit margin for appliance repairers.
In order to have an idea of the amount an appliance repairer is expected to make monthly or yearly, you should clearly define the service offerings of an appliance repairer. An appliance repairer is someone who is responsible for repairing, adjusting, or installing all types of electric or gas household appliances, such as refrigerators, washers, dryers, and ovens.
They repair worn, damaged, or defective mechanical parts. They also replace worn and defective parts such as switches, bearings, transmissions, belts, gears, circuit boards, or defective wiring.
With that in mind, we can estimate what an appliance repairer that offers the services listed above is expected to make. It is important to point that there is no one-mold-fits-all when it comes to how much an appliance repairer is expected to make.
There are some factors that we are going to look into before giving an estimate of how much an average an appliance repairer can make yearly and these factors are;
6 Factors That Determine the Income of Appliance Repairers
1. The Capacity of the An Appliance Repairer
One cannot conveniently state the amount an appliance repairer is expected to make yearly if you do not know the capacity of the appliance repairer. You cannot equate the amount an appliance repairer that is just starting out in business with a well – experienced appliance repairer who has decades of experience in the industry.
2. The Location the Appliance repairer is Covering
We must not rule out the fact that the location the appliance repairer is covering is a major factor that will determine the amount he or she is expected to earn monthly and yearly.
The truth is that you will struggle to make good money as an appliance repairer if you locate the business in an area filled with low income earners or in a ghetto and a place that businesses hardly thrive. If you locate your appliance repairer business close to a highbrow area or an area with loads of appliance owners, you are likely going to make good returns from the business.
3. The Management Style of the Appliance Repairer
Another key factor that will determine the amount an appliance repairer is expected to make yearly is the management style of the appliance repairer. Trust me, the results you will get when you are a good manager will be far different from a poor manager of business.
The idea is that a good appliance repairer with good managerial skills will not just retain their old customers, they will also keep getting new customers especially through recommendations.
4. The Business Approach of the Appliance Repairer
There are different business approaches that an appliance repairer can choose from and no doubt it will greatly influence the amount they are expected to make monthly and yearly.
We know that an appliance repair business may decide that they want to work alone and do their marketing alone and they can also decide to partner with other businesses that will recommend clients to them. It is easier to find an appliance repair business that offers robust services partnering with shops, facility managers and key players in the handyman services industry.
5. The Advertising and Marketing Strategies Adopted by the Appliance Repairer
Another key factor that will determine the amount an appliance repairer can make yearly is the advertising and marketing strategies adopted by the business. Trust me, there are several advertising and marketing strategies that can help a business increase their earnings, but you may be expected to spend more.
But the results you will make will far outweigh the amount you spent on advertising and marketing. Of course, you don’t expect an appliance repairer that is engaging in aggressive advertising and marketing to make same amount yearly with an appliance repairer that is passive with its advertising and marketing.
6. The Number of Years the Appliance Repairer is in Business
In business, the number of years you are in existence will go a long way to determine the amount you will make especially if the business is well – managed and creativity always comes to bear. This is because over the years, you would have been able to gain the trust of your customers and it will be easier for you to always have them coming back and also recommending clients to you.
For example, in your first fiscal year (FY1) you might make thirty – five thousand dollars ($35,000), in your second fiscal year (FY2) you might make forty five thousand dollars ($45,000) and in your third fiscal year (FY3) you might make sixty five thousand dollars ($65,000).
Please note that when it comes to appliance repair, customers are always looking to get a quick and excellent service. Therefore, although appliance repair businesses are highly profitable, you should be ready to encounter stiff competition so you should make a point of offering services that stand out from other industry players.
Having said that, the national average earnings for an Appliance Repair Technician is $30,787 per year and $17.16 per hour in the United States. Please note that they can make above that if they put in more effort. As a matter of fact, some make a range of $341 to $5,579 as additional income.