iPhone screen repair is the secret to a great business idea! Why? It has all the elements of a great business idea.
(1) Huge demand.
(2) Huge profit margin.
(3) Dynamically expanding market.
(4) Affordable Fast learning curve.
(5) Low start-up cost.
(6) Low competition.
(7) Perceived Entry Barrier.
(1) Huge Demand:
Millions of iPhones, iPods, and iPads have been sold. The iPhone distribution is exploding with Verizon on board. This opportunity flows beyond Apple iPhone repair to other popular, quality, expensive, devices, for example, the droid phones.
(2) Huge Profit Margin:
If you belong to a parts buying club, the glass, digitizer, and 3M gasket for the most common repair (broken glass) will cost you about $7.00 each. You’ll charge $45 to $99 for the glass repair on the 3G or 3GS (the 4G is like $134 but the parts cost more). Let’s say you fix a 3GS glass in less than 15 minutes (very typical) and you spent $7 in parts? You’ll have a profit of about $38. Where and when have you ever made that kind of money?
(3) Dynamically Expanding Market:
First, we are talking about more here than just iPhone screen repair. We’re looking at about 7 things that go wrong, and create the iPhone repair business. For example, the iPhone LCD screen repair, and the iPhone battery repair. Batteries are less than $3. Beyond the Apple devices is a world rapidly filling with glass screens on small, handy and well loved devices. “Didn’t Apple take care of the screen glass breaking when they put fighter jet glass on the 4G? Sorry, but the glass on the 4G is so thin, it breaks, just like the 3G and 3GS. This market is expanding much, much faster then the repair persons pursuing it can handle!
(4) Affordable, Fast Learning Curve:
You can get a pretty complete “mobile repair of iPhones” education online for under $100 online. It takes about 12 days of learning before you do your first repair for money.
(5) Low Start-Up Cost:
In fact, your start-up cost can easily be zero, because the first thing you need is broken iPhones, which you’ll repair while learning how to repair them, and you’ll sell them fast, reaping a profit on each one. If you have one hand tied behind your back you can get this business started for just about nothing.
(6) Little Competition:
When you first start out, you’ll get business from Craigslist because it’s free. Although you may think CL is very competitive for iPhone repair, we recently posted 3 ads on a Sunday. By Tuesday morning, we had requests for over $2,000 in repairs. That is NOT a very competitive market! Now please realize this: Because CL is free, 90% of anyone doing repairs to iPhones uses CL, but only about 10% of people looking to get their iPhone fixed look on CL. Yep, 90% of iPhone repair people fight for 10% of the business on CL! It’s a riot. Even so, a new rookie student made $1500 in 3 days getting biz off CL!
(7) Perceived Entry Barrier:
No one thinks fixing iPhones is easy – it isn’t. It also is NOT as hard as you and everyone else thinks! People automatically assume you must know and understand difficult electronics repair. Baloney, you don’t need that! However, this perception by the general public keeps most people OUT of the business. Better yet, people put incomplete, and mis-leading repair videos on You Tube, so they can sell grossly over-priced parts. Go look at the comments of all the people who destroyed their personal iPhones trying to fix them! However, with proper education and support, almost anyone with the desire, can do this business.
What should you do next?