When people own boats, they usually do not perform routine maintenance or make repairs to them on their own. That is where entrepreneurs like you come in with new small business ideas. If you love fixing things and have an appreciation for all things nautical, opening a boat repair shop could be a fun business opportunity. It may also prove to bring you in quite a bit of income, depending on where your business is located. Consider these startup tips below to help you open a marine repair business built for success from the ground up.
Get The Tools
Once you have the idea to open a boat repair shop, start buying the basic marine repair tools your business will require. This way, you can incur those costs little by little over a longer period of time. This will lessen your startup cost requirements. Do not invest in the most expensive tools you can find or the cheapest tools you can find. Buy affordable, quality products that will get the job done and still keep costs down. Look at your local supply shop to see if they have anything you need. You need to have the tools necessary before you can start accepting customers at your marine repair shop.
Pick A Location
Spend a lot of time and consideration choosing the best location for your marine repair shop. Location can have a huge impact on any business’s success. But, this is especially true for boat repair shops. You obviously want your business to be located as close to the water as possible. This is a primary part of what is strategic planning for your business. The more convenient your business location is for customers, the more clients you will have. Take a lot of time picking out the best spot for your boat repair shop in order to give yourself a real shot at success.
If possible, get certifications to prove your knowledge in the field of marine mechanics and repairs. This will help distinguish your business from other local small business competitors. It may also prove useful if those certifications get you put on a reputable, nationwide list of certified marine repairs businesses. In effect, you will have a priority pass in your industry. The money you spend getting certified in marine repairs is sure to benefit your bottom line in the future. Make sure you do it.
Research & Set Pricing
Conduct pricing research for boat repair services in your area. Then, create a menu of boat repair services your business will offer and set prices based on your findings. Accordingly, your service prices should be just a little bit cheaper than your competitors. This will help you generate leads and take business away from the competition. That is why you need to take time to do this pricing research long before you open your boat repair shop doors for the first time.
Before you open your boat repair business, start networking with others in the marine industry. These relationships will come in handy later. High-end Boat Manufacturers such as Sailfish Boats have a large number of very detailed specifications for their boat models, so building partnerships with these manufacturers and then advertising these partnerships would give you another leg up to the competition. The majority of people will use a repair shop that specializes in their brand of boat. If you make the right friends, you may be able to establish partnerships with local shipyards or boat dealerships to get customer referrals. This is a tactic that has proven effective for many business owners who have become millionaires. Having friends in the right places will give your business a leg up on the competition and a better chance at success.
Offer Quality Boat Repair Services
Once you have built up a client base, you need to keep them coming back by offering a high quality service for reasonable pricing. When you go the extra mile for each customer, it will make them feel appreciated. They will recommend your boat repair service to their friends and family. Most importantly, the customer will continue to give you repeat business. Since boat owners spend a lot on their vehicles and equipment, it is much better to service them regularly. Rather than trying to make money off of one repair, you can profit from the life long relationship of the client. This is much more profitable in the long run.
Boat repair shops are not all that plentiful, unlike most other business opportunities. That is why the marine repairs industry offers such a promising business opportunity to ocean-loving entrepreneurs. If you are considering starting a marine repair business to get rich quick, make sure you follow the tips detailed in this post. These tips will help set your boat repair shop up for success from the very beginning.