The sudden uprising of electric vehicles is growing at an incredible rate. It is a remarkable improvement in the automobile industry as it is leaving a significant mark worldwide. As more people are environmentally aware and discover the many benefits of owning an electric vehicle, it is the best moment to own an electric repair shop.
This article explains profitable business ideas for electric vehicles as the sales of these cars hit 6.6 million in 2021, tripling their market share from two years earlier in the automobile industry.
Table of ContentsHow to start an electric vehicle repair businessSuccess factors required to create an EV repair stationCost of running an EV repair stationConclusion
How to start an electric vehicle repair business
The need for repair stations will increase now that electric vehicles have become acknowledged. Setting up an electric vehicle repair station at this notable time in residential areas, charging stations, and other commercial areas will be a lucrative idea if you do your homework.
Starting an electric vehicle repair business would require a few hands and management, but the profit is rewarding. Here are a few helpful tips to help set the plan in motion.
Have a detailed market research
As with any new company initiative, market research is the first step, and it is essential to go slow and take time to become an expert in this field. A solid understanding of this sector can help create the most acceptable business strategy and help you know where the target market is situated.
Secure funding for business startups
Several initial expenditures are similar to those for any vehicle repair firm, and it is crucial to start with everything required. A good site, a great team, tools, and equipment for auto maintenance, license fees, and marketing are a few of the average start-up costs. Angel investors, venture capitalists, and crowdfunding are all viable options for this kind of venture.
Create a unique brand identity
For a new business to stand out and be noticed by its target market, it needs a clear brand identity and marketing strategy. Create a logo, slogan, brand name, and overall demeanor that will appeal to the target demographic.
With this in mind, use digital marketing to boost visibility and have a professionally built website with comprehensive information about the business. Another way to build an identity is to be on social media and actively work to develop a following there before introducing the business.
Completing electrical vehicle training to gain competence in the industry and be a certified EV repairer is essential when venturing into the EV repair business. Additionally, some requirements must be met to be a member of the automotive sector, and possessing motor trade insurance is one of them.
Having motor trade insurance will help to protect the repair shop as well as the vehicles that are under the supervision of the business. With more and more drivers switching to electric vehicles, opening an electric car repair shop might be a wise business decision. These pointers should make it easier to get started.
Success factors required to create an EV repair station
Electric repair shops provide EVs with satisfactory services and solutions as automakers release new electric vehicle models. The moment has come for businesses, too, at the very least, to think about spending money on the tools and training required to handle these new cars.
Preparing an EV repair station
Planning and thorough preparation are a part of the process required to start up an EV repair shop. The factors below are the necessities to be considered before getting things in place;
Tools and appliances
Because electric vehicles often have fewer moving parts than a comparable-sized combustion-engine-based car, their maintenance is usually less expensive. Fewer components, like the plugs, catalytic converters, ignition coils, and oxygen sensors, will need to be changed regularly, so ensure to have the right tools in place.
Also, the tires and shock absorbers of every automobile will need to be frequently inspected. Still, auto shops must get ready to transform into hybrid IT and auto tech facilities with cutting-edge diagnostic and scanning tools for analysis and updates.
Shop or garage space
The size of a repair shop will impact the time and effort needed to set it up for electric car repairs. A large chain operation would require several years of investment and training, whereas a smaller one with only a few stores could undertake some intense training more quickly.
Hiring skilled technicians
It may be beneficial to start with the most skilled maintenance technicians and provide them with additional lessons to their usual hours. In this manner, designate someone to serve as the team’s internal specialist who can assist in resolving EV-specific issues.
Cost of running an EV repair station
Running an electric vehicle repair and servicing garage or shop will cost an average of $15,000 to $20,000 yearly depending on your location. Most of the cost goes into different expenses required in running the repair shop.
Here are a few of the startup costs and expenses;
Software servicing expenses
For optimal operation, electric car repair and servicing shops will need software. As an electric repair shop owner, paying for software helps to save time and automate some company processes to concentrate on the most critical issues.
Software and technology can both help in both the business expansion and reduction of staff. Electronic vehicles are best serviced on a two-yearly basis for the best functions.
Consider the rent charges when choosing an EV repair & service garage location because it may be the most expensive component of operating an electric repair business. The location significantly impacts the rent expenses as some locations with more market potential will cost more in rent.
Enhancing the knowledge of general auto repair and the ability to reassure consumers that their automobile is in capable hands will result from honing the skills gained in these electrical repair areas.If you want to be updated with the latest trends about EVs, feel free to check out the blog on electric charging stations here.