Everyone knows that the economy is changing, and not just in the way that economies change all the time. It’s no surprise that a global crisis like the recent pandemic hit the economy hard and a recession, at least a brief one, is the natural result. Many people are being more careful about spending, with unsure plans and possibilities ahead.
For anyone building their first career or thinking about a career change, there are some important things to consider. One is a recession-proof plan that can provide steady income even if the entire shape of the economy changes. Appliance repair is one such robust industry. Why? Because every home has appliances, and they eventually need repair.
We’re here today to highlight ways to put your appliance repair skills to valuable when the economy is down.
1) Never Have to Call for Your Own Repairs
In a time when everyone is looking to increase savings and decrease spending, having a handy DIY skill is always valuable. With appliance repair under your belt. you’ll never have to call for assistance with the home appliances you’re trained in. Whether the dryer starts banging or the dishwasher leaks, you have the know-how and the hands-on training to get inside and make it right.
Not having to call for repairs in your own home can save you hundreds each year on technician fees. Let any technicians working in the field take care of people who have no idea how to open a washing machine cabinet.
2) Appliance Repair is Contra-Cycle
Appliance repair is an excellent career during any recession because it is officially contra-cycle. Really, every home has appliances so every neighborhood needs appliance repair services on a regular basis. So demand stays steady whether the economy rises or falls.
However, when money is tight and people make frugal choices, appliance repair calls increase. Why? Because instead of buying new appliances, families are seeking repairs instead to spend less on a solution. Contra-cycle businesses experience an increase in demand when the economy drops.
3) Fix-and-Flip Opportunities and Partnerships
If you are a project-investor like a home flipper, or work with home flippers, then appliance repair is extremely valuable. During a recession, real estate home flippers and investment buyers will snap up all the homes that bottom-out in price. They will then fix them up and sell them when the market turns up again.
Appliance repair is essential to this recession real estate strategy. Often, an all-points repair is more affordable for making a home move-in ready than buying new appliances. Investment real estate entities and home flippers, or your own upcycling projects, can provide good business for appliance repair technicians during a recession.
3) Become the Favorite Relative to Invite for Dinner
Repairing your own appliance isn’t the only personal perk. If you want to increase your esteem among friends and family, offer free or discounted repairs in return for good company and shared meals. Any technician inclined toward community ties and casual dinner parties can use their skills to become everyone’s favorite party guest. Not to mention, fixing someone’s dryer can be a lot more enjoyable if they are a good friend providing good conversation and free pizza while you work.
4) A Valuable Skill to Teach Your Children at a Young Age
Knowing appliance repair also has value as a parent or caretaker of children. Children learn early STEM skills by understanding how machines work, how they are put together, and basic electrical safety. Teach your children how the sink is fixed when you fix it. Talk about what’s wrong with the dryer when you replace the door switch. Show them how wires run from the control panel to each sensor, switch, and display.
Your children will not only learn to do advanced chores around the house, they will be better prepared for science class in the future. They will also have a foundation for their own recession-proof occupation in addition to their personal career ambitions.
5) Catch Early Warning Signs and Prevent Costly Damage
As a trained appliance repair technician, you will know the signs of an appliance about to fail. In your home or as a guest, you know what it means when the AC switches off and on again, or when the washer clangs loudly. You know the smell of mold, and you know the symptoms of a clogged drain. You also know the more dangerous signs of burning electricals, broken fan blades, and leaking coolant.
By using your senses, you can detect the earliest signs of appliance malfunction and enact repairs before any more damage is done. You could prevent hundreds to thousands of dollars in damage by noticing an appliance in peril before a critical failure.
6) Solo Technician, Team Member, or Entrepreneur
Appliance repair technicians have many options for how to build their career. You can fly solo as a local or contract repair service and a cultivated list of clients. You can join an appliance repair company as part of a technician team. Or you can open your own appliance repair business as an entrepreneur and start your own team. There’s no limit to where you start or how far you can go, Once you are an appliance repair technician, it’s your choice how to apply those skills in a business model.
7) Steady Demand When the Economy Picks Up
Finally, appliance repair is also reliable when the economy returns. Unlike other contra-cycle businesses that experience a significant drop when the recession ends, appliance repair is steadfast. There may be a small dip in repair calls as the artificial hold on new appliances has ended. However, by offering installation services your appliance repair business can ride the appliance replacement wave as well.
All recessions and installation booms aside, appliance repair has a steady demand. Every home has appliances, every appliance eventually needs repairs. Therefore, appliance repair technicians will always have a local demand to fill, whether the economy is up or down.
—Are you interested in learning appliance repair for personal or career reasons? We’d love to teach you! Contact us today to learn more about Fred’s Appliance Academy classes and opportunities to become a certified appliance repair technician.