My latest entrepreneurial adventure iTech Store is based on the newly iTech market, namely repairs and service of iDevices such as iPhone, iPad but also computers like iMac and MacBook Air.
Apple have created a completely new market around their iDevices and the repair shops is one of the successful areas that is growing like nothing else. A great example of this is an American company called iCracked who managed to in just a few years grow a large business with just one niche – repair broken LCD screens of all iDevices. They are really successful having more than 200 shops around US today.
The market is huge, and it is growing as more new iDevices enter the market each day. Actually Europe is not that Mac friendly as USA but the market penetration is about 10% so it is still one of the largest brands in Europe. About 1 out of 10 people accidentally crack their screen or defect their devices each year so we are talking about a million of devices that needs to be fixed. Apple have also indicated that there will be budget devices in their portfolio in the near future and this will probably increase their market share considerably everywhere.
My latest startup iTech Store, capitalize on this new market in Sweden and we are only going to service Apple devices. There are a few competitors around already, but none have yet to be as successful as iCracked so I figure there is room for one such larger player here as well. My main marketing focus will be internet, but a physical location will also be part of this business.
Our unique service will actually be that we fix iDevices in the field, our iTechs will bring repair equipment and spare parts to businesses around Stockholm. Therefor, our main target group of customers will be companies. However, we also offer spare parts to the private sector with competitive prices as we import most of our stock of parts from the manufacturers themselves in Asia. Our first physical shop will be in Stockholm and if everything goes well I will probably expand the business to several locations around Sweden.
The first Stockholm repair store will open in september, until then I am setting the up the business, finding the right people and filling up the stock of spare parts and setting the foundation to scale this market opportunity.
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I’m looking forward to following your progress. As you say, there are competitors around but especially the b2b market probably has room for new players. At one of my former employees almost as much money was spent on repairing iphones as on purchasing them.