The tech repair industry is a 19 billion dollar industry with sales being driven by the increased demands for high-priced, technologically complex products.
If you are entering this market with a tech repair business of your own, you will need to have accurate financial projections created to show to potential investors and/or lenders. That’s where we can help!
ProjectionHub has developed a financial modeling template specifically designed for tech repair companies like your’s! This blog post will show you how to utilize our web application to generate your customizable and easy-to-read financial reports and projections.
1. Sign up for ProjectionHub
- Feel free to learn more about ProjectionHub in general before signing up.
- You can sign up for a free trial by selecting the “Phone, Tablet, Computer Repair” template here.
- If you have any questions about the model as you go, please email email@example.com
2. Add your business info
Once you sign up and confirm your account you will be asked to complete some general business info as seen below:
Adding the Tech Repair Business Model
Once you save the general business info, you will be able to add a business model. If you don’t already see a “Phone, Tablet, Computer Repair” Business Model added on this page, you can click the add Business Model button as seen below to add your first tech repair unit.
3. Add your Revenue
Next you can click the orange button to Add Revenue to get started with your sales projections.
You will now have 2 options as you see in the image below:
- You can click “Add Revenue” which will give you the ability to add projected revenue numbers for each month for your store.
- Or you can click “Add Google Sheet Revenue”. We have created a special Google Spreadsheet template specifically for tech repair companies that will give you more control in terms of adding assumptions for your sales projections.
- If you decide to utilize our Google Sheet template please see this guide on how to enable the Google Sheet Integration. You can see a screenshot of a portion of the Google Sheet below:
4. Add your expense projections
Once you complete your revenue projections you can move on to your expenses. There are 2 primary types of expenses:
- Startup Expenses
- Ongoing Operating Expenses
Some of the items listed as startup expenses should be entered as expenses on month 1 and some are actually cash spent on assets like:
- Leasehold improvements
If you have any of these types of expenses you will want to add them later as an “Asset” instead of an “Expense” on this page.
On the Expenses page in ProjectionHub you will be able to add/update your operating expenses. You will notice that the Expense page will come with a number of standard expense line items along with a default monthly expense for most of the line items. Obviously you can change any of these default expenses to reflect your specific situation.
Some expenses may be a % of your total sales, instead of a fixed monthly amount.
So as you see in the image above you can click the check boxes next to those expense categories and then in the drop down box you can select “Apply Industry Ratios” and then click “Apply”.
5. Add your assets
Next you can move on to the assets section. You will notice that the Assets page comes pre-loaded with the default assets that you might have as a tech repair company owner.
To add an asset, hover over the row, see the 3 dots on the left of the asset name, hover over, and click edit.
Next you will be able to add your Machinery And Equipment as an example. You can enter in the details of your assets as seen below:
6. Add your liabilities
Next you can move to the Liabilities page and add a loan. If you are going to borrow to help fund your startup costs, you can “Add a Liability” as seen below:
Then, you can go ahead and insert the details of the loan or other liability that you have acquired.
7. Add investors
Next you can add any personal investment you will be making as well as investment from outside investors.
Then, you can enter your investor’s information and the amount and terms of the investment:
8. Review your financial projection reports
Once you enter in all of your assumptions you will be able to review a number of reports. Here is a sampling of some of the reports, tables below:
On the Dashboard page you will be able to download your Income Statement, Balance Sheet and Cash Flow projections to share with your lender or investor.
Adding Multiple Tech Repair Units
Finally, let’s assume you want to add another tech repair store in the future. All you need to do is go back to the “Business Model” page and add another “Phone, Tablet, Computer Repair” business model. You can then label it Phone, Tablet, Computer Repair–unit 2 and you can repeat the process. You can add as many units as you would like over time.
Again, you can get started by creating a ProjectionHub free trial account today.
As you complete your projections please don’t hesitate to reach out to us with questions at firstname.lastname@example.org