There are many niche markets out there, each offering new startups the promise of big profits. The thing is, some of those niche markets are rather saturated by businesses. As a result, it’s often hard to get a decent slice of the market.
Of course, there are a few exceptions. Believe it or not, one of them is metal restoration. It’s a niche that offers plenty of competitive advantage to inspired new startups. And it’s one of the few markets that are recession-proof. Today, I’d like to give you a few reasons why setting up in such a niche could be lucrative for you.
Restoring is often cheaper than replacement
It doesn’t matter whether the item in question is an electric motor or a large vehicle. One fact that some people seem to forget is restoring such items is often cheaper than replacing them.
Let’s take industrial machines as an example. A factory might use equipment built many decades ago. While there are modern equivalents that are just as efficient, they are expensive. In fact, they might cost so much that it will have an adverse impact on cash flow.
Still, the machines aren’t as good as they used to be. So, how could one resolve such a quandary? The answer is simple: restoration! A company that offers metal restoration can remove damaged parts and fabricate new ones. It’s a useful service and also a much-needed one if spares are no longer available.
The tools needed for metal restoration won’t make you go broke
Some people assume that you need to spend millions on equipment to repair or fabricate metal. That’s just not true at all. Take a look at prices for Ez Cut CNC plasma tables, for example. And the cost of Lincoln Electric welding equipment.
Even if you offered such services on an industrial scale, you wouldn’t need to spend vast sums on the tools required.
Metal restoration is useful for rebuilding old cars
There’s no denying that the classic car market is big. Enthusiasts are willing to pay a lot of money to get restored examples of their dream cars.
If you’re rebuilding a classic car, the chances are low that you can get brand new parts for it. Metal body panels, for instance, are impossible to source in some cases.
The good news is that a metal restoration company can repair or fabricate body panels. Thanks to CNC technology, the parts built are stronger and better-designed than the originals!
Your customers won’t beat you down on price
Lastly, the thing about metal restoration is that it’s a bespoke service. Companies that offer such services don’t have set prices for what they do. That’s because each project they take on will consist of unique requirements. And customers that use a metal restoration firm know that.
Because of that knowledge, those customers won’t try to beat you down on the price. They understand what you are offering is a custom service that caters to their needs. That’s part of the reason why metal restoration is such a lucrative market.
Your customers aren’t just paying for your time. They are paying for your years of expertise and the skills you bring to the table. As a result, you are within your rights to justify offering premium prices for such a premium service.