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With the ever-expanding real estate market, taking the plunge into the roofing industry seems a worthwhile venture for entrepreneurs. Reports indicate that the roofing market, at the current growth rate, may reach an astounding US$90 billion by 2020. The forecasted growth is down to improved living standards which prompt homeowners to look for contemporary roofing solutions.
For entrepreneurs with little to no experience in the roofing industry, this guide on how to start a roofing company may prove helpful and save you from making costly mistakes.
1. The right skill set
Regardless of where you choose to run your roofing business or decide to hire qualified personnel, you must possess sufficient business management skills. Human resource management, customer service and marketing come in handy.
Supposing you decide to engage in manual work three years of hands-on experience should suffice. All the same, you need not worry if you fall short in the skills gap department; you can always look for a partner for synergy. Partner with a reliable business partner with similar values and vision.
2. Adequate planning
You can’t overlook the importance of planning if you wish to excel in business. Identify your goals early enough – both long-term and short-term – and draw up workable ways that will guide to attain them.
From how you’ll raise finances, staff hiring and operational procedures lay out a reasonable and well-defined plan for how daily activities will take you to your goals.
A well-written and reasonable business plan containing all the necessary information like the business structure, marketing and advertising strategies and financial information and mission statement will not only guide you in your operations, but it’s helpful when seeking financing from banks and other lenders.
You may hire a reputable business consultant to craft a business plan for you if you lack the confidence enough to do it on your own or you’re too busy.
3. Licensing, accreditation and insurance
Unforeseen accidents are a real possibility more so in the construction industry. A roofing job may go wrong causing damage to staff or property. In such cases, lawsuits become a possibility, and its best if you take insurance cover to safeguard yourself.
Consult your accountant and insurance agent to explore the type of insurance cover suitable for you.
Today, many homeowners tend to choose roofing companies under an insurance scheme to avoid protracted compensation negotiations with service providers in case of damages to people or property during a roofing project.
Also, the state and federal laws stipulate all business must acquire a business permit before commencing operations. A roofing business may require safety inspection approvals, zoning, and proof of knowledge, depending on your state. Seek all applicable licensing and business permit information from your town or city hall.
Owing to ever improving standards in the construction industry, business owners’ keen on staying ahead of competition must demonstrate they provide the high-quality services. Thus, we recommend you seek for accreditation from a leading company to raise your odds of luring customers.