According to market reports, the revenue size of roofing contractors as of 2021 is estimated to be approximately $51.9bn. The growth rate of this industry is also estimated to have grown by 3.8% in 2021. These numbers go to prove the lucrative nature of the roofing industry. And, with such success, more people want to become part of the roofing business by owning a roofing company near me. But, like any other business, you also require capital to start and grow.
You need from $15,000 to $20,000 to start a roofing company. This amount includes your registration fees, material costs, transportation costs, wages of roofers, and liability insurance premiums. Other than money, what else do you need to start your roofing company?
1. A Business Plan
One aspect that most people ignore when starting any business is a business plan. A sound business plan helps you evaluate your performance and make informed decisions from the word go. You also get to set specific and realistic objectives for your roofing company. And, with those objectives, you can create a road map to help you achieve them. Some key components you should include are:
Services: How do you plan to make money as a roofing company? With a business plan, you can prioritize the services you want to offer your clients.
Target Market: Do you want your business to target a geographic region, specific jobs, or a particular roof? By narrowing down your target market, you can aim to become the best for that specific skill.
Your starting and ongoing expenses: With a business plan, you can account for your continuing costs like technology, rent space, among others.
2. Register Your Business
Once you have a proper plan, the next step is to register your business. Ensure that the name you choose is memorable, unique, and relevant to the service you want to offer. You should also have a business structure. Considering that you are a new business owner, consider choosing a business structure that suits your business plan. However, start by consulting a lawyer before settling on a particular entity.
3. Find Resources That Will Help You Start Your Business
No business owner is an island. It would help if you had people, resources, and organizations that will help you successfully start your business. In most states, most small business associations have resources that are geared toward helping all new companies. You can also take advantage of the online resources available. For example, you can consider joining a roofing contractors group on Facebook.
Another valuable resource you can have in your business from the very beginning is an accountant. An accountant will ensure your business grows financially healthy. They can also review your business plan and help you create a reasonable budget. When creating your team, start small and employ essential skills like a supervisor, sales representative, roofing crew, and general manager.
4. Protect Your Investment
The roofing business is prone to injuries and accidents, especially while on a job. And, it’s essential for you to protect your employees, company, customers, and yourself against the destruction of property, damage to limb and life, and lawsuits. Insurance helps protect every aspect of your business. Some of the insurance types you will need to include:
General Liability Insurance: This type of insurance will cover property damage, bodily injury, and personal injury. If your business damages a customer’s property or an employee hurts themselves, general liability insurance will take care of the cost.
Professional Liability Insurance: This insurance protects your business against claims of negligence and lawsuits.
Most states require a business to have a worker’s compensation policy. This insurance policy provides financial help to any employee injured while on the job.
5. Choose the Right Software
Technology has become an essential aspect of any business. And, it’s necessary also to factor it in when starting your business. Go for software that can seamlessly streamline and manage your daily tasks. With the right software, you can also communicate with every member of your team. Effective communication ensures that everyone is on the same page and has access to similar information.
Remember, it may take some time for you to see visible results. But, with a firm foundation, your roofing business can last for generations. By taking the time to build these minor aspects in the present, you are slowly building your company’s success for the future.