4 Reasons to Consider a Roofing Business
What is a good business to start? I say consider a roofing business. A what? Yes, a roofing business. I know the idea of roofing business isn't as glamorous of a profession as a doctor but if done correctly, you can make a very good income. The overall construction industry has dived since the bubble busted in 2008, however the residential re-roofing industry has been almost recession proof.
Chew over a few of the following facts about the roofing industry:
1) Very little startup cost.
Opening a roofing company requires little startup cost. You will need the typical costs of business cards, magnetic signs for your vehicle, literature (contracts, manufacturer brochures), a website, and of course insurance. The most expensive item on the list would be insurance. In regards to the website, you will need to buy a domain name and web hosting package. You could do it yourself with a Wordpress website which is pretty easy. There are many tutorials on YouTube on customizing Wordpress websites and free templates you can use as your foundation for buidling the site. If done correctly, you could spend less than $2,000 and have your business ready to go.
Keep in mind that you need good credit for buying materials from distributors or make sure the credit card you are using has a high credit limit.
2) Many states do not require testing or licensing.
Licensing for the residential re-roofing industry is still behind on the times. Many states do not require testing or training to open a roofing business. Even though your state might not require licensing, you always want to check with your county and city for business licenses. While you are on the phone with the county or city make sure to ask about codes and permits. Many places require permits and/or inspections. Always abide by codes and the inspection process as you don't want fines or shut down in the middle of a project.
3) Little to no barriers to entry depending on the state.
Competition is high in the residential re-roofing industry as it is an easy business to start. Keep this in mind as your competition changes each year when businesses go in and out of operation. You can use this to your advantage. The longer you stay in business your conversion rate for prospects should increase as homeowners want stability in knowing that if they ever have an issue they can call you.
4) Power, Control, and Creativity
Ultimately the reason you are reading this article is you want to be your own boss. You have the power, control, and creativity to do whatever you want with your business. Use this to its fullest by staying up to date on ways of marketing your business. Not everyone can handle being in control of everything, so if you reach a place where your business can afford hiring an assistant I would recommend you find someone. As the owner, you want to focus on sales and growing the company. Having an assistant will allow you to delegate some of the paperwork and daily task that can eat up your time. I have to say if you aren't strong in accounting then you should definitely find a CPA as messing up on your taxes is a quick way to business failure.
In the end, starting your own business gives you the ability to have unlimited income potential. The residential re-roofing industry has an average roof of $6,000 and the profit is about 30% so as an owner the only limitation you have is time. Good luck and much success to you.