Opening your own business is one of the best ways to live a more independent lifestyle. With roofing replacements making up 90% of the market’s volume and value, according to Roofing Insight, there’s no denying that the roofing repair business is a big one. However, before you make any lifestyle changes and devote your career to being a business owner, it’s important to follow these tips below to help you be successful!
1. Take the First Steps Slowly
Before opening a franchise, you must obtain the franchise disclosure document (FDD), get legal advice from professional advisors to help you, and do adequate market research. Unfortunately, with many having a busy lifestyle, you might want to rush into things and open up your business as soon as possible. However, roofing is a risky business- so it’s important to take the time to do things right the first time around in order to avoid any stressful or difficult situations down the line. Instead, create a timeline that gives you enough time to do your preliminary research and get everything in order before making any firm commitments.
2. Franchise or Not?
A franchise can be a great way to get started in the roofing business because it provides you with an already-established brand, name recognition, and support from the franchisor. However, there are also some drawbacks that you should be aware of before making any decisions. One of the biggest disadvantages of franchising is that you will have to give up a certain degree of control over your business- which may not be ideal for those who want complete creative freedom and an independent lifestyle.
3. Create a Strategic Business Plan
After you have read the FDD and decided that opening a franchise is the right decision for you, it’s time to start working on your business plan. Your business plan should include a detailed description of your roofing business, your target market, your marketing strategy, and your financial projections. Creating a strategic business plan will not only help you stay organized and on track, but it will also be useful when it comes time to apply for financing or partnerships.
If you decide to open a business without a franchise, a business plan can still be a helpful tool.
4. Get the Proper Licensing and Insurance
In order to operate a roofing business, you will need to obtain the proper licensing and insurance. The requirements for licensing and insurance vary from state to state, so it’s important to research the specific requirements for your area. Failure to obtain the proper licensing and insurance can result in serious legal penalties, so make sure you are in compliance before beginning any roofing work.
5. Develop a Strong Marketing Strategy
A strong marketing strategy is essential for any business, but it’s especially important for roofing businesses. Roofing is a competitive business, with customers usually staying loyal to a single company. However, roofs can last 20 to 50 years, according to the NAHB, meaning your customers will likely only need your services once every few decades. This means you need to work hard to build a strong relationship with your customers and keep your company top-of-mind when they do need roofing services. Continue to market your services and build relationships with customers even when you don’t have any immediate work lined up that way, you’ll be the first company they think of when they need help.
6. Secure the Proper Financing
Starting a roofing business can be an expensive endeavor, so it’s important to make sure you have the financial resources in place before getting started. In addition to your personal savings, you should consider applying for small business loans, credit cards, and lines of credit.
Using these tips as a guide, you can be well on your way to opening a successful roofing business. Just remember to take your time, do your research, and develop a solid business plan before getting started. With careful planning and execution, you can be sure your roofing business will be a success.