If you have experience and expertise in the roofing business, you may be thinking that now is the time to spread your wings and be your own boss.
As a thriving industry, there is definitely money to be made as the roofing company’s owner, especially if there is demand in your area and you have identified a gap in the market.
All of the above being said, if you want to launch a successful roofing business, you need to have not just technical skills but also determination, business acumen, and, most importantly, a willingness to work hard.
If you think you are ready to take the leap, then the blog below will tell you everything you need to know about setting up a roofing business in the United States.
Carry out market analysis
The first step you need to take, and one that is often forgotten, is to carry out market analysis. This means looking at competitors in your local area to see what they offer and how much they charge for their services.
It can also be a good idea at this stage to look at the latest industry trends as this can help you find your niche, see what your competition is doing, and it can help you stand out from your competition.
Create a financial plan
If you want your new business to be able to navigate (and survive) the precarious first 6 months of trading, you need to ensure that you have a good financial plan.
For those who need outside funding, such as a business loan from the bank, you need to be able to show that you can handle the money and that your business has a good chance of success. Your financial plan should include your income statement, a balance sheet, and a cash flow statement.
Register your business
To register your business, you first need to decide what type of legal structure you want it to have. For example, do you want to be a sole trader or a limited company? The former enables you to have complete control over any profits you make, but this also means you will be responsible for any debt you accrue.
A limited company, on the other hand, can make your enterprise seem more professional but the admin side of things is a little more complicated.
Purchase equipment and supplies
In most cases with a roofing business, your most costly expense will be a vehicle such as a van, lorry, or truck, which is big enough to store and transport all your equipment.
You will also need to make sure you have enough budget to buy all the other roofing essentials, such as:
- A roof rack
- A ladder
- A safety harness
- A nail gun
- Hand tools
- A roofing hammer
- Roofing knives
- PPE such as hard hats and gloves
- Roof brackets
- A tool belt
You can find most of these items from a roofing supply distributor or wholesaler, with great deals to be had when you shop around and compare prices. Shopping during sale events for even more savings can also be a good idea.
Find roofing jobs
Depending on how long you have been in the roofing business, you may already have a few clients lined up, but don’t worry if you don’t, as there is plenty of time to find some.
When it comes to roofing jobs, there are three main sources of work: domestic, private, and contract. Domestic work refers to roofing jobs carried out for domestic housing, private work refers to all non-domestic buildings, and contract work tends to be for larger organizations that require help on large-scale projects.
Open a business account
Every business owner needs a business account so that they can manage any income and outgoings related to their business separately from their personal accounts. A business account will also enable you to easily track your expenses and make the process of doing your taxes much simpler.
There are lots of different business bank accounts for you to choose from including the most basic ones and those that come with added benefits such as accounting software.
Market your business
Lastly, you need to market your business, so that you can enjoy an ongoing influx of customers and not have to worry about when your next job is going to come in.
Many marketing techniques are available such as social media, email, and content marketing. Also, ask family and friends to spread the word about your new venture.
