A roofing company can turn into a profitable venture if done right. To create a comprehensive business plan while avoiding common mistakes, here’s what you’ll need to know.
Hire an accountant
Although hiring an accountant may seem like a steep upfront cost, it saves you time and money in the long-run. Meet with a few reputable accountants in your area or ask a trusted friend for a recommendation.
Before investing in roofing equipment, talk to your accountant to draft a business plan with them. Your business plan should clearly outline your goals and contain a step-by-step guide detailing how you intend to achieve them.
In addition to an accountant, consider researching check printing companies. Many check printing companies provide check writing and printing services for businesses of all sizes, allowing you to save time and money on check printing.
Know your costs
Establishing your costs before starting your roofing business is essential. While expenses like materials and labor are easy to calculate, other expenses (like marketing costs) can be difficult to budget for. Knowing the upfront costs of starting a roofing business will ensure that you begin profiting quickly instead of merely breaking even.
In order to establish a budget, schedule a meeting with your accountant and discuss the costs of what you’ll need. Make sure to consider everything from vehicles and equipment to website and insurance costs.
You’ll also need to determine whether you plan to invest in a commercial premises or run your company from home. When your budget is finished, open a business banking account for your company.
Determine your price
Now that you’ve created a budget, you can determine your price per job. When setting a price, you need to be competitive while still making a profit in the end. Start by comparing prices among local competition.
If you’re experienced in the roofing industry, you’ll be able to determine a realistic price for your area without much research. On the other hand, if you’re new to the industry, consider looking for a mentor who can help you succeed.
Register your business
When it comes to registering a business, a unique business name can perform better than a family name. Register your roofing business with the government, and consider registering a “doing business as” (DBA) name. If you’re interested in establishing a partnership or limited liability company (LLC), speak to a lawyer in your area about costs and requirements.
Once you’ve registered your business, you’ll need the proper authorization. Contracting licenses for roofing businesses vary depending on jurisdiction, so check with local authorities to determine local licensing requirements.
Additionally, local business permits are often required for each municipality you expect to work in. Call your city hall and local government office to determine what permits are needed, along with the necessary approvals on zoning and safety inspections.
Since the success of your business depends on your ability to sell, you’ll need to sharpen your skills as a salesperson. The better you are at sales, the faster your business will grow, and the more revenue you’ll drive in.
Creating a portfolio of your previous jobs and customer testimonials can help you sell more effectively. You should also have a folder of your best “before and after” pictures to serve as a visual sales tool.If you’re not sure how to start selling, software platforms like Salesgenie allow businesses to search through customer and business databases to find sales leads. Along with roofing leads, this sort of B2B software can provide you with automated marketing campaigns and tools to measure sales performance throughout your business.
Starting a successful roofing company requires hard work and a passion for roofing. With the proper planning, you’ll be able to grow your roofing company and profit.