If you plan on starting your own roofing company then you probably a strong idea of what to do when you open the doors of your new business. However, do you know what you should know before actually starting your own company?
Unfortunately its common for roofing companies to close their doors for business even before they have completed a single roofing job. This mainly happens because those leading the company skipped one or two of the steps they should have covered before starting.
Remember before starting your own roofing company you can always rely on other roofing companies/ contractors in order to gain inspiration on how a great roofing company should actually work. Resources like MyRoofingPal provide free quotes and information about the best local roofing companies so that you can understand the pricing and services of the local competitors that you will be competing against.
Besides that here are some important things to consider before starting your own roofing company!
The Right Expertise
Naturally, before even thinking of starting your own roofing company, you must have some sort of experience in roofing and general business knowledge. You also have to know a lot about the products and services that you will be working with.
Most experts suggest that, if you want to start your own company, you must have at least three years of roofing experience – if you don’t, you should consider a partner that can fill the void
The Entrepreneurial Qualities
If you want to be the owner of a company, you must be persistent, a strong networker, comfortable with risk, and able to delegate. If this is your first business it may take a little bit of time for you to get comfortable and display these qualities.
Persistence is especially important in the roofing business because roofing varies so much from season to season. You have to be concious about the potential problems that may arise from the geography of your market. The ups and downs each year can be tough, but the payoff can be rewarding.
Networking works best when done consistently. A roofing business gets the majority of its customers from customer referrals and word of mouth. To be successful you work hard to build a local network, and take advantage of every networking opportunity that arises.
- Risk Taking
You may already know that roofing is a relatively risky business. As your business grows the costs and liability will increase as well.
Being a delegator means that you should not build a business that depends on one person. You can’t do all of the necessary jobs alone and a strong roofing business should still be able to function without you being there.
Basic Equipment Capital
The starter kit of every roofing company will most likely include a truck, ladder, safety belt, safety suits, nail gun, handheld tools, phones, computers, business cards, and a website.
Obviously, you have to make sure that you have enough capital to purchase everything before actually starting your business. Also, ideally you should let your initial equipment pay for itself before buying anything new.
If you are ready to take all of the risks that come with in the roofing business, then you’ll have to get various insurance as well – for example, general liability insurance, sub-contractor liability insurance, workers compensation, professional liability insurance, and vehicle insurance.
Be up to date with the insurance you need, as the requirements vary from state to state and are subject to changes as well.
Permits and Licenses
Lastly, your business will need a permit if you actually want to get the work started. In this respect, you’ll need a local business permit. Given the fact that you will own a roofing company, keep in mind that you will also need zoning, planning, and safety inspection approvals, as well as a state contracting license.
Again, inform yourself before applying for these permits and licenses, as some states do not require them. A license may also require you to have some form of specialized training, proof, or certificate of knowledge as well.
Obviously, there are many more things that you should know before starting your own roofing company but these are some of the essentials to consider.