Learning how to start a roofing company is easy if you follow the tips and advice in this article. Let’s get started!
You’ve finally decided you want to launch a profitable business, and a roofing company comes to mind. A roofing company is an excellent business idea because roofing companies can expect continued growth due to the improving economy and increase in residential construction projects. Experts in the U.S. roofing industry predict roofing industry growth beyond 2024.
However, you’ve discovered that you don’t know where to start. That’s where Hoist helps. In today’s post, we’ll delve into how to create a roofing company. Let’s start with the most obvious question:
Even though handyperson skills are necessary, getting your roofing business off the ground takes much more. Here’s what you’ll need to do:
You should create a business plan first because it outlines your aspirations as a new business owner.
A well-thought out business plan highlights any present business gaps, making it easier to find solutions to these issues.
You’ll start by researching local businesses to get an idea of:
So, you’ll look at your possible competitors, their specialties, and their prices.
Writing a business plan also forces you to consider whether you’ll thrive with a business in residential roofing or commercial roofing. Keep in mind that experts predict residential roofing projects will grow according to the information provided in the U.S. roofing industry link above. In contrast, commercial roofing projects are expected to plateau or slump for the foreseeable future.
Then, based on your research and the roofing niche you select, determine the legal entity for your business; limited liability company (LLC) or a sole proprietorship?
While collecting your data, you can start creating your business plan by outlining your business goals.
You can also choose the name of your business and put thought into your prices and offerings based on your competitor research.
An essential part of starting a new business is understanding your startup costs, operating budget, and expenses. Make a strategic financial plan beforehand, even as you take professional development into your own hands.
Keep in mind that a new company takes more time to grow and generate income. You can keep costs low initially by opting to work part-time as you build your company.
When planning finances, you’ll want to know the costs of:
After you understand your business costs, compare those costs with your available funds, especially if you will use personal assets to finance the business. If you’re not using personal funds, use your financial plan when applying for a business loan.
You must calculate your ROI to ensure your new business doesn’t incur more losses than rewards.
For instance, after you research the number of homes and competitors in your business region, separate the old from the new.
New roof installations remain intact for many years, so try to identify how many older homes exist to get a better grasp on your area’s opportunity. Based on the number of older houses and your competitors, how much ROI do you project you’ll make in the first year?
If you can't identify a path to profitability, the business likely isn't worth pursuing. Alternatively, if you see a potential positive ROI, you’ll have a greater chance at success.
Your sales deck represents the products, services, and solutions you offer your clients. Most importantly, it helps your sales representatives successfully close deals.
Your sales deck should:
You’ll need to inform your target area that your roofing services are available by marketing your roofing company.
Remember, you calculated your marketing budget in your financial plan. Don’t worry if it’s not a large budget; it’s not unusual for new businesses to have small marketing budgets.
If you have a small marketing budget, follow these marketing tips to get your business up and running and create your first sales.
Think about why a customer would hire your roofing company. Then come up with a simple, straightforward message telling your prospects what you can do for them.
Be as creative as you want. Remember to use appealing colors and fonts that are easy to read, even from a distance. Pack a punch by adding your business logo on your signage.
Local SEO helps your roofing company website appear higher on search engine results pages.
Start by researching for geo-targeted keywords. Then include these keywords throughout your website. You should include the keywords on your home page, landing pages, and other vital spaces like your page titles and meta-data.
Be sure to add your contact details to your website and create a Google Business Profile to make it easier for leads to find your business when they search Google Maps.
Social media platforms effectively market your company because it allows you to reach a large, highly-targeted audience in your area. The trick here is choosing the platform where your potential leads live and using relevant content to advertise your products and services.
For instance, if your research shows that most of your leads are on Facebook, use Facebook ads and post regularly on your Facebook pages. Try all the different ad formats and use those that work best for your business. For instance, if your Facebook leads prefer video content, use more video in your ads.
Be specific with your advertisements. For instance, create ad sets that focus on new roofing installments, another on roofing replacement, and another on roof inspections.
Finally, remember to optimize your social media profile by making it professional and adding some local keywords to the profile pages.
Growing a business is a gradual process. One of the best ways to market your new roofing company is by partnering with local home improvement stores or other local businesses. For example, approach a roofing repair store to sell your successful roof replacements or roof repair services.
Or ask a local equipment store to help you promote your business in exchange for purchasing certain items like nails and a nail gun.
You can even use a branding company to design business cards, brochures, images, and logos that you can showcase on social media platforms or your website.
The direct answer is yes. It is possible to make money by owning a roofing company. According to Ownershipprocess.com, roofing contractors often make at least $50,000 per year, with many making $200,000 or more.
If your business plan is well researched, you understand your business costs, and you market your business strategically, you can find success as a roofing company owner.
For more information, get started with Hoist today. We’ll help you:
Visit Hoist now for more information on becoming self-employed and achieving your business dreams.
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