Starting your own business is never really easy, especially when you are starting a business in the construction or foundation repair industry. The companies in this industry serve home and business owners by providing a range of foundation repair services. However, in order to be successful in this industry, you’ll need a wide array of skills, knowledge, and experience to identify and solve countless amounts of foundation problems and issues other people are experiencing.
Common examples of these foundation problems include cracked or damaged foundations, sagging floors or warped ceilings, soil shifting, and doors and windows that are improperly fitted. Starting your own foundation repair company is certainly rewarding, often offering some of the following benefits:
- A gratifying work experience
- You don’t necessarily need a large budget to start
- You often can work from home
- You are always working on new and interesting projects
- Overhead costs are typically low
- And so much more!
Additionally, the foundation repair business has so much potential room for grown! According to the US Census Bureau, It is estimated that U.S. homeowners spent over $43 million on home repairs and maintenance in a single recent year. If you are planning on starting your own foundation repair business, there is a lot of work ahead of you. Luckily, we put together some basic steps you should follow to build a successful business.
Lay the Foundation
Just like any other business, you’ll want to have some sort of experience in the industry you plan on working in. Most people that begin a business often have already spent a couple years working in a related field or position. This will make running the business much more simple.
Next, you’ll need to select and register a business name. For the best results, choose a name that includes the name of the local area you plan to serve and try to get an available web address that is simple. Once your foundation company is established as a legal entity, the next step to to get the required licensing. Once that is complete, you will be ready to set up a commercial or at-home office!
Determine Your Business Plan
Having a business plan in this industry is essential. Not only will it provide a clear idea of the services your want to provide and create, but it will help ensure you stay on track with your goals. Some common factors to include in a business plan are:
- Funding requirements
- Marketing and sales strategies
- Market analysis
- Business description and mission
- Financial projections
- Organizational management
A detailed plan will better enable you to pin down your business concept by forcing you to run your company realistically, objectively, and unemotionally.
Marketing is essential for foundation repair businesses. Additionally, social media is becoming a cost-effective and extremely effective marketing tool for your business. Be sure to set a budget aside to invest into marketing purposes. This could be advertisements, mailing campaigns, or other effective strategies. Also, if you did not already create a website, it is vital that you do so. You’ll need a user-friendly site that not only includes you business name and contact information, but also a list and description of foundation services.
Find the Right Supplier and Equipment
Without the proper foundation repair equipment and tools, your business likely won’t have much success. That is why you should find a reliable supplier of foundation repair materials. If you need help choosing the right manufacturer or supplier, check out one of our recent posts, What to Look For in a Manufacturer. Look for suppliers that not only offer quality materials, but quality services as well. Additionally, you’ll want to choose a supplier that is ISO 9001 Certified. This will ensure that you get your desired results delivered consistently, problems solved quickly, and get a maximum return on investment (ROI).
When it comes to choosing a supplier for quality steel piling products and other foundation repair supplies, Magnum Piering is one of the best manufacturers to have on your side. Not only are we the leader in leader in manufacturing high capacity, high quality steel piling products for deep foundations and foundation repair applications, but when you team with us you get the industry’s most comprehensive sales and technical support. Unlike other suppliers, we have all the methods, products, and support that you need for all of your foundation repair projects.
When you begin working on foundation repair projects consistently, you’ll likely start receiving online reviews for your services. These reviews can make the difference between success and failure. It is estimated that, on average, a one-star review can increase leads from five to nine percent, helping increase revenue. Additionally, reports suggest that consumers are likely to spend 31 percent more on a business that have excellent reviews. With all this in mind, it is essential that your reviews of your business are properly solicited. Here are some helpful tips:
- Be cautious when offering incentives for reviews as it could end up being damaging to the review’s credibility.
- Always be kind, calm, and professional when responding to negative reviews. Keep in mind that potential customers will view your responses.
- Register a professional account on popular online review websites and engage with customers.
- Avoid asking customers for positive reviews
Of course, it goes without saying that to receive good reviews, you must provide customers with good service. You should always be striving to provide the best service, and in return you will receive positive reviews.
Once you have laid out your business foundation, established a business plan, begun marketing your services, and partnered with the right supplier, you will likely be heading in the right direction towards success! Before long, your new company will be booked with various foundation projects.
Remember, choosing the right supplier is essential to the success of your foundation repair company. With quality materials, a dedicated support and installation team, and other helpful resources you and your company will be better prepared for your projects. If you are interested in partnering with Magnum Piering, contact one of our friendly representatives.