Building a solid foundation: How to start your flooring business
Working for someone else is what most of the people in the nation choose to do, but if you truly want to build some wealth, one of the best ways to do it is to create your own little business. Cutting a little slice of your own pie out of the market can yield a nice little income for you, but if the business is not started and built correctly, it could lead to bankruptcy.
Since you have chosen to open a flooring business, it will be assumed that you have worked in the field and have an excellent working knowledge of the industry. If not, you may want to take some classes first if you haven’t already. While doing that, you can always get the ball rolling and take the steps needed to get your business up and running. That way, you can legally operate your business in your chosen location once you are ready to go.
- Business plan – The first step of starting a business is to create a business plan. There are numerous online companies that are willing to help you at a cost. Otherwise, you can download a template and do it yourself. Either way, make sure that you have all the information that it asks for and fill everything out completely. If you do not have the information, get it.
- Legals – Depending on your specific location, you must get a business license and business insurance. Unless you plan to work out of your house, you will need a business location to work out of. You need to contact your local business bureau to see your local requirements and get all the legal aspects of the business out of the way. Unless you plan to go big, file for a sole proprietorship to start out with. Don’t forget business insurance because it is not only required by law but could cover your neck if something goes wrong.
- Client – Now, you need to get your first official customer, even if it is just a simple job of replacing a plank in a damaged piece of hybrid flooring. What you are looking for is something that can get your name out there into the public. Your biggest asset will be word of mouth, so always treat your customers, and vendors, with respect. Even when out in the public, in a personal capacity, treat all people respectfully because it reflects on your business.
- Finances – You may have this set up already, but if not, it is time to start dealing with your finances. You will want to get a business checking account that is separate from your personal accounts. If you are looking at needing some money to upgrade or expand your business, it is time to start applying for some loans. This is also when you should start looking for an accountant to deal with your taxes and your payroll if you have any actual employees. If possible, keep all your workers as independent contractors so they are responsible for paying their own taxes and getting their own insurance.
That is all that there is to start your own flooring business. One thing to keep in mind is that you need to be a flooring expert if you want to be successful, so take some time to learn all the different types of flooring, especially the newer types that have become more popular than, the older ones, such as hybrid flooring and laminate versions. One part of owning a flooring business is sales, so unless you can sell the floor to the customer, it doesn’t matter how affordable your bids are, you will struggle to get any work.