For many reasons, epoxy flooring is the choice of many property owners, both residential and commercial because of its durability and cost effective qualities. Also, it has a high level of aesthetic appeal and can make any spacing look sophisticated and stylish. In addition to these it is highly functional and easy to manage. Also, epoxy flooring can improve a property’s value. Given the many advantages of the epoxy flooring option, many people are opting for it. This makes it a lucrative business to start.
However, like other businesses, starting an epoxy flooring business requires careful thought and making the right steps. Some businesses do not last for long because their owners are not well guided and they make some fatal mistakes. This is why this article presents you with a step-by-step guide on how to open an epoxy flooring business.
A Step By Step Guide To Starting Epoxy Flooring Business
To ensure the business you start is successful, you need to pay attention to all crucial areas. Here is a step-by-step guide to help you make the right moves in establishing a successful epoxy flooring business:
1. Do A Market Survey
Market survey is essential to any business. Thoroughly researching the market and understanding the trends in the industry is essential to building a strong foundation and going from there. Essential areas to consider include:
The epoxy flooring industry
Understand how the epoxy flooring industry is run, what practices are in vogue, and what customers like. Possibly you can do a PEST analysis which involves surveying the political, economic, social, and technological environment of the epoxy flooring industry.
You can check with people running epoxy flooring businesses and even book a tour of the company to see how things are done.
If you plan to buy an epoxy business that is up for sale, you will need to look out for franchises. You may find many franchise opportunities that will interest you but you need to do a thorough research on the state of the business before you settle with one.
Research a suitable location for your business
Where your business is located can go a long way in determining how it will go and how it will flourish. When choosing your location, consider its proximity to facilities, the economic state of the area, crime rate and security, as well as the kind of people who live in the area. Ensure you locate an area that will be favorable to your business and ensure a high demand for it.
Get A Business Plan
Establishing a business involves many important steps that can get overwhelming. A business plan helps to keep things organized and show you a clear path on the road you are taking. A clear business plan will tell you what is involved in setting up the business, how to search for resources, and how to manage these resources to ensure you meet your end goals.
If you want to apply for loans, you will also need a business plan to show you are on a clear mission to achieve a legitimate vision. It also shows lenders that you are serious and are out to succeed.
You can have a professional draw a business plan for you. You can also harness resources on the internet on how to get an effective business plan. A business plan also helps you pay attention to every critical area and ensure there are no cracks for any part to slip through. A good business plan will include answering questions on the kind of business you want to establish, the products you will be offering, your target market and how you plan to attract them.
Brand Your Business
You need to create an identity for your business. Branding is very essential to standing out in the midst of competition. And given the rate of competition in the epoxy flooring industry, you want to come out as unique and relevant. Establishing your business identity includes getting a corporate ID, creating business cards, and producing promotional materials. To ensure your business branding is very effective you need to:
Get a business name
Ensure your business name is easy to remember, unique, and representative of your business. There are businesses that specialize in generating unique names for other businesses. Ensure you are satisfied with the name because it will run across every sphere of your business.
You would have to register the name and also use it for your website domain name as well as every other platform where you showcase your business, like on social media.
Get a Business website
A business website would help to project your business beyond your locality. Ensure your website is easy to navigate and friendly to users. Also, include all the necessary information about your kind of business, the products you have, their prices and how customers can contact you. You can promote your business especially on the blog section of your website. You should regularly post contents that are relevant to your business.
Use social media
Social media like Instagram and Twitter are helpful tools for promoting businesses. Post informative content regularly. Your content types should include texts, images, and videos..
Set A Legal Structure
A legal structure is essential to every business. You have to decide what kind of structure you want to operate with from the onset. There are many options to pick from. Sole Proprietorship is preferred because businesses want to start small. If your business grows, then you can convert it to a partnership, corporation or limited liability company.
If you want to have a partner from the beginning you can consider adopting the Limited Liability Company, LLC, structure. It is most preferred because of the liability protection it offers shareholders. When setting up your legal structure, it is advisable you employ a professional’s services to ensure everything goes well.
Legalize The Business
Legalizing your business is a crucial step in establishing one. Without legalizing your business you may face the law and may even lose your business before you get started. To legalize your business, you have to:
Get a tax ID
Your tax ID is a crucial part of legalizing your business and you may need it from the onset of establishing the business. The kind of business you are establishing and its numerical strength, if you have employees, will determine your tax ID.
Get a license
You also need to get a license for your business. This authenticates it as legally recognized and also certifies that you have met all safety and necessary requirements. In addition to a license you may also need a permit. It is advisable to contact your municipality to know what is expected of you and how to go about them. Once your business has been duly registered you can operate.
Set Up Your Account
You would have to set up your account with the bank in order for you to make transactions. If your business is not handling cash, you will need a merchant account. With a merchant account, your customers can use credit cards in making payments. Although it makes it easier for your customers to make transactions, it also comes with its responsibilities.
Estimate the cost
It is essential that you estimate the cost of setting up your business. To ensure you pay attention to every necessary area, it is advisable to make a list of the required material and assign an estimated cost to each. Create allowances of 10 percent of the cost you have written to account for unforeseen expenses
You should have money to fund the business for the first 4 to 5 months because you may not get clients that would generate money at the initial stage. It is essential to get funding for the business. Many businesses crumble before they get to 6 months due to lack of funding. You may choose to get a bank loan. However bear in mind that banks hesitate in giving out loans to starters because they consider it highly risky. If your application is denied, it is advisable to know the reasons behind it and address them, then you approach another lender.
When choosing a bank, you may want to consider a bank that is trustworthy. You may start with your current bank because you might have developed a relationship with them and you also know a lot about the bank. As time goes on in the business, if you need to switch banks, you can always do that.
Business insurance is crucial to any business. And if you are setting up an epoxy flooring company, you need insurance to cover every aspect of your business. Get an insurance that covers your business operations, your property, works and even your customers. You should also consider getting interruption insurance which secures your revenue even if you are out of business due to circumstances. Getting insurance will save you from unexpected expenses in the eventuality of any incident.
Set Up Your Space
The next step is to set up your space. Ensure that it is spacious, functional, and comfortable. Considering that this is where your business will take place, you will welcome customers, and hold meetings, you want to ensure that you get your spice right.
Set up the business in the right location. As you would have realized from your market survey, you would know what area of a locality is best for your business. While you can make other choices, it is advisable that you use epoxy flooring for your business space. This will help to advertise your business and authenticate your expertise.
Get Your Equipment
When you have gone through the nitty-gritty of setting up your business and you now have a space, you will need to consider getting equipment. The epoxy flooring business requires a number of tools and materials. However, the kind of services you would be rendering will highly determine what tools you will get. On a general note, you will need such equipment as:
- Epoxy resin
- Diamond bit grinder
- Shop vac
Build A Team
Establishing a strong team is essential to business growth. You need a team that will help to accelerate your business, ensure your customers are always satisfied, and ensure you make the right decision at every time. The people who will make up your business team include:
Your employees are an essential part of your team. If you do not want to go the sole proprietorship way at the beginning, then you need to hire competent employees to handle specific areas of the business. While hiring staff, ensure you get the right people for the roles. They should be competent and committed.
Advisors will be able to give you concrete and helpful information and advice. These are people you can consult at any time if you need their services. For example, you need a trustworthy banker who can give you ample information and advice on banking and financial matters. You can also get a competent and trustworthy lawyer who can give you legal advice when you need them.
You will get suppliers for your business. Consider thoroughly what supplier you want to work with. The kind of supply you work with will have an impact on your business. Ensure to pick a supplier who is reputable for delivering quality products. Having a supplier supplying you with substandard products can greatly impact your business. Since you are a startup, you want to build a healthy reputation and be able to drive traffic to your brand in the midst of the competition. Therefore, it is essential to work with only the best. Some customers go only where the best services are rendered and the best products are sold.
Also, consider working with a supplier who is easy to manage. Establishing a healthy relationship with your suppliers will make for the smooth running of your business. It is essential to maintain business agreement with your suppliers. For instance, ensure to pay them on time for every supply.
You will need clients to patronize your business. There are many ways of getting clients for your business. You can try such methods as:
Word of Mouth
You can use word of mouth where you talk about your business to friends and relatives and ask them to tell their friends and relatives as well.
Advertising your business on local newspapers, magazines, radio, and television stations are effective ways of getting clients for your business.
Establishing a unique brand for your business will create exposure for your services and draw clients to what you have to offer. Having a unique website and harnessing social media are effective for generating clients.
If you have a few clients, you can use discounts and promotions to keep them loyal to your brand. However, ensure that you do this at your convenience and not at the expense of running your business. Ensure that the discounts and promotions you offer do not affect your business financially.
Tips For Starting An Epoxy Flooring Business
Here are some helpful tips to start an epoxy flooring business:
- Ensure starting a business is what you want to do. There are challenges involved in starting a business and if you are not motivated all the way you may fail at some point. Have tangible reasons for starting your epoxy flooring business and ensure it is what you see yourself doing.
- Develop the necessary skills needed to establish and run a successful epoxy flooring business. You should be experienced in epoxy flooring and also have effective management skills.
- Decide if you want to buy a business or start from scratch. If you are starting from scratch, all responsibilities lie on you, including finding a suitable location and getting other necessities. If you choose to buy a business on the other hand, you may not have to bother about the location. Also, you will be taking off with an established customer base and you can start earning from the word go. However, note that if the business has some challenges, you will also take them on.
If you are starting an epoxy flooring business, you can start off successful and grow the business forward. The guides outlined in this article make sure of that. It is advisable to get a business plan and do thorough market research. It is also important to register the business and get all licenses and insurance in place.
To get clients for your business it is helpful to have a strong company brand and advertise your products and services as well. Ensure that you get all the equipment you will need for the kind of service you want to render. And also set up a reliable team that we help to advance your business. Whether you choose to buy an existing business or start yours, the tips outlined here will help you make the right moves and grow your business successfully.