Starting a foundation repair company can be a great way to get your feet wet as an entrepreneur. As a foundation repair expert, you’ll be expected to identify signs of foundation issues and provide solutions before the problems get out of hand.
Here is a simple checklist of the most common signs of foundation problems you’ll need to identify and deal with:
- Counters and cabinets separating from the wall
- A damp crawl space in a pier and beam house
- Sagging or uneven floors
- Gaps around window frames or exterior doors
- Doors that stick or don’t open and close properly
- Foundation upheaval
- Foundation settling or sinking, and the most common ones
- Foundation cracks
- Wall or floor cracks
But why start a foundation repair company? Well, because the start-up costs are low, it has a flexible schedule, and you don’t require an advanced degree. The only thing you need to have is a permit.
Here are 7 key steps to starting your own foundation repair company:
- Start with the basics
An idea is great, but you need to give it legs. Meet all the legal requirements required to start a foundation repair company. Remember, homeowners looking for a foundation repair specialist will want to verify whether your company is credible or not.
Your company will most likely be registered as a limited liability company. That being said, we recommend you seek legal advice on this.
Next, think of a name. Since you’ll be operating in your area, it’d be a great idea to include it as part of your company name. After doing this, look up the filing process via your state’s official website, where you’ll find the Articles of Organization template. Usually, this process may cost you between $50-100.
The next step is to set up an office. A room in your home will also do.
2. Take time to brainstorm
Now that you are a registered entrepreneur, you need to think about every aspect of the business. Think of strategies that will help you realize the goals of your company. Think of questions that a potential investor or even a stranger might ask you. You could, for instance, try to answer these questions:
- What are the main things you want your customers to know about your company?
- Are there additional products or services that could tie into your foundation repair business?
- What could go wrong and how will you solve it?
- Who is the target market for your services?
3. Create a business plan
According to the U.S. Small Business Administration the main parts of a business plan include the company’s structure, market analysis, company description, executive summary, financial projections, marketing and sales strategy, and a description of the service or product line.
4. Do a market feasibility and research
Doing market feasibility and research is essential for any business. You’ll be able to understand your competition, what types of foundation problems are common in the area, the foundation repair rates, and so on.
Conducting market research is easy. You can find crucial market information either by checking your competition, reading about your area’s foundation repair market, or by just heading over to Google trends and checking your city’s historical market.
5. Launch marketing and brand awareness campaigns
Start planning ideas for branding, sales, and marketing efforts before you launch your foundation repair company.
Here are some places to get you started.
- Sponsor TV programs related to the foundation repair business
- Send brochures to homeowners
- Attend business fairs, seminars and expos
- Create a high quality foundation repair website and have it optimized for search engines
- Leverage social media platforms like Badoo, Google+, Instagram, LinkedIn, Facebook and Twitter
6. Dealing with competition
There’s bound to be competition in the home foundation repair business. This is mostly because of the low barrier to entry. Generally, the smaller the area you are starting your company, the lesser the competition will be.
Here are some ways to get ahead of your competitors:
- Provide top-notch customer service. This will help keep referrals streaming in.
- Go after large clients. It’s the fastest way to gain credibility. It may be hard when starting out but is well worth the effort.
- Figure out how you are different from the competition and capitalize on it.
- Ramp up your foundation repair website. Also, have it optimized for search engines by an SEO.
7. Have your tools ready
Fixing foundation issues will require you to have an arsenal of tools. As a foundation repair specialist, you’ll need to have tools such as:
- Underpinning solutions
- Wall bowing solutions
- Carbon fiber
- The right injection materials
- Low-pressure injector system
As with any other business, starting a foundation repair company can seem overwhelming. However, for the determined person, it can be an extremely rewarding venture to pursue.