There are many reasons why people choose to start a business. The freedom of being self-employed comes with many benefits, and it can be incredibly satisfying to see your idea become a successful reality.
However, there are also many things to think about before you embark on such a venture, including whether or not your idea is a viable one and how well suited you are as an individual to take on the role as a business owner.
Choosing to start a company that focuses on home maintenance, such as construction or roofing, can be a good option, as these services are always in demand. If you currently work as a roofer for another company, you may have considered starting a business yourself, but are you ready to do so? Here are a few things you need to think about before you make the jump from working for someone else to becoming self-employed:
The first thing to consider is how much experience you have. Working as a roofer will naturally work in your favor, but how long have you been employed in this kind of work? The more years you have under your belt as a roofer, the better position you are in to move into self-employment as you will have more expertise in this role. However, you must also consider how much experience you have in terms of business management. Are you currently working in a more senior role? Have you worked as a team leader or managed clients or any business finances? It might be worth taking some business courses and further training to better understand these additional roles you will need to take on as a business owner.
Are You in a Good Financial Position?
Running a business can be expensive, and most companies will require some form of a business loan to get up and running. If you are applying for a business loan, you will need to have a good credit score to give yourself the best chance of a loan being granted to you. Furthermore, you will need to consider all of your business overheads, including the cost of equipment, staff wages, office/workshop space, materials, and the cost of roofing insurance that you will need for your business, as well as any other relevant cover you might need. You will also need to consider your living expenses and if you have enough savings to keep you going if you need to take a temporary reduction in your salary as your business becomes established.
What Contacts Do You Have?
Knowing people in the industry that could help your roofing business get started will be highly beneficial, whether it’s people who are willing to come and work for you, offer you business advice, or help put you in contact with potential customers and provide references for you. While you can start a business without these connections, it’s likely to prove a lot more challenging to promote your business if you don’t have the right support. Make the most of the people you know in the industry to help you get things started.
Many things go into running a business, including market research and thorough planning. While the allure of becoming a business owner might be tempting, make sure you have thought about the points above and whether or not you are in the right position to establish a roofing business before you start applying for loans.