Foundation repair businesses serve homeowners by providing a range of foundation repair services. You’ll need a variety of skills necessary to identify and solve a myriad of foundation problems.
Examples of foundation problems include cracked, crumbling or compromised foundations, sagging floors and warped ceilings, soil shifting, and improperly fitting doors and windows.
Starting a foundation repair company has many benefits.
- It’s gratifying.
- You can start on a shoestring budget if you already have the tools and equipment needed.
- You can work from home.
- You are always doing something different.
- Word-of-mouth and referrals are great marketing tools in this business.
- Your overhead costs are generally low.
Also, it’s a business with room for growth. Americans spent nearly $43 million on home maintenance and repairs in a single recent year, according to the US Census Bureau.
The downside includes licensing requirements and regulatory controls.
Okay, so enough talking about why this business is so great, let’s get down to the steps needed to build a successful foundation repair company.
1. Lay the foundation
Just like any other business, you’ll need to have some kind of experience in the business. Most people who start their own businesses have already spent a couple of years working in similar positions.
Next, choose and register your business’s name. Preferably, choose a name that includes the local area that you intend to serve and has an available simple web address. To make sure your name isn’t identical or similar to an existing trademark use the US Patent and Trademark Office’s trademark search tool.
Once you’ve established your company as a legal entity, the next step is to obtain the required licensing. Getting a foundation repair license largely depends on your locality. Talk to others in the business or seek legal advice from a qualified attorney.
The next step is to set up a home office. This can be as easy as setting aside a room in your home.
2. Figure out a business plan
A business plan helps you to have a clear idea of the kind of business you would like to create. Here are common elements to include in your business plan:
- Funding requirements
- Sales strategies
- Organizational management
- Executive summary
- Market analysis
- Business description
- Financial projections
A business plan allows you to pin down your business concept by forcing you to think realistically, objectively and unemotionally.
3. Market your services to the public
For a foundation repair business, relationship marketing can work wonders. When starting out, most of your work will probably come from established social contacts such as neighbors, family, and friends.
Also, leverage social media. It’s cost-effective and can be extremely effective in marketing your foundation repair company. Here are some tips:
- Try browsing networking sites and popular forums that focus on your local area.
- Consider making your own “how to” videos for simple repair tasks and upload them on YouTube and/or Facebook.
- Use Facebook and Twitter to post information about rates and specials.
You also need to create a website. This is where you’ll include a defined list of services your foundation repair company offers. It’s also where you’ll include your business’ name and contact information. For organic rankings in search engines, consider hiring an SEO expert.
Besides social media and setting up a website, other marketing methods you can use include:
- Distributing flyers in targeted areas from time to time
- Sponsoring TV programs related to the home repair business
- Investing in online paid ads to boost exposure for your company
4. Purchase all necessary tools
The foundation repair business requires a variety of tools and machinery. Simple tools include a stepstool and ladder, flashlights, grip vises, wrenches, pliers, screwdrivers, and hammers.
Advanced tools include low-pressure crack injector system, carbon fiber, injection materials, and underpinning and wall-bowing solutions.
5. Solicit reviews for your business
Reviews can mean the difference between success and failure. According to research, an online review is as important as a personal recommendation. On average, a one star increase in Yelp leads to a 5 to 9% increase in a business’s revenue. Also, customers are likely to spend 31% more on a business with “excellent” reviews.
Here are a couple of tips when it comes to soliciting reviews for your business:
- Be careful when offering incentives for reviews. Some may see it as damaging to the review’s credibility.
- Always be polite and remain calm when reacting to negative reviews. Remember that future customers will be reading your words.
- Register a professional account on popular review websites and engage with your customers.
- Avoid specifically asking for a positive review or pressuring them to use a specific site.
Starting a company isn’t for the fainthearted. It requires determination and consistency to ensure that you don’t give up. For the right type of person, a foundation repair company can be an extremely rewarding career.
