Garages have many uses, from a safe place to park your car to a workshop, a storage space or even a home gym. This means most people need to access their garages on a daily basis and over time garage doors can become damaged and will need to be replaced. That’s why starting a garage door installation business is such a brilliant choice and there’ll always be demand for your services.
Whether you’re looking for tips or advice, this guide is the perfect resource, designed for anyone considering starting a garage door business. Today we’ll be looking at how to make a business plan, the profitability of this industry, setting goals and more.
First steps to starting a garage door business
It’s no secret that building a company from the ground up can be a challenge, however, just consider the many benefits. There’s no limit to the potential of your new business, plus, you’ll get to run things your way.
Unsure where to start? We’ve listed some of the first steps to take when starting a garage door business below:
- Choose a memorable and unique company name that helps you to stand out and which customers won’t forget.
- Decide whether to become a sole trader or start a limited company. If you’d like to learn more about these types of business, take a little time to read our sole trader vs limited company guide.
- Talk to a few people in the industry for tips and guidance on where to begin.
- Research your competition online. This will help you to decide what services you’ll offer and how much you’ll charge.
- Ensure you have the right training and experience or hire fully trained workers.
- Keep up to date with new technology to offer your customers the best services.
While it may take time, creating a business plan is key to the success of your company. Wondering how to start a garage door installation business plan? The following sections should all be covered in your plans:
Start by deciding how you want to run your new company. You need to choose whether or not to hire workers, the hours you wish to work, how you’ll source materials and what services you want to offer. If you’d prefer to start small, it’s worth noting that you might not need a physical workplace as many of the materials you use will be kept in a retail warehouse until you need them.
It’s crucial you budget for any necessary start-up costs as well as ongoing overheads. Don’t forget you’ll need to buy replacement tools over time and keep your van properly maintained. It may be worth opening a business bank account to ensure your business is treated as a separate legal entity. Remember to keep all your receipts and consider using accounting software for tax purposes.
Finding a way to stand out over your competition is vital if you want to run a successful business. You can start by researching what customers want and offering those services. This is a great idea, especially if there’s a service not offered by your competitors. You can also consider using promotions to get your business started and draw in customers initially.
Remember to always do a professional and high-quality job so customers recommend you to friends and family. If your new business needs a little boost, joining Checkatrade is a brilliant option. Rather than struggling to find new customers, you’ll be entitled to a share of the thousands of customer leads we get every month. Plus, we’ll also supply you with complimentary marketing materials.
It’s really important that you keep on top of any legal aspects of your new company. You’ll need to keep accurate records for tax purposes and ensure you’re paying National Insurance, or your state pension could be at risk. It’s also well worth signing up for insurance (more on this later) to protect your business in case of accidents or mistakes.
Goals to start a garage door installation business
Every company needs goals to help them to stay on track. These goals will help to give your business direction and allow it to grow over time. If you’re not sure how to set goals to start your garage door installation business, use the following example:
Example goal: I want to earn £30,000 in my first year by installing garage doors
You need to ensure your goal is SMART or Specific, Measurable, Achievable, Realistic and Time based. In the example, we have set a specific goal that can be measured (by reaching £30,000) and is time based (to be completed in the first year).
We then need to make sure this goal is achievable and realistic, but this can be determined based on your company structure and size, the demand in your area and the services you offer.
Remember your goal can be anything from number of customers to the amount you pay yourself. Why not start by setting a goal that is quite easy to achieve giving you a quick win before moving on to more ambitious goals?
Every new business faces challenges, the most common of these is how to fund start-up costs. When learning how to start a garage door business, the financial side is something that many tradespeople struggle with, and this is perfectly normal. If you don’t have any savings, you can use a loan or a credit card to pay for initial essentials but watch out for high interest rates.
Plus, if you’re confused about how to manage your company’s finances speaking to an accountant may be a good decision. Thankfully, the start-up costs for a garage door business aren’t too high and you may find you already have some of the necessary tools.
Don’t forget to budget for tools, materials, a van, marketing and insurance. While we’re on the subject, insurance is crucial for small business and gives you the peace of mind that in case of an accident or slip up, your company is covered financially and legally.
Some of the most relevant types of insurance for a garage door business are:
- Public liability insurance
- Tool insurance
- Van insurance
- Employer’s liability insurance if you plan to take on employees
If you’re concerned about paying out for insurance, tools and materials, joining Checkatrade gives you great deals on business essentials as part of our Buyers Club.
How profitable is a garage door business?
Whether you already work in the industry or not, you’ll likely be wondering how profitable a garage door business is. As well as the satisfaction of doing a great job, making a profit is vital to cover your living expenses.
In fact, owning a garage door business can be very profitable, but this all depends on:
- The services you decide to offer
- Your experience level
- Who your customers are (residential or business)
- How much you charge
- The current demand
- Where you live
Useful checklist for starting a garage door installation business
- Starting a garage door business can be challenging but also a very rewarding experience.
- Always make a bullet proof business plan before starting your company so you ensure you’ve covered every angle and you aren’t forgetting anything important.
- Insurance can protect your company if a past customer decides to take you to court after a mistake or accident.
- Spend a little time making in-depth financial plans that cover your start-up costs, overheads and taxes.
- Becoming a Checkatrade member will help you to draw in more customers and make your business easier to find on Google. In addition, you’ll have your own profile page where you can proudly display past customer reviews and examples of your work.