Published on: February 14, 2022 The global garage door business is fast becoming a big market. Its market size will reach USD 1269.8 million by 2025 at a CAGR of 1.7%Aspiring entrepreneurs!! Now is the time for you to jump in if you have a dream of starting your garage door business. I know what you all are thinking “how to start a garage door business?” That’s a question that deflates a lot of motivation before getting started. Don’t worry. In this blog, I have written a step-by-step guide on starting a garage door business. Continue reading and arm yourself with the required knowledge to get started.Table of ContentsEssential Steps to Start Your Garage Doors BusinessFAQReady To Start Your Garage Door Business?Follow These Essential Steps to Start Your Garage Doors Business You can efficiently start your new garage door business if you take care of the following points.Step 1: Create a Plan For Your Business For starting a garage door business, proper and detailed business planning is a must. As a business owner, you need to take appropriate measures to analyze the industry and competitors to know their working environment.Once you know the requirements, you need to search for the missing factors and include them to find the best for your garage door business. Then, when writing the business plan, you need to ask the following questions to yourself: What are the costs involved in opening this business?What are the ongoing expenses?Who is the target market?How does this business make money?How can you charge customers?How will you grow your business?How will you name your business? By answering such questions, you can quickly initiate your business. First, you need to start by visiting the business owners of garage door repair services from towns and cities.The common mistakes can be easily avoided by taking help from someone already running the business for a long time. By doing this, there are more chances of saving both time and money.You can even browse the internet to look out for the local competition and identify your expertise area. You can eventually change your business plan depending on how you want to be top against your local competitors.Step 2: Establish a legal entityThe most common business structure types are sole proprietorship, partnership, limited liability company (LLC), and corporation.LLC or corporation protects you from being held personally liable if your garage door installation and repair business gets sued.Our Top-Rated LLC Services for 2022 are:1. ZenBusiness: It is an ideal LLC service for small businesses because of its affordable packages tailored for entrepreneurs.2. Incfile: It provides free premium LLC services in its entry-level packages.3. Inc Authority: This one is best known for its affordability and quick, easy checkout process.4. Rocket Lawyer: It is ideal for ongoing legal services because they offer access to legal documents. Also, you will get support from professional lawyers. 5. LegalZoom: It is a well-known LLC service. They have been in this business for quite a long and have forged long-term customer relationships.Step 3: Register For Taxes You will have to register for various state and federal taxes before starting your business. Apply for an EIN to register your taxes. It’s a quick process and is free. An Employer Identification Number (EIN), also known as a Federal Employer Identification Number (FEIN), or Federal Tax Identification Number (FTIN), is a social security number (SSN) for your business. The unique nine-digit EIN allows the Internal Revenue Service (IRS) to identify companies for tax reporting.The quickest way to get a free EIN is to apply for one on the IRS website.Establish your business before getting an EIN. The IRS will ask for your business formation date and legal business name.You can also apply for an EIN by fax or mail by completing Form SS-4. If you are submitting by fax, send your EIN application to fax number (855) 641-6935. If applying by mail, submit to the Internal Revenue Service, Attn: EIN Operation, Cincinnati, OH 45999.Step 4: Open a Business Bank Account You need a dedicated business banking account for personal asset protection.When your personal and business accounts are one, your assets are at risk if your company gets sued. It is known as piercing your corporate veil in business law. Our five best national banks for 2022 are:1. Navy Federal Credit Union: It provides members with higher interest rates and no monthly service fee.2. BlueVine: They charge zero fees and offer unlimited monthly transactions. Online businesses operating 24/7 can bank without unexpected fees.3. Chase Bank: It is ideal for businesses with a large number of cash deposits. Chase has strategically located branches, variable fees, and tailored checking options.4. Wells Fargo: This bank is an expert in processing SBA 7(a) loans.5. US Bank: It offers the best no-fee business checking account and is helpful to businesses that have only a few monthly transactions but need a large regional bank.Step 5: Set Up Business Accounting Here are 12 steps for setting up business accounting –Open a bank account.Track your expenses.Develop a bookkeeping system.Set up payroll systems.Investigate import tax.Determine how you’ll get paid.Establish sales tax procedures.Determine your tax obligations.Calculate gross margin. Apply for funding. Find high-quality accounting partners. Periodically re-evaluate methods. Step 6: Apply for Necessary Permits and Licenses. Not acquiring required permits and contractor’s licenses can result in hefty fines or even lead to the closure of your business.1. State & Local Business Licensing RequirementsYou will need specific state permits and licenses to operate a garage door installation and repair business. To learn more about licensing requirements in your state, check out SBA’s reference to state licenses and permits.To get information about local licenses and permits:Check with your town, city, or county clerk’s office. Get assistance from one of the local associations listed in the US Small Business Associations directory of local business resources.2. Labor Safety RequirementsThe installation involves garage door tools and machinery. Hence, it is essential to abide by labor safety requirements. Here is the link for you to check out. Step 7: Get Business Insurance Your business needs insurance to operate safely and lawfully. Business Insurance protects the financial well-being of your company in case there is a loss.Go with general liability insurance if you are uncertain about the types of risks your company may face. It is the most common coverage that small businesses need. Another insurance policy that many companies need is workers’ compensation Insurance. There is a possibility that your state will require you to carry compensation coverage for the workers if you plan to hire employees. Step 8: Market Your Garage Door Business to Get CustomersAfter establishing, it is essential to market your garage door business. To ensure your business is not restricted and outreach to your customers, you have to adopt marketing strategies. It will help to create a strong brand for your company. Social media platforms such as Facebook and online platforms search engine are ideal mediums to get customers in the fastest way and increase garage door sales. You can also create a business website for your garage door repair business. Step 9: Use Garage Door Business Software to Schedule and Dispatch JobsTo make your garage door companies stand out in the garage door industry, use garage door business software like FieldCamp to schedule and dispatch jobs. FieldCamp lets you assign jobs to your workers. You will be able to manage and share all the work details in one place. Track the task allocated to the workers. Moreover, FieldCamp will automatically provide an update of their job status.With FieldCamp, you can send emails to the clients if the invoice payment is due. Also, you will know which worker is performing the best, the one who needs fewer jobs or more hours. Which person in the team might not be pulling their weight. You will no longer have to guess any of it, as FieldCamp will share accurate reports to answer these questions. Our software enables you to boost the productivity of your company.Manage Your Garage Door Business with FieldCampNo credit card details required. Start your 7-day Free trial with all the features. Try before you buy it.Start Free TrialFAQsHow much can you potentially make owning a garage door business?On average, repairing garage doors makes $125,000-$250,000 in profits a year. As you can see, it is quite a lucrative business.What happens during a typical day at a garage door installation and repair business?You and your team will be out in the field performing installations or repairs. It could also be replacements of parts or whole garage door systems. An additional amount of time will be spent marketing and promoting your business, as well as following up on customer leads or checking status and customer satisfaction of completed installations and repairs.How much is a garage door setup? According to Forbes survey, the lowest cost for garage door setup is $260, average cost is $1,200 and highest cost is $2,300.What is the average life of a garage door? The average life of a garage door is 15 to 30 years. However, it always depend on the daily usage, door quality, local climate, and maintenance.Can you make your own garage door? Yes. you need multiple tools like electric saw, rollers, wooden glue, heavy deputy hinges and screws, hammer, door handles, tape measure, and nails to make your garage door.Ready To Start Your Garage Door Business? Follow these steps sincerely, and soon you will have a flourishing business. Adopting an FSM software like FieldCamp can complement your business further. You can share all job details in one place, create and dispatch invoices to clients instantly, and track your field technicians in real-time. Know what they are doing at any time of the day or night. If you are feeling unsure, don’t worry. Visit the website and start a free trial today to check everything out!Author BioGaurang Bhatt Gaurang Bhatt is a techie in himself with an ability to solve problems technically and present solutions in the form of a product. He is one of the pioneers to curate FieldCamp with his 15+ years of knowledge and expertise in providing solutions to home service industries. Gaurang aims to overcome challenges faced by service business owners through software solutions and blogs. Sign up for weekly updates from Fieldcamp.