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 Contents
- What Exactly Is the Garage Door Business?
- Follow These 9 Essential Steps to Start Your Garage Doors Business
What Exactly Is the Garage Door Business?
Garage door business provides services to people who have a garage at their home or other premises. The standard services include:
- Basic garage door installation/repair
- Common inspection of garage doors
- Spring replacements
- Roller & track repair
- Complete door replacements
Apart from these services, there are some emergency services that you can include in your company by taking some premium rates as compared to other regular services.
Essential 9 Steps to Start a Garage Door Business
You can efficiently start your new garage doors 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.
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Step 2: Establish a legal entity
The most common business structure types are the 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 2021 are:
- ZenBusiness: It is an ideal LLC service for small businesses because of its affordable packages tailored for entrepreneurs.
- Incfile: It provides free premium LLC services in its entry-level packages.
- Inc Authority: This one is best known for its affordability and quick, easy checkout process.
- Rocket Lawyer: It is ideal for ongoing legal services because they offer access to legal documents. Also, you will get support from professional lawyers.
- 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 2021 are:
- Navy Federal Credit Union: It provides members with higher interest rates and no monthly service fee.
- BlueVine: They charge zero fees and offer unlimited monthly transactions. Online businesses operating 24/7 can bank without unexpected fees.
- 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.
- Wells Fargo: This bank is an expert in processing SBA 7(a) loans.
- 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.
State & Local Business Licensing Requirements
You 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.
Labor Safety Requirements
The installation of garage doors involves tools and machinery. Hence, it is essential to abide by labor safety requirements. Here is the link for you to check out.
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Step 7: Get Business Insurance
Your business needs insurance to operate safely and lawfully. Business Insurance protects the financial wellbeing 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: Build a Brand For Your Business
Your brand is what your business stands for in the market. It also shows how your business gets perceived by the public. A strong brand will help your company stand out from its competitors. You can create your business logo with this free logo maker.
Social media platforms such as Facebook, Linked In, and Twitter are excellent tools for spreading your business name and generating consumer interest.
Step 9: Create Your Business Website
A business website can also be an ideal platform for fielding questions, taking orders, and managing customer word of mouth. Creating a website is quicker and easier with website builder tools like the GoDaddy Website Builder. You don’t need to hire a web developer or designer to create a website anymore. Remember, social media is not the replacement for the business website you own.
Align yourself with other industry professionals, related businesses, and services. It can significantly increase your market reach.
Always maintain a high level of professionalism and treat your consumers fairly and respectfully. If there is ever a problem, try to solve the problem quickly. Word of mouth is one of the best forms of free customer advertising. Also, a positive reputation will take your company a long way.
Additionally, offer customers specific incentives to maintain excellent relations. Preventative maintenance on moving parts, such as oiling the drive chain and checking or replacing rubber seals, may be an inexpensive service, but it will win over your customers.
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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.
This easy-to-use FSM software enables you to boost the productivity of your company.
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Retail sales of garage door systems would also give an entrepreneur a better understanding of the products and some of the industry “secrets” involving garage door systems.
Retail sales also increase the chances of developing better consumer interactions and communication techniques.
Are you ready to begin the journey and build a thriving 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!