BusinessHABEmergency garage door repair: A garage door is also crucial when it comes to accessing your home and using it for parking your vehicle. A convenient and reliable garage door provides peace of mind. During emergencies, garage doors offer an exit route from your home.
Read on: How to Choose the Right Garage Door Repair Service Provider
Emergency garage door repair
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Garage door installation and repair businesses specialize in new garage door installations and replacement and/or repairs of existing systems.
Learn how to start your own Garage Door Installation and Repair Business and whether it is the right fit for you.
1. Know the costs involved
Start up costs can be relatively low, with most businesses needing between $4,000 and $8,500 to get started. Much of the materials are stored in a retail warehouse until they are shipped to the consumer or to your business site before an installation takes place. This allows a start-up to avoid renting or building their own storage facility.
Other costs can include:
- Carpentry and power tools, including a circular saw, drills, sawzall, hand tools, tape measures, and levels.
- Reliable transportation. A full size truck or panel van will work well. You may consider commercial vehicle insurance, as well.
- Insurance, business license, and possibly a contractor’s license. Check with local and state offices to see what levels of certification you need to begin operations.
- If you open a brick and mortar location or rent a storage facility, these would also be costs to consider.
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2. Know the ongoing expenses
Most ongoing expenses are related to repairing or replacing tools used in the installation process. Circular saws, jigsaws, and drills are common power tools a garage door tech would need to replace. Other costs include care and maintenance of commercial vehicles or the rental costs for an office location or storage facility, if your business uses either of these.
Emergency garage door repair
3. Know the targeted market
Ideally, you are looking to attract and capture residential customers who are looking to repair, replace, or install a garage door system. If you are working as a sub-contractor for a residential housing business, you might shift some of your attention to making sure you continue to capture the attention and continued partnership of the builders.
4. Know how the business make money
Garage door companies make their money from the sale, installation, and repair of garage doors and their mechanical systems.
Approximately 2/3 of the homes in the U.S. have a garage door, and over 70% of those homes are over 20 years old, offering numerous opportunities for installations and repairs. Fortunately for customers and businesses owners alike, garage door installation or replacement is relatively inexpensive, compared to other household upkeep, such as roofing or windows, which can be three to five times as expensive to fix. Garage doors are often one of the most likely residential capitol repairs or upgrades to take place.
5. Know how you can charge your customers
Most installation costs are built around the garage door and hardware pricing, plus labour costs. Door and hardware pricing will vary, depending on style and materials, but most installations will remain relatively similar. Garage doors cost anywhere from $500 to $3,000, with the labour averaging about $500 for five hours of work.
Emergency garage door repair
6. Get estimated profit
Annually, a garage door business can average $150,000-200,000 in profits. In years one through five, many business owners invest much of these profits back into the company to continue a positive growth pattern.
7. Know how to make your business more profitable
As mentioned above, offering maintenance services on doors and equipment may generate more revenue. It is also an excellent method for maintaining positive customer relations. Other options for increasing profitability would be the renovation or reclamation of older or antique garage doors. Older doors, which were specially made or need replacement wood or hardware may preserve the value of a historic home more than replacing with a new door.
Emergency garage door repair
8. Set up business accounting
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
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9. Learn how to promote & market your business
Advertise as much as possible and with as many free or low cost forms as possible. Social media platforms such as Facebook, LinkedIn, and Twitter are excellent tools for spreading your business name and generating customer interest. A business website can also be a relatively inexpensive tool for fielding questions, taking orders, and managing customer word of mouth.
In addition, align yourself with other industry professionals and related businesses and services. Cross pollination of related businesses, such as pressure washing and driveway refinishing or door and window businesses can greatly increase your market reach.
10. Know how to keep customers coming back
Maintain a high level of professionalism and always treat customers fairly and respectfully. If there is ever a problem, strive to remedy the problem quickly and completely. As mentioned before, word of mouth is one of the best forms of free customer advertising and a positive reputation will take your business a long way. Additionally, look to offer customers certain special incentives to maintain good relations. Preventative maintenance on moving parts, such as oiling the drive chain and checking or replacing rubber seals may be an inexpensive service which really wins over your customers.
Emergency garage door repair
11. Set up your business phone system
Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.
12. Know the activities involved
On most days, you and your team will be out in the field performing installations, or repairs and 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.
13. Get the right skills
Experience in residential construction is always helpful. A solid understanding of sound construction principals will ensure greater success of installs and working around existing construction when repairing or replacing existing systems. Retail sales of garage door systems would also give an entrepreneur in this field a greater advantage through virtue of understanding the products on the market and some of the industry “secrets” involving garage door systems. Retail sales also increase the likelihood of developing positive customer interactions and communication techniques.
Emergency garage door repair
14. Know the growth potential for the business
With the housing market on the rise as of late, the garage door business is sure to follow. Equally, the garage door industry is slightly underperforming, compared to other residential improvements, such as windows or roofing. This means there is greater potential for growth without fear of stifling competition within the industry.
15. Know how and when to build a team
Initially, a garage door business may only need two or three employees to work on installations. As the business grows, an office manager can be an invaluable addition. And, as the business prospers and grows, additional field techs can be brought on to serve as initial inspectors and estimators and later installers.
Emergency garage door repair
16. Get other tips
One of the first steps to creating a competitive niche in this market is to understand your competition and the levels of saturation in your area. Then, create a business model or plan which takes into account your research, overhead costs, potential for growth, and potential industry partnerships or sub-contractual work. Also, make it a point to include yourself in seminars or training courses within the industry. Becoming well known and trusted within your industry will return great dividends, not only financially but strategically among your peers.
17. Find a business mentor
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners.
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