Every home or building requires a solid flooring installed, and that is where a flooring installation business comes in. Based on the facts gathered, a flooring installation business guarantees significant profits and constant growth potential. Let’s take a closer look at how viable the flooring installation business is as well as its pros and cons.
Many flooring installation specialists learn through contractor-sponsored or internships programs, charging from an average of $35 to $40 per hour. This amount is considerably more than the median hourly income of $16.44 for workers who are under employment. This business venture appears to be more profitable compared to many other business ideas currently flooding the markets.
A steadfast vehicle that has enough cargo space is vital. Equally, you require sufficient space to store all your tools and equipment for any upcoming flooring installation projects. In case you opt for the expansion of your flooring installation business, the licensing requirements are stricter as compared to that of the residential flooring business. For instance, the state of California requires that a flooring installation business entity has an apprenticeship completion certificate from a state or federal council, which is accredited for commercial floor installers. However, in the residential market, a good track record of doing every job both thoroughly and cost-effectively, will offer you a higher advantage to develop your enterprise with referral and recommendations from your previously satisfied clients.
Pros of a Flooring Installation Business
- Floor-replacement contracts can be labor-intensive, while at the same time potentially lucrative. You can also collect extra profits by conducting additional floor-refinishing assignments.
- The flooring installation business does not tend to fluctuate like other construction companies, as stated in the Occupational Outlook Handbook.
- As well, the wholesale-to-retail markup is more profitable. For instance, laminate floorings in the store’s sale at an average of $4 to $6 per square foot, as opposed to wholesale costs ranging from $1.50 to $2. Starting a retail flooring installation business is more profitable.
- It is a freelance-friendly field, with an average of 42% of flooring specialists are categorized as self-employed in the industry.
Cons of a Floor Installation Business
- The Labor-intensive nature of some projects limits one’s ability to take on numerous jobs without having the need to use additional help.
- There is a 4% growth rate predicted in the flooring installation business through the year 2016, which is below the stipulated average for many other occupations, as stated by the Occupational Outlook Handbook.
- Constant exposure to varnish fumes, glue and working with sharp equipment and tools raise the risk of injury to one’s self.
Everything You Need To Venture in a Floor Installation Business
- The most important element to acquire are contacted among interior and exterior designers as well as flooring installation experts, who would subcontract various flooring installation projects to you whenever a customer buys floorings from them.
- Advertising both online and print, vehicle signage as well as a website, helps to promote your flooring installation business.
- Some useful tools like the cordless drill, jigsaw, portable table saw, and a tape measure.
- An insurance cover and business license.