The present times have never been better than ever before for styling your house with the best way possible. Earlier what was based on cozy and expensive decorating has now changed into cheap yet artistic technology based decorating.
Many of you would be in love with the new methods of styling your house especially when it comes to the floors. What would be the best that looks beautiful and standard and is also a bit cheap than other methods of flooring.
Epoxy flooring is one such method of cementing your floor with the one of the most spectacular technologies that has certainly touched the heart of many customers who have used it in their houses or any other commercial place.
There has been a rising trend in the usage of epoxy flooring which has certainly led to rise in business of the same. If you are interested in epoxy flooring business then this article will serve you as guide on how to start epoxy flooring business.
The basics of epoxy flooring business
Epoxy flooring is a method of applying of resin which is made from thermosetting polymer and other synthetic materials used for flooring. The importance of epoxy flooring is that it doesn’t gets affected by water or any other corrosive material and lasts longer in addition to providing extraordinary beauty in floors.
Epoxy coating is done by covering or laminating the floor with the epoxy resin that makes it resistant. There are various phases in which epoxy flooring is done and to learn that you may take some tutorials or can consult experts.
Starting into epoxy flooring business:
The first thing you should know about epoxy flooring business is that it is a lengthy process thus there are lots of flooring materials, equipment required to carry out the flooring work. For this you need a sufficient amount of capital investment in the business.
There are also ways by which you may reduce the cost of investment but even then a standard business definitely requires money. Before starting you need to be absolute about the business and for that you need to get all the insight of the epoxy business. To get this, this article along with some tutorials and insights from people dealing in this business will serve your purpose.
After this create a business plan then execute it. Be vigilant in your work as any kind of delay or mistake may prove costly to you. Here are some insights into your business.
Register yourself as a business:
After you have done away with planning time is for executing your plan and that starts with registering your business with a name that you can later brand as your business grows. Secondly you need to register yourself and your business as tax payer. Since this business relates to construction you also need to take ample permissions wherever required. This can be done by contacting the local authority near you.
Epoxy flooring is also a work of skill and engineering therefore you should have a certificate from the authority governing this so that your customer may not object or feel reluctant while hiring you. Apart from this there may be series of other official documentation work which can easily be done by hiring a legal advisor who is well versed into this business.
Hiring of technicians, training and skill development:
Since epoxy flooring is a work of art therefore your work for your clients should be picture perfect and up to the mark. For this a team of well trained and expert professional technician is necessary. Either you can hire well trained professional technicians or you can hire semi-trained technicians and then train them perfectly.
In second case, you can save your capital investment by paying less salary to them. Secondly, you also need to train your technicians well and for this you can make them train in a well certified standard training center. Skill development is as necessary apart from the main work.
Hiring of technicians is also an important thing for the success of your business therefore while hiring them be vigilant. You can request someone who is into this business to supervise the hiring of technicians which will help you in hiring talented and skilled individuals. Hire only limited or required individuals who are multitasking to save expenditure on employees.
Apart from technicians, you will also need to hire a legal or business advisor to tackle various glitches in business and also an accountant or business manager. You can delay the later for a while unless your business starts to grow to save expenditure.
Purchasing of epoxy flooring materials, tools and equipment:
This is where you have to spend a lot of expenditure. Since flooring will require lots of material in the form of epoxy resin, primer, and other such materials, you need to have all such materials.
Well these materials can be purchased at the time of requirement from customer’s pocket but the machines used for flooring would be yours and you have to pay for that. Some machines that is required in Epoxy Flooring are:
- One-phase machine
- Versatile Floor Grinder
- Shot Blaster
- Scarifying Equipment
- A vacuum cleaner
- Electrical Mixer
- Paintbrush, lambskin rollers, squeegees, etc.
If you go on purchasing all such equipment then it would be quite costly for you in the early stage. The best way to sort this out is to buy few necessary tools from your pocket while renting the rest at least till your business starts to pick up. Spending too much money in earlier stage become a liability for you in later stage and can hamper your business growth therefore be wise in spending money.
Vehicle is also needed to transport such tools from one place to another. It would better be advisable to rent an old trolley or truck to transport such tools or buy at cheaper rate.
Office space and equipment store:
To operate an epoxy flooring business you certainly need an office and to store your tools you need a storage place. Either you can own an office space or you can rent it depending on your requirement and budget. To save cost you can open your office in your residence and also store your tools there.
The least you can do to save your expenditure is to make your residence your tool storage while operating your office at some other market place on rent. Renting or owning office space is a costly affair thus don’t spend much money on it as they don’t hold much place in your business.
Capital investment and return on investment
Since this business is a lengthy one you need a good amount of capital to investment. It would be advisable for you to have a business plan in order to have an idea of expenditure. Based on this you should spend money in order to control unnecessary expenditure.
Since the expenditure will be in several thousand dollars you should apply for a loan at low interest rates at least for a period of few years. Plan it vigilantly to save extra expense. Here, lot of your expenditure will also depend on time factor thus be active in your work and pay the loan on time.
Going into detail, most of the cost will be required to buy tools and equipment apart from hiring technicians and renting office space and vehicle for transportation. Rest can be additional expenditure for which you should be ready.
Return on investment
Epoxy flooring business required time to grow since you will need customers who won’t hire you in your fresher stage. Try to work for bigger epoxy flooring business on contract basis in initial days before shifting to your own. This will also help you in getting well versed about the minute details of the business.
It will take at least 1-2 years to get sufficient returns for your business. Payment is done on the basis of flooring done per square meter or feet. Thus it will depend a lot on the quality of your work to get better returns on your work.
Return will also depend on investment of yours and how you manage your financial and business affair. Productivity and efficiency is necessary to gain capital in this business.
Advertising and growth of epoxy flooring business:
It is important that you should advertise your business in order to grow it. It will start with networking. Network with other flooring businesses who can take you in contract for your business.
You can also network with house contractors who make house thus they will recommend you for flooring work. Lot depends on recommendation and suggestions made by your customers to their known ones therefore be perfect in your work to impress your customers.
You can also advertise your business using hoardings and traditional methods of advertisement or you can register yourself to the local epoxy flooring society where you can make yourself available for work.
Be active in this business as getting customers isn’t an easy job and for that you need to grab opportunities. Be ready for initial setbacks as getting customer will be a tough phase for you but as you will set yourself and your business you will go a long distance.