Going Up! How to Start an Elevator Installation and Repair Business
It’s not necessarily easy to become an elevator technician. From obtaining the necessary training and working as an apprentice for five years to getting licensed and staying up-to-date on the latest elevator technology throughout all of this, there are so many steps you’ll have to take to do it.
So once you assume the position, you should make the most of it. Instead of working for someone else, think about opening up your own elevator installation and repair business. It’ll allow you to put everything you’ve learned to good use.
There are almost 20,000 elevator installation and repair businesses in the U.S. today. But as long as you live in the right part of the country, there is always room for one more.
Check out how to get your elevator company off the ground and turn it into a huge success in no time.
Make Sure There’s a Market for Your Elevator Company
Is there going to be a built-in market for your elevator installation and repair company once you start it up? That’s the first question you should ask yourself before doing anything else.
If you live in a big city that’s filled with buildings that have elevators, you shouldn’t have any trouble finding a market for your company’s services. But if you live in a small town that only has a few buildings with elevators, you might not find much of a market at all.
Do your research and see what your local market looks like. Consider how many customers it might have in it and what other elevator installation and repair businesses are already operating in it.
Create a Business Plan for Your Elevator Company
If you evaluate your local market and find that there is an argument to be made for starting an elevator business, the next thing you should do is create a business plan.
Your business plan should outline everything that anyone could possibly want to know about your company. You’re going to be using this business plan to secure loans and other types of funding for your company, so it’s important for it to be airtight.
Your business plan should spell out:
- Your elevator installation company’s mission
- The products and services that your elevator business will provide
- Information on the other elevator installation companies in your area
- Projections as far as how much money your elevator business could potentially make
- Both short- and long-term goals for your elevator company
Don’t leave anything out of your business plan. It’ll serve as your roadmap in the months and years to come.
Come Up With a Name for Your Elevator Company and Register Your Business
What is your elevator installation and repair business going to be called? If you have a name all picked out, great. If not, it’ll be time for you to think of something you like.
Your business name should be something that spells out what your company does. At the same time, it should also be something that is catchy and memorable. Brainstorm some ideas with your family and friends to see what sticks.
After you have a business name all picked out, you can register your business and start the process of obtaining the right business licenses. You can also begin to open banking accounts for your business and fill out the necessary tax documents to make it 100% legit.
Invest in the Right Tools and Equipment for Your Elevator Company
Everything that you’ve done thus far in an effort to start your own elevator installation company will cost little to nothing. But at this point, you’re going to need to invest some money into your business if you want to give it any chance to succeed.
You’ll need to buy the right tools and equipment to perform elevator installation, service, and repair jobs. You’ll also need to buy at least one truck, if not several trucks, to carry all your tools and equipment around.
In the past, you’ve likely counted on an employer to handle doing all of this for you. But once you’re out on your own, you’ll need to buy everything that it takes to provide your customers with services.
Obtain the Necessary Business Insurance Policy for Your Elevator Company
As you know all too well, working in, on, and around elevators can be a dangerous job. If you make one small mistake, it could result in a major catastrophe.
For this reason, you’re going to need to obtain the necessary business insurance policy for your elevator company. And because of the risks associated with working on elevators, signing up for an insurance policy could be quite costly.
Shop around and try to find the best possible deal on business insurance for your company. No one is going to hire you to do anything to their elevators if you’re not insured.
Market Your Elevator Company to Those in Your Community
After you’ve worked your way through all the other steps listed here, you’ll almost be ready to kickstart your elevator installation and repair business. The only thing left to do will be to start marketing your services to those in your community.
You can do this by setting up a website that features everything from a list of your elevator services to an elevator cost guide. You can also do it by cold-calling companies in your area who have elevators to see if they need someone to provide them with services.
You might even want to think about taking out a radio or TV ad to set yourself apart from other elevator service companies in your area. These marketing efforts will not go unnoticed.
Start Your Own Elevator Installation and Repair Company Today
There is a lot of money to be made in the elevator industry. If you have the right amount of experience and know that your local market is booming, why not open up your own elevator installation and repair business?
You can provide home and business owners with help with their elevators and make good money doing it. Follow the tips listed here and you’ll be taking your elevator company to the next level in no time.
Read the other articles featured on our blog for more tips on jumpstarting a new business.
