Are you contemplating about starting an epoxy coating business? Before you jump right in make sure you know what you’re getting yourself into. Keep in mind that not all businesses make it. Statistics show that 20% of businesses fail during the first 12 months of operation, 30% fail during the first 24 months meanwhile, 50% of businesses don’t even make it to their 5th year in business. If you’re thinking about running an epoxy business you have to plan it carefully because you don’t want to end up a failure. Although there’s always the risk of failing, at least the risk will be lessened if you run your business right. Remember that you’re not only investing your hard-earned money, you’re also investing your time and energy into making it work.
How do you start an epoxy business? Before you delve into that we want to know why you’re interested in the epoxy industry. Is it your passion or did someone else influence you? Do you have the willingness to learn? Do you have enough money to support your startup business?
The good thing about this business is that epoxy flooring is growing in popularity and demand but just because it’s in demand doesn’t mean it’s going to click. The important thing in any business is passion. You have to love what you’re doing because if you are genuinely interested you will not consider learning and training as burdensome but rather see it as an enjoyable experience.
Think about it, give it some time and if after a couple of weeks deliberating and ruminating the interest is still there then go for it. When you start the epoxy business make sure you understand the process, what it is, how it’s done, what are the benefits of having this type of flooring, what materials are needed, what techniques are followed for a successful outcome. Learn about your competitors’ rates and research about the services they offer. One way of staying afloat is by being unique. Find out what services they haven’t offered yet and offer it to your customers. When you give estimates, be accurate about it because once it’s written on paper or spoken verbally you cannot take it back. It’s also important to offer guarantees.
It’s also vital that you develop the skills in evaluating the condition of the floors so you’ll be able to make sound suggestions to your clients. Also, hire proficient and competent employees. You can’t run a business alone. Your employees are the lifeblood of your business, so make sure you meticulously screen your applicants because they will be representing your business.
Another important thing to research about your market. Is the demand for epoxy high in your area? How many competitors do you have? If the business is saturated in your locality you may want to look for a different location unless you are ready to drop your rates to attract more customers.
This type of business will really soar if you plan and prepare for it. Study your market, study the industry and study your area. If you love the business you’re in, you’ll do everything you can to make it last.