Own a Roofing Franchise
Recent economic data suggest there’s a bright future ahead for the roofing business over the next few years, thanks to exponential growth. In order to benefit from this expansion, however, roofing contractors must have access to the appropriate resources and methods. Roofing franchises are the sole option for many entrepreneurs who are looking for a lucrative business ownership opportunity. So, what are the advantages of having a commercial roofing franchise, and why should you invest in one? Here is a general overview of the benefits of owning a roofing franchise so you can ponder the possibility of investing.
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What Is a Commercial Roofing Contractor Franchise?
A commercial roofing contractor franchise’s service focuses on a contractor who specializes in roofing and is licensed by their state. As a roofer, many roofing contractors execute the task themselves because roofing companies frequently use roofing contractors. To help clarify the situation, clients should always ask questions such as whether the contractor is licensed, if they work with a crew, if they own their own company, or if they utilize subcontractors.
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What Does a Commercial Roofing Franchise Do?
The following are the basic services offered by a commercial roofing franchise:
Commercial Roof Inspection
Most commercial roofing contractors will do complimentary inspections for new customers. For the sake of getting the work, roofing companies give complimentary inspections.
It's logical to assume that the contract will go to the one who can do the best job of inspection. Those who undertake the most thorough inspections are:
- Proposing a workable answer to your situation.
- Identifying every possible entry point for water into the structure.
- Identifying a cost-effective solution.
- Defects and remedies are explained in an easy-to-understand manner, and there's a lot more.
Commercial Roof Repair
Roof maintenance and repair should always be available from a local roofing contractor. If a problem with your roof emerges while your warranty is still active, the contractor should provide the necessary touch-up work. If a leak emerges during the first two years of your new roof, for example, the contractor should be obligated to fix it.
The top roofing firms go to great lengths to ensure that their work is of the highest quality. To achieve that goal and ensure client complaints are kept to a minimum, the roofer should always be available to assist with all types of commercial roofing services.
Commercial Roof Replacement
Almost no one wants to have to replace their business's roof. They'd rather save money by doing the simplest repairs and hoping for the best. However, in many circumstances, a new commercial roof is a far better investment than a never-ending series of fixes that only mask the problem rather than address it. The best indicator of a roof that needs to be replaced is its age. The majority of commercial/residential roofing systems do not survive as long as most residential roofs.
Commercial Roof Maintenance
It's easy to overlook the necessity of roof maintenance. However, any building owner or facility manager will tell you that appropriate care is essential for extending a building's functional life. Preventative business roof maintenance allows you to spot potential roof problems early on and address them before they become major concerns. Roof care that is performed on a regular and thorough basis pays for itself when compared to the expense of repairs that are avoided.
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Some Common Biohazard Cleaning and Remediation Scenarios
A commercial and residential roof service may include biohazard cleaning, depending on the scenarios. Here are a few examples:
- The asphalt roof system on a business hasn't been changed in more than 20 years.
- A homeowner notices that their roof shingles are curling, cracking, or splitting.
- A roof membrane has uplifted due to strong winds.
- The roof was damaged by a prior contractor's work, and it has to be repaired.
Define Roofing Services
What are going to be the roofing services provided? As with any process, it is important to identify what can be offered and what results are expected. This will only be possible if the vision is clear from the beginning. Decide on the roofing services that you’ll integrate into your business and part from there.
Get Your Licensing, Registration, and Certification
A reputable commercial roofer will be fully licensed and insured for the responsibilities at hand, as well as for the risks that come with the job. If a roofer slips, falls or gets injured while handling roofing materials, you could face a lawsuit. On a roofing company's website, licensing and insurance information should be visible to everybody. The NRCA will certify workers who have met all of the standards for each type of roof system installation through a series of assessments, allowing them to obtain professional credentials. Foremen and other mid-level roofing company staff will also be certified by the NRCA.
Get Insurance To Protect Your Business
Accidents and injuries are common in the roofing industry due to the nature of the work. Insurance allows you to financially safeguard your company, your employees, your customers, and yourself from bodily harm, property damages, and lawsuits.
While general liability insurance is generally required, the insurance requirements for roofing contractors vary by state and province. These are the forms of insurance you should discuss with your insurance agent in order to safeguard the security of your roofing company.
Get The Appropriate Safety Equipment
A roofing company's equipment and supplies will be determined by the sort of roofing it provides. While commercial roofing requires a greater initial expenditure, residential roofing is the most cost-effective and straightforward way to get started.
Equipment is likely to account for the bulk of your initial costs. In other words, don't spend more money than is really necessary while in your start-up phase. When an old truck suffices, don't get a new one. You might be able to find an excellent used one for less than $10,000.
Here are some essential goods to have on hand:
- Roof racks.
- Harness for safety.
- A nail gun.
- Hand tools.
- Power ladder.
How to Grow a Roofing Company
One of the most difficult aspects of running a successful business is figuring out how to keep expanding it. If you're still working in your roofing company, scaling it can be very difficult. After all, there's only so much you can do in a day if you're doing some or all of the job yourself.
Given this, ensuring that you are properly positioned to scale a roofing business is one of the greatest methods to do it. In other words, instead of swinging a hammer, you should be spending your time on high-level administrative activities. Managing the current workload of a roofing franchise business may feel all-consuming if you own one. However, it's critical to give yourself enough time to expand your firm when the time comes.
Aside from making sure you're working on your business rather than in it, growing a roofing company is a lot simpler once you offer clients, or potential clients, a unique value proposition. Something they can’t get anywhere else, in other words.
Next are some of the elements to consider when growing your roofing company:
Roofing Franchise Cost
Although there are numerous advantages to starting a roofing franchise business, it is not for everyone. To successfully establish and build a roofing franchise business, you will need to have finances and financing on hand at the very least.
However, like with any company enterprise, it's critical to consider how much money you'll need to get started and the worth of what you'll get in return. Each franchise opportunity has its own set of benefits, ranging from brand awareness and recognition to the level of training and support. As a result, it's critical to crunch the figures while keeping in mind intangible asset worth, corporate track record, and company culture.
Your initial investment and startup costs in a roofing franchise range from $120,000 to $300,000.
While $65,000 of this might be the actual franchise fee in many cases.
Working Capital Requirements
The working capital requirements for a roofing franchise are around $150,000.
Projected Profits For a Commercial & Residential Roofing Business
In many ways, much like other types of franchise businesses, the profitability of a commercial & residential roofing franchise will be determined by a variety of criteria. These elements all have an impact on how well a firm performs from year to year in terms of revenue, from its location to the state of the economy. However, even in difficult economic times, home services franchises in general —and roofing franchise firms in particular— tend to fare far better than other types of enterprises. Home improvement and renovation projects rarely come to an end, especially now that individuals are able to do more from their homes than ever before. There is always a demand for professional roofing services, from repairs to restoration.
Data about the roofing sector and franchise enterprises might also provide some useful information. Small residential roofing contractors with fewer than ten employees, for example, reported yearly gross incomes ranging from $250,000 to $5 million in 2018. That's a wide range, with little understanding of what it takes to increase profitability.
Conclusion: Why a Roofing Franchise Is a Good Investment
Roofing franchises are a great method for general contractors and other construction professionals to expand their services. Our business strategy is ideal for construction professionals looking to diversify their firm into a lucrative home renovation sector and differentiate themselves from the competition. Nonetheless, we welcome inquiries from investors of all backgrounds. Whether you've worked in the roofing industry before or are brand new to the profession, we can tailor our training and support to meet your specific needs. Owners can provide a service with high demand and a brand known for never leaving a nail behind.
High Growth Industry
The roofing sector is expanding, with revenues estimated to top $20 billion by 2021. All signs point to an ongoing increase as demand for new buildings continues to exceed forecasts, with growth averaging 2.7 percent per year over the last five years. You'll be hard-pressed to find a service-oriented industry with more stability and development potential than the roofing industry. As the past year has shown, it is extremely resilient to economic downturns. Despite a global epidemic and widespread unemployment, there has never been a greater need for roofing services. Such demand is projected to persist for the next few years, opening up exciting new chances for individuals looking to start their own successful roofing franchise.
If you own a home, you have a roof that will need to be replaced at some point. There will never be a shortage of potential honest roofing customers, regardless of the economy.
Minimum Investment and High ROI
Roofing franchises stand out among franchise businesses because they require a relatively cheap initial expenditure to get started. Low entry barriers, on the other hand, do not imply a low expectation of returns —just the contrary!— Most roofing franchises rise up and operate faster than many other types of franchises due to their minimal initial capital commitment. Furthermore, because there is a significant need for roofing services across the country, prospective franchise owners have a good chance of seeing a substantial return on their first investment.
Support & Training
The fact that most franchises offer an established business strategy, support, and training is one of the first things that attracts individuals to them. Rather than learning by trial and error, franchisees are provided with the information and training they need to ensure that their hard work pays off faster – and leads to more opportunities – than it might otherwise. No prior expertise in roofing or construction is required, thanks to the franchise roadmap. Furthermore, there is no requirement for a license in many states.
More Brand Power & Marketing Potential
Franchisees can benefit from the same brand recognition and marketing resources as large, national corporations. The value of such assets translates into built-in advantages for new business owners, giving you a competitive advantage over non-franchise business competitors.
And the benefits of owning a roofing business don't stop there. While each franchise company is a tiny business, joining a franchisee provides a number of advantages that most small businesses cannot afford.
For example, brand power is a highly significant commodity for any company, as name recognition and a proven track record can make it simpler to locate new clients.
For further information on how to proceed with your commercial & residential roofing franchise investment, contact our team at Franchising Path, where you’ll get a personalized and free consultation on all your doubts and options regarding the buying of a roofing franchise. Contact us today! Let’s build a profitable future together.