Before we proceed with how to start a decking business? We will tell you what deck-building business is and why it is essential. There is the construction of the outdoor decks and patios in the deck building business.
The basic skills that a deck professional must have are wood manufacturing and construction. You must be able to measure the wood and cut the lumber. You can earn $80,000-120,000 annually through the decking business.
Step-to-Step Instruction of How to Start a Decking Business?
Here is a step-by-step guide about how to start a decking business? Follow the step-by-step instruction if you want to have a successful decking business. The instructions about how to start a decking business are following:
Decking Business Plan:
You must make a full-proof plan if you want to achieve success. Making a full-proof plan will help you a lot in specifying the needs of your business.
Below are the points that you must cover for your plan:
- You must know about startups and ongoing costs
- How much will you charge?
- Check your target market
- Name of your brand
The things that you will need for your decking business:
- You will need a van or truck
- A flatbed trailer for hauling the supplies and equipment
- A warehouse
- Insurance for your business
- Contractors' license
- A specified cell phone, website and internet for your business
You must do a proper check on your business plans before proceeding. The step to step instructions will help you a lot in specifying your business plan.
Form Legal Entity:
There are different types of business structures. The most common types of business structure are:
- Sole proprietorship
- Limited Liability Company (LLC)
If you establish a legal business entity such as a corporation or LLC, it will protect your business from getting held personally liable in case your decking business gets sued.
Register for Taxes:
You must register your decking business for federal and state taxes before starting your business. To register the taxes, you must apply for an Employer Identification Number (EIN).
Open an Account for Business and Apply For Credit Card As Well:
If you want to do personal asset protection, you must use dedicated business banking and credit accounts.
You might be thinking why you must separate why your personal and business accounts must be separated? If all your business and personal accounts are mixed, your assets like your car, home, and other valuables are at significant risk if your business is sued. According to business law, it is referred to as piercing the corporate veil.
Moreover, suppose you will learn about how to build the business credit. In that case, it will help you get the credit cards and several other financings in the business name, higher lines of credit, better interest rates, and many more.
Setting up The Business Accounting:
It is essential to record the expenses and sources of the income to understand the business's financial performance. The accurate information and details will help you simplify the annual tax filing.
Obtain the Permits and Licenses:
If you fail in acquiring the necessary permits and licenses, it will result in fines. Even they can let your business shut down completely.
There are state permits and licenses necessarily needed for operating the decking business. If you are wondering how to start a decking business with licenses and permits, you have to get your business registered and fill in all the required information.
Get Insurance of Your Business:
Your business also needs insurance for operating lawfully and safely. The insurance of your business protects the financial wellbeing of your company just in case your company has faced any loss.
As there are many important types of businesses, there are different policies depending upon the risks the business will face. If you are unsure what type of risks your business will face, you must start with General Liability Insurance. This insurance is one of the best types of insurance for covering small business needs.
Build Your Brand:
The name of your brand matters a lot. It defines your company. It would help if you made a strong brand name for your business that will attract many customers.
If you are not sure about your brand name and business logo, you may check the details online. Moreover, you can also hire freelancers to help you. In addition, there are free tools available online through which you can create your logo.
Another important thing is that you must market and promote your business. You must make sure to market your business to attract customers and try to add more positive things. There are also free advertising options available online.
Design the posters and flyers and post them on social media apps. In this way, you can easily do digital marketing for your business.
Create Your Own Business Website and Social Media Accounts
After you define your brand and have created a logo, the next important thing to do is create a website and different social media accounts for your business.
Set Up A Proper Phone System
Another essential thing to keep in mind is that you must know how to start a decking business using a phone? Set up a phone specifically for your business. This will help you keep personal and business life separate from each other. Moreover, the thing will also help in keeping your business updated.
We hope that you have found all the answers to your question, "how to start a decking business?" If you are still struggling with this problem, you may contact us. We will love to help you.