Starting a new business may seem very daunting, but the housing market is on the rise, and if you are thinking about starting a Home Inspection business, then now is a very good time.
To make the process of starting your new business easier, we have laid out a plan using which you can learn how to start a Home Inspection Business. So make sure to go through till the end!
How to Start a Home Inspection Business?
1. Set Up a Business Plan
In order to start a home inspection business, you will need to make a very strong business plan.
For this, you will need to do research, study the market, calculate costs and formulate marketing tactics. Once you have a plan laid out, move on to the next step.
2. Get Yourself Trained And Certified
Needless to say, you cannot start your home inspection business without having the proper training and certificate.
Even the most experienced home inspector needs to hone their skills every now and then.
For this, you can find many courses online, or you can enroll yourself in the program run by the American Society of Home Inspectors (ASHI).
3. Choose Your Business Structure
The next step in starting your home inspection business would be to choose what kind of business structure you are going to have.
Do you want to do it solo as a sole proprietorship, in partnership, as a corporation, or as a mix of both partnership and Corporation – a Limited liability company (LLC)?
This is a very important step because this will affect your taxes, personal liability, and more.
4. Get A Purchase/Error and Omission Insurance
People get home inspectors to make sure that the house they are moving in is safe enough, and that’s why this business comes with a lot of responsibility and risk.
So many home inspection businesses get closed down because they overlook the importance of getting E&O insurance.
You don’t want to wake up one day only to find yourself sued for $10,000, right? So don’t overlook this important step.
5. Purchase Your Tools
You don’t need a lot of expensive tools for this business. Just get yourself tools like an electrical tester, AFCI/GFCI testers, flashlights, gloves, respirators, etc., and you will be good to go.
6. Open A Business Bank Account
Make sure to open a separate bank account for your business to ensure that your business expenses don’t get mixed up with your personal ones.
This will also help you increase your credit score, track your expenses and income, and manage your taxes better.
7. Build Your Brand And Market It
To differentiate your business right from the start, you need to focus on building a brand.
The starting point for this could be having a unique brand name with logo and design, brochures, business cards, etc.
You should also build a site and get it SEO-optimized. You can list yourself on Google my business, Google maps, etc., to get more home inspection leads.
Lastly, build your network with realtors and real estate agents to increase your cliental base.
Starting a Home inspection business, just like any other business, is not easy, but with the right strategies and steps, you can make your dream come true.
We hope this guide on how to start a Home Inspection Business was helpful for you.
Shefali Jain is a Content Writer & Editor at USWorkforce.org
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes. In her time at the organization, she has written and edited content on a range of topics, including employment law, human resources, and business management.