How much did you invest to launch your home inspections business?
Eric, I’ve invested about $5,500 for software and equipment. But… the marketing is where you can spend a lot of money. Be careful where to invest. Join your local chamber of commerce. Also find some realtor groups to join. Word of mouth is still the best way to advertise. You can go crazy with brochures, business cards, flyers etc. A good website helps too. You can buy a template and do it yourself. Go Daddy is inexpensive for web hosting. About $9.00 a month. $79.00 for registation.
Attention to Detail Home Inspections, LLC
Approximately $10,000 Software, Tools, Marketing, etc…
Over $10,000. Should be on a paying basis in another 32 years.
The $$ figure is irrelevant as far as I am concerned. I invested a 100% commitment along with every penny I could spare to make my business what it is today.
The initial investment can only carry you so far. It’s the continuing investment that counts.
At some point Jeffrey there was an initial investesment, Tools, startup advertising etc If startup costs are 10K and a guy only has 5K that guy is going to think the intial startup cost is very relevant.
Between $20,000-$50,000 the first 2 years. After that you can get a feel for your market area and adjust accordingly. If you invest only $5k - $10k you might make it about a year.
My initial investment was the cost of training. Other than that, you don’t need “start-up” money if you do it correctly. My first inspection ($350) paid for a few tools and additional paper reports. Each inspection paid for more tools, more reports and more marketing.
I didn’t purchase a gallon of gasoline to start my fire. I collected kindling and kept the fire burning. Many inspectors “invest” 10, 15 even 20 thousand dollars, just to let the initial fire fizzle out.
You can “build” your business or you can “buy” your business, that’s why I say the initial $$$ is irrelevant.
ALL businesses have startup costs whether it be $100.00-$1 million. In your case your start up costs were $350.00 for training. My case $5,000 for training, equipment, marketing.
Is it better to start with $100, or is it better to start with $1mil? You’ll have to answer that for yourself. I’m telling you that your start up costs can be minimal.
Eric ; like yourself 3500 for training, another 2000 for tools (basics) and then off and working, as i built the business more training more tools another 30 k and keep going this year another 30k in equipment and another 15k in training.
dedication will dictate your costs and where you take your business and what you want to offer will play a roll in it as well
remember the one tool you want to make sure you own is a membership to InterNACHI, here the tools will educate and aid you on every inspection one way or another
There is a lot that you can do to build your inspection business that costs nothing. Read www.nachi.org/success.htm
I started with less than $1000.00 but reinvested most of what I made the first year. Being a contractor and Claims adjuster I was in a great position to start.
The biggest investment has been my time. This learning time and business growth time. It is the day to day time and effort that will pay off the best. Work on what you are weakest at first(you may need to ask some close people). Do not underestimate customer service and business skills, home inspection is only half the picture.
I started with Nicks success list and worked my way down until I was too busy to do anymore.
It took me 6 months & 22k to launch my business. Even though I’m now paperless except for agreements, I spent 2k on my laser jet and another 1k on toner alone. Then there’s training, inspection tools, office equipment, marketing materials, Association dues, E&O, CPA, report software, etc.
What about health care insurance? That is a BIG expense.
Unless you’re on “condo” Bobs’ pay-as-you-go plan.
And we’ve added a lot to the list recently: www.nachi.org/success.htm
Regarding start up costs alone, my number would be about $5k including training, tools, dues and memberships. My advise to anyone starting out would be to go slowly and weight the effect of every overhead dollar you spent before repeating. Many of the best marketing tools have cost nothing at all (NACHI - except for dues). Some of the more expensive provided little or no return.