Sealcoating is the method of protecting a road, pavement, etc. by applying asphalt based protective layer over it. Sealcoating is mostly done on pavement and roads in order to make them durable and free from early damages. Sealcoating is mostly done using asphalt based using machines. Asphalt based solution is sprayed on the pavement covering it completely. Later as it gets dried ,it becomes completely foolproof from any kind of damage.
Sealcoating in terms of profession is a lucrative business that gives you huge profit margin in comparison to any other similar businesses. If you have made your mind to invest in sealcoating business then this article is enough to get you about the basics of doing sealcoating business.
Understanding the Basics of Sealcoating Business:
To understand the basics of this business you need to network around with people who are already into this business. Go meet them and understand what a sealcoating business is all about and then set your objectives. To give you an insight of this business, you first need to draw the blueprint of your business plan. To start with plan your objectives and then execute it.
Sealcoating Business Plan:
The very first step you need to take is to mingle around with people who are expert in this field and are already dealing with this business. Spend some great time with them and try to enquire everything that comes in your mind. Also do a lot of research on the topics from different sources, people, internet, etc.
so that you have the best idea of how to carry out this business. To make it more specific you can also conduct a feasibility analysis that will give a brief insight of the business. Based on their feedbacks start to plan your own business. What you need to draw from them is:
- What would be the basic requirements to start the business?
- What type of people will be your potential targets?
- In what locality your business will prosper?
- What you need to do to boost your business?
- What would be the capital investment needed and what will be return on investment?
Understand the Basics and know what you have to do:
A proper homework would have brought to the conclusion of what exactly you need to do. After you have understood what you have to do you need to simply carry out the plan as it is. Writing a business plan is easy while implementing is hard as it is met with various difficulties. The first step in the business is to plan resources and your target market.
Targeting your Market:
What could be the best market that will give you returns? Your feasibility analysis report will give you a glimpse of what will work well for you. A favorable market for your business is an essential step towards a successful business venture. To get a favorable market you need to see where your services will be well received.
A sealcoating business can work wonders in a place where people are ready to spend money on sealcoating. It can also work in official areas and infrastructures that have healthy capital expenditure. Your negotiations with experts will give you the remaining glimpse.
Set up Resources:
A sealcoating business plan requires adequate amount of resources. There are series of resources and tools that you will need in your business. To start with here are some basic tools you will need:
To clean pavements and debris you need:
- Wire brushes
- Brushes and
- Portable power washing unit, etc.
Repairing the Pavements:
- Oil spot sealer and roller and suitable brushes
- Hot crack filling: Pour Pot, melter, application wand, Sand that will be used for broadcasting used to fill recent cracks.
- Cold Pour crack filler, pour pot, v-squeegee, cold patching compound, trowel, etc.
The sealcoating machines:
The sealcoating machine should be equipped with necessary equipment and should be sufficient for the work required. You may also need other materials which can get an idea from you peers.
Build a Team:
You need a team since this job can’t be executed alone. Plan a specific and efficient team. Being a fresher in this business you can’t afford to waste money without a necessary reason. Thus plan a small and efficient team and hire people based on the requirements. Try to hire people who are multitasking so that you don’t need one people for one job. Try to hire efficient people who are expert in their work.
Your business not only requires you to do the sealcoating job but it should also be done with perfection. To begin with, you need experts who are well trained to execute job in a perfect way so that your customers can’t find any fault. Customers tend to hire services that have served them well in the first instance. Not only this, a well finished job also becomes a word of mouth and this business strives on word of mouth so try to satisfy your customer fully.
Get an Office:
Your office should be located at place where people can easily find you. Have space in your office to accommodate not only employees but resources, tools and vehicles. If you want to reduce your expense then renting the office would be the best option. If your house is closer to your target market then there’s no issues in making your own home your office.
Capital Investment Required:
Your capital investment depends on expense you will have while executing your plan. Starting with resources and tools, a sealcoating business tool is something where you will have to spend a good amount. From sealcoating machine to tools, cleaners, finishing items and other such resources, sealcoating business requires lots of resources. Plan it accordingly based on investment amount you have. If there is budget constraint then best option would be to rent heavy machines that are quite costly. For smaller items and tools you can prefer buying.
Owning, renting and maintaining an office also will cost you a decent amount. If you can manage your office in your home then it would be best else you can choose to rent office in initial days to avoid budget constraint and later you can own an office if you start getting returns.
Money expenditure becomes must when it comes to building a team. Hiring a team requires some good amount and here the expense is not static but is a monthly requirement. Try to hire a small team which is efficient and multitasking and it will help you a lot while tackling budget issues. Lastly, have an amount as security deposit for some unforeseen expense.
Legal Formalities and Documentation:
There are various documents that will be necessary in running your sealcoating business. You will also be required to get license for various needs. Register your business to an appropriate authority, become a tax payer and obtain all permissions. The best way to sort out legal issues is to hire a legal advisor and consult people who are into this business. To become a reputed brand you should always keep your documents intact and remain clean.
Starting with your Sealcoating Business:
Hire expert sealcoating mechanics who are excellent in their job. Since this business requires quality thus your success depends on your quality work. Thus having expert workers will help you in making your business competitive. You can also make your employees go for training and you can as well take training to ensure that your work remains distinct and excellent. Get your business equipped with standard machines so that you don’t remain behind others when it to competition since this business is very competitive.
Moving ahead, build a network and organization of people who deal in sealcoating business to become aware about latest developments that will keep your business up to date.
Brand your Business:
Branding of your business will make you competitive and will create a distinct image of your business. Do not miss chance of advertisement. Such businesses also grow on word of mouth thus your work will have lot of share in your success. Be ready with banners, posters and business cards to attract new customers. Be prompt with your service to ensure you don’t lose your customers.
Return on Investment:
Your return on investment will depend on the capital investment, time and business success. Try to invest the minimal amount possible and then try to slowly move ahead. Such businesses take time to grow in the highly competitive market. Ensure your business in order to ensure that you suffer no loss even if your business fails. In a normal case you would be able to start earning within six months of start of your business.
To grow your returns in later times you can extend your service in form of franchise by building your brand. You can also expand your service to attract customers as you grow. Lastly, sealcoating business requires lots of precision and patience to grow in addition to investment. You should only move ahead if you are sure that you will be able to cope the challenges in your business.