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How to Start Your Own Flooring Business

by wrich

Starting a business of any kind can be a daunting experience if you do not approach the task correctly. A flooring business is no different, and some steps should be taken to ensure that your new business is a success. Working in the field is one thing, running your own is completely different.

We will assume that you are already up to speed with all the jargon and building codes, if not that should be done before even attempting to open the business doors to the public. Being educated will be a key factor to success, or failure. Once you are ready follow the simple steps below.

1.Plan-This cannot be stressed enough. You need to have a plan, and not just in your head. If you are applying for any type of loan, it will be a requirement. If you do not know how to make a business plan you can hire a professional, or you can download one from the internet. The plan should cover every stage of the process, from planning to the first day of business, and beyond. Be thorough. Make sure that the goals of each stage are spelled out, and that they are goals that you can meet. You will need to follow the plan to the letter, with the ability of changing things on the fly when needed. If you are going to specialize in one type of flooring, such as Flooringonline.com, make sure that your start-up is geared towards it. 

2.Legal Entity-Part of your plan will be deciding what type of business you plan to open. There are a few options available to you. 

  • Sole proprietorship-This is when you own and operate by yourself. You will also be responsible for all bills and issues that may occur.
  • Partnership-You will have a partner, or two, that will run the business with you. All of you will be responsible for bills and any issues.
  • (LLC) Limited liability corporation-This is when you form a company but still are taxed as one of the above choices. If any issues arise your personal assets will not be up for grabs, like the first two will allow.
  • Corporation-This would be set up if you plan to have a big business that has shareholders.

3.EIN-Next you will need to apply for an EIN number. If you are unfamiliar with it a number is assigned to you from the government that is strictly yours, and your business will use it when filing taxes. 

4.Bank Account-You will want to get a separate banking account set up for your business. Get some business credit cards as well to help build the credit of your company. Use them sparingly.

5.Accounting-You will need an accounting system set into place. If you plan to hire a professional, make sure you find out what type of software they want you to use. It will make things easier for everyone involved if they both mesh. 

6.Permits-You will need to get all the permits that are required for your specific area, as well as any licenses that you will need. 

7.Insurance-You will absolutely need to get some type of business insurance. Depending on how it is set up you may even need some insurance coverage for your employees. Talk to an agent, or go online, and get the policies that you need. Do this before doing any business.

8.Market-You will need to get your name out to the public to get a customer base built up. Decide what your brand will be, as in what you want the public to connect with you and use online platforms and social media to get your name and brand out to the public.

9.Internet Presence-Having a good presence online is the key to any type of business today. Social media and websites are the main, but there are numerous other platforms that will help you get your name out.

10.Phones-You will need a way set up to answer phones. Most people use mobile phones today, but if you have a brick-and-mortar location you will want a land line with some type of answering service attached to it.

That is all there is to it. The process may seem long and complicated, but if you approach it with the mentality of ‘one step at a time’ you will get to the final stage before you know it. Once you reach that and open your doors, the days of moving slow will be behind you.

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