So, you have decided to begin a home inspection business, and yet, you want to do so by spending the least amount of money possible. Is this combination achievable? Well the short answer is, ‘yes’.
However, is it wise to begin a home inspection business with limited funds? That is open for debate. Of course, it limits your scope to some degree. Yet it only takes a slice of creativity to work around certain issues.
So, if you have decided to start a home inspection business on a budget due to limited funds, because it’s a side project — or you’re simply frugal by nature — here are the steps to take towards success.
Use a Software System
You didn’t expect to see this first in the list, did you? While you may have this preconceived idea that using specialist home inspection software is expensive, it really isn’t. The small monthly fee to run this software will soon pay for itself many times over when you realize the benefits it brings to the table.
Imagine the ability to store every home inspection report you collect onto an easy-to-use system. Think about all the business reports you can use to track your progress. Consider all those boring, time-consuming tasks you can now automate.
When you compare it with the pen and paper route, there’s only one winner. ‘Yet using a pen and paper is free’ is what you’re likely thinking. Plus, this article is all about budgeting, so what gives? Well when you consider allthe time and resources you save with software; the value is supplied in a less obvious manner.The pen and paper might be free initially, but it will cost you in the long run.
Conduct Research
A limited budget doesn’t mean you have to cut down on all aspects of starting a business. Even without putting any money forward, you still have the ability to conduct extensive and informative research.
For instance, you should place a magnifying glass over the local area you’re targeting with your home inspection company. Learn about the locals and the amount of money they’re spending on properties. More importantly, analyze the competition. Learn how much they’re charging for inspections. See what services they provide. Read their reviews and look for any weaknesses your business could cover.
The best thing is that all this information can generally be acquired from a few searches on the Internet. This is also not the only way the Internet can help those on a budget…
Strategic Marketing
The Internet is the one-stop shop for those attempting to market their business with limited funds.
First, you will want to spend a little money on setting up a dedicated website. Thankfully, you can find domain and host deals that cost less than $50 a year. This website, which should be modern and optimized for mobile devices, can then store all your contact details and information.
Social media is arguably the best free marketing tool at your disposal. Whether you base your business on Instagram, Facebook, Twitter, or any other social platform, you instantly have access to your target audience. From here, you can build up a local following by posting engaging content, communicating with other users, and answering any queries you may receive.
Another free platform is Google My Business. With this, you can list your company details — including address and business category — so they can be easily found via Google searches.
Work from Home
While it would be nice to rent a dedicated office space, this isn’t a necessity for a start-up home inspection business. If you’re the sole employee of the company, this means you won’t need extensive space to house your equipment. In fact, a spare room or garage could store a computer and your inspection equipment — and that’s all you really need to get going.
Creating a new home inspection business with limited financing is a big challenge. Yet it can be done. Having to start with a frugal budget might also teach important lessons to carry with you as the business progresses.
Think about it: if you start off with an excessive budget, this promotes wasteful business practices. It gives you a limited appreciation about the value of money. Start on a shoestring, however, and the opposite applies. If you have a strong respect for the value of money, this will lead to a disciplined approach when dealing with your company’s finances in the future.
