Many entrepreneurs today started their businesses at home. A study by Babson College and Baruch College, involving some 6,000 respondents, indicated that about 69% of entrepreneurs started their businesses from home. And almost 60% remained working even after a stable run of the company.
Part of the attraction is the savings on operational costs. The list of possible opportunities includes home massage services, dog walking, landscaping, or auto-detailing. The options for running a business could be through a home service franchise or an independent operation.
If you’re looking at throwing your hat into the entrepreneurial ring, you might want to consider setting up a home carpet cleaning business.
An Overview of the Carpet Cleaning Industry
The carpet cleaning industry in the U.S. is boasting a $9 billion revenue as of July 2019 while sustaining a 3% annual growth rate for the past five years. There was a decline in the number of businesses, but employment is rising with more than 69,800 workers.
The resurgence of the housing market with more people acquiring homes and the increasing disposable income helped boost the demand for carpet cleaning services. This market and economic performance make for a favorable climate to start a carpet cleaning business.
You won’t be limited to just offering your services to your neighborhood. Once you scale up your operations, business establishments primarily office buildings can become your clients, too. Here are a few things to note to start this carpet cleaning business:
- Decide on your option. You need to do initial research and find out if franchising is for you or if you prefer to start from scratch. Initial fees could be in the tens of thousands of dollars, but you will have everything turned over to you, ready to plug and play. You are also likely to share your profits. Starting from scratch might be more labor-intensive, but you will gain flexibility with the budget. You have the free hand to prioritize expenses. As an independent operator, profits will be yours 100%.
- Get trained. You can enroll in classes at the Institute of Inspection Cleaning and Restoration Certification. There are specific skills that you need to learn before you start offering your services. Attending a training program will help you set standards for yourself and establish your reputation as a service provider.
- Invest in equipment. Be mindful of the latest development in technology when buying stuff. Choose eco-friendly equipment that saves on water and chemicals.
- Know your target market. Your initial research should reveal if there are unmet needs by people with carpets. Find your niche and understand what the market needs. Are there offices nearby that are not being serviced? Will you focus on high-end homes? These are some of the questions you need to ask.
- Legal entity. Make sure that you get all the necessary licenses and that you have an official business entity already. The initial step is usually through the city-county office, where you will be required to complete several forms.
You will need to draw up a business plan where you will outline your financial plans and marketing strategy. Don’t forget to get insurance also to protect you from damages or suits. These points will help set you on the right track.