How to Start a Property Maintenance Business

Residential and nonresidential properties need a range of upkeep services to function optimally. These include interior and exterior cleaning, groundskeeping, painting, carpentry, locksmith services, drywall repair, as well as HVAC, electrical, and plumbing work, and much more.

Training requirements depend on the types of services you'll offer and whether you'll conduct these yourself. Cleaning and groundskeeping, for example, do not require the completion of formal training. However, you'll need formal training to render HVAC, electrical, and plumbing services.

Those who lack the requisite educational requirements may need to hold off on starting a property maintenance business until they have received formal preparation. Alternatively, it may be possible to delegate these tasks to suitably qualified individuals.

Property maintenance often requires intense physical labor as well as exposure to potentially harmful environmental conditions. Both of these will render you and/or your employees vulnerable to a host of short-term and sustained bodily injuries, or worse.

In addition, you may need to conduct after-hours work. This is particularly important during the initial stages of establishing a property maintenance business; it gives companies a competitive edge. This may even be necessary if the demand for property maintenance shrinks, as was the case during the recession.

If you're willing to face these challenges, then a property management business could be the right fit for you.

By now, you should have a good sense of what you're qualified to do and where your passions lie. Use these insights to inform the type(s) of services you'll be offering.

Perhaps you don't have the skills or capacity needed to perform the range of property maintenance services you'd like to conduct. If this is the case, consider whether you'd be opening to hiring one or more employees.

Foregrounding your services will help convey information about your business, which could attract clients. Start by jotting down all the ideas that spring to mind when you think about your offerings.

Among other things, your business's name should be easy to spell and pronounce, and congruent with your desired brand identity. Go ahead and weed out any ideas that don't fit these criteria.

Potential clients should be able to give you a sense of which names are informative and, brandable. They'll also be able to indicate which options are easy to spell and pronounce.

Once you have a sense of which name is a crowd favorite, you should check for existing trademarks. If there are none, consider filing a trademark application of your own.

Visit the website of an ICANN-accredited provider such as Namecheap to check if your preferred domain name is available. If it is, proceed to register it.

Your business plan should outline the core objectives of your company, as well as measurable steps you will take to achieve these aims. The document will serve as both a roadmap and a tool to hold you accountable to yourself. It could also help you to articulate your ideas to others and to secure financial backing.

Your business plan should contain the following:

• Executive summary.
• Company overview.
• Market analysis.
• Marketing strategy.
• Financial summary.
• Future goals.

Property maintenance businesses can be structured in various ways. Key options include sole proprietorships, partnerships, corporations, and limited liability corporations (LLCs).

Some businesses are not required to have an Employer Identification Number (EIN). However, if you decide to operate as a corporation or partnership, or if you intend to hire employees, then an EIN is mandatory.

A business bank account will allow you to easily distinguish between personal and professional finances. It'll also be a sign of professionalism when dealing with clients and vendors.

For some, a business bank account is more than just a nice-to-have. The IRS requires that all incorporated businesses have a dedicated business bank account.

Property maintenance businesses are susceptible to a range of risks. These include theft, accusations of negligence, and even accidental bodily harm to others. Thus, many business owners purchase general liability insurance, professional liability insurance, and commercial property insurance, at the very least. State regulations may require you to have workers' compensation coverage, even if you aren't an employer.

Licensing requirements are contingent upon a number of factors. Typically, these include the region in which you intend to work, as well as the types of property maintenance activities that you will conduct.

Regardless of whether you're a sole proprietor or aiming to employ others, you'll likely need a vehicle to travel between work sites. This might mean using your own vehicle or leasing one, to begin with. Either way, you must be able to cover all associated costs.

Smaller businesses may be able to use a spare room, garage, or shed to store their supplies. Alternatively, you may wish to lease a warehouse with adequate storage space. While you don't need to sign any agreements just yet, it's important to have an idea of the applicable costs, if any, before attempting to secure funding for your business.

Regardless of which specific property maintenance services you intend to offer, you'll need a range of tools and equipment. We've rounded up some of the common ones for you.

Having formed your business and outlined your finding requirements, you'll need to get some cash. Consider asking loved ones, who might be personally invested in your success and thus, willing to back you financially. Loans from family and friends often present flexible payment terms as well as little to no interest.

You'll be able to reach many potential investors by harnessing your friends' and family's networks.

In addition to financing, they'll be able to offer you guidance on establishing a successful business within the industry. Though this avenue presents an opportunity for flexible terms, you may need to relinquish some control of your business.

Small Business Administration (SBA) loans are federally-backed lending options that include longer repayment periods, capped interest rates, and smaller down payments. However, they can be difficult to qualify for.

Another option is to apply for a conventional bank loan, which should be processed fairly quickly. Note, however, that the repayment terms tend to be shorter and you'll likely need to provide collateral.

Business credit cards are fairly easy to obtain, and many providers offer a 0% annual percentage rate (APR) plus no annual fees during the first year. However, business credit cards can turn out to be costly in the long haul.

At this point, you'll have decided whether to establish a base station at home or if you'd prefer to lease a warehouse. If you choose to do the latter, consider enlisting the services of a real estate agent. Ultimately, your chosen space should have ample storage for your equipment and supplies, as well as sufficient parking space (for yourself and your employees, if applicable).

Having obtained funding, you can go ahead and purchase the supplies you'll need to get started.

The OSHA has promulgated many regulations that apply to the stowing of certain maintenance and construction-related supplies. These are outlined in 29 CFR Part 1910 and in 29 CFR Part 1926. Be sure to review them along with local guidelines to ascertain how they may dictate the layout of your space.

You should always be mindful of safety, even in the absence of industry-specific regulations. For example, even nonhazardous materials should be stored in a manner that prevents toppling, rolling, and the obstruction of spaces where people may walk. If you intend to store your supplies at home, be sure that the garage, shed, or room from which you work remains locked when it isn't in use.

Supplies should be stored intuitively from the outset. Consider creating labels and maintaining an updated inventory management system to promote easy access to your gear. Not only will this spare time, but you'll have a good idea of when to replenish your items.

Having thought about the services you'd like to offer, you should have a good idea of how many staff members you'll need, and the functions they ought to perform.

You'll want to attract as many suitably qualified candidates as possible to ensure that you find the best fit for each position.

Once applications have closed, you'll need to review candidates' resumes and other supporting documentation to narrow your pool of applicants.

Having identified the top candidates, you can go ahead and arrange interview times with each of them.

Once you've worked through each of the applicants' resumes and met with them, you should have sufficient information to extend job offers.

In most instances, your logo will be the first point of contact between your business and prospective clients. Kick-off your marketing process by creating a visually interesting logo that encapsulates the purpose of your business. It should be displayed on all marketing materials including bumper stickers, uniforms, leaflets, etc.

Be sure to note the range of services that you offer, as well as important contact details. You could also include a few before and after photos of your best work.

Be sure to focus on the neighborhood in which you'll be working. With permission, you could also leave these at local hardware and furniture stores.

At this point, you should create a website that contains detailed information about your offerings. Also include contact information, as well as links to your social media accounts. As work comes in, you'll be able to include a photo gallery of completed projects.

Both Facebook and Instagram are great platforms for sharing visual content, which you'll want to do. These also offer opportunities for direct engagement with prospective and existing clients.

Perhaps your neighborhood supermarket or restaurant is in need of maintenance. Consider offering your services in exchange for advertising.

Many searches have local intent. That is, searches are often made with the aim of yielding location-specific information. In your case, clients are going to want to know about nearby property maintenance businesses — and you'll want to pop up in their search results.

Before you start tackling projects, you'll want to make sure that you've purchased everything you need. Property maintenance software can help you do just this.

As maintenance requests roll in, you'll want to keep track of these.

Highly specific projects might require specialized supplies. Be sure to purchase these in anticipation of upcoming projects once they've been scheduled.

This is something you'll want to do as a matter of course, particularly when you aren't familiar with the area you'll be working in. However, it's especially important when you're starting out and wanting to form a great reputation for your business.

Finally, you'll want to round up all the supplies you'll need for your first week of operations. This should help avoid a last-minute scramble while also ensuring that you don't forget important supplies.