A drywall business of your own would be the logical next step if you have been in the construction industry for a while and have hands-on experience. The drywall and building plasters market is set to grow at a CAGR of 5.4% up to 2025, chiefly due to its superior characteristics and ease of application. With the demand for drywall burgeoning, there is no time like the present if you have been looking to get your foot in the door.
If you have been putting off setting out on your own because you do not know where to start, we are here to help you forge ahead.
Factors to Consider
Once you have made up your mind to turn entrepreneur in the drywall sector, there are a couple of elements regarding the business you have to evaluate, and decide on. They are:
- Areas of Operation: Drywall contracting has a wide scope, and it might prove useful if you can narrow down the areas of operation you want to start with. Once you set up your business, and it gets off to a good start, then you can always expand. Residential, commercial, and niche are the three broad categories under which drywall projects can be classified. Specializing in restoration of buildings after natural calamities and the like is one example of a niche segment.
- Small or Big: This decision will be largely determined by the kind of financing you have available. If you are starting off on a small scale, then the investment can be kept at a minimum, and your own funds might suffice. However, a larger operation will require external funding, such as a business loan or interested investors.
Setting Up Shop
Once you have determined your area of business, and the scale of your enterprise, it is time to get your hands dirty -- literally.
Setting up a drywall business, big or small, requires a good deal of time, effort, and paperwork. The following are some things that will have to be done before you can start on your first project:
- Appropriate Certification/License - Even if you have a good deal of experience with different aspects of drywall, including hanging and finishing, it is essential to get a certification and license in drywall estimating before you turn entrepreneur. Each region has its own specifications with regard to this, so verify the requirements where you live.
- Solid Business Plan – This must include all details of your drywall business and the ways in which you intend to market it. Mention the types of jobs you will be undertaking, the source of your financing, costs involved in setting up the venture, daily operating expenses, cost of materials, and salaries for your employees. Even if you work from home, you must figure in the cost of an office.
- Gather Your Tools – You will need all types of tools required for drywall installation and finishing, such as trowels, hawks, and sanders. Be sure to add stilts, scaffolding, and ladders to the list. Also, keep an eye out for tools that can simplify your drywall tasks, such as the CanAm Starter Kit. It requires less effort on your part without any compromise on quality. The CanAm Starter Kit is of high quality, requires no servicing, offers ease of use, and comes with a 30-day money back guarantee.
- Put Together Your Crew – Installing drywall is best done when there is at least one other person to help out. So, at a minimum, you will need one reliable drywall installer and depending on the projects at hand, you might need more people. Ideally, look for people with at least some experience in drywall installation.
- Finding Customers – Speaking to subcontractors in your area might be a good place to start off. Companies involved in the construction industry and remodeling are another great avenue to explore. You can also ask family and friends to give you some word-of-mouth publicity. Give them your business cards and any other publicity material so they can pass it on to their contacts.
The level of competition in the drywall industry is quite high, irrespective of how long you have been in the business and your annual revenue. However, being diligent with your work and promoting it the right way can help you stay in the forefront of this race.
As Seth Godin said, “You are not your resume, you are your work.”
Just keep your finger on the customers’ pulse while you ensure your workforce is committed to doing an excellent job, as well as strictly adhering to timelines and the right pricing.