If you are planning to start a garage door business in the United States of America, you should be ready to spend a minimum of $10 million or more for a standard garage door production business.
Note that if you want to start a garage door business that is into installation, servicing, and maintenance of garage doors, then with as little as $15,000 or less, you can successfully start your business.
A garage door business is a service-based business that involves the installation, servicing, and maintenance of garage doors or a standard production company that mass-produces garage doors for both local and export markets.
When it comes to the amount required to start a garage door business, it is safe to say that no one price fits all. This is so because several factors will determine the total cost of starting a garage door business.
In this article, we will look at some of the major factors that will influence the overall cost of starting a garage door business and also an estimate that you should have in mind before venturing into the business.
7 Factors That Influence the Cost of Opening a Garage Door Business
The Size and Type of the Garage Door Business
If you decide to start a small-scale garage door business that is into installation, servicing, and maintenance of garage doors, then you will be expected to spend far less when compared to someone who wants to start a standard garage door production business that can compete at national and international level.
Your Choice of Location
The location you choose to start a business will determine whether you should budget more for rent, or budget less. Come to think of it, it is cheaper to start a garage door business in Winston-Salem, North Carolina, or Winston-Salem, North Carolina when compared to how much it will cost you to start the same business in Denver, Colorado, or Boston, Massachusetts.
The Cost for the Purchase and Installation of Equipment and Machinery
Before you can start a standard garage door production business, you must be ready to purchase different types of equipment and machines such as roll forming machines, panel cutting saws, press brakes, welding machines, coil handling equipment, insulation machines, embossing machines, glazing equipment, painting booth, and packaging machinery.
So also, if you choose to start a garage door business that is into installation, servicing, and maintenance of garage doors, then you should make provision for purchasing equipment and tools such as power drill, impact wrench, levels, tape measure, screwdrivers, pliers, garage door opener, torsion spring system, track and rollers, lubricants and cleaning tools.
Note that the brand, size, and number of these equipment and machinery that you decide to buy will influence the overall cost that you will spend when starting your garage door business.
Your Supplies and Materials
If you are planning to start a garage door business that is into the production of garage doors, then you must budget for garage door supplies and materials such as steel or aluminum sheets, insulation material, hinges, rollers, springs, cables, track sections, weather stripping, fasteners (nuts, bolts, screws), paints and coatings and cleaning and maintenance supplies et al.
Note that the type and quality of the supplies, and materials you settle for can greatly influence the costs of starting the garage door business.
The Cost of Obtaining the Required Licenses and Permits
If you want to start a standard hat production business in the United States of America, or in most countries of the world, you will be required at least to obtain some of the basic licenses and permits.
You will need to get a business license, manufacturer’s license, sales tax permit, trade name registration, Employer identification number (EIN), occupational safety permits (if applicable), zoning permits, health department permits (if producing in a commercial kitchen),
Environmental permits (if there are any emissions or waste concerns), home occupation permit (if running the business from home), copyright or trademark licenses (if using branded designs),
Import/export permits (if dealing with international trade), special events permits (if participating in craft fairs or markets), fire department permits (if handling flammable materials), signage permits (if using outdoor signs for advertising),
Building permits (if making structural changes to your production space), and transportation permits (if shipping garage doors via specialized vehicles).
The Cost of Marketing and Promotion
When it comes to starting a new garage door business whether on a small or large scale, you must make plans to market and promote the business. I must say it will require money to strategically market and promote your garage door business.
To have your product and services in the faces and consciousness of your target market, then you must have a website, design a logo, print marketing materials, and implement advertising or promotional strategies that are geared toward winning a fair share of the available market within your target market location.
Although there is no one mold fits all when it comes to miscellaneous expenses for a garage door business, but as expected, an entrepreneur may decide to include the cost of hiring and paying a business consultant and attorney, the cost of paying utility bills, the cost of repairs and maintenance of your machine and equipment,
The cost of paying insurance premiums, the cost for logistics, the cost of the purchase and customizing of uniforms for your employees, and the cost of the grand opening of the garage door business as part of your miscellaneous expenses.