You can budget anything from $5,000 to start your headstone business, but it is safe to say that there are flexibilities when it comes to the cost of starting a headstone business.
As a matter of fact, certain factors are common denominators that can give you an idea of the cost range for starting a headstone business.
You can turn your hobby into a very profitable enterprise as long as you have the right skills and knowledge to create a product that people will be willing to pay for, and the headstone business falls under this category.
A headstone business which is also known as a monument business or memorial business specializes in designing, crafting, and selling headstones, grave markers, monuments, and other memorial products.
These businesses cater to individuals and families who want to memorialize their deceased loved ones. In this article, we will look at some key factors that can influence the cost of starting a headstone business.
9 Factors That Influence the Cost of Opening a Headstone Business
Your Choice of Location
When we talk about the location of a business, we are not just talking about the address of the business, but about everything the location brings to the table.
Of course, you know that the location of a business will determine how much rent or lease you will pay, it will determine how much you will spend on operational costs and utilities, etc.
For example, if you lease a facility in a busy business district or shopping complex, you will pay more than someone who leases the same size of facility on the outskirts of town.
The Choice of Facility
A headstone business can be started from just a storefront, but in order to start a standard headstone business, you are expected to rent, or lease a facility or workshop that comes with a studio where you are expected to carry out your headstone designing and crafting, a facility that comes with a storage space for your materials, tools, and equipment.
Trust me, in order to get a facility that is big enough, you must be ready to spend extra money, and that to a large extent will influence the cost of starting a headstone business.
Your Budget for Equipment and Supplies
If you are planning to start a headstone business, then you must make plans to purchase sandblasting equipment, an engraving machine, design software, sandblasting abrasives, stencil materials, protective gear (e.g., gloves, goggles, respirator),
Work tables, sculpting tools, measuring and marking tools, hand tools (e.g., chisels, mallets), air compressor, spray paint and stenciling paint, cleaning supplies, storage facilities, office equipment (e.g., computer, printer),
Sales and marketing materials, transportation (for installations), inventory of memorial products (e.g., granite, marble), packaging materials,
Safety signs and labels. Please note that the quality and quantity of the equipment, tools, and supplies you plan to buy will impact your budget.
Licensing and Permit Requirements
You cannot legally start a headstone business in the United States of America without having the basic licenses and permits.
You will need a business license, trade name registration (DBA), Federal Employer Identification Number (EIN), sales tax permit, zoning permit, building permit (if constructing a facility), health department permit (if offering engraving services),
Environmental permits (if using certain materials or chemicals), home occupation permit (if operating from a residential property), special cemetery or memorial license (if required by local regulations),
Hazardous materials handling license (if applicable), occupational safety and health administration (OSHA) compliance (for workplace safety), fire department permit (if storing flammable materials), etc.
Please note that there might be other permits or licenses that are unique to the city or state you want to start your headstone business hence you should make your enquiries from the appropriate authority.
Your Budget for Training and Education
A headstone business is not one of those businesses that anyone with little or no training can start. This is so because a headstone business requires specialized training and skills and the amount you will spend can significantly influence the overall cost of starting the business.
For instance, every headstone business owner is expected to undergo apprentice programs where they will get hands-on experience in using stone-cutting equipment and tools.
Over and beyond, every headstone artist must get familiar with the business and also get ongoing training to stay relevant in the industry.
Your Budget for Insurance
If you are planning to start a headstone business, then you must make plans to purchase some of the basic insurance coverage for a headstone business.
Insurance policy coverage such as general liability insurance, professional liability insurance (errors and omissions), commercial property insurance, business interruption insurance,
Workers’ compensation insurance, product liability insurance, equipment breakdown insurance, employment practices liability insurance,
Environmental liability insurance, and inland marine insurance (for property in transit) are some of the insurance coverages you should consider.
Your Budget for Marketing and Branding
If you are planning to start a headstone business, then you must create a robust budget for marketing and branding that covers your website, the designing of a logo, printing your business cards, and other promotional materials.
The amount you budget for marketing and branding your headstone business is no doubt a major factor that can influence the amount you will spend to get the business up and running.
Even though there are no specific costs attached to marketing and advertising a business, the bottom line is that if you want to launch a headstone business that will win a fair share of the available market share in your location, then you must be ready to invest a significant amount to promote your headstone business.
Your Budget for Staff and Labor
You may be able to start a small-scale headstone business alone without having any full-time employees, but if you want to operate a standard headstone business, then you must make plans to hire full-time staff.
As expected, for a standard headstone business you should create a budget to hire a general manager, quality and creativity director, stone engravers, designers, craftsmen/women, sales representatives, administrative staff, marketing personnel, and maintenance and repair specialists.
When we talk about miscellaneous for a headstone business, we are talking of a budget that covers your utilities, unexpected expenses, waste disposal, and the transportation of your finished products.
Trust me, the amount you will spend on your miscellaneous is going to be a significant portion of your startup cost for the business.