With as low as $5,000 or even lower, you can start a small-scale mold remediation business especially if you will be operating from your home, a shared office, or a virtual office.
A mold remediation business usually does not attract huge startup capital especially if the owner of the business wants to start small and then grow the business.
A mold remediation business involves the removal of mold from homes, commercial buildings, and other structures. Mold remediation is not only for property preservation but also for the health and well-being of occupants, as mold can trigger respiratory problems and other health issues.
So, if you are looking to start a mold remediation business, you should first acquire the required skills before drawing an estimate of what it will cost you to start the business. Actually, it won’t cost you much to start a mold remediation business.
Factors That Determine the Cost of Opening a Mold Remediation Business
Your Choice of Location
When it comes to starting a mold remediation business, one of the major factors that will influence the cost you are expected to spend is your choice of location.
The truth is that the location of a business will determine how much you will spend on rent or lease, on acquiring licenses and permits, on utilities, and every other cost associated with locations.
The Cost of Training and Certifications
If you are looking to start a mold remediation business, then you should have a budget for training and certifications such as Applied Microbial Remediation Technician (AMRT) Certification, Council-certified Microbial Remediation Supervisor (CMRS) Certification, and Certified Mold Remediator (CMR) Certification.
A mold remediation business requires specialized training and certifications and the amount you will spend can significantly influence the overall cost of starting the business.
Also, every mold remediation technician is expected to undergo apprentice programs where they are expected to get hands-on experience that covers a wide range of mold remediation tasks.
The Cost of Licensing and Permits
Aside from training and certifications, if you are planning to start a mold remediation business, then you are also expected to create a budget for licensing and permits. As a matter of fact, you cannot legally start a mold remediation business without first obtaining the specific licenses and permits needed to start the business.
Basically, you will need business licenses, contractor’s licenses, mold remediation licenses, trade name registrations, employer identification numbers (EIN), building permits, environmental permits, health department permits,
Signage permits, home occupation permits, mold remediation contractor licenses, mold assessor license, hazardous materials permit (if applicable in your city), fire department permit, and zoning permit et al.
The Cost of Insurance Policy Cover
As a mold remediation technician or business owner, it is expected that you go to sites to work, and in some cases, you will be required to climb buildings.
This can be risky, hence it is required that a mold remediation business purchase the required insurance policy cover for the business.
Aside from the inherent risks associated with climbing buildings, mold remediation technicians are exposed to other risks such as; risks associated with driving to and from project sites, risks associated with exposure to chemicals, toxic waste, and damages to your equipment, tools, and facility.
These are just a few of the risks that a mold remediation business is exposed to hence they will need different types of insurance coverage for the different types of risks they are exposed it.
The Cost of Mold Remediation Equipment, Tools, and Supplies
The fact that you will need various equipment, tools, and supplies for mold remediation means that you should make a budget for them.
As expected, you should make provision for air scrubbers, dehumidifiers, HEPA vacuums, moisture meters, negative air machines, personal protective equipment (PPE), containment materials, mold testing kits, respirators,
High-efficiency particulate air (HEPA) filters, foggers, inspection tools (such as borescopes), moisture detection tools, cleaning agents and biocides, safety barriers and signs, air quality monitors, drying equipment (fans, air movers), sealants and encapsulants, and removal tools (for damaged materials).
As expected, the amount you are to spend on equipment, tools, and supplies will depend on the size of your business, and the mold remediation projects you are handling.
The Cost of Purchasing a Utility Truck (Vehicle)
Depending on the size and location of your mold remediation business, you may need a dedicated utility truck for transporting your workers, equipment, and supplies to and from job locations.
It is important to note that the cost of a suitable utility truck will depend on your preferences and also your decision to settle for outright purchase or lease.
The Cost of Marketing and Advertising the Mold Remediation Business
If you have plans to start a mold remediation business, then you should do all it will take to secure steady mold remediation contracts.
In essence, promoting your mold remediation business through marketing and advertising efforts is essential to attract clients.
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 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 mold remediation business.
Operational and Miscellaneous Expenses
For a mold remediation business, you should make plans to spend on rent, utilities, fueling, maintenance, office supplies, and any additional employees you may hire when you have a project that requires an additional workforce.