Are you about starting a hardwood flooring company? If YES, here is a complete sample hardwood flooring business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a hardwood flooring company. We also took it further by analyzing and drafting a sample hardwood flooring marketing plan template backed up by actionable guerrilla marketing ideas for hardwood flooring companies. So let’s proceed to the business planning section.
Table of Content
- 1 Why Start a Hardwood Flooring Business?
- 2 Hardwood Flooring Business Plan – Executive Summary
- 3 Hardwood Flooring Business Plan – SWOT Analysis
- 4 Hardwood Flooring Business Plan – MARKET ANALYSIS
- 5 Hardwood Flooring Business Plan – SALES AND MARKETING STRATEGY
- 6 Hardwood Flooring Business Plan – Publicity and Advertising Strategy
- 7 Hardwood Flooring Business Plan – Financial Projections and Costing
- 8 FLOORING INSTALLATION BUSINESS GROWTH: Sustainability and Expansion Strategy
Why Start a Hardwood Flooring Business?
Thinking of starting a business with good returns on investment? Then, one of your best bets is to venture into the real estate cum construction industry. There are several money spinning business opportunities in the real estate cum construction industry and one of them is to start a hardwood flooring company.
In the United States of America and in most countries in Europe, you will notice that a good percentage of homes have wood flooring. This goes to show that there is indeed a large market for hardwood flooring installation businesses. Hardwood flooring installation, howbeit technical is a business that can be learnt in a few months.
Asides from your technical skills, you would need tools and equipment like; 10″ Miter Saw, Basic cut off saw for narrow strip or plank, Trim cutting saw, Compound Miter Saw Used for wider plank or diagonal installations, Jig Saw, Circular Saw, Table Saw, Jamb Saw, Toe Kick Saw.
Routers Glue Adhesives, Edgers, Concrete Demo Hammer, Concrete Grinders, Hygrometers, Knee Pads, Buffers, Floor Leveling Compounds & Tools, Scrapers (Manual types, used mostly for concrete subfloors before the installation), Flooring Sealers, Moisture Meters, Air Compressors for pneumatic fastening. Staples or nails, Nailers On Wheels.
New adapters making installations quicker and accurate, Nail Guns Used for trim where flooring nailers/staplers cannot reach, Floor Jack, Pull Bars, Strap Clamps, Trowels, Adhesive Removers, Dust Control, Drum Sanders, Square Buff Sander, Flooring Edgers, Scrapers, Finish Applicators, Tools for applying the finish and Glue Injection Kits to run a hardwood flooring installation company.
If you are truly convinced that starting a hardwood flooring installation company is the right business for you to do, then you need to write your own business plan. The essence of writing a business plan before starting any business is for you to have a roadmap and a blueprint of how you would want to setup, manage and expand your business. So, ensure that you consider all the available factors involved in the business you are about setting up when preparing your business plan.
Below is a sample hardwood flooring installation company business plan template that will help you successfully write yours with little or no stress.
A Sample Hardwood Flooring Installation Company Business Plan Template
- Industry Overview
The Flooring Installers Industry that hardwood flooring installation line of business is a sub set of is one of the many industries that are major contributors to the growth of the economy of the United States.
Players in the Flooring Installers Industry engage in installing resilient flooring, carpeting, linoleum and wood or other alternatives, and prepare surfaces for the installation of flooring and floor coverings. They also install a variety of materials as floors for residential, commercial, institutional and industrial buildings.
The scope of jobs carried out by flooring installation companies includes new work, additions, alterations, maintenance and repairs. It is important to highlight that contractors that are engaged in installation of concrete flooring and ‘Germán floors’ are not part of the flooring installers industry.
If you are a close watcher of the flooring installers industry, you will agree that in recent time, establishments in the industry have experienced a variation of conditions as the US economy recovered from the recession and housing values have begun to rebound.
So also, with the recent resurgence of residential construction markets, flooring installers are benefiting from new investments in housing stock. In the same way, non – residential construction returned to growth during the stated period as increasing consumer spending revived corporate profit margins.
Going forward, players in the industry are forecast to experience more favorable conditions. Robust residential growth during the period, especially in the next two years, will aid flooring contractors increase profitability and enlarge revenue.
The Flooring Installers industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, Germany, France, Italy, Holland, Switzerland, Australia and Canada et al. Statistics has it that in the United States of America alone, there are about 133,286 registered and licensed flooring installations companies scattered all across the United States responsible for employing about 191,158 and the industry rakes in a whooping sum of $23 billion annually.
The industry is projected to grow at 5.1 percent annual growth within 2012 and 2017. It is important to state that there are no establishments in this industry that has a lion market share.
A recent report published by IBISWORLD shows that the majority of the revenue generated in the flooring installers industry is derived from work on privately funded projects. The report also stated that the industry generates about half of its annual revenue from work on new construction projects, 40.0 percent from improvements on existing buildings and 10.0 percent from repair and maintenance work on existing flooring.
The report further stated that over 2011, demand for all industry products fell considerably as the US real estate market crashed and demand for construction weakened dramatically. However, demand for flooring installation begun rising in 2012 and is expected to continue rising in 2017.
Some of the factors that encourage entrepreneurs to start their own hardwood flooring installation company could be that the business is a highly thriving and profitable business; it is a business that can be started with minimal capital and employees.
The flooring installers industry is highly regulated in the United States of America and anyone who aspires to start a hardwood flooring installation company must apply and obtain a license before they can legally operate in the industry.
Lastly, as a hardwood flooring installation professional, it is very important to be creative, to be able to use your ideas to meet the rapidly changing needs of the society when it comes to aesthetics and trends in the environment where you work.
Hardwood Flooring Business Plan – Executive Summary
Edmond Davies® Hardwood Flooring Company is a U.S. based and licensed flooring installation company. Our head office will be located in a standard office facility in the heart of Saint Paul – Minnesota. Although our Head Office will be located in Saint Paul – Minnesota, but we will open our branch offices in major cities in all regions of the United States of America.
Within the first five years of operation, we would have set up our offices in the following locations; New York City, Los Angeles, Florida, North Dakota, Boston, Dallas and Washington.
Edmond Davies® Hardwood Flooring Company will engage in installing resilient flooring, carpeting, linoleum and hardwood or other alternatives, and prepare surfaces for the installation of flooring and floor coverings; we will install a variety of different materials as floors for residential, commercial, institutional and industrial building markets. We will work towards becoming one of the largest flooring installation companies in the United States of America.
As part of our plans to make our customers our number one priority and to become one of the leading hardwood flooring installation company in the United States of America, we have perfected plans to adopt international best practices that can favorable compete with the best in the industry.
Edmond Davies® Hardwood Flooring Company have overtime perfected plans that will help us to become a specialist in revamping dilapidated floors to become shinny and presentable and that hopefully will be our brand and signature.
Edmond Davies® Hardwood Flooring Company will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.
Edmond Davies® Hardwood Flooring Company is owned by Engr. Edmond Davies and his immediate family members. Engr. Edmond Davies has a Degree in Building Engineering and has worked with top construction and hardwood flooring installation companies in the United States of America for many years prior to starting his own business.
- Our Product and Services Offerings
Edmond Davies® Hardwood Flooring Company is going to offer varieties of services within the scope of the flooring installer industry in the United States of America. Our intention of starting our hardwood flooring installation company is to favorably compete with leading players in the flooring installer industry in the United States of America.
We are prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offerings are listed below;
- Installing hardwood flooring
- Installing resilient sheet tiles
- Resurfacing flooring using epoxy resins
- Sanding and finishing wooden floors
- Related consultancy and advisory services
Our Vision Statement
Our vision is to become one of the top 5 hardwood flooring installation companies in the United States of America within the first 10 years of starting Edmond Davies® Hardwood Flooring Company.
- Our Mission Statement
Our mission and values are to help home owners, property owners and clients in the United States of America to handle all their hardwood flooring installation contracts.
- Our Business Structure
As a matter of priority, we have decided to create a structure that will allow for easy growth for all our employees and also, we have created platforms that will enable us attract some of the best hands in the industry.
We are quite aware that the success of any business lies in the foundation on which the business is built on, which is why we have decided to build our hardwood flooring installation company on the right business foundation. We will ensure that we only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders.
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast we meet our set target.
Edmond Davies® Hardwood Flooring Company is fully aware of the modus operandi in the hardwood flooring installation line of business, hence adequate provision and competitive packages has been prepared for independent sales agents. Our marketing department will be responsible for managing this aspect of our business structure.
Below is the business structure we will build Edmond Davies® Hardwood Flooring Company on;
- Chief Executive Officer
- Project Manager
- Admin and HR Manager
- Flooring Installers/Construction Engineers
- Business Developer/Sales and Marketing
- Customer Service Executive/Front Desk Officer
Roles and Responsibilities
Chief Executive Officer – CEO (President):
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for the planning, management and coordinating all projects on behalf of the company
- Supervise flooring installation projects
- Ensures compliance during project executions
- Provides advice on the management of projects
- Uses IT systems and software to keep track of people and progress of ongoing projects
- Ensures that project’s desired result is achieved, the most efficient resources are utilized and different interests involved are satisfied.
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Designs job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities.
Flooring Installer/Construction Engineers
- Responsible for handling flooring projects
- Establishes and enforces company’s engineering and construction standards
- Ensures that flooring / construction work meets or exceeds standards within a designated geographic area.
- Provides overall direction on assigned construction projects; reviews and makes recommendations on planning and design of projects; negotiates contracts or participates in contract negotiations; monitors day‐to‐day progress and activities on project construction sites.
Marketing and Sales Executive/Business Developer
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Responsible for supervising implementation, advocate for the customer’s need s, and communicate with clients
- Finds and qualifies land for development based on company’s land requirements; maintains a land search database; initiates discussions with property owners about the possible sale of property
- Develops, executes and evaluates new plans for expanding sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managers with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Front Desk/Customer’s Service Officer
- Receives Visitors/clients on behalf of the organization
- Receives parcels/documents for the company
- Handles enquiries via e-mail and phone calls for the organization
- Distributes mails in the organization
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s services
- Manages administrative duties assigned by the line manager in an effective and timely manner
- Consistently stays abreast of any new information and promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries.
Hardwood Flooring Business Plan – SWOT Analysis
The fact that hardwood flooring installation business is a very rewarding business does not mean that there are no challenges in the industry. Starting a hardwood flooring installation business in the United States of America comes with its own fair share of challenges, you would have to abide by the law and also compete with loads of other entrepreneurs in real estate business value chain.
In order to compete favorably in the flooring installer industry as a hardwood flooring installation company, we have been able to hire the services of a tested and trusted HR consultant to help us conduct SWOT analysis for us. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Edmond Davies® Hardwood Flooring Company;
Some of the strengths that we will be bringing to the table in the flooring installer industry is our robust relations with construction giants, home owners and properties investment moguls in the whole of the United States of America. Also, we have a team of experts who have cut their teeth in the flooring installer industry. Our management team has what it takes to grow a business within a short period of time.
As a newbie in the hardwood flooring installation line of business, we might have some challenges competing with big time construction companies and other hardwood flooring installation companies that have been in the industry for many years; that perhaps is part of our weakness.
The opportunities in the hardwood flooring installation company is massive considering the number of home owners who have the financial capacity to renovate their homes and change their flooring as at when due. We are well-positioned and ready to take advantage of any opportunity that comes our way.
Some of the threats that we are likely going to face as a hardwood flooring installation company are unfavorable government policies, and global economic downturn; global economic downturn usually affects spending power and the real estate industry cum hardwood flooring installation line of business is known to encounter decline in sales and profits during this period.
There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
Hardwood Flooring Business Plan – MARKET ANALYSIS
- Market Trends
The market trends in the real estate industry are that there are no fixed profits projections when engaging in a hardwood flooring installation deal. The profit you stand to gain depends on loads of factors amongst which are your attention to details, ability to source for affordable and quality flooring materials. If you are able to get all the above stated factors right as a hardwood flooring installation company, your gains will always be far more than your loss.
Another obvious trend that is common with these companies in the United States of America is that most of them are improvising on more means of making money in the real estate industry.
One thing is certain for every hardwood flooring installation company; if they are hardworking, creative and proactive, they will always generate enough income to meet all their overhead and operational cost, keep their business going without struggle and make reasonable profits from all business deals that they are involved in.
- Our Target Market
As a hardwood flooring installation company, our target market cuts across people of different classes and facility owners. We are coming into the hardwood flooring installation line of business with a business concept that will enable us work with people who are only interested in installing any type of flooring in their homes at an affordable price.
As a matter of fact, our target market is the whole of the United States of America and we have put plans in place to recruit freelance agents to represent our business interest wherever they are located in the United States of America. Below is a list of the people and organizations that we have specifically designed our products and services for;
- Families that are interested in installing flooring in their homes
- Corporate organizations that are interested in flooring their own property / properties
- The government of the United States of America (Government contracts)
- Managers of public facilities who would want to engage hardwood flooring installation companies to help them install flooring in the facility.
Our Competitive Advantage
The flooring installer industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can successfully help them install flooring to fit into the picture of the ideal home they have in mind.
We are quite aware that to be highly competitive in the flooring installer industry means that you should be able to deliver consistent quality flooring installer jobs and you should be able to meet the expectations of your clients at all times.
Edmond Davies® Hardwood Flooring Company might be a new hardwood flooring installation company, but their management team and the owner of the business are considered gurus in the industry, professional who have what it takes to grow a business from scratch to become a top brand within the shortest time possible.
They are licensed and highly qualified people that can successfully help their clients install any type of flooring in their homes to fit into the ideal picture of a 21st century home. These are part of what will count as a competitive advantage for us.
Aside from the robust experience of our team of experts, we have a very strong online presence that will enable us attract clients from all across the United States of America.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
Hardwood Flooring Business Plan – SALES AND MARKETING STRATEGY
We are quite mindful of the fact that there are competitions in the hardwood flooring installation market in the United States of America; hence we have been able to hire some of the best business developers to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. The training is not restricted to only our full – time employees but it will be also given to all our freelance brokers that are scattered all over the United States of America.
Our goal is to become one of the leading hardwood flooring installation companies in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force in the industry.
Edmond Davies® Hardwood Flooring Company is set to make use of the following marketing and sales strategies;
- Introduce our business by sending introductory letters alongside our brochure to stake holders in the real estate industry and also property owners and potential clients through the United States of America
- Promptness in bidding for hardwood flooring installation contracts
- Advertise our business in real estate/properties magazines and websites
- List our business on yellow pages (local directories)
- Attend real estate related expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to successfully install any type of flooring in their homes/properties
- Leverage on the internet (social media platforms) and our official website to promote our business
- Encourage word of mouth marketing especially when we have a home for sale.
Sources of Income
Edmond Davies® Hardwood Flooring Company is established with the aim of maximizing profits in the hardwood flooring installation industry. We have successfully built a vibrant real estate network that covers the whole of the United States of America so as to help us build a profitable business.
Below are the sources we intend exploring to generate income for Edmond Davies® Hardwood Flooring Company;
- Installing hardwood flooring
- Installing resilient sheet tiles
- Resurfacing flooring using epoxy resins
- Sanding and finishing wooden floors
- Related consultancy and advisory services
It is a known fact that as long as there are home owners in the United States of America, there will always be need to for them to remodel and install new flooring in their homes from time to time to conform to the trends in the neighborhood or city. Hence the demand for the services of hardwood flooring installation companies to help them solve these needs.
We are well positioned to take on the challenges that are synonymous to hardwood flooring installation businesses in the United States, and we are quite optimistic that we will meet out set target of generating enough profits from our first month of operation and grow the business beyond Saint Paul – Minnesota to other states in the United States of America within record time.
We have been able to examine the hardwood flooring installation line of business, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions peculiar to similar start – ups in Saint Paul – Minnesota;
- First Fiscal Year: $400,000
- Second Fiscal Year: $650,000
- Third Fiscal Year: $1.2 million
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and any major competitor offering same services as we do within the locations where we have a strong business presence. Please note that the above projection might be lower and at the same time it might be higher since some factors are beyond our control.
- Our Pricing Strategy
Part of our business strategy is to ensure that we work within the budget of our clients to help them install any type of flooring in their homes.
Since we are not directly in control of the pricing system in the real estate industry, we can only abide by what is obtainable when it comes to fixing a price for a hardwood flooring installation contract. But one thing is certain, we will ensure that we deliver excellent jobs when have we are contracted to do so.
Lastly, we will ensure that we keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to our clients from time to time especially when they recommend clients to us.
- Payment Options
At Edmond Davies® Hardwood Flooring Company our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them but at the same time, we will not accept payment by cash because of the volume of cash that will be involved in most of our transactions.
Here are the payment options that Edmond Davies® Hardwood Flooring Company will make available to her clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will help us achieve our plans without any hitches and we will also pay our freelance sales agents with the same platforms. Our bank account numbers will be made available on our website and promotional materials.
Hardwood Flooring Business Plan – Publicity and Advertising Strategy
We have been able to work with our consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the flooring installer industry by storm which is why we have made provisions for effective publicity and advertisement of our company.
Below are the platforms we intend to leverage on to promote and advertise our hardwood flooring installation business;
- Place adverts on both print and electronic media platforms
- Place our flexi banners with our company’s logo and contacts in every property we put up for sale
- Sponsor relevant TV shows so as to be able to communicate our brand and what we do
- Maximize our company’s website to promote our business
- Leverage on the internet and social media platforms like Instagram, Facebook, Twitter, LinkedIn, Google+ and other platforms (real estate online forums) to promote our business.
- Install our billboards in strategic locations all around Saint Paul – Minnesota
- Distribute our fliers and handbills in targeted areas from time to time
- Attend landlord and residents association meetings with the aim of networking and introducing our business.
- Ensure that all our workers wear our branded shirts and all our vehicles and trucks are well branded with our company’s logo et al.
Hardwood Flooring Business Plan – Financial Projections and Costing
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your facility is conducive enough for workers to be creative and productive.
The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a hardwood flooring installation company; it might differ in other countries due to the value of their money.
However, this is what it would cost us to set up Edmond Davies® Hardwood Flooring Company in the United States of America;
- The total fee for incorporating the business in The United States of America – $750.
- The budget for permits and license – $2,000
- The cost for hiring Consultant – $2,500.
- The cost for computer software apps (Accounting Software, Payroll Software, CRM Software, Microsoft Office) – $7,000
- The budget for insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $5,400.
- Cost for payment of rent for a suitable Office facility with enough space in Saint Paul – Minnesota for 12 months at $1.76 per square feet in the total amount of – $105,600.
- The cost for office remodeling (construction of racks and shelves) – $20,000.
- The cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $15,000
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500)
- The cost for the purchase of working tools and equipment – $60,000
- The cost for the purchase of truck – $20,000
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
- The cost of Launching our official Website – $600
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $5,000
Going by the report from the market research and feasibility studies conducted, we will need over three hundred and fifty thousand (350,000) U.S. dollars to successfully set up a small scale but standard hardwood flooring installation company in the United States of America.
Generating Startup Capital for Edmond Davies® Hardwood Flooring Company
Edmond Davies® Hardwood Flooring Company is a business that will be owned and managed by Edmond Davies, his immediate family members. They are the sole financiers of the business which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.
These are the areas we intend generating our startup capital;
- Generate part of the startup capital from personal savings and sale of his stocks
- Generate part of the startup capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $250,000 from our bank. All the papers and document have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
FLOORING INSTALLATION BUSINESS GROWTH: Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Edmond Davies® Hardwood Flooring Company is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our hardwood flooring installation services a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
Edmond Davies® Hardwood Flooring Company will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Renting and remodeling of Office Facility: Completed
- Conducting Feasibility Studies: Completed
- Generating capital from the CEO: Completed
- Applications for Loan from our Bankers: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed working tools and equipment, furniture, office equipment and electronic appliances: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with key players in the industry (networking and membership of relevant real estate bodies): In Progress
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