Thinking about opening an elevator installation, testing, and repair business? We tell you what you need to know to get started.
Opportunities & Considerations
The elevator installation, testing, and repair industry experiences more than its share of ups and downs. That's an old joke, but it's not far off the mark when it comes to what new business owners can expect from an elevator installation and maintenance business.
The positive side of the industry is that elevator repair and installation offers a lucrative business model for entrepreneurs located in dense urban areas. Businesses located in mid-market cities can also be profitable, but companies need to own a larger share of the market due to a smaller customer base.
Since most elevator businesses are marketed through relationships with building managers and owners, breaking into the industry can be a challenge unless you have pre-existing relationships in your local real estate community. If not, you will need to develop relationships with commercial builders for installations and then offer your services to the property owner on a go-forward basis.
Elevator installation and testing firms are regulated by local municipal authorities. Your elevator technicians should be licensed and have significant industry experience. If something goes wrong with an elevator your business worked on, an unlicensed worker will make your business "low hanging fruit" in a lawsuit.
The most successful elevator businesses offer a comprehensive range of services including installation, maintenance, testing, and emergency repair. Although many profitable companies specialize in one or more areas, building managers value single providers that can handle all of their elevator-related needs.
The keys to growth in the elevator repair and maintenance industry are responsiveness, service, and affordability. Price-conscious elevator businesses that provide timely service are rewarded with service contracts and a glowing reputation in the local commercial property community.
Best Elevator Installation, Testing, & Repair Company Business Plans
A first-rate business plan is job one for your startup elevator installation, testing, and repair business.
Now here's the good news: You can minimize the amount of time it takes to write a business plan by buying business plan software. A reliable software solution will increase the accuracy and consistency of your business plan, dramatically improving its value to your elevator installation, testing, and repair business.
As an additional benefit, most business plan solutions are geared toward providing the information most commonly requested by lenders and investors.
Prior to launching an elevator installation, testing, and repair business in your area, it's a good idea to determine how you will fit in the competitive landscape. Use the link below to get a list of local competitors near you. Simply enter your city, state and zip code to get a list of elevator installation, testing, and repair businesses in your town.
How are you going to successfully complete with existing firms? It's important that you never underestimate the competition.
Find Good Remote Business Advice
As part of your due diligence on opening an elevator installation, testing, and repair business, it's a smart move to learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. It'd be crazy for them to teach you the business.
However, an entrepreneur who owns an elevator installation, testing, and repair business in a location that is not competitive to you may be more than happy to give you a few tips, as long as they don't view you as a competitive threat. Many business owners are happy to give advice to new entrepreneurs. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
So, what can you do to find an elevator installation, testing, and repair business manager who is willing to advise you because you live in different cities?
Simple. Let your fingers do the walking by using the link below.
Competitive Benefits of Buying an Elevator Installation, Testing, & Repair Business
Pursuing an elevator installation, testing, and repair business acquisition can be an effective route to profitability for emerging entrepreneurs.
A business acquisition also delivers an established brand - a big advantage in competitive markets. The notion of buying a business to get an established brand can be a savvy business strategy for new elevator installation, testing, and repair business owners.
In a competitive market, the right acquisition can be leveraged to catapult your business into a market leadership position, even if you personally lack industry credentials.
Don't Rule Out Franchising
Purchasing a franchise does not mean that can take it easy and just be in cruise control but it can mitigate many risks that increase your chance of failure.
As part of your process in starting an elevator installation, testing, and repair business, you should assess whether buying a franchise could simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you currently own an elevator installation, testing, and repair business, try these useful resources:
If you sell to elevator installation, testing, and repair businesses, you're in the wrong place. These resources are more appropriate for you:
If you are still exploring all of your options, please browse our directory of guides below.