Becoming an Entrepreneur
Starting a Commercial & Industrial Asphalt Paving Business
Want to start a commercial and industrial asphalt paving business? We walk you through the ins-and-outs of this business opportunity.
For those of you attempting to start a commercial and industrial asphalt paving business, this article serves as an essential launching pad.
Commercial & Industrial Asphalt Paving Business Basics
A commercial and industrial paving business is similar to a residential paving business, but on a much larger scale. Rather than servicing homes, your company will be required to pave and asphalt large parking lots and other areas for corporate entities -- many of which consider the appearance of their facility and asphalt surfaces to be an extension of their brand identity.
Although residential asphalt driveway sealers may be able to skate by with limited industry knowledge, commercial and industrial asphalt paving business owners need to know their craft inside and out. Since it can be difficult to maintain a uniform appearance across acres of paved surface area, both you and your team should be trained and experienced in commercial paving techniques.
Best Practices for Startup Commercial & Industrial Asphalt Paving Companies
Emerging entrepreneurs in the commercial paving industry need to adhere to a handful of best practices that have been effective for paving startups as well as startups in other industries.
- Hire Professionals. The commercial paving industry tends to have higher employee turnover rates than other types of small businesses. To minimize employee turnover, you'll want to follow sound hiring practices and focus your recruitment efforts on experienced professionals.
- Plan for Growth. Growth doesn't just happen. Leading commercial and industrial paving startups anticipate growth in their strategic planning so when expansion opportunities arise, they are prepared to pounce on them.
- Stay Connected. Successful commercial paving entrepreneurs are well connected in the industry because they aggressively pursue networking opportunities through the National Asphalt Pavement Association and other trade organizations.
- Avoid Undercapitalization. The biggest mistake a commercial asphalt startup entrepreneur can make is to launch their company without adequate capital resources. Even though it can be challenging to raise enough capital to fund the purchase of commercial paving and milling equipment, this isn't the type of business you can operate without the proper assets and resources.
Understand Paving Industry Seasonality Issues
If you are located in a climate where winters are cold and the area is covered with snow, your paving company will be impacted heavily by seasonality challenges. Simply put, you cannot pave in the winter. As a result, many paving companies all but shut down for three or four months a year.
To address this issue, you will need to hire seasonal workers. Most paving companies rely heavily on contractors, thus allowing them to easily let workers go when the cold weather arrives. Another option, of course, is to diversify your geographic locations such that you have a presence in a few areas where you can do year-round paving.
Successful Business Plans for Commercial & Industrial Asphalt Paving Businesses
If you've done your homework, you already know that writing a business plan is the most critical thing you can do for your company.
We'll add one more voice to the chorus – writing a solid business plan is the most important thing you can do for your startup. If you take your business plan seriously, the end product will be a document that will guide your company through the critical first year and beyond.
Furthermore, a good business plan will help you avoid key startup mistakes. Lacking a solid business plan, many startups find themselves rudderless and incapable of executing consistent decision making processes, while committed business planners rely on their plans to guide all of their decision making and short-term planning efforts.
Evaluate the Competition
Before you open a commercial and industrial asphalt paving business within your community, it's a smart move to find out how strong the competition is. Try our link below to find competitors nearby. Just enter your city, state and zip code to get a list of commercial and industrial asphalt paving businesses in your community.
How tough is the competition in the market you are considering? If the competition is too tough, you may need to think about starting the business in a different area or even start a completely different business instead.
Studying the Market
If you are seriously contemplating launching a commercial and industrial asphalt paving business, it's a wise move to talk to somebody who is already in the business. It's very unlikely that the local competition will talk to you. It'd be crazy for them to teach you the business.
Thankfully, an owner of a a commercial and industrial asphalt paving business outside of your community may be more than happy to give you a few tips, after they realize you reside far away from them and won't be stealing their local customers. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Where can you find a commercial and industrial asphalt paving business entrepreneur on the other side of the country to talk to?
No problem! Just use the link below and try a random city/state or zipcode. Then start dialing for advice until you are successful.
Should I Buy or Launch a Commercial & Industrial Asphalt Paving Business?
To become a commercial and industrial asphalt paving business owner, you'll either need to buy an existing business or start one from scratch.
Except for scenarios that require extreme innovation or highly unique value propositions, it's usually less risky to buy an existing commercial and industrial asphalt paving business.
An acquired commercial and industrial asphalt paving business is a known quantity; a startup is less certain because its forecasts depend on estimated outcomes. If you're diligent about finding the right acquisition prospect, you may be able to leverage a business buying strategy to rapidly propel yourself into a position of industry leadership.
Explore Franchising Options
Your chances for thriving in your new business are much better if you opt for franchising in lieu of doing everything yourself.
Before starting a commercial and industrial asphalt paving business, you may want to check out whether purchasing a franchise might make your life much easier.
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.
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