Startup Costs for Business
So, you want to start your own home inspection business? That is exciting! It’s time to let your expertise and enthusiasm for the industry to shine, and you are ready to be your own boss. But have you figured out how much it will cost to start your business?
Just as a person should consider if they can afford to have a pet or get a new car, it’s extremely wise to consider the expenses that come with starting a business so there are no surprises.
Decisions need to be made on what to purchase right away and what can wait until your business is more established. Estimating costs can also help you determine if you can jump into your new business 100% or hold onto your day job just a bit longer while getting established.
So how much will it cost?
Credentials and Training
Different states have varying requirements to become a home inspector. Some states only require 60 hours of training and others almost 400. These training costs can vary from $400-$1,700.
Many states require you to get licensed as a home inspector. Some require you to pass the national exam to get licensed, which currently costs $225, and some states have their own exams. Also, some states charge a fee for the license. And you may have to renew your license every few years.
Total costs: $0-$2,000
Tools for the Job
There are some tools that are necessary to have for inspections and some tools that will be very helpful to get as time goes on, as you will see listed below. Also, there can be a wide range of prices for tools, depending on the quality or brand. Remember that it may not be the best idea to always go for the cheapest you can find. Sometimes it is better to invest a little more in a higher quality product that you won’t have to replace as often or can make your task easier.
Essential tools needed from the beginning:
- Safety glasses $5-500
- Flashlight $10-$80
- Work gloves $10-$280
- Electrical tester $10-$250
- Dust mask/respirator $5-$100
Other useful tools:
- Tool pouch $25-$130
- Telescoping ladder $100-$500
- Carbon monoxide detector $75-$150
- Infrared thermometer $20-$500
- Moisture meter $25-$50
Total costs: $40-$2,540
Advertising and Marketing
There are many ways to market your business and gain attention and interest in your services. Some methods are free, while others will require some funds.
Free advertising can be done through social media platforms like TikTok or Facebook. You can also make visits to real estate offices, and make phone calls to promote your business.
A website is essential for your business to be successful. You want clients to be able to do research about your business easily and see what services are provided, as well as easily schedule inspections. A custom website with keywords and common search terms will make your website easy to find when doing a Google search. You can build your own website for about $15-$20 a month, but it can be advantageous to have a professional web designer make and maintain it, with costs ranging from $50-$400 a month.
Other considerations are business cards, brochures, and flyers. The costs for these vary depending on whether you are designing and printing yourself or having another company do it.
Total cost: $0-$8,000
Office Supplies and Equipment
Home inspection software, a computer, and a printer are all necessary for building and maintaining your business. Be sure to choose good-quality equipment so you can do your work seamlessly.
Good home inspection software will allow you to generate clear reports, send notifications to clients and agents, and accept payments. There is free software out there, but it can be very difficult to make it work for your business. Purchasing easy-to-use software can save you hours of time and effort. Subscriptions to good software on average cost between $800-$1200 a year.
For a computer, you can choose either a tablet or laptop. You will have to decide if you are more interested in portability or speed/storage capacity. Depending on the model, prepare to spend between $300-$2000 plus.
Printers can range from $70-$3000. Also, there will be the ongoing cost of ink and paper. Although many clients are happy to receive their reports online or through email, there may be times you need to print for them.
Total cost: $1,170-$6,200+
To Sum It Up
What is the cost of starting a home inspection business? Anywhere from $1200-$19,000 or more.
It pays to do your homework. Do research on different tools, software, and marketing strategies. Make a plan for your business and what is most important to you.
Inspector Toolbelt is a fantastic investment for your business. We can provide beautiful, custom-made websites. Our software is user-friendly and allows you to create easy-to-read reports. These things will help your business stand out among other home inspection companies. Learn more about us!