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Starting your "Floor Installation Business"

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Floor Installation is a very promising business with a lot of growth potential. Floor installation technicians median pay are around $35-40, which is a very great pay rate. However, this is not a business that can be started on the fly, as it will require some knowledge and experience.

To gather such experience, one can learn through apprenticeships first which will also generate you more than average hourly income. After you complete your apprenticeship, you can start your own residential flooring business. Starting the business itself doesn't require a lot of startup investment, and has the potential to grow into a commercial flooring business, doing floor installation for other businesses and municipal buildings.

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If you think this business is for you, here are some things to get you started:

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1. Startup Cost
Startup cost involved are relatively low, and you can start with as low as $10,000 for equipment, tools, license, and insurance. However, the key to this business, rather than monetary investment, is the time investment required to learn the knowledge and build a reputation.

2. License and Permits
License and permits needed vary between locations. However generally, commercial floor installer will require apprenticeship certificate from state council while it is not required for residential-only flooring service. Consult your local authority to get the best picture.

3. Insurance
Although not a legal necessity, it's good to insure yourself and your business. The labor-intensive nature of this business and exposures to sharp tools, glues, and chemicals might increase risks for injury while you might accidentally also cause property damage of your clients. It's good to be safe than sorry.

4. Vehicle
You'll need a large transport, able to move bulky floor materials and equipment. A truck with large storage is preferred. It's also good to consider branding your vehicle for marketing exposure.

5. Getting your Clients
To get started, you can build partnerships with local interior decorators, builders, and established home improvement companies. They can subcontract you for floor installations. You'll also need a website and both online and offline advertising to build awareness.

6. Pricing
You can charge your clients in several ways. You can charge a markup for your floor materials, profiting from the difference of wholesale and retail price. You can charge hourly or by square foot on top of it. As mentioned, the hourly pay average is around $35, while typical fee per square foot is $1.25-$3, depending on floor material installed. With the tight competition, the pricing strategy will either make or break your business. So make sure you do enough market research and study the competition carefully.

Earning Potential

The earning potential will largely dependent on the number of clients or subcontracts you have. As mentioned before though, the average hourly pay is $35, that translates to $72,800 for 40-hour workweek.

The profit potential from wholesale markup is also excellent, with 200%-300% profit margin. For example, you can buy laminate flooring with a wholesale cost of $2, and sell to clients for $6. That, while charging the service fee per hour of by square foot.

The downside is that this business has already saturated with limited growth potential. But the high revenue and profit potential made it a very promising business.