How to Use a Loan for Your Roofing Business
In this post, we’ll review six ways to use a business loan to help grow your roofing company.
6 Ways Roofing Businesses Can Use a Business Loan:
1. Hire More Employees
Any service-related business knows that great employees can make or break customer relationships. When your business hires excellent employees, you can have peace of mind that jobs will be done well, which will likely lead to referrals.
Finding capable workers can be a challenge, which is why your roofing business must offer an attractive compensation package to be considered by talented, prospective employees. If there’s a lot of competition in the area, offering better employee benefits is a great way to draw in the best of the best. Those benefits will come at a cost, and using your business loan you can pay for employee salaries, trainings, insurance, and other related expenses.
2. Boost Online Marketing
As a roofing business owner, you should consider how customers are finding you. Ask yourself, what makes customers choose you over a competitor when they don’t have a personal referral? There are many ways to make a great first impression, and some will cost more than others. With your business loan, you can invest in your roofing company’s marketing efforts, which will hopefully then lead to increased profit.
Using your loan to create a name for your business. Start with a professionally designed website that provides customers with relevant information about your company. In addition, you might want to consider hiring a contract employee to manage your company’s social media accounts. Both examples will make your business accessible to a larger audience and offer a platform for communicating with potential customers.
3. Purchase Inventory
To successfully complete a project, you must have the best possible materials – but those come with a high price tag. However, it’s still possible to procure these materials while adhering to your budget, which is why we suggest buying in bulk. With your loan, you can buy and store larger amounts of materials, which will save you money in the long run.
Another way to save money on inventory is to use a streamlined system for tracking exactly what you have and what you need. Using an inventory management system will allow you to stay organized, and ensure that you don’t buy inventory that you already have or don’t require.
4. Update Equipment
Along with keeping necessary supplies in stock, you should also have quality equipment. If your equipment is broken or outdated, your roofing services will suffer, and you’ll likely be unable to take on projects or won’t provide the best possible service.
To have the best possible equipment, you should replace outdated items as needed. With a business loan, you’ll have the resources available to update your equipment without having to make sacrifices in other areas of your business.
5. Invest in New Technology
Construction businesses are constantly evolving to simplify processes and provide better results for customers. To do this, we suggest researching roofing technology trends so that you can get ahead of competitors. Using technology, you can complete administrative tasks, distribute payroll, and optimize processes, just to name a few examples.
6. Bid on the Best Projects
When you have the necessary resources, you’ll always be prepared to take on more projects.
When your business isn’t strapped for cash, you’ll have the option to bid on the projects that will bring in the most profit. You’ll have the manpower and resources to take on larger projects, and the equipment and supplies to complete the project without running into cash flow issues along the way. In the roofing industry, cash provides freedom to make the best choices for your business.
Conclusion: How Will You Invest?
There will always be room for improvement when it comes to your roofing business, and plenty of areas to invest to make your business the best it can be. With many different small business financing options available, you’ll be able to find a loan that will meet your unique needs.
How will you invest funds into your roofing company? Let us know in the comment section below.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.