PROS AND CONS TO STARTING A HOME INSPECTION BUSINESS

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How to start a business

As with any business, there are advantages and disadvantages of starting your own home inspection business. Here are a few things to think about if you are thinking of starting a company that inspects homes for any issues that need repairing.

Advantages

·       Be your own boss

Being your own boss can be amazing in many ways. You can choose the days you work so that you can achieve a perfect work-life balance. This can be especially helpful if you have a family as you are able to choose hours that will work around all the responsibilities that come with being a parent.

·       You can start big or small

Home inspection businesses often begin at home, so it is perfectly viable for your business to start off small. There is a lot that goes on behind the scenes when you begin a home inspection business, such as studying to get certified to complete a home inspection report, so being able to do this from the comfort of your own home is definitely an advantage. Beginning small also means that there is little start-up cash needed, and you only need a few tools, to begin with, and over time, you can grow your kit as you begin to make larger profits.

·       Learn in spare time

Due to online home inspection programs, you have the ability to be in control of the pace at which you learn. This gives you the ability to learn in your own time, which means that you can continue to work full-time if needed whilst working towards improving your future.

·       Perform an important service

A home inspection business can be fulfilling on a personal level as you are able to help people within your community. As a home inspector, you are able to answer questions that the average homeowner would not know, which gives you the opportunity to educate your customers. This is fulfilling as you are not only helping them to find their new home, but you are also giving them the ability to build their own knowledge. Knowing you’ve helped someone is very rewarding.

·       There is lots of money to be made

This industry can turn over a significant profit before you know it! Unlike other businesses, you shouldn’t have to wait years for your business to return the money that you have invested in it as the home inspection business can grow a lot quicker than other industries. This means it may not be as risky as starting up a firm in a different sector.

·       New techniques and certifications always happening

There are always chances to increase your knowledge of the ever-changing policies that come with being a home inspector. Not only is it healthy to improve your knowledge, but it also gives you the opportunity to stand out against your competitors if you have a wider and more up-to-date breadth of information.

·       Every day is different

You spend most of your life at work, and if you do the same thing every single day, it will soon become monotonous and boring. With a home inspection business, every day is different. This can ease the burden of having to get up and out of bed every morning.

Disadvantages

·       Industry standards vary

Regulations and other industry standards vary in different areas, neighborhoods, and states. This means you will have to update your education as well as your knowledge of policy changes and new requirements in the industry. For example, if you were to move, you may have to re-register with another state. This can be a hassle as you may have to become certified all over again. However, your skills as a home inspector will always be relevant, so training again shouldn’t be a problem.

·       The market is saturated

This means there is a lot of competition out there. You will have to work hard to stand out from the competition. With some companies, they will have devoted clients and more experience, so it might be harder to compete against them. However, as long as you work hard to create a good reputation and a recognizable brand, you can still succeed.

·       There is a lot of pressure to get it right

As with all industries, the stakes are high in a home inspection business. After all, people are paying you to get it right. One mistake, and you might be looking at a large lawsuit. However, don’t let this put you off because as long as you are insured, the burden can be taken from your shoulders if things are missed or mistakes are made. There are risks in every business, so don’t let them stop you from pursuing your goals.

If you are looking at starting a business, here are some great ideas for teens or anyone on a shoestring budget. These business ideas are easy to start, do not require a lot of upstart capital, and can be done from anywhere. They are a perfect opportunity even if you are looking at adding a side hustle to your full-time job.