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Starting a Home Inspection Business, What is the Financial Opportunity?

Starting a Home Inspection Business, What is the Financial Opportunity?

Posted by: Brightwood College
Updated: November 19, 2015 | Published: February 4, 2014

 

As with any financial opportunity, there is a degree of risk, so it is best to consider your options within the home inspection profession as well as research your local market. You then want to create a home inspection business plan. By considering the business options below, you will begin to create a road map for success.

Starting a home inspection businessItems to Consider When Starting a Home Inspection Business:

1. Will you be full time, part time, or use home inspection as an ancillary add on service to you existing profession? It is projected that nationally approximately 80% of the home inspectors are full time and 20% are part time or using it is an add on service.

2. Will you be working for someone else at a multi-inspection firm or working for yourself? Most home inspectors, 60 to 70%, are independent business persons. Self-employment is appealing to many people and can be rewarding, but it also involves more work, particularly if you are just entering the profession.

3. Will you be starting your home inspection business from scratch, buying someone else’s business or a franchise? Either way there will be start-up costs in the range of 15% of your first year projected sales.

4. How will the business be structured? Consulting an accountant, attorney, and bank will help you decide whether to be a corporation, partnership, or sole proprietor.

5. Will you provide other related services? For example, many home inspectors are also termite or mold inspectors. Inspectors with talent and ambition can expand their business services to include commercial inspections and expert witness testimony.  Radon, lead-based paint, septic systems, and indoor air testing are just a few of the services that home inspectors can provide for additional fees.

6. Will you need anyone to support your business? A partner, employee, a spouse, a son or daughter to work alongside of you in building this dream. Regardless, you will need the full support and confidence of your family before entering into this exciting career change and opportunity.

Thinking about a home inspection career? Download the Launching Your Home Inspection Career eBook.

In addition to this list of items to consider when setting up your home inspection business, there are a number of skills expected from all home inspectors. Skills that range from understanding the systems and components of a home, both old and new construction, as well as being able to effectively communicate what you know to your clients. In other words, todays home inspector must be highly trained in many aspects of construction as well as typical business and customer service skills.

To learn more about becoming a home inspector in your state, simply select your state from the list on the home inspection training landing page.