When you decide to start a spray foam insulation business, you expect it to be profitable. To make your spray foam business profitable, you’ll need to ensure you’re utilizing your equipment and assets properly and are maximizing your business’s potential with the right team and materials.
Utilize your Equipment
First, you should identify the type of equipment you are using and match it to the type of jobs you are doing. You’ll want to make sure that your equipment is the best suited for the projects you are hired for, and that the materials you are using are appropriate for the application. For commercial jobs, you’ll want a spray foam rig with a larger output than if you are just working in small-scale projects. This way, you’ll complete the job in less time with which in turn saves money.
Ask an Expert
When starting an insulation business, you should also work with a qualified, experienced project manager who can accurately quote jobs for you. This way, you’re not underselling yourself, and losing money, and not turning away potential clients by estimating job costs too high. Your project manager will help you get the most money for the job, while still making your services attractive to your client.
Evaluate Material Cost
You should also evaluate your material costs and supply overhead. Ensure you’re using your supplies efficiently, and that each type of spray foam or coating that you use is applicable to the job you’re completing. By minimizing waste, you’ll save money. This includes maintenance of your equipment to keep it functioning properly and reduce downtime. Also, by purchasing high-quality equipment from reputable manufacturers when starting your spray foam business, you’ll put out more money up-front, but will end up saving over the lifetime of your business, because you’ll need less repairs and maintenance when you use the best equipment.
Train your Staff
A highly trained staff and multiple crews will also benefit you and make your spray foam business profitable. If you dedicate a sales person to each crew, you’ll ensure you get jobs in a variety of markets, and with multiple crews, you can complete a variety of jobs at the same time. The goal is to keep working, so proper training and staff, along with functioning equipment is essential to profitability. The spray foam industry is growing, and as more people recognize the benefits of insulating with SPF and the advantages of protective coatings, the more profitable a well-run spray foam insulation business can be.