Starting a fire extinguisher business can prove to be a lucrative small business opportunity. This is especially true in areas where there are a lot of commercial and residential buildings. If you establish a loyal customer base you can also make money through services such as recharging fire extinguishers. Starting this type of business entails analyzing the competition, creating a business plan, obtaining the requisite licenses, finding a suitable location and attracting potential customers.
Some Important Steps that needed to be done when you are Starting a fire extinguisher business:
1. Carry out a market analysis by checking the competition in your area. If there is a fire extinguisher store, is there a need for another? Determine if there are enough potential customers who might require fire extinguishers such as households and commercial properties in the area.
2. Write a simple business plan using the information you have obtained from the market analysis. Include information such as the executive summary of what the business is about, the management structure, an analysis of the market based on the information obtained in Step 1, the marketing and sales strategy and how you will allocate the financial resources.
3. Familiarize yourself with the different types of fire extinguishers if you have not done this yet, such as Class A, B, C and D extinguishers. Obtain this information from sources such as the National Fire Protection Association. Note that this information will enable you to better recommend suitable fire extinguishers for different clients.
4. Check out the regulations of the sale and servicing of fire extinguishers in your state. Contact or visit the relevant agency such as the state fire commissioner or state fire marshal to inquire about possible registration and licensure requirements in your state.
5. Obtain the requisite licenses to start the fire extinguisher business. Note that you need a general business license, a state sales tax license and federal and state employer identification number tax license if you plan on having employees. Visit the Small Business Administration portal online where you will locate your state and the specific business license requirements in your state.
6. Visit your local bank or lending institution to discuss obtaining financing in the form of a small business loan if you lack sufficient start-up capital. Note that the bank will require information such as the structure of the business, how you will use the loan, your credit history, business experience, available collateral, and business license numbers.
7. Find a suitable location for your business by using the services of a real estate agency or by scouting around in your area. Set up a fire extinguisher business in an area with many residential and commercial buildings as these are your target customers.
8. Purchase inventory (fire extinguishers) from a wholesale supplier. Request the state fire commissioner to provide a list of registered suppliers of firefighting equipment. Determine a suitable supplier by taking into consideration factors such as price, after sale services and how long he has been in business.
9. Advertise and market your business by creating a website or hiring a website designer to do this for you. Put up flyers and posters in strategic areas such as fire departments, retail stores, real estate agencies, commercial buildings and in newspapers too.