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Tag: money management

Why Veterans Make Amazing Entrepreneurs

January 24, 2023

By Sammi Marcellus, NPI, Inc.’s Recruitment Coordinator Veterans returning home from duty have a lot of opportunities open for them, but it can understandably be difficult to find one’s place after such a big change. As entrepreneurs and business owners, veterans have a long history of success. From Phil Knight at Nike to Gordon Logan at Sport Clips, veterans clearly have the capability to reach remarkable heights in their own business ventures, but it can be difficult to figure out how to start. At National Property Inspections, we have seen first-hand how veterans excel in the field of home inspections. Many of our top producers are veterans, and we love working with new franchisees who have gained the fundamental skills that military training instills. Here are a few reasons why veterans make amazing entrepreneurs and home inspectors. Veterans Are Versatile Whether through serving in a unit or through the foundational training that all military professionals receive, we have seen that veterans possess an amazing level of versatility. As an inspector and a small business owner, our franchisees learn not only the technical skills to inspect a property, but how to market themselves, manage their finances, and even lead a team

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How To Finance Your New Inspection Franchise

December 13, 2022

By Celeste Black-Harr, NPI, Inc.’s Recruitment Coordinator Starting a new business is such an exciting and fulfilling venture, but for many people a lack of confidence in their funding strategy can hold them back from achieving their goals. As with all franchises, an inspection franchise requires a level of initial investment to get started, but you don’t need to wait for a wealthy relative’s inheritance. Depending on your background, there are plenty of worthwhile opportunities that you can consider in order to finance your new business and hit the ground running. Disclaimer: This content is meant for informational purposes only and should not be taken as professional legal, tax, investment, or financial advice. This article is intended to cover general circumstances and is not directed to any specific individual. I am not a registered financial advisor. To know what options are best for your particular scenario, seek out a financial advice professional. With that in mind, let’s discuss some financing opportunities for your new inspection franchise. Secured Or Unsecured LoansOne common route that people looking to franchise end up discussing is the standard Secured or Unsecured Loan route. An easy way to separate these two categories of loans is to

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Pre-Inspection Agreement: Why They’re ALWAYS A Must-Have

November 1, 2022

By Jon McCreath, NPI, Inc.’s Technical Supervisor & Training Administrator In establishing a successful inspection franchise, there are so many things to worry about. From learning how to best market yourself and your services, to offering the best possible product, new inspectors have plenty of areas that can command their attention. In these moments, it is important not to overlook the standards and the basics of the business. One standard process that you should never skimp out on is the pre-inspection agreement. Let’s review the pre-inspection agreement and its unique importance. BackgroundA pre-inspection agreement is a standard form which outlines standards, scope of work, and expectations for an upcoming property inspection. There are many reasons why this form has become a stock-standard part of every inspector’s business plan, but of particular note are the liability protections that they provide. Although no inspector intends to find conflict with a client, a disagreement is likely to come up at some point. The pre-inspection agreement is the rule-setter that keeps every inspection fair and clear. Some basic aspects that a pre-inspection agreement describes include: ConsiderationsSome inspectors are more strict than others with how they administer and handle their pre-inspection agreements. Some inspectors may

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Gearing Up for Tax Season

February 1, 2022

By David Stamper, NPI, Inc.’s President & CFO As we head into February, we move one step closer to that all important time of year– tax season. If you let out a small groan every time you hear those words, you certainly aren’t alone. It can be a headache to file taxes and be sure that you do it correctly. A small mistake or simply not getting your return in on time could cost you. Nearly 10 million people each year incorrectly file their income tax form. To avoid being one of that group and paying fines, get a head start! Know Deadlines To avoid panicking at the last minute and trying to get your taxes in order, make sure you know when you have to file. The dates will vary depending on your business structure and if you use the calendar or fiscal year. In the U.S.: For more information on your state’s tax deadline, check their tax division website here. In Canada: More information about Canada’s tax deadlines can be found on the government website. Keep Your Receipts Being a business owner means you’ll now incur a variety of expenses. Travel, tools, and additional training are all purchases

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Another Dollar: How to Save Money While Growing Your Business

January 18, 2022

By David Stamper, NPI, Inc.’s President & CFO Correctly managing your finances is necessary to be a successful business owner, yet it isn’t always the easiest thing to do. Close to 80 percent of entrepreneurs fail due to poor money management. If you’ve never owned your own business before, you might have a million questions about how much to save and what’s the best use of your money. Luckily, you can get things sorted out with a few tips. Common signs you have a money problem. Figuring out that you’ve got a problem with your accounting will help you know the right steps to take. You’ll know right away when you run into a cash flow issue. If you’re struggling to pay for your expenses and finding that you’re dipping into your savings, you’re probably hemorrhaging cash faster than is sustainable. When you first start out, you might not turn a major profit as you get set up. But the important thing is to not let yourself get behind in accounting for every dollar that comes in and goes out. Don’t try to outrun your spending. At first, the simple solution to not having enough money coming in is trying

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Business Resolutions for 2022

January 11, 2022

By Kimberly Stevens, NPI Inc.’s Marketing Coach As we enter a new year, we look forward to new opportunities. About a quarter of people make a resolution to improve themselves in the new year. However, less than ten percent of those individuals will actually follow through on their goals. Here are some simple resolutions you can make as an entrepreneur to grow yourself and your business! Keep Learning One trait that every successful business owner has in common is that they never stop being a student. You can always find new ways to better yourself and make your business operate more effectively. This year, make it a habit to continue your education. This can be in the form of attending conferences, talking to fellow inspectors, and following news updates. Listening to audiobooks or podcasts is another easy way to get useful information. You can play them all day in your car through your phone! Clean Your Email List Email marketing is a highly effective way to stay in contact with your customers and reach out to new ones. But if you haven’t updated your mailing list in a while, you might not be seeing the results you want. Kickoff 2022

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Pricing Your Services the Right Way

December 14, 2021

By Kimberly Stevens, NPI, Inc.’s Marketing Coach Finding the right price for the services you provide can be pretty tricky. Set them too high, and your customers will look elsewhere. But price them too low, and you might find it hard to break even. If you’re a new business owner, you might be stuck in a gray area about the best way to set prices. Research is Your Best Friend The best way to figure out what’s a reasonable amount to charge is to check out other businesses near you. Look at their websites and see if they have their pricing listed. You can also look at what other services they add and any deals they offer. Just a little bit of leg work will prove to be valuable as you get up and running. Flat Rate by Square Footage One of the common pricing strategies among inspectors is a set dollar amount based on the property’s size. This system is mainly used for residential properties that aren’t as extensive as larger commercial jobs. You can start at the lowest size you commonly inspect and increase by a certain range to the largest. This helps ensure that you’ll get paid

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Why You Shouldn’t Neglect Your Inspection Tools

December 7, 2021

As an inspector, you have a variety of different tools to help you do your job. Drones, electrical outlet testers, gas sniffers, and more all give you the information you need to educate your client. But with so many different pieces, it’s not uncommon for equipment to malfunction. What Can Happen The most obvious answer to what’ll happen if you don’t maintain your equipment is that it simply won’t work correctly, if at all. If this happens to you in the field, you can find yourself stuck in a tight spot. You’ll either have to scramble to replace the broken tool or reschedule the inspection. Perhaps the worst outcome is that you mark a component incorrectly on your report. This can lead you into a wormhole of liability and result in a costly payout and possible lost business. Do Your Research Beforehand To avoid having to constantly repair your equipment, look into the best tools for the job beforehand. There are lots of different brands on the market, and each has their own set of pros and cons. If you belong to an inspector message board, see what others have asked about. Read reviews on the products prior to purchasing

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Two Weeks’ Notice: Making the Leap from Employee to Business Owner

October 5, 2021

By Celeste Black-Harr, NPI, Inc.’s Recruitment Coordinator Going from your current job to starting your own NPI franchise is both an exciting and delicate process. If you’ve thought about making the leap to being your own boss, you may have a rough draft of your exit strategy already. But there are certain steps that you should include to make sure you cover all your bases before you leave. Here’s what you need to know. Begin to save money to supplement your income. In the months leading up to your departure, start setting aside funds in a business savings account. It’ll take a bit before your new business is fully up and running, and there’ll be some costs you’ll incur as well. You want to be sure that you’re covered and able to support yourself until your franchise becomes your main income source. Creating a budget and a billing schedule will help you save smarter. Figure out what you already spend on, what the essentials are, what you could possibly cut down on for a short time, and what’s left over to stretch your income even further. You should also discuss with your financial planner how you can save without putting

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Staying Covered: Choosing an Insurance Provider

August 17, 2021

By Bill Erickson, NPI, Inc.’s Executive Vice President With so many insurance plans and providers, it’s easy to get lost in the weeds when shopping for coverage for your business. On the surface they can seem almost identical, with “almost” being the operative word. But as you look closer at what each provider offers, you’ll notice differences in their claims process, payouts, and the extent of their coverage. Don’t Make a Million-Dollar Mistake Shocking statistic time: it’s estimated that nearly 40 percent of small business owners don’t have insurance! Having any coverage at all can help you avoid being a statistic. That said, it’s crucial to vet an insurance company before you commit. The smallest difference in coverage can result in paying out a mountain of cash in claims and legal fees. And in turn, inspecting before you get insurance or letting it lapse is also a major risk, as you’ll be subjecting yourself to hefty fines and possible lawsuits. While it can be overwhelming, try to think of insurance as your friend and not your enemy. Understand the Types of Insurance Along with the array of providers, there’s a variety of insurance policies as well. These are just a

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Inspection Insights: How to Stand Out with Sample Reports

August 13, 2024

By Jon McCreath, NPI, Inc.’s Technical & Training Director In any industry, success often comes from separating yourself from the pack. Some businesses have exceptional communication skills, prioritizing customer service above all else. Other business owners invest in a diverse array of add-ons, making them a convenient one-stop shop for their clients. Then, of course, veteran business owners might trust that the quality of their products and services will naturally trump all in the end. Dedicating your attention to becoming the best among your competition is an excellent goal, but proving yourself to clients takes work, too! We’ve talked about how to get more reviews by prioritizing Google business listings for better online searchability, but there is another powerful tool that too few home and property inspectors utilize: sample reports. Home inspectors who host a sample of their inspection report on their website can display the quality of their product for any prospective clients and answer many of their burning questions before they even pick up their phone. If you’d like to start using sample reports on your website but you’re not entirely sold on the concept yet, let’s review a few of the benefits and discuss some of the

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Expanding Your Audience by Becoming a Bilingual Business

July 30, 2024

New business owners often feel that they are racing to find a client base and develop trust with their local community. Finding leads, converting them into sales, and creating advocates to spread the word of all the good work that they do – the fight to gain credibility in a market takes plenty of guts and hard work. But after that growth slows, it can be difficult to find a new client base to tap into. Language barriers in diverse populations can limit a business’s market reach, posing a significant challenge. There’s certainly an opportunity to expand by becoming a bilingual business, but making this change involves more than simply translating a flyer into Spanish and calling it a day. Owners who learn a second language or hire employees with language skills may be able to grow their business, but that’s only the start of the story. If you’re wondering what it would look like to start marketing in a second language as a small business, here are a few of the considerations to take into account first. Learning a Second LanguageOne strategy that business owners may consider if they’d like to start marketing in multiple languages is to learn

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Keeping Up to Date as an Entrepreneur

July 2, 2024

By Jon McCreath, NPI, Inc.’s Technical Supervisor & Training Administrator When running a business, owners work extremely hard to find their unique strategy for consistent success. Winning over a share of the market takes time and plenty of energy, but one common pitfall that entrepreneurs frequently encounter is losing that initial fire to learn and experiment. Too often, professionals find a comfortable place in their industry and then fall further and further behind while competition follows trends and implements what works into their businesses. So, what’s the solution? How do small business owners stay up to date in their industry? In the home inspection industry, some may point towards licensing requirements in each state as a solution, but this doesn’t resolve the problem for a couple of reasons: Ultimately, keeping up to date with your industry has to start with an internal desire to improve your services and elevate your business. Required courses will not cut it! So, for any property inspectors out there who want to keep their business practices and their personal knowledge on the cutting edge, let’s discuss a few of the top strategies. 5 Ways to Stay Up to Date in the Home Inspection Industry 1.

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Ranking Up: Debunking the Service Area Myth on Google

June 18, 2024

By Zach Vesper, NPI, Inc.’s Senior SEO and Marketing Strategist As a multi-national property inspection franchisor, our marketing team gets a lot of questions about how to increase ranking on Google. Of course every small business’ marketing efforts should be multi-faceted, with a mixture of in-person relationship-building efforts and digital campaigns. With that said, there is no question that Google is king for digital marketing, and that all starts with optimizing your Google Business Profile. There are many features on a Google Business page that can be utilized to improve visibility and ranking, but we commonly see people turn to their service areas for answers. Many business owners seem to think that slight changes to the service area field could create the presence bump they need in certain areas. But we’re here to say that this probably won’t be the solution to any Google ranking frustrations. To better understand why this is the case, let’s discuss what service areas actually are, how they should be properly set up, and which strategies are the real secret for ranking up on Google. Defining Service Area BusinessesGoogle Business Profiles can be created for free and are broadly set up in one of two

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Game Plan for Growth: Stop Selling & Start Making Connections

June 4, 2024

By Kimberly Stevens, NPI, Inc.’s Marketing & Business Coach People become entrepreneurs for many different reasons, whether it’s the freedom to control their schedule, the direct impact they have on their business growth, or the prospect for financial independence. For many, “being your own boss” can be a career goal all by itself. However, despite the benefits, there are aspects of business ownership that can be intimidating as well. One challenging aspect that comes up again and again? Sales. Despite your skillset or previous experience, the need to sell yourself, your products, and your services can stop you in your tracks. Maybe you don’t think you’re charismatic enough, or the thought of selling things feels deceptive, selfish, or “slimy.”. The truth is, though, that “sales” has a worse reputation than it deserves (maybe thanks to one or two too many pushy telemarketers or sales clerks). Whether you’re extroverted or introverted, everyone has a unique way to relate to people so that they can become effective “salespeople” and set their business goals in the right trajectory, in a way that’s actually enjoyable. So, to all future entrepreneurs out there: stop selling. Instead, let’s discuss how important it is to invest in

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Is Social Media the Right Platform for Political Commentary by Your Small Business?

May 21, 2024

By Michael Trimble, NPI, Inc.’s Content Marketing Coordinator You probably haven’t noticed, but 2024 is an election year! Okay, so maybe you have noticed. In the midst of heavy polarization, heated disagreements, and the general anxiety that comes with national elections, it’s understandable if you want to distance yourself from the political dialogue sometimes. Navigating political discussions in your personal life can be tough, but small business veterans understand how much trickier it can be in the professional sector. Despite this, many feel compelled to jump on social media and add their two cents, either on their personal profiles or through their business pages. The temptation is clear. As a small business owner, you’ve worked hard to build your social media following. Now that you have a platform with people interested in what you have to say, it can seem natural to use it for everything. Some business owners may feel it’s their social responsibility to speak about a particular topic, while others argue they’re exercising their rights. Some may even argue that staying silent is a statement in itself. Before you hit send on your next political post using your small business as a platform, here are a few

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