Welding is a profitable skill that can be used in the marketplace, or it can be used to create your own business as well. According to IBIS World, the market size of the welding equipment distributors industry will be $4.5 billion in 2022. If you want to start your own welding business in this booming industry, here are a few tips to get you started.

Create Your Business Plan

For any type of business endeavor, there needs to be a well-thought-out business plan. Consider this to be your road map that will take you from where you are now to where you want to be. A thoughtful business plan is often the key to success. This will help you outline your operations, financial plan, and your marketing strategy.

Arrange Legal Matters

There are a lot of legal details that go into a welding business. You must not ignore these legal requirements, as they will help ensure that you stay in compliance with local, state, and federal regulations. This helps to protect you from legal liabilities should something go wrong in the future. You might also want to consult with field construction unions in your area to find out what input or involvement they might play.

Licenses and Permits

In order to operate your business legally, you'll also need to obtain all the proper licenses and permits that are required for this industry. This could include a welding permit, fire permits, environmental permits, and more, depending on the location of your business and the type of projects you'll be taking on.

Setting up Your Finances

The financial aspect of your business will also be crucial since you'll need to invest money in order to make money. The finances will require careful planning and financial strategy. This will often include securing financing to get you started. You can do this through bank loans, business credit cards, or even personal loans from individuals who want to invest in your idea.

Acquiring a Location and Equipment

Getting set up in a location with welding equipment is also critical. You'll likely need to work with a real estate agent to find the ideal location and use money from your funding methods to purchase the necessary equipment.

These are just some basic steps that are involved in starting up a welding company. You can talk with field construction unions to learn more about this exciting business idea. If you're ready to get started or looking for a welding apprenticeship, contact our team at Boilermakers Local 107 today to get started!