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Is Owning A Carpet Cleaning Business Profitable?
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If you are interested in starting a business in a growing industry that contributes about $1.6 billion to Australia’s economy each year, look no further than the carpet cleaning business. A carpet cleaning business is one of the easiest to set up and can be highly profitable if managed the right way. If this sounds interesting to you, let’s look at how profitable carpet cleaning businesses can be.
Is Owning A Carpet Cleaning Business Profitable?
Owning a carpet cleaning business can be an extremely profitable endeavour. However, many factors influence how profitable a business can become. The amount of money that you can make will depend on where you provide services, your experience, how many clients you have, the quality of your work, and your overheads or expenses.
Generally speaking, most solo carpet cleaning businesses can earn between $75,000 and $100,000 per year. The best part is that most of this will be profit since carpet cleaning has one of the highest profit margins (around 95%). Most carpet cleaning services are charged based on the square footage of the space; however, most services work out to be between $40 to $60 per hour. The amount you can charge will vary by location, your reputation, and the number of competitors in the local market.
Another positive aspect of the carpet cleaning business is the ability to secure recurring work from your clients. The ACCI (Australian Carpet Cleaning Institute) recommends that carpets be cleaned annually to keep them in good condition. Partnerships with institutional clients can also yield large volumes of long-term work. For example, securing a contract with an apartment complex to do post-move cleaning or with a property management company that oversees a portfolio of commercial properties can keep you quite busy.
Assuming you have a steady flow of clients, the limiting factor on your profitability will be keeping your expenses in check. Replacing equipment, hiring employees, paying overhead expenses, rising fuel costs, and taxes can eat into your profits. The closer you watch these costs, the more profitable your business will be.
Helping Carpet Cleaners Find Insurance
While you do want to keep a low operating cost to get the most profitability, there are some expenses that can provide your business with a lot of benefits and risk reduction. One of those critical expenses is public liability insurance. The cost of this valuable tool can help protect you from losing a year or more of profit if a lawsuit is filed against you or your business.
Be sure to check out upcover's instant quote generator where you can get an estimate on market-leading insurance for carpet cleaners in seconds! Simply enter your occupation as a carpet cleaner and your expected revenue to get started.
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