If you live in the city or perhaps in a place where there is water scarcity, then you should consider starting your own borehole drilling business. Water is an essential commodity and people ensure that they do all it takes to make sure they have supply of water in their homes and offices. Thus, if you are well positioned to start your own borehole drilling business, then you will be in for serious profit making venture.
Borehole drilling is a bit technical; hence one needs some form of training to be able to effectively run this type of business. As a matter of fact, there are laws in most countries that govern the number of boreholes that can be drilled in an area. This law is put in place to guide against indiscriminate drilling of boreholes which can lead to earthquake / earth tremor of some sort.
In order to make your borehole drilling business worth the while, you must ensure that you study the terrain and the materials that will be needed to effectively drill a bore hole and then make good profits from it. The truth is that if you don’t know how things work in borehole drilling business, you are likely going to struggle to make profits and keep the business going.
Now let us quickly consider some of the steps that you need to follow to effectively start your own borehole drilling business from the scratch and then build it to a level of profitability within the shortest time frame;
1. Conduct Your Feasibility Studies
Without mincing words, borehole drilling business doesn’t thrive in every place. As a matter of fact, if you live in a highly industrialized city cum country, then you should not border dreaming of making mega bucks from borehole drilling business especially if it involves drilling for water. It is advisable to first conduct your own feasibility studies to be sure that a business of this nature will succeed in such location. Some factors that you need to look at while conducting your feasibility studies are the laws governing borehole drilling, the various equipments needed, your potential clientele base, startup capital and cost of running a borehole drilling business.
2. Acquire the Technical Skills Required
Borehole drilling is a technical job. Hence it can’t be handled by just anybody. Besides drilling for water, borehole drilling companies also drill for gas and crude oil. As a matter of fact, borehole engineering is an all encompassing field of study in the university. So if you want to successfully start your own borehole drilling business, then you should enroll for training on borehole drilling in any college or university around you. That is indeed the first step you need to take if you are serious about starting this type of business except you are an investor and you don’t want to be truly involve in the core operations of your borehole drilling company.
3. Write Your Business Plan
Once you have acquired the required training and experience, then your next step is to write your business plan. A good business plan is an asset to any business and that is why people pay experts to help them write business plan. Just ensure that your business plan covers key areas of your business including finance cum budgeting, marketing strategies, targets and expansion strategy et al. One good thing about a good business plan is that it will make it easier for you to attract investors and also to obtain loan from the bank.
4. Register Your Business Choose a Good Location to Operate from
If you are serious about starting your own borehole drilling business, then you must ensure that you register the business before you start operations. The process of registering business is no longer difficult, just ensure that you have the requirements and then approach the corporate affairs department of your country to get your company register. Once you register your company, ensure that you obtain your tax payer’s ID and also open a corporate account for your company. It is also important to choose a good location for your business; a place where it will be easier for you to access construction sites and even private homes and offices that would need to drill boreholes for various reasons.
5. Acquire the Required Equipments
One of the key areas where you would need to spend the bulk of your startup capital for this type of business is in acquiring the required equipments. Some of the equipments that you would need to be able to start your own borehole drilling company are; Down Hole Drilling Rig or Boremaster 120 Hydraulic Down Hole Drilling Rig, Drag But Stock, Drill Rods, Drilling Rig Counter Weight, Diesel Engine with Hydraulic Power Pack, Safety Helmet, Safety Boots, Overall, and Hand Gloves et al.
6. Hire Employees
Of course borehole drilling business is not one of the businesses that can be operated by an individual. You would need both skilled (borehole drilling skill) and unskilled (laborers) employees. So ensure that after you have hired your staff, make provision for their trainings (safety training inclusive) and also buy the necessary insurance cover for them.
7. Source for Contracts
There are several places you can source for contracts for your borehole drilling business. You can approach constructions companies; they are indeed your major clients. So ensure that you do all it takes to network with construction contractors. You can work as their business partners. You can also source for drilling contracts from both the government of your country and also from offices and home owners. Another set of people that you can target are those who are into water refill business and car wash business. Once you are able to properly position your borehole drilling business, you are sure going to make huge profits from the business.