Mining companies, geological scientists, and even construction managers are always looking for someone to do dome core drilling for them. For those who are in the resource extraction business, core drillers allow them to find the best places to put their mining locations. Construction managers also need core drillers to make perfect holes in concrete for pipes, wires, and more.
If you see the potential for this to earn money, then you might be ready to start a business in core drilling. For those who are interested, here is a quick guide on how you can start your own core drilling business.
Do a Feasibility Study
Before taking any steps, you will want to do a feasibility study of your potential business. This means looking at the local market and your potential competitors. This is because a core drilling business is a specialized need, and it will not thrive anywhere. There are areas and regions where setting it up would be a complete loss.
Investigate if there are any core drilling laws that you need to follow. Besides that, you will want to calculate how much capital you will need to begin your business. Operating expenses are also important to know plus whether the local market can provide the needed revenue to keep operating with a profit.
Craft a Business Plan
When you see that there is a chance of success at a core drilling business, then you can move on to making a successful business plan for yourself. A business plan works out how your company will function, where the initial investment comes from, and how you will earn your money. Your plan should also have a timeline on your company’s growth.
A business plan is important since it will guide your strategic decisions for your business. It is also a way to attract investors into your business. A reasonable business plan will also your path to profits.
Have the Skills
If you do not know anything about drilling, then it is time to sit down and study. Core drilling has many technical aspects. If you don’t know them, then you might end up in trouble down the line. It would also be better if you contact a core drilling expert and work with them for a few months to see a business in action.
Get the Right Equipment
Knowledge in the business also helps when it is time to get the right equipment. There are many choices out there, ranging from diamond drills to additional but necessary tools. For example, you may know about the main drill, but there are other components like the reaming shell that help make its job easier. This will make most of your capital will go to, and you want the best for your business.
Build a Team
You can’t run a business like this on your own. Being familiar with the field will allow you to hire the right people to fill out your team. Offer them good salaries and benefits so that you can be sure to get the best.
Core drilling is a necessity in some fields. This means that you will most likely have a demand for your services. Your main problem will be the competition as the field can be fierce. But if you work hard and put in the effort, you will be sure to carve a place in the field.