7 Steps to Start Your Own Elevator Business: A Beginner’s Guide

So, you’re thinking about starting your own elevator service company. First off, congratulations on being brave enough to take the leap! Running a business is a major undertaking, and the elevator industry? Well, it’s a vertical challenge (pun intended). But don’t worry, I’ve got you covered. Let’s break down what you need to know and do before you hit the ground running—or, in this case, rising.

 1. Know Your Industry Inside and Out 

Before you even think about opening shop, make sure your foundation is solid. The elevator business is a mix of engineering, customer service, and compliance with a little innovation on top. Here’s what I mean: 

• Learn the regulations: Elevators are highly regulated for safety reasons. You’ll need to get cozy with industry standards like ASME A17.1 (Safety Code for Elevators and Escalators). If you don’t know what that is, stop reading this blog and start studying. 

• Understand the tech: Elevators are evolving. IoT-enabled systems, regenerative drives, and destination control tech are just a few of the newest technologies in the elevator industry. You’ve got to stay ahead of the curve. 

• Network like a pro: Who do you know in the industry? Suppliers, consultants, and yes, even your competitors can be valuable sources of advice and collaboration. Attend trade shows like the NAEC Convention or the LiftEx Expo to meet as many people as possible. 

2. Get Real About Finances 

Starting an elevator business isn’t cheap. The cost of tools, vehicles, licensing, and payroll add up quickly. Here are a few tips to help you prepare your finances: 

• Create a budget: Be honest with yourself about what it’ll take to get started. You’re going to need vehicles, specialized tools, liability insurance, and enough working capital to survive until your business gains traction. 

• Secure funding: Figure out how you’re financing this venture. Are you getting a small business loan, investors, or using your savings? Maxing out your credit cards may not be the best business strategy. 

• Plan for slow times: Elevator maintenance is seasonal. Sure, breakdowns don’t take a vacation, but big modernization projects might. Have a rainy-day fund for those lean months. 

3. Build Your Dream Team 

Unless you plan on cloning yourself (if so, call me, I’ve got questions), you’re going to need a team. Hiring the right people for the right seat will make or break your elevator business. 

• Look for experience: Training someone overnight is not an option. You’ll need licensed elevator mechanics who know their way around pulleys, motors, and control systems. 

• Invest in training: Even experienced workers need to stay updated on codes and new technologies. Offer ongoing education—it’s an investment in your company’s future. 

• Create a positive culture: The elevator industry can be physically demanding and sometimes stressful. Be the kind of boss people want to work for. A little appreciation goes a long way. 

4. Establish Your Unique Selling Proposition (USP) 

Why should customers choose you over the big names? “Because I’m awesome,” is a great answer for the ego but not for a business plan. Here’s how to figure it out: 

• Niche down: Maybe you specialize in elevator installations for luxury homes or offer the fastest 24/7 emergency repair service in your area. Whatever it is, find your lane and own it. 

• Prioritize customer service: People remember how you make them feel. Treat your customers like gold and they’ll add value to your company through testimonials and referrals.

 5. Get Your Paperwork in Order 

Now comes the boring but necessary part. Starting a business means wading through a sea of paperwork. Here’s what’s on your to-do list: 

• Register your business: Pick a name (preferably something catchy—Lift Legends, anyone?) and register it. Snag a domain name for your future website as well.
  💡Tip: You can even utilize Google Workspace to set up a professional email for customers to contact you prior to website creation. It's a great way to keep inquiries and leads organized while initially building your business.

• Get licensed: Most states require elevator contractors to have specific licenses. Check your local requirements and don’t cut corners. 

• Insurance, insurance, insurance: Did I mention insurance? You’ll need general liability, worker’s comp, and probably a few others. Talk to an insurance agent who specializes in the construction or service industry. 

6. Market Like a Boss 

You could be the best elevator company in the world, but if no one knows about you, it doesn’t matter. Marketing is your best friend. 

• Online presence: Create a professional website that highlights your services, team, and experience. Bonus points for including a blog (wink, wink) to show off your expertise. 

• Social media: LinkedIn is your go-to for B2B connections, while platforms like Instagram may help showcase your work and become a reference as a portfolio. 

• Local SEO: Make sure your business shows up when someone Googles “elevator repair near me.” That means claiming your Google My Business profile and encouraging happy customers to leave reviews. 

7. Embrace the Grind 

Starting a business is not for the faint of heart. There will be long days, stressful situations, and moments where you question your sanity. But there will also be wins—like landing your first big contract or seeing a huge project come to life. 

Here’s the secret: Keep showing up. Learn from your mistakes. Surround yourself with a support network of other entrepreneurs who understand the struggle. And remember, the only way to go is up.

Here’s my 3 takeaways for starting your own elevator business: 

1. Knowledge is power. You can never read too many books, listen to too many podcasts, or introduce yourself to too many people when beginning a new business venture.
2. Plan for every possibility and prep like a pro. Have your financials and paperwork ready to go.
3. Embrace the grind. Focus on your goals and keep climbing.

If you’re ready to take the next step in building your elevator empire, click here. 

As always, stay safe out there, and I will continue to empower my fellow elevator entrepreneurs.