Most people take lifts and escalators for granted, without thinking about the hard work behind the installation, risk assessment, and making sure they’re safe. Escalator contractors have a lot of responsibility on their shoulders, albeit little public recognition, because they make our lives safe considering the number of escalators we’re in daily, from our homes to MRTs to malls and business offices.
According to the BCA Directory, Singapore has 78 registered and licensed escalator contractors. Escalator contractors have to register their business to ensure that they can provide the safest services to the public.
Just like any other business in Singapore, the first step is to plan your business. Consider ongoing costs such as salaries, equipment, trucks, insurance, and your office space, which add up to six-figure numbers.
Your target market will be commercial and industrial buildings, which pay regular fees for maintenance and emergency fees in case of an accident. Your business can become more profitable if you can land large construction jobs that need fewer workers, though at first, you’ll probably need to efficiently finish various small jobs to achieve a good reputation.
We at SBL Singapore recently helped Mr Andrew Soh, whose escalator contractor business was in a rut. He had fewer clients than usual because his business didn’t have a well-defined selling proposition and that he had many outstanding customer invoices that weren’t due yet. The result was that he was starting to lose money.
When he came to SBL Singapore, we advised Mr Soh to use his money to work on new business goals and invoice financing. Mr Soh understood and sought the guidance of many experts, focused on research and realigned the escalator contractor company’s goals. A new area Mr Soh ventured in was eco-friendly machinery.
Now, Mr Soh’s escalator contractor business offers clients good advice on minimizing their energy footprints. Needless to say, Mr Soh produces energy-saving, eco-friendly products at an affordable price.
Mr Soh invested in advertising his new philosophy, especially on social media. Eager to give back to the society and the environment, Mr Soh himself became active in supporting the environment and currently donates a share of his profit to Greenpeace. He has made Corporate Social Responsibility (CSR) a part of his escalator contractor business.
A visit to SBL Singapore can help you turn your business around too, increase your ROI, and reach all your objectives.
With our personalized Escalator Contractors / Repairs Business Loan, we can also help you cover expenses for:
- Licenses and permits
- Insurance (liability insurance, bond, workers’ compensation)
- Cleaning equipment and products
- Purchase of machinery and equipment
- Purchase of safety gears
- Labour and payroll
- Transportation fees
- Office / warehouse rental
- Vehicle rental
Launched in February 2018, SBL Singapore aims to provide financial assistance to all companies including those in the Escalator Contractors / Repairs industry. We also gather mentors in the engineering and mechanic sector through our Coach-and-Go programme for our clients to attain more information and knowledge on business management. Our objective is to help local Singapore brands grow and enter the overseas market.
With an Escalator Contractors / Repairs Business Loan, you pay for an inexpensive and reasonable rate of interest on monthly repayments, ensuring that you have enough capital to remain competitive and grow your business. In addition to funding, you will also obtain the mentor-ship and operation assistance that you require.
- Max Loan Amount$1,000,000
- Min Years to Qualify0.5
- Min. Annual Turnover< $100,000