Starting a business incurs accounts payables, that is, money you owe for services or products obtained on credit. This item would appear on the balance sheet of your company as a current liability, which is expected to be paid in less than a year (short term).
A funeral home is a business that offers interment and funeral services to departed people and their families. They would arrange everything from the eulogy to the embalming to the chapel. They say this type of business never runs out of clients because somebody somewhere is bound to die. Let us discuss how to start a funeral home business.
As with other businesses you need to have a business plan, which includes a goal, a study for feasibility, and the stages needed to attain the business goal.Then you will need an initial capital. If you already have a lot of savings from other sources then the initial capital is already done for. But if you are a first-time entrepreneur you are going to have to make a loan from a bank or any other kind of financial institution.
Next thing you need is a location for your funeral parlor. In this kind of business, the location is not very crucial to the success of the venture. The farther you are from any neighbors the better it is for you because superstitious people wouldn’t want you anywhere near them.
Just make sure that you have a budget for advertising because that is the only way your business would be known if it were isolated from the business area. Place ads in the local newspaper or maybe you could have your funeral home featured in some magazine. Or you have the resources to pay for a billboard. You can also try handing out flyers. But the best advertising that you could count on is word of mouth. That is why it is very important to make sure that your preliminary customer’s families are satisfied with your services and then some.
Hire the services of an architect to plan your funeral home adequately. You are going to need an embalming room, a chapel, a showcase area where customers choose the coffins, a parking garage for the hearses, etc. You are going to need some equipment for the embalming room. Essential furniture would be pews or chairs for the chapel, flower stands, candle stands, coffin stands, etc. Don’t forget to put up a sound system as somber music usually sets the tone for the wake.