How to Start a Home Remodeling Business
Business Overview:
If you are great at building things and making repairs and you’re looking to start your own business, you should learn how to start a home remodeling business. The home improvement industry is booming thanks to cable network shows and the proliferation of home improvement mega stores. These days it seems many homeowners are trying to make improvements themselves. However, it’s often the case that an unskilled homeowner isn’t qualified to make extensive renovations and needs to hire a professional. This is why starting a home remodeling business is such a great business idea. But you should know that having skills and desire isn’t enough to have a successful business. You also need a home remodeling business plan to help focus your efforts and make sure you don’t waste time. Your business plan will outline what services you will offer, your pricing structure and how you plan to market your business. You’ll also need to decide if you want to hire a staff to help you with your renovations. Taking on a remodeling job, even a small one, can be tough to do on your own. A staff of employees or hiring subcontractors will help you be able to focus on marketing your business. You will still meet with clients and spend time at job sites but not having to do the actual work all the time frees you up to focus on obtaining more remodeling jobs. The best part of having your own home remodeling business is you can initially take on jobs in your spare time. As the word spreads about your topnotch work, your client list will grow and you’ll be able to focus on your business fulltime.
A Day in the Life of a Home Remodeling Business Owner:
As the owner of your own remodeling business, you will first check your schedule to see what jobs you will be working on that day. You will stop by the store on your way to the job site to pick up any supplies you may need. You will meet with your crew on-site to make sure the project is on track then you will be able to go work on marketing your business. Then you may want meet with local home improvement stores and find out if you can be on their referral list. At the end of the day, you will check in with your workers to check the progress of that day’s job(s) and take a look at your finances to make sure everything is on track.
About Your Customers:
Your customers will be homeowners and apartment and condo owners and managers needing high quality home renovation work done.
What You Need to Start:
- Business plan
- Marketing plan
- License and insurance
- Tools and supplies
- Truck or van to transport larger items
The Good:
- Demand for this type of business is high.
- You can work as much or as little as you want.
- You can partner with other contractors to get more business.
- You can charge top dollar for high quality work.
The Bad:
- Home remodeling is hard work.
- You will need some patience (and some reserve capital) while you wait for your business to turn a profit.
Resources:
- National Association of the Remodeling Industry
- National Association of Home Builders
- Bureau of Labor Statistics on Construction
- Wikipedia on Home Improvement
About The Author
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