Starting a home remodeling business can be a great way to make money and help people improve their homes. But it's important to do your research and plan ahead before taking the plunge. To get started, you'll need to understand your market, know your numbers, and have the right skills and experience. Here are 14 steps to help you get your home remodeling business off the ground.
1.Research Your MarketThe first and most important step when starting a home renovation business is understanding your market. Research competitors to get an idea of all the products and services available in your local area. Call companies and visit showrooms to get a better idea of what's out there.
2.Know Your NumbersYou'll need to have a healthy contingency cash reserve along with available capital for standard expenses that come with starting a remodeling business, such as an LLC filing fee, payroll, advertising, home improvement, and equipment.
Calculate a home renovation budget to estimate how much everything will cost, including architectural drawings, building permits, supplies, materials, etc.
3.Have the Right SkillsIf you don't have previous experience in home renovation, you can start working for someone else to learn the ins and outs of the business or remodel one or two rooms in your own home. Remodeling provides the indispensable business tools, product information, design ideas, cost estimation tools, and management advice that enable full-service remodeling companies to thrive.
4.Join Trade AssociationsConsider joining groups like the National Home Builders Association or the National Remodeling Industry Association to add their advertising power to yours.
The main trade association of the remodeling industry is the National Association of the Remodeling Industry (NARI).
5.Advertise Your BusinessOnce you've got your business up and running, it's time to start advertising it. You can use traditional methods like print ads or radio spots or go digital with social media campaigns or search engine optimization (SEO). Make sure you have a website that showcases your work and contact information so potential customers can easily find you.
6.Offer Multiple OptionsIf a customer is not 100% sure what they want to spend on renovating their home, find out exactly what they want and give them two or three options. This will help them make an informed decision about their project while also giving them more control over their budget.
7.Work With ProfessionalsAdam Kayce is a nationally recognized producer and exhibition innovator who specializes in branding and creating the best content and experience for customers. He has established the Home Design and Remodeling Show as the largest economic driving force in South Florida's home design and home improvement industry, with more than 100,000 attendees annually.
Working with professionals like Adam can help you take your business to the next level.
8.Be Prepared for Long HoursAre you willing to work long hours while setting up a new business? It could take you more than 10 to 12 hours a day to start up your business. It's always best to start small and work on developing your skills as you move towards larger, more complex renovation projects.
9.Offer Quality ServicesWhen it comes to offering quality services, it's important to be honest with customers about what you can do for them and how much it will cost them.
While 80% of homeowners say professional remodelers charge too much, 68% say the cost is worth it to avoid the headache of repairing or remodeling a room on their own.
10. Get InsuredMake sure you have all the necessary insurance coverage for your business before starting any projects. This includes general liability insurance as well as workers' compensation insurance if you plan on hiring employees or subcontractors for your projects.
11. Stay Up-to-Date on TrendsKeep up with trends in home design by reading magazines or blogs related to home improvement or attending trade shows or conferences related to remodeling businesses.
This will help you stay ahead of the competition and offer customers more options when it comes to their projects.
12. Network With Other ProfessionalsNetworking with other professionals in the industry can help you build relationships that will benefit both parties in the long run. Attend local events or join online forums related to home improvement businesses so you can connect with other professionals who may be able to help you out in some way down the line.
13. Invest in Quality ToolsInvesting in quality tools is essential when starting a home remodeling business as it will make it easier for you to complete projects quickly and efficiently while also ensuring that they are done correctly the first time around.
14. Have Fun! Starting a home remodeling business can be an exciting venture if you're passionate about helping people improve their homes while also making money doing something you love! So don't forget to have fun while doing it!.