5 Tips to Start a Successful Home Remodeling Business
Launching a home remodeling business can be a great way to tap into your entrepreneurial spirit and make a living off of something you love. Knowing where to start and how to be successful, however, can be daunting. Here are some tips on how to get your home remodeling venture off the ground and set yourself up for success.
Create a Professional Business Plan.
Writing a professional business plan is essential for starting a successful home remodeling business. You’ll want to include the costs of getting the business up and running, what materials you'll need to source, estimated timelines for jobs, how you’ll manage subcontractors, your target market, and how you’ll advertise your services. Make sure to think long-term, too—what is your 5-year plan? What milestones will you celebrate along the way? A solid plan is the foundation for all future success!
Establish Your Home Remodeling Services and Rates.
As a starting point, consider the type of remodel work you want to focus on. Look at projects you’ve already handled in the past—think bathrooms, kitchens, flooring, painting, carpentry—and decide which area or areas you’ll most often be working in. Once you narrow it down to a few core services, set fair rates based on your experience and the complexity of the job. You can always adjust them later as needed. Research what competitors are charging for similar services so you don't underprice yourself!
Get the Necessary Credentials and Licensure.
Before you can begin taking on home remodeling contracts and charging for your services, you must make sure that you have proper licensure. The requirements vary from state to state, so be sure to check with your local government to find out what needs to be done. You may also need certain credentials like proof of experience or certifications in certain trades. Get all the required paperwork out of the way before continuing any further.
Obtain Insurance to Cover Possible Risks.
As a home remodeling business owner, you should make sure that you have sufficient insurance coverage to undertake projects. This will protect you from any potential risks or liabilities relevant to your work. Common types of insurance required for a home remodeling business includes property damage liability, worker’s compensation, general liability and accident insurance. Talk to an experienced insurance broker to determine the best coverage for your specific business.
Network and Market your Home Remodeling Services Effectively.
If you want to succeed as a home remodeling business owner, you need to ensure that your services are of high-quality and also maintain an active online presence. Setting up a website can help in showcasing your work to potential clients. You should also advertise your services on social media platforms, distribute flyers to get the word out about your business, and talk to real estate agents for referrals. Networking with other interior designers or contractors may help you gain more customers and turn one-time customers into repeat clients and build strong relationships with them.