Starting your own home remodeling business can be an exciting adventure. There is a lot of potential for growth as well as success. If you take the time to plan carefully and do the necessary research, however, starting a home remodeling business may be less stressful than you think. Here are some tips to help get you started.
The first thing you should do is prepare a complete set of business papers, including your home remodeling business plan. This plan will give the lie to any speculation as to the reality of the feasibility of the business. Because remodeling and building work can often be dangerous, it’s important to ensure that you safeguard your company from any liability and legal liability. First and most importantly, you should ensure that you have all of the required licenses and permits needed to operate a legal business. Then you’ll also want to secure professional liability and accident insurance to protect yourself and your employees from any liability or expense claims.
Once you’ve gotten the paperwork done, the next step is to identify your target market. You’ll want to identify the demographic that will be most interested in remodeling or building a home. Who are the people that remodeling their homes? What are their needs and wants? How can you best meet those needs? These are just some of the questions you should ask yourself to identify your target market and find a remodeling contractor with whom you can develop a working relationship based on your understanding of the needs of your potential customers.
Once you’ve developed a list of possible home remodeling business leads, the next step is to interview these leads. Make sure they understand the products and services that you provide and why they should choose you to fulfill their home improvement needs. Let them know that this will be a long-term relationship. Let them know that your goal is to build a relationship of trust between you and the renovation contractors so that they’ll do the work and hire you the next time they need work done on their homes.
Be sure to check out the contractors’ references. Ask for a list of references and talk to them about the type of work that they typically do for other clients. For example, if the real estate industry uses landscape contractors, ask them about landscaping projects they’ve completed. Are they adept at handling all matters related to the repair of pools, spas, decks, fountains, etc?? If they haven’t done any of these types of projects, you may want to start looking elsewhere.
Next, ask the contractor if he or she would consider providing you with a limited liability company or LLC. In other words, incorporate yourself so that your home remodeling business is actually a separate legal entity from your own personal life. Most people think that incorporation is only required for people running their own businesses. The truth is, when you operate your own business, there are two separate entities, the one you run as a corporation and the one you run as an individual. As a matter of fact, incorporating your home remodeling business in the manner that I just suggested is actually required by many state laws today.
Finally, be sure to take advantage of social media and blogs related to your home improvement contractor business. Connect with local home owners and post up some comments about your contractor’s services. It doesn’t hurt to mention that you are a former homeowner in your social media posts. You can also leave links to your blog in your comments and website. The more traffic you create, the more people will visit your website and read your blog.
One more tip: If you’re still considering starting a home remodeling business, ask yourself this question. How much would it cost me to personally lose my home remodeling business? If the answer to that question is “a lot”, then you should seriously consider starting a home improvement company of your own. You’ll have a lot less to lose and a lot more working capital to generate. And who knows, those social media might turn out to be your best friends! So, what are you waiting for?