A home renovation business is a great way to make money. When the economy is down people, want to renovate their homes rather than buy new homes. When the economy is up, they tend to renovate so that thye can increase the value of their homes. You don’t need a specific kind of education to be a home renovator. As long as you can run a business, you can make it in this business. The first thing you have to do is make sure that you have enough money to get started in the business. The amount of money you need depends on what area you would like to speclialize in first. Some areas to choose from may be flooring, outdoor decks, kitchens, bathrooms, etc. The amount of money you need to fund your business initially will need to cover all the tools you need, any training you require, at least 6 months wages for anyone you choose to hire, some money for marketing, and 6 months of funding to keep everything operating. Within 6 months, you want to aim to generate enough business that your revenue is able to exceed your costs.
Once you have enough funds to get started, you should hire a lawyer who can file your articles of incorporation. There are websites where you can file for yourself online but it is always a better idea to have a lawyer. A lawyer will give you other advice on various aspects of starting your business. Once the articles are filed, you are free to start your home renovation business.
You need to pick a name for your business so that you can register it and start on your marketing efforts, which may include a website, business cards, brochures and other company documents. You cannot file a business name if the name you choose is already being used by another business. You will need to check with the business registry office to check the name for you. Usually this is about 30 to 50 dollars to have it done.
The next step is to get your license. Contractors are supposed to have a license to conduct business. The requirements vary between states or provinces so you will have to check with yours to find out what you need to do. This should not worry you. The requirements are not that stringent and can be easily met. You can check online to see what your state or province requires of you.
Once you have a license you can go ahead and get insurance. Liability insurance is important for customer confidence and for the safety of your business but you may also need to be bonded. Again, check with your industry regulation authorities to see what insurance packages you need to purchase.
It is finally time to get started. As a home renovator you will be hiring sub-contractors to do all the work. Your job will be to find clients. You obviously want to hire the best subcontractors so as to impress your clients so you will need to go to websites such as the Better Business Bureau Do your homework – check very carefully into any contractor that you hire to make sure that they are the best at what they do.
Let the neighbourhood know that you are in the home renovation business. It will help you find clients. Don’t take more than a few jobs for the first 6 months or so. You are still learning the ropes and you don’t want to bite off more than you can chew.
As an example, one home renovation business that started in the Greater Vancouver area not too long ago is Top To Bottom Construction Top To Bottom Construction (TTBC) offers both home renovation and home restoration services. Since the two services are very similar and require similar tools and skills, the two services go hand in hand. You may also consider doing the same when starting your own home renovation business. The skills are the same but the process may be quite different. With a home restoration business, your direct clients most of the time may be insurance companies who require a contractor to help their clients with a damage claim. You can see TTBC’s intro video below to see some of the type of work that they do:
With home restoration services, you may be deailing with water damage, fire damage and mold removal. Water damage will require additional tools to remove moisture from the affected areas. This is important to keep in mind should you choose to offer this service as well.
As you can see from TTBC’s website, it is important to showcase your previous work on your website. An example of a home renovation project showcase is this kitchen remodel page According to Matthew, the owner of TTBC, having previous projects available for customers to see has made it much easier to customers to hire him confidently when they can see other projects which resemble their own renovation needs closely and the quality of their work. Publishing your work takes extra time and effort in documenting the process, writing about it and having it formatted to show beautifully on the website, but the rewards certainly do pay off.