Starting A Company Specializing In Renovations? Here Is All You Need To Know

Homes are our special places and there’s a difference in building a house versus renovating a home. Making improvements to the existing interiors and giving it a personal touch is what lies at the heart of home renovation.

Recent trends have shown a rise in modifying traditional homes and transforming them into beautiful and sophisticated abodes. This has led to a surge in the home renovation sectors and caused many entrepreneurs to start their own independent renovation business.

If you’re thinking of starting a home renovation business from scratch, here’s what you need to know (along with tips on how to get started)

1. Possess Passion

Starting any new venture is hard enough for an entrepreneur. If you don’t possess the right mindset and passion for the job, you’ll fizzle out. Ask yourself the right questions and really ask yourself – “Are you self-motivated enough to do it?”

As the CEO of a home renovation business, you should be driven enough to actively participate in the industry. If you’re the type who enjoys self-learning, keeping up with modern trends and is open to learning new technologies related to your niche, you will do well. There will be times when you ask yourself if it’s worth continuing when starting out, that’s why having enough passion is a prerequisite.

2. Pick Your Services

What services you will be offering to your target customers is important. If you’re planning to offer washing machine repair services along with home repairs, make sure to mention that on your business cards or website.

When coming up with different ideas for services, list out the ones you like. If you enjoy repairing home theatre systems and renovating lawns, highlight those on your business profile. Showcase your strengths because your clients will be hiring you for them. The licensing requirements for offering these types of services will vary from state to state.

3. Apply For Financing & Offer Flexible EMIs

If you have business capital already, you can ignore this tip. But if you don’t and you’re working with limited finances, you want to seek help. There are various financing options for entrepreneurs who are starting out. Besides financing for whole ventures, you can get specific financing options such as plumber financing and be able to apply for financing schemes for specialized home repairs.

You also want to streamline payments and provide financing options for home repairs. Offer roofing financing to clients and flexible EMI schemes so that they don’t hesitate to reach out to you. Banks are willing to fund reputed businesses and you can partner with them once you’re built a sizeable customer base.

4. Find Your Clients Online & Offline

You can’t run a business without clients. It’s a fact, and you want to land premium clients preferably. The best way to get clients and reach out to them is to focus on your marketing strategy.

If you haven’t designed a website for your business already, get working. Make it simple, sleek and professional when launching it. You can add your contact details, email, and social media handles on it.

For your marketing strategy, it’s always good to select two social media platforms and focus your efforts on them. Instagram and Facebook Pages seem to do really well for new businesses. You can use paid ads to promote your business online and contact influencers to get shoutouts and honest reviews.

Try to learn where your clients are and which platforms they frequent the most before doing this. If you find that your clients prefer watching videos instead of reading blogs, you can start a YouTube channel for your business. If you’re unsure about how to go about your marketing strategy, it’s best to consult a digital marketing expert and sit down with a website developer for additional insights.

5. Work On Your Branding

A vision statement consists of a few lines that explain what your business hopes to accomplish in the future. What are your goals and what do you expect to look forward to?

Create a vision statement and mission philosophy for your business. This will be a part of your branding strategy. The other aspect you have to work on is getting the logos designed and the visuals. Working with a professional graphic designer is recommended for this step. Get business cards designed if you’re planning to set up physical office spaces and work on producing pamphlets and brochures that list out your services. You can distribute these to clients in-person later.

6. Go To Industry Events & Networking Opportunities

There are various industry events and workshops related to home repairs and renovations being held. You can find these in your city or neighborhood and make the most out of them. New clients usually show up at these events in order to get insights into the industry. You can share your experiences and showcase your portfolio there to build a good impression.

7. Get Liability Insurance

General liability insurance covers home improvement business owners and protects their business from third-party damages or accidents that employees or clients may cause.

Getting liability insurance is recommended because it will provide sufficient coverage and it also comes in handy later when applying for a contractor’s license. Most states request a liability insurance policy before approving applications for new contractor licenses. When you’re hiring new employees for your renovations business, you want to get a Worker’s Compensation Insurance too.

Workers’ Compensation Insurance policies cover death benefits, medical expenses, loss of wages due to accidents or disability, and more. They help safeguard your business and protect you from getting sued by your workers in the worst-case scenarios. There are cases where business owners face property damages or get customer injury claims sent to them. It may not happen now but the future is a possibility, which is why getting insured is a beneficial move.

Conclusion

Now that you’re aware of the basics of starting up a home renovations company, you can get to work. Home renovation is a challenging niche to be in and takes a good work ethic in order to grow. But it’s one of the most rewarding career fields for those who are self-motivated and don’t mind putting the work in.

Focus on providing your clients the best services and be sure to communicate often. Take the extra initiative and you’ll slowly find your business growing and evolving.