Home renovation services involve altering the structure of a house, typically with permits and inspections required. While some projects, like enlarging windows, may be completed by homeowners themselves, others need expertise in HVAC, electrical or plumbing installations.
Establishing a business of this nature can be highly profitable, but it’s essential that proper structures and policies be in place – including procuring insurance policies covering liability, workers’ comp and disability coverage.
Start with a Business Plan
A business plan is an indispensable tool in setting your company’s focus and growth strategy, as well as for seeking financing either from private investors or banks. There are various templates and guides online to assist with creating the plan; when writing one it is essential to consider your audience as this could influence its length of production time.
Launch into creating your business plan by outlining all the pertinent details. This will allow you to avoid being overwhelmed by an empty page which can be daunting. Include sections addressing your mission statement, vision statement and company values; additionally provide details regarding legal structures of your company as well as any necessary licenses or permits. Provide an outline of your products or services offered and their differences from competitors, along with pricing details. Describe how your business will market itself using any plans for advertising or telemarketing, as well as marketing activities planned for the first year or two of operation and five year forecast projections.
As your renovation service stands out from competitors, it is crucial that it has a unique selling point (USP). This could include your level of customer service, quality of work performed or competitive prices; once identified, use this in all marketing materials.
Offer value-boosting freebies such as decorative shutter hardware, free touch-up painting or restaurant gift cards to stay top of mind with customers and drive referrals – keeping your renovation contracting company at the top of customers’ minds and potential client minds alike! This can encourage referrals while keeping potential clients thinking positively of your renovation contracting firm.
Trade shows are an invaluable way to generate home renovation leads and strengthen your brand. Attending trade shows gives you an excellent opportunity to observe competitors, meet prospective vendors and suppliers, gain inspiration for renovation advertising campaigns and find potential suppliers and vendors. It may be wise to invest in trade show booth banners or signage that helps identify your business from others in attendance and separate it from them.
Build a Reputation
Home renovation businesses rely heavily on referrals and word-of-mouth recommendations to generate business. A strong reputation will build trust with clients, who will then pay higher prices for high-quality work. You can build this by marketing your remodeling service both online and off – including social media – as well as getting involved in local community activities or using networking skills to spread the word about it. Branding your service with logo and tagline helps promote its strengths, benefits, and value proposition; instilling confidence while setting it apart from the competition.
An effective local SEO strategy can help your new business rank higher on search engines within its service area, so when potential customers in that region search for “home renovation near me” they’re more likely to see it on their results pages first. Plus, using keywords strategically throughout website content can bring relevant visitors.
Maintaining an excellent presence on Yelp can also be key to growing your business. By claiming and updating your business page, uploading photos and videos of projects completed, responding to customer reviews, and using Request-a-Quote feature you can also allow prospective clients contact directly with you.
Before starting a home renovation business, it’s a wise idea to research the requirements for obtaining permits in your city or state. You will likely need to submit blueprints or other formal plans to the planning department in order to secure one, as well as general liability and workers’ compensation insurance. Workers compensation policies may also be mandated in certain states depending on employee counts; an Employer Identification Number (EIN) will also be necessary if hiring employees and filing federal taxes is part of your strategy.
Get Permits
If you are planning on renovating your home, obtaining building permits is recommended to ensure all work meets current regulations and to speed up the process. In case you need guidance in identifying what types of work require permits, consult a PE.
Most cities require permits for any renovation that alters electrical, plumbing, heating and air conditioning components or alters other structural components – with cosmetic upgrades or minor repairs often exempted from permit requirements. Homeowners may not even need to apply for one if work is minimal – always call your city inspector beforehand to see whether you need one before starting any major projects!
Permitting home remodeling projects can be both time-consuming and expensive, especially if the work involves multiple municipalities that charge fees of up to 1% of construction cost, taking weeks for inspection of your work. But hiring an experienced general contractor who understands this process could save both money and effort.
Selecting a qualified general contractor will ensure your renovation project is executed appropriately and according to local codes. Narrow down your choices by consulting friends for recommendations, reading online reviews and calling candidates directly about their experience with you. Once your selections have been narrowed down further, look for someone with several years in business that specializes in undertaking projects similar to your own.
If you are undertaking a full home renovation, hiring a PE to draft your plans and project drawings could save both time and money. A PE can assist in developing an in-depth plan and ensure compliance with code requirements while writing letters of explanation in response to any review comments received – saving both both resources.
Hire a Team
Renovation projects encompass many components. It may require architectural plans and permits, choosing aesthetics and finishes or making structural enhancements to the home – all tasks which a professional home renovation service can help homeowners with. When hiring your service provider it’s essential that references from previous clients be obtained as well as visiting projects personally to gain an idea of their craftsmanship and level of professionalism.
Once you’ve hired your home contractors, it is crucial that you set a schedule for their work and identify any potential delays that could impact it. For instance, if city permits must be obtained before beginning construction work, allow ample time for this application and inspection processes as well as any special occasions you would like your home ready for. Also take into consideration any upcoming holidays or events where it should be ready in advance.
After you have set a budget and selected materials for your renovation, the next step should be finalizing both. Your contractor should help guide you in choosing suitable materials that suit both your space and budget. When creating a design concept on paper or with design software to present to home remodelers.
Your home renovation service should provide a price estimate based on the scope and additional items discussed with them, so this gives you an opportunity to compare bids and ensure you’re getting the best value for your money.
Once you have chosen a general contractor for your renovation, they should be able to oversee every detail and coordinate with specialized subcontractors as needed – this may include excavation work and concrete contractors that specialize in driveways, footings, floors and home foundations – in addition to framing contractors who assemble structural bones of your renovation. Your builder should also offer experienced input during design sessions and manage subcontractors on your behalf when necessary – they should also be available as a resource when questions about building materials, energy efficiency or any long term benefits arise as needed.
