Whether we are in a recession or in a great economy, starting a remodeling business can be a very profitable venture. Most people who are in this type of business have carpentry skills and are familiar with other aspects of the construction trade. Not saying you have a carpentry or construction skill to start a remodeling business is what most people do.
I am writing this article as a business entrepreneur with the assumption that most people who read it will have a carpentry and construction background. If you don’t have home improvement skills, you can hire employees or sub-contractors who do.
Time to take inventory. What are their skills, strengths and weaknesses? When I first started my remodeling business, I didn’t spend much time working as a carpenter. When I came to support, my experience was in cedar-siding. Where I live now, everyone wants to vinyl siding for remodeling projects. In order to hire a person who is very good at installing vinyl favors and I learned from the employee. Which brings up more questions. Do you want to do remodeling yourself? Do you want to hire employees or sub-contractors? Do you want to handle the business like others with manual labor?
Even if you don’t have the money, you can still hire sub-contractors to do the remodeling work that they contract for you. Reward with reward. The point is, even if you’re broke, it doesn’t mean you have to do manual labor. I know a man who lost his job as a window salesman when the company he worked for closed down. He decided that he really liked the idea of home improvement. Here he went out, found a window supplier knocking on until he had a sale; hired sub-contractors to install the windows and are now quite wealthy.
In evaluating your remodeling and technical skills, it’s important to be honest with yourself. What skills do you lack and what skills do you use in the realm of entrepreneurship or business? as sauce in?
If you have remodeling skills, a truck full of tools, and a bad job working for someone else, start trying remodeling jobs. Some states and cities require you to get a license to start a new business, some require you to take a test to refresh your knowledge or home improvement< /a> property that you intend to work on. You can usually get this information through the Secretary of State and your local town hall. I recommend that even if you do not need a special license to start a business, that you formally start your business as a limited liability company and not as a sole proprietor. Approximately ninety percent of all businesses fail in the first year. Setting up as a Limited Liability Company ensures that if the company is dissolved or dissolved, it does not necessarily mean that you will lose everything and you and your family Limited Liability Company > The partnership is usually done through the Secretary of State and in some states it can be done in writing. line In a previous article I wrote how to include the “Get a New Credit File” section in a Limited Liability Company. If in doubt contact a local attorney for advice.
If you are an engineer or quite experienced in the business of remodeling, I recommend that you study business books in the evenings. A good start is with Og Mandino, “The Greatest Salesman in the World.” It’s not a long book, but it’s the best book on sales ever written and if you can’t sell, you won’t be able to get the job. I’m not talking about high pressure car sales, just basic ones. One of the hardest things that most engineers misunderstand is the attitude of change needed to become a businessperson. Once they black your slate, they expect another level of professionalism.
If you are an engineer and have lived in the same country for some time, you will not have the chance to get a difficult first occupation. I have a friend who has lived in the town all his life, 44 years. He always gets a lot of work referral and stays very busy during the summer. Almost every winter there is no work and hardly anything. I told him to list in the phone book under remodeling, home improvement and general contractors one line. He understands construction and remodeling, but refuses to learn the business end. Another one I know has a decent reputation for his work, not great, just decent. His business is getting bigger every year. Not only is he an expert in remodeling, but he has studied the business for years.
One of the biggest problems many people have when starting a remodeling or home improvement business is deciding what to protect. In my area we have a Lowe’s and a Menard’s store. Both carry books on how to order and how much to charge for a wide range of home improvement and home improvement services. Your local Office Depot, Office Max or Staples will have forms you can use to make your estimate and order. I also ask around the local supply houses to find out what other people are ordering. The more you have the better. When you start bidding, you should only have about 25% of your bids accepted. If you’re getting more than that, bid low.
Another question many people have is the judgment of the bill in the remodeling business. Some guys like to do a little of everything as it keeps things from getting boring. The problem is that there are many different tools, some of them expensive. Another problem is that you cannot have 60% of your work to cover, 30% to stick to the windows and 10% ceramic tiles and expect you to be good or fast at the tile work. Now it’s possible to do something like brick work in the winter, I’m just saying pick your corner in the remodeling project and you’ve ordered your business in it. Personally, I’m focused on energy efficiency. I do most of it with my friends, I warm the doors and windows, but I also seal and insulate houses. Where they sell favors, doors, windows, etc., I sell hot pits draft free houses with low draft force. Set up your remodeling business to be different from the average remodeling company.
Owning a remodeling business can be very rewarding. The potential for financial gain is much better than swinging the hammer at someone else. Make your plan and work on your plan. good luck!
