For anyone who loves carpentry and has the skills and desire, learning how to start a remodeling business is a great option. Anyone who has been a construction worker, carpenter or is otherwise skilled in building or remodeling can make a very good living with their own remodeling business.
Although the housing market has been hit hard lately, a remodeling business can still be successful. Because home prices are so low, many people are opting to remodel rather than sell their homes, so this industry is still strong. Companies are making similar choices, for the same reasons. Rather than relocating to a new office, they are more likely to work with the space they have and make it better. So the industry of remodeling businesses is viable, even in tough economic times.
What You’ll Need to be Successful
When learning how to start a remodeling business, there are a few things you must keep in mind. First, your skill level will determine your success level to a large degree, so if you aren’t up on the latest construction methods and techniques, you will want to either take classes, apprentice with an established company, or hire people who are skilled in the areas where you are lacking.
As with any business, you’ll need a business license, but when you start a remodeling business, you will also need to be a licensed contractor. Depending on your state, the requirements vary, so be sure to check with your business licensing agencies to ensure you have the authorization you need.
You will also want to make sure you, your company, and your employees are well insured, and in some states you’ll need to be bonded as well. Again, your state agencies will help you determine what you’ll need. In addition, a contract lawyer can help you draw up contracts that you will use with your clients. These contracts will protect you from legal problems down the road, and must be very detailed and accurate.
When it comes time to price your services, keep in mind your level of skill as well as what others in your area are charging for similar services. Remember, people are willing to pay more for good work and are concerned about contractors who cut corners to reduce price. So don’t feel as though you need to be the lowest priced remodeler in town.
One of the primary ways those who have started a remodeling business get new customers is through referrals. So it is important that you develop a reputation for doing great work, getting it done on time, and staying within your quoted costs. If you do all that, word will get around that you are a pleasure to deal with, and you’ll always have enough work to keep you busy.
In addition to referrals, especially when you are first starting out, some advertising might make sense. Your local newspaper’s classified section might have a section just for remodelers, and consider using any free papers in your area for advertising as well. It is also a great idea to have a website. This is a good place to display before and after pictures of your work to impress potential clients. Lastly, speak with people who own complimentary businesses, like plumbers and electricians. If you develop these relationships, they might be willing to refer their customers to you for the work they don’t do.
There is no limit to how big you can grow your company after you learn how to start a remodeling business. Eventually, you might even hire other contractors and expand your services. Think big, work hard, and you can make it happen!