When someone opens a remodeling franchise, they step into a very welcoming situation. They have an active customer base that will afford them the opportunity to generate revenue right from the start. They will also have a home office to help market their services and assist with bookkeeping and administrative responsibilities. This is quite helpful for individuals who want to jump right into the nitty gritty of home remodeling projects.
When you first begin your home remodeling business, you’ll be best served by choosing a segment of the market and then establishing a niche. Your specialization will depend on your skill set, experience, interests and customer demand. Home remodeling businesses can specialize in specific areas of the home like kitchens, bathrooms, greenhouses, sun rooms etc. Or, they can narrow in on specific architectural styles. Others focus on home restoration due to natural disasters and fires or the renovation of historic residences. Green remodeling has become especially popular as we’ve moved toward more sustainable and energy efficient ways. Deciding on the appropriate niche will go a long way in determining the success of your home remodeling business.
You’ll likely need to hire at least one other worker to get your business off the ground. A lead carpenter can typically handle the brunt of many projects and account for a couple hundred thousand dollars worth of work in a year. You’ll need a hands-on capability as will the men working with you. Knowledge of equipment, tools and materials will be essential. You’ll have to consistently order materials, handle scheduling and oversee your laborers. You must remain abreast of housing codes to ensure that your work meets those standards.
There’s also the matter of obtaining liability insurance for specific sites and licensing your business with the local agency that licenses contractors. You’ll need a a�?doing business asa�? certificate and bank accounts in your business’s name. Of crucial importance is networking throughout the startup process. Be cordial with everyone that you encounter and pass out your business card. Oftentimes, networking with other professionals will lead to new opportunities. Don’t lose sight of the fact that many general contractors don’t want to handle a plethora of small jobs so they’ll give them to smaller remodeling companies without hesitation. Reach out to these contractors to see if they can send a consistent flow of work to your newly formed home remodeling business.
