How to Start a Home Renovation Business
Have you ever thought about starting a home renovation business? If not, then you definitely should! While it might seem way too difficult, it gets relatively easy once you know what you want and need to do.
First of all, you need to plan everything out. Without proper planning, even the greatest business idea can go to waste. Second of all, you have to take care of all of the legalities. Otherwise, you might end up getting fined, which is a total waste of money.
If you already started to feel overwhelmed, try to fight this feeling off. Once you read this article, you should be able to start your own business without any difficulties. Check it out!
Create a Business Plan
Before you explore Beesley & Fildes’ decorating and hardware materials and think about the type of furniture you would like to use, you need to focus on the priorities. A good business plan is the basis of every successful business. It should include potential obstacles that you might find yourself dealing with, as well as opportunities for growth and generating fresh leads.
On top of that, you might want to think about whether you really want to work on your own. Becoming a part of a franchise system is always a viable option, no matter what industry you specialize in. For instance, you might want to see more on this cabinet refacing franchise opportunity. It might be the right option for you and your business!
Register as a LLC
If you plan on hiring any employees, registering your business as an LLC is an excellent choice. LLC stands for limited liability company and it allows you to separate your personal assets from your business finances.
Setting up an LLC is quite simple. If you do not feel like dealing with legalities, you can hire a professional to do it for you. But if you are not scared of legalese, you can take care of filing out all of the necessary documents by yourself. First, you will need to file the Articles of Organization and send it to your state government. To do that, you will have to pay a fee of around a few hundred dollars.
Next, you will need to file a few initial tax forms and get your employer identification number from the IRS. You can use this number while taking care of individual tax filing, as well as when applying for permits and licenses on behalf of your business.
Create a Website
Remember to keep your website organized and easy to navigate. It should contain the basic information related to your business. Where can people find your store? Who are you? Who are your employees? What are you selling? Other than that, keep in mind that your website should give people a positive first impression of your business. Any information that you put there should seem appealing to a potential customer.
Additionally, make sure that the phone number of your business and an e-mail are either easy to find or located in the footer of the website. If possible, include a map that shows the location of your store and when your store opens and closes. That way, customers will be able to get in touch with you with ease.
In order to make your business seem more welcoming, make sure to include quite a few photos on your website. Take a few pictures of the store that your business is located in, of the employees, and consider posting your own picture as well. That way, you will give your business a face, which might encourage potential customers to check out your store.
Bear in mind that your business is not invincible. After all, accidents happen, ranging from burglaries and theft to fires. Because of that, you should invest in a business insurance plan that will have you covered if anything like that happens.
When picking out a business insurance plan, try to get an insurance policy coverage estimate from numerous insurance providers. As a result, you will be able to compare what multiple providers have to offer and see which insurance plan is the most attractive and cost-effective one out of them all.
The Bottom Line
While the home renovation industry might not seem like a lucrative business while the economy is still going through a financial crisis caused by the COVID-19 pandemic, it is still worth checking out. Why is that the case?
Many people had to postpone moving out of their homes due to the pandemic. After all, back when the situation around travel restrictions and lockdowns was constantly changing, taking care of renovations was not their top priority.
However, the situation has become much more stable now. And because of that, more people are very likely to start moving into new homes or investing in renovations in the following months. Considering this, you should definitely consider starting a home renovation business in the near future!