For as long as people are moving into new homes, and seeking to change existing ones to fit with their evolving tastes, there will be a demand for professional renovation services.
Whether you’re a tradesperson or a committed DIYer looking to turn a passion into a business, the appeal of the idea of starting your own business could be considerable.
But exactly how might you go about doing this, and what pitfalls might you watch out for along the way? Let’s take a look.
What type of building will you be dealing with?
Property tends to be categorised according to the purpose for which it will be used. Residential property is for living in; commercial property is there to make money.
These starkly varying purposes will have considerable implications for those looking to renovate the property. The materials and methods you use will be totally different depending on the kind of work you’re doing.
For this reason, it’s often a good idea to specialise in one form of renovation or another. That way, you can become more familiar with the unique challenges and opportunities presented by either variety of renovation.
How will you be funding your business?
A key pillar of your business plan will be your funding arrangements. Think about how much capital you’ll need to begin with, and then set your financing up accordingly. It could be that you need to invest in lots of equipment, materials and personnel – which could potentially cause difficulties with cash flow during the early phases.
Looking for specialised loans for renovators, or looking for government-backed grants, might provide you with a source of funds that doesn’t end up encumbering you in the long run. Don’t be afraid to take on debt – just be aware that there’s a difference between good debt and bad debt.
Find suppliers
The aforementioned materials and tools can make a big difference to your chances. Sourcing the right ones often means building a rapport with local suppliers. That way, you’ll be able to react to any interruptions in supply and negotiate the best possible discounts. If you’re renovating a patio, for example, you might need to be able to source treated timber and be sure that the finished product is up to the job.
Marketing
If your would-be customers don’t know about you, they will not be able to consider you for their upcoming renovation project. Effective marketing often means bringing together a variety of digital and physical channels and providing a quality of service that will generate interest through word-of-mouth. What really matters here is that anyone who wants to find your contact details can do so easily – so make sure that your business is listed on Google and other places.
