Launching your very own home restoration business is a great way to get involved with real estate while giving back to your community. If you are thinking of building a home restoration business of your own, there are a few tips to ensure you stay on the right path at all times.
Start a Restoration Business
Consider Your Objectives
If you are thinking of starting your own home restoration company, it’s important to consider the objectives and goals you have for your business professionally. What type of home restoration projects do you intend to offer and/or specialize in? Will you be working as a general contractor, or will you be working with additional employees?
Consider all of the objectives you have in mind for your restoration business before getting started so you have a clear picture of where to begin.
Become Familiar With the Basics
Learning about the basics of home restoration is essential for anyone who is looking to build a successful home restoration company. When it comes to home restoration, it’s imperative to have a thorough understanding of traditional carpentry, electrical work, and plumbing solutions, as well as traditional painting and drywall work.
You should also spend time learning about various licensing and permits that are required in order to conduct each type of work as a contractor. Demonstrating your knowledge in front of prospective clients is a great way to attract new customers.
Learn Specific Skills
Once you have a thorough understanding of the basics of home renovation services, you can begin to hone in on specific skills that you can offer to clients. Some potential skills to consider specializing in when renovating homes or commercial properties might include carpentry, HVAC services, electrical wiring, masonry, tiling, windows and doors, concrete work, plumbing, tiling, carpeting, and more.
For specific skills such as HVAC, plumbing, and electrical work, you will likely require specific certifications and licensing, which vary by state, depending on where you intend to work. Becoming certified to test for mold can also help to land clients. In some cases, labs have the ability to test for mold using a simple $50 test, according to the Environmental Protection Agency.
Another potentially specialized skill might include directional drilling. Directional drilling techniques have been used in home restoration and construction projects for more than 100 years. However, with recent technological advances, new skills are being honed when working with tunnels, turns, angles, and underground distances.
Licensing and Insurance
Applying for licensing and certification is also necessary whether you intend to work as an independent contractor with your home restoration business or with multiple employees. Obtaining proper licensing and certification permits contractors and home renovation specialists to offer their services in-home to clients.
When working with clientele, it’s also essential to properly insure yourself and your business. Proper insurance will protect you and the work you conduct whenever you are working on a residential or commercial property.
Hire the Proper Staff
Successfully building a home restoration company requires more than the ability to deliver on projects. Working with the right staff can also be a key element to long-term success. Approximately 42% of all companies state that they typically tend to undervalue project management, according to Team Stage. Ensuring you have the right employees to assist you with growing your home renovation business can make all of the difference. A suitable project manager can help streamline your workflow and ability to retain new clients.
Managing a successful home renovation business requires an understanding of the ins and outs of home renovation, real estate, as well as zoning, and licensing. The more knowledgeable you become about home renovation requirements, the easier it will be to seek out clients to assist with your company’s services.
Are you thinking of creating a home renovation business of your own? Learn more about your options and potential opportunities today.