Home improvement businesses revolve around providing construction, renovation and remodeling services to homeowners.
Their services are usually required in the area of home damage repairs, finishing and decoration, home maintenance and repair and other improvements.
To succeed as a home improvement business owner, it is pertinent that you are experienced and skilled in the area of construction management, building and carpentry.
With the steps below, you’d be on your way to creating a successful home improvement business.
The first step to becoming a successful home improvement business owner is to have an idea about the complexities and organization of the business.
Without even an understanding of how the home improvement business works, you won’t be able to make plans for the business, this will slow down the growth of the business. Having the knowledge of the business will instill you with the necessary motivation and spur you to success.
Motivation is the fuel that drives you to getting the right results. If you are not motivated, you won’t be able to thrive in the business and put in the required energy and dedication.
Whether you want to go into the lawn maintenance business or composite deck business, you have to be passionate about upgrading homes and meeting your customer’s expectations.
At Ultra Decking UK, a company that has been growing very fast since its inception in 2017, they have learned this.
Driven by love and passion to be the go to place for homeowners who want to transform the look and feel of their home with decking, Ultra Decking team worked day and night to reach their goal.
Here’s how you can start a successful home improvement business.
Have a Sufficient Working capital
The key to having a great financial health for your home improvement business is to have a sufficient working capital. Lack of sufficient working capital can ruin your business.
A lot of home improvement businesses, especially at the earliest stage, seek an external source of funding to enable them to boost their business capital and guarantee growth.
For instance, a loan can help fund your business and help secure its future. It can also help your business expand and utilise opportunities. It can also offset the day-to-day cost of running your business and cater for expenses.
In the early stage of your business, it is essential you curb reckless spending and regulate your expenditure. This will prevent your business from financial losses, which is typical in the first year of start up.
Decide the Type of Service You will offer
You aim to start a home improvement business and have the required funding or capital. The next thing is to find the type of service you will offer to customers. For most, this is a hard choice.
Your passions and interests may not be enough to pick the right home improvement service to offer.
To assist you in diligently choosing the most lucrative home improvement business that you can succeed in, here are some of the most popular ones:
- FLOOR INSTALLATION
Floor installation services is a type of home improvement business that revolves around the maintenance, removal and installation of flooring materials in home.
Most floor installation businesses also deal in the supply and fitting of flooring and deck materials. This can range from laminate flooring, parquet flooring, wooden flooring to porcelain flooring.
- CARPET & UPHOLSTERY CLEANING BUSINESS
One way or the other, everyone uses a carpet in their homes, offices and cars. Whenever the carpet needs some cleaning and maintenance, the services of carpet and upholstery cleaners will be required.
Their services are not restricted to residential properties alone but automotive and commercial properties.
- DECKING BUSINESS
This is another exciting business. A lot of homeowners are always exploring the best deck option for their home during harsh weather. This is usually a huge opportunity for deck building businesses.
There are different deck businesses and with each, comes a wide variety of demands. Some types of deck businesses include, composite decking business, wood flooring business, vinyl decking business, PVC plastic decking business, etc.
Get a License and Insurance for Your Business
Trade license is not required for every business. Some certain types of home improvement business might need a license, while others do not. However, it is important you register with the local authority or the government wherever your business is located in.
It is important you buy an insurance plan for your business before you formalize your business setup. Insurance protects your business and protects you from unexpected eventualities, for example, equipment damage or workplace injury.
Market Your Services
Marketing is an effective way of putting your business in the eye of the customer creating awareness and visibility for your business. As a new business owner, your budget may be tight and you may not have enough to spend on marketing.
The short marketing strategy tips below will help you will help you create awareness for your home improvement business in no time:
- Utilize social media for your business (Facebook, Twitter, Instagram, Pinterest, Reddit, LinkedIn, Google Plus and Snapchat.)
- Engage in content marketing on the internet.
- Create your business website and build a robust online presence.
- Invest in social media and google ads (they are cheaper and more effective than the traditional advertising).
- Never underestimate the power of word of the mouth advertising.