The coronavirus pandemic has continued to affect everyone and the economy. A lot of opportunities have sprung up for businesses to take advantage of long term growth. Home maintenance business is one of them.
Maintaining, remodeling and renovation of homes is still one of the most in-demand services today. By starting your own home improvement business, you are keying into a large market with a huge customer base.
The demand for home maintenance service will continue to increase in the coming years. This means you will never close shop and you will always be in business.
Here’s a well-detailed but straightforward guide on how to start a home maintenance business (after the pandemic).
At the earliest stage of the business, do the job yourself
Like compositewearhouse UK, if you are planning to start a composite decking business or interior decoration service, you may find yourself thinking of recruiting or hiring additional help.
At compositewearhouse, they learned that a great way to start the business is by engaging in the work by yourself. This will give you a valuable opportunity to learn the rudiments of the business.
You can earn your first customers from referrals from your family and friends.
This will reduce your business operational costs and allow you to explore the intricacies and dynamism in your business while enabling you to plan for how best to optimise your business operation.
It will also improve your business reputation while you work to create a positive business image.
As your business grows, you can start hiring additional staff.
Set a Feasible Business Budget
A lot of times, we encounter questions from potential home maintenance business owners. One of the most important of them is ‘ Is starting a home maintenance business expensive?
How can I reduce my business operational cost? Can I start my home maintenance business without cash?
Well, the answer to those questions is that businesses need money to start up. You can’t start up a business without some form of capital (home maintenance business included).
But starting up a home improvement business is not as costly as you think.
As we had advised in our first tip, doing your home maintenance job by yourself will help you retain cash and reduce the cost of running your business. This is, however, different from budgeting.
Budgeting has to do with some of the investment you need to make for your business to grow, as well as tracking your business income and expenditures.
For instance, in your budgeting, you will have to track equipment purchase, fuel costs and contractual payment.
It is vital in the early stage of your business that you should set a feasible or reasonable budget for your home maintenance business. Include the cost of equipment maintenance and other expenses as required.
Also, if you plan to hire, then track your payroll and labour cost into your budget. Don’t forget to reserve some money for business insurance and taxes.
Sound budgeting will help you track the cash flow in your business, reduce operational costs, boost profit and investment return. It is the foundation of your business growth and will enable you to manage your business finances efficiently.
Choose a Brand Name for Your New home maintenance business
Your home maintenance business, just any other business, needs branding. Branding is a way of differentiating yourself from the competition and creating an emotional bond with your customer. One good way of doing that is choosing the right brand name for your business.
While crafting a quality brand name for your business, you can use a pun, the alphabetical letters of your name, a funny nickname or catchy alias, a memorable part of your geographical location or the home maintenance service you offer.
The following tips will help you in picking a quality brand name for your business:
- Your brand name should correctly describe your business, its ideals, vision and objective.
- It should be memorable and simple to spell.
- It should be unique and not in use by some other companies.
- It should be able to evolve with your business.
There are lots of tools online that can help you search for quirky business names for your business. We want to reiterate that your business name should not be the same as another’s. It can generate legal troubles for you and your business.
Never underestimate the power of effective marketing
To win over customers, you need marketing. It is a way of creating awareness and visibility for your home maintenance business. Marketing can be as easy as referral and word of mouth advertising or social media advertising.
Today, you don’t have to break the bank to run a highly effective digital marketing campaign. You can start a website and begin content or email marketing. You can share flyers and posters as well as offer discounts and price slash to woo new customers.
Customer service is key
Customer service is essential for your business growth. You always have to prioritise your customers and aim to satisfy their needs. This will win you over potential customers as well as retain your existing customers.
Always give a timely response to quote requests and ensure you maintain a great communication channel with your customers via social media, email service, website and phone services.
This will help enhance your business customer service strategy and satisfy the needs of your customers.