If you’re an entrepreneur who’s looking to start your own business, but you are not sure about what to get into, then you might want to consider throwing your lot into the home improvement industry. It’s an industry that’s always going to have opportunities for long-term revenue, as the homes people live in will continue to require periodical maintenance and improvements, and not many homeowners have the skills to do these tasks themselves.
Having said that, there are also a handful of other things to consider if you are thinking about establishing a home improvement business. Here are some of them.
Make sure you have the right high-quality tools for the job
Home improvement is an industry that requires the extensive use of tools to do the job, so make sure that you and your employees have a repertoire of tools that are not just diverse and versatile but also of high-quality. While you may be tempted to use the tools you already have—although this is a viable choice if you’re starting out with a small budget—the sight of some them may not inspire too much confidence in your customer, especially if they’re rusting and not well maintained.
Make sure that you cover the essentials—hammers, power drills, screwdrivers, hand saws, bubble levels, chisels, and so on. After all, nothing can turn a home improvement customer experience sour faster than seeing the process delayed because of a lack of needed tools. As an alternative, also consider investing in power- or battery-operated industrial power tools. These devices are typically equipped with high-quality micro brushless motors for power tools, which allow them to be used in demanding applications that require alternating speed and torque cycles.
Decide on your target market, and cater to their needs accordingly
Which type of customer are you looking to cater to? There are many types of homeowners looking to get maintenance and improvement work on their homes done, but unless you’re starting off with a huge amount of resources and manpower, you’re not going to be able to cater to all of them. For example, your geographical coverage area may be limited by the physical location of your place of business. If you have just one office, then you might not be able to answer to callouts from more distant places.
Each type of homeowner also has different expectations on the kind of services that a home improvement service provider can give. For example, a homeowner with a small house will have different service expectations than a homeowner with a large, three-story mansion. Since you’re just starting out, it’s a good idea to focus on just one target market for now, and slowly expand your services as you gain experience, resources, and manpower.
Think about what sets you apart from your competitors and capitalize on it
Just like in any other industry, the home improvement sector is a field in which many other people offer the same kind of services and look to serve the same customers as you. What you need to consider here is what would make you different from all your competitors—what would make customers choose you as their service provider rather than anyone else? Of course, many startups would be tempted to try and offer a lower price for their services compared to their competitors, but that could eat too much into your revenue and kill your business even before it’s established.
Perhaps what you can do instead is to think about additional services that can improve customer experience. For example, you can offer a warranty on the repairs and improvements you make. You may offer free installation for home entertainment systems or speakers, or even a service where you can help source the materials needed for the repair or improvement for slightly cheaper prices. There are many ways to set yourself apart from your competitors without undercutting yourself.
Be sure to do all the legal paperwork necessary for your home improvement business
Just like in any other business, you have to make sure that your startup is legally registered. This is mainly for tax purposes as well as compliance with business and consumer safety regulations, all of which are necessary if you want to be recognized as a respectable, legitimate business. If you’re not sure about what to do, you can always consult relevant government services or seek online resources that are pertinent to your area of practice. By getting this all straightened out beforehand, not only do you avoid any legal or tax problems in the long run, but your business will also look more professional and thus more attractive to clients and customers.
Establishing a home improvement business may sound difficult and challenging, but it’s just like starting any other business venture when you get down to it. You need to consider the tools you need to provide the service, the people you want to provide the service to, and what sets your service apart from other providers. Everything else is just marketing and legal requirements. By keeping these elements foremost in your mind, you can figure out just what kind of home improvement business you want to set up and thus have an easier time keeping your business growing. Good luck!