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Home Improvement Business Idea

If you’re itching to become a Mr. or Mrs. Fix-it, put your skills to work and learn how to start a home improvement business.

Ask any of your neighbors and they probably have a list of home improvement projects they’d like to get to but don’t have the time or know-how to do themselves.

If you have an interest, however, many projects can be completed with basic carpentry skills.

For more complicated tasks, home improvement books and knowledgeable employees at your local hardware store can often provide you with the technical assistance you need.

 

Assessing Your Assets

When you consider starting a home improvement business, the first step is to take stock of your skills and interests.

Do you like building and construction? Do you prefer repairs or restoration? Are you more skilled in areas such as plumbing or electrical work?

Do you want to work on long-term projects such as kitchen remodeling, or would you rather work as needed on appliance repairs?

Do you want to work on projects that require you to coordinate with your work with others? To finish a basement, for example, you would need plumbing, electrical and carpentry skills. If you don’t have one of those, you’d need to coordinate with someone who does in order to get the job done.

Need to gain more skills? Various schools, unions and associations offer distance and onsite classes. Once you’ve completed them, you may apprentice with experts until you’re ready to be independent.

Depending on the scope of a job, your state may require you to have a contractor license. Whether or not this is required, consider getting bonded and insured to offer you and your clients more protection.

How To Start A Home Improvement Business Profitably

Once you’ve figured out what you’d most enjoy doing, it’s time to find out what needs to be done. What type of home improvement work is going to be most profitable? This could be considered either by the amount of work available or the costs you can charge for a single job.

Consider the area that you’d like to service. Since so much work comes from referrals, you’ll likely find yourself servicing a general geographic region. As you look at that area, think about the kind of work that is most needed there.

Is it an older neighborhood? Older homes have many areas that need to be fixed – whether it’s replacing the plumbing in the bathroom, fixing the TV in the master bedroom, or redoing the kitchen.

If it’s a newer neighborhood, the types of jobs you have will change. Homeowners in new homes aren’t going to be doing kitchen remodels, but they may be finishing off basements and adding on decks.

In your area, are there more older homes or more newer homes? Are new homes being built rapidly, or is there little growth? In other words, what area of home improvement will provide the most opportunity for your business?

Find these things out and match them with your interests and abilities, and you’ll be well on your way to knowing how to start a home improvement business successfully.

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