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Restoration Business Idea

When starting your restoration business, decide which type of legal business ownership is best. If you are the only owner, a sole proprietorship may be the right option, particularly when you first open. A sole proprietor makes all of the business decisions, including who and when to hire. As sole owner, you assume total responsibility for any and all business liabilities.

A business partnership is another popular possibility. If you and one or more individuals start a business together, you can form a partnership. A partnership splits any debt or liability between the partners. Becoming incorporated is another option. It protects the owners from losing homes and personal possessions in the event of a lawsuit. Before choosing any type of business ownership, consult with an attorney to determine your best option.

Starting Your Restoration Business

After making your choice of business type and deciding initial amounts of personal, sponsored or outside investment, your starting budget must be addressed. Decisions to be made include the following:

  • Will you start small with few or no employees, other than yourself?
  • What types of restoration will you focus on?
  • How will you obtain the items to restore? Will you pick them up, go the item locations, or have customers bring items to you?

Much of this depends on what you restore and your starting budget.

Determine whether or not you have local competition. If so, can you provide restoration services that are not currently offered by competitors? Can you offer better prices or do you possess a unique skill set? Is there a market for your restoration business, given the competition?

Once you have decided on the specific restoration services to focus on, formulate your business plan. Your business plan will be needed for additional funding and will provide a blueprint for you to follow.

Some states require that sales tax be paid for services and other do not. Contact your state Department of Revenue to find out and obtain a sales tax license, if needed. You will also need a business license from your area governing agency.

How to Succeed In The Restoration Business

No matter what your main business focus, general office and home renovation, home restoration, furniture restoration and refurbishing, or floor refinishing, you will eventually need highly trained employees with experience and expertise. Interview all applicants thoroughly and run a careful check of all references. Taking these precautions when hiring staff will more than pay off in the long run.

Reliability, skill, and creativity will be required to succeed. While maintaining high artistic standards in terms of materials and methods used, it is essential to meet all deadlines and adhere to high industry standards. Build a solid restoration business reputation for dependable and high quality workmanship. Restoration is an art and each job you finish is a testament to your workmanship.

Advertising, promotion and marketing methods to make use of include local newspaper, media and internet ads along with direct marketing mailings and personal networking. If you restore antiques, visit with antique store owners and see if you can form a collaborative arrangement.

Expanding Your Business

As your customer base grows, you may think about expanding your services. If you have expertise in different areas of restoration, you could start offering those services. Another option is to hire more skilled employees, allowing you to take on more work.

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