Your better half brags about the quality of the finished household projects on your "Honey-do" lists. The guy next door thinks you walk on water after seeing your kitchen renovations. There's not a relative in the world who hasn't called upon you to hang a fan, hang a door or just hang out when the tools are in play. Maybe you should take the hint and give up the suit-and-tie day job for a freelance gig that takes advantage of the work you really love to do. Becoming a home remodeling entrepreneur will, of course, require more than just an outstanding collection of tools and equipment. Business savvy is also required for sustainability and a positive cash flow. Suggestions in this article will help you get off to the right start; the rest is up to you, your jigsaw and your screwdriver.
Instructions
1. Contact your insurance company and discuss the types of coverage you will need and the price of that coverage before you do anything else. You'll need accident protection coverage for yourself and a package of riders covering clients and physical property in the event that something catastrophic happens during a build-out.
2. Form a company. Many people don't bother to incorporate, but if you should decide to do so, ask your attorney to do the job or contact an online legal service and handle the paperwork yourself. A link to a popular site appears at the end of this article.
3. Investigate your area's building permit statutes. While most of the remodeling jobs you take on will likely be small ones, understand that even those may require a permit. This topic tends to be one of the most debated among remodeling pros. Whether you choose to adhere to local law or dance around it, at the very least, get the skinny on local protocols.
4. Launch your marketing efforts. Your budget will determine how extravagant you can be about promoting your business, but among the advertising and marketing tactics you should consider are these: business cards, brochures, flyers, telemarketing, display ads in newspapers and Yellow Pages, referral programs and social networking sites.
5. Establish a separate set of books for your business and open a checking account in the company's name. Whether your understanding of accounting is limited to putting all receipts in one envelope and paid bills in another or you or a family member can navigate around a software program like QuickBooks or Excel, the most important thing to remember is to avoid crossover between business and personal finances. Let your accountant figure out the details when you hand over your envelopes of payables and receivables at tax time.
6. Start building a client list. Set up a database of everyone in your social, family and work circles. Once you're up and running, you will find that most of your work comes from referrals. For this reason, it's important to try out your advertising and marketing techniques when you take on your first jobs. Experiment with referral programs and other techniques on family members. This gives you the chance to see how things work and you'll get feedback in a safe, honest environment.
7. Explore ways to separate your business from those of other remodeling contractors in your area. This can be tricky, but once you find marketing tools that work for you, you'll gain confidence and additional business. For instance, you may want to present customers with a bottle of champagne when you complete their job. Do the same if a customer sends a new client your way. Attach your business card to each bottle so your company name gets a bounce. Do this often enough, and both you and your customers will be celebrating your ongoing success as everyone's favorite contractor.
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