A small remodeling business is a help for homeowners
Homeowners need trustworthy workers to maintain and upgrade their houses. They may choose to add a room, install energy efficient windows, or create a new look by painting. A small remodeling service that operates with integrity can improve the value of a home and create satisfaction for the homeowner on a job done well. Even in a tight job market, quality work can result in new referrals.
Instructions
1. Know capabilities and limitations
Take a personal skills inventory to know strengths and abilities related to common remodeling requests like drywall, carpentry, painting, and plumbing. Find two or three other workers who have complementary skills and ask their preferred rates. Speak with local community colleges to interview motivated students who have skills and want job experience. Write an agreement for the workers to either be independent contractors or employees.
2. Set up the business entity. Select the best option as a sole proprietor using a personal name with the word "associates" at the end, "Doing Business As" (DBA) with a fictitious business name filed with local county and state offices, or a Limited Liability Company (LLC), or S corporation. Choose a LLC or S Corporation if hiring one or more employees and doing remodeling jobs that pose a greater risk of injury such as roofing or adding second floors to homes. Understand the business structure is meant to protect personal assets against lawsuits: "Court dockets are full of suits against contractors," writes Gregg Kuehn on page 31 in the book "Start Your Own Construction and Contracting Business" who advises that LLCs and S Corporations are best if a remodeling specialty has higher associated risks. (See References 1).
3. Apply for an Employment Identification Number (EIN) if forming the remodeling business as a LLC or S Corporation on the Internal Revenue Service (IRS) website, IRS.gov, or use hard copy Form SS-4 to fax to the IRS. (See References 2). Use a personal Social Scurity number for tax purposes if operating as a sole proprietor without a corporation.
4. Get a builder' insurance policy to protect against injury and missing tools on the job. Select a $1 million dollar liability policy.
5. Tools are a business asset
Write the type and number of tools and supplies currently available: the types of hammers, drills and drill bits, hand saws, power saws and types of blades. Write the list on paper and keep it in a notebook or write it in a basic spread sheet. Make four columns across the top with titles "Tool", "Purpose", "Condition", and "Value" to assign a monetary value. Determine other necessary tools or supplies to get started and include in a budget for start-up costs.
6. Set up a line of credit at a local contracting supply store. Ask how much money must be spent at any one time in order to receive professional discounts on supplies and delivery.
7. Join a local business referral group to get job leads. Specify the types of remodeling projects wanted. Take pictures of work being done on initial jobs. Ask the customer to provide a testimonial and stand in the picture with the crew on the completed job. Send a thank-you card to the customer.
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