2022 is a strong year to start a business. It is especially if you intend to start that business in a trade relating to home improvement. According to a recent study by SGS Engineering, 79% of homeowners in the UK are actively making plans to improve their property. This is a lucrative market for the self-employed and for small-to-medium enterprise (SME) contractors alike. With such a large potential customer base, there is no time like the present to start a home renovation business. However, how should you go about it?
What Will You Need?
In order to start trading as a home renovation business, you need the requisite skills, experience, and tools for the job. If you do not have prior documented experience in construction or renovation, you may not inspire any confidence in your potential clients. Even if your experience comes from your own property development career, or from tangible DIY projects to show to clients, having documented skills in your chosen field is essential.
You also need the right tools to carry out your work. These tools need to be tried-and-tested or reliable at the very least. If you need to buy up your tools before trading, Milwaukee power tools are hard-wearing and long-lasting options. Kitted out with more than enough tools for the job means you are able to tackle any job or complication. Moreover, it widens your net for work.
What Will You Offer?
Before you begin to advertise your services, you also need to define exactly what those services are. The same SGS Engineering study found that the type of home renovation people were looking to complete varied evenly. Around 10% of people plan a home office conversion, 15% hope to renovate their bathroom, and 16% plan a kitchen renovation. Some avenues for renovation may be a little more lucrative than others. However, targeting one area specifically helps you corner a market locally.
Finances and Investment for a Home Renovation Business
With your initial specialism worked out, you can begin to draw up a more comprehensive business plan. Even with the right skills and tools, you may need additional investment in order to realize your business ambitions. For example, you might hope to eventually take on more staff as a contracting outfit. This necessitates more tools and a fleet of vehicles. Alternatively, you may simply need some money to hire a marketing agency to handle your business’s digital marketing. This is a crucial element in 2022.
Either way, initial investment goes a long way to making your business launch smooth. You could apply for a business loan to soak up the initial costs of equipment, or you could use personal savings. The latter could be a good way to go if you are working as a sole trader, as any income is yours alone. Moreover, any expenditures are tax-deductible.
