Home Repair Business
Something breaks and a home repair business contractor quickly becomes the homeowner's new best friend. Do-it-yourselfers begin ambitious remodeling projects, get in over their heads, and start looking around for someone with the skills to straighten out the mess. The rain from a destructive storm seeps through weak spots, causing water damage. Someone has to make the repairs before it rains again. For these scenarios and many more, a person who is skilled in making a variety of home repairs is needed to do what the homeowner cannot. By gaining a sterling reputation for performing excellent work at fair prices, a handy individual can develop a successful home repair business. This is also a great part-time career for a retired individual. Someone with the right skills and know-how can easily earn additional income while working only the hours he or she wants to work.
A successful home repair business requires more than just specialized skills, however. As an entrepreneur or sole proprietor, the handyman also needs to know the basics of running a company. A well-crafted business plan lays the foundation for success, even for part-time ventures. The entrepreneur should first decide exactly what services to offer and identify the target customer. For example, the company may provide general repair services or specialize in specific areas such as carpentry or mold remediation. The target market may be a certain geographic area or geared to a niche customer such as new owners of historic homes. Once the services and target market are decided, the entrepreneur can complete the business plan. Any additional education or training must be identified, upfront expenses need to be listed, a marketing plan needs to be created, and financing will have to be obtained.
Additional education and training will depend on the individual's current skill set. But education is always a good investment. After all, as the wisest man ever once wrote: "Wisdom is the principal thing; therefore get wisdom: and with all thy getting get understanding" (Proverbs 4:7). Some specialties, such as the electrical and plumbing fields, will probably require certification. Receiving certification may involve taking some type of state exam. Since the legal requirements vary from one state to another, the prospective owner of a home repair business company should research state laws carefully. Information on certification requirements will most likely be available on the state's government website. Counties and municipalities may also have requirements for business owners, such as registration and/or licensing fees. The costs for education, training, certification, and licensing should be listed on expenses sheet. However, this is just the beginning. Other upfront expenses will include costs for equipment, tools, and materials. Hidden expenses also need to be identified. A self-employed person needs to set aside funds for taxes, a retirement plan, and insurance.
The marketing plan for the new home repair business will also have a budget. At the very least, the entrepreneur will want to have business cards and flyers that promote the company's name, logo, and tagline. Choosing a good name is an important step in establishing one's own company, though the best name may be that of the entrepreneur. This way, the individual's name is associated with the work and, if the work is done well, this association is positive. A logo can be designed at Internet sites that offer this type of service. A tagline is a simple phrase or sentence that sums up the company. Depending on how much work the individual desires, whether full-time or part-time, a newspaper advertising campaign may be a worthwhile marketing expense. In these days of Internet searches, almost every company should have a website. A domain name can be purchased for a nominal amount and there are all kinds of website hosting options available. The site can promote the individual's expertise and certifications, plus provide valuable contact information for the home repair business venture.
With the list of upfront expenses and a marketing budget in place, the entrepreneur takes the next important step of obtaining the needed financing. Most individuals have several options when it comes to obtaining the funds for a home repair business. The best option, of course, is to have the money in one's own personal account. But when that option isn't available, other avenues need to be considered. Some entrepreneurs finance new ventures with credit cards or a home equity line of credit. Others borrow from family and friends. People with a good credit score can usually obtain a bank loan. Assistance may also be available through governmental or small business programs. However, the financing is obtained, the wise individual will have a plan for making sure payments are made in a timely manner. One reason that new businesses often fail is because of financial difficulties so the savvy entrepreneur will take care that the company doesn't become a failed economic statistic.
While many people dream of having their own businesses, others appreciate a helping hand. Fortunately, there are several home repair business franchises that provide company support, training, promotion, and other assistance. One of these franchises can be a great choice for someone who wants a jumpstart for the home repair company. As with any type of endeavor, the prospective owner of either a one-person business or a franchise needs to do a lot of research and planning to become successful. But the pride of a job well done, a reputation for quality work, as well as the potential financial rewards, makes pursuing the American dream of company ownership a worthwhile venture.
Home Improvement BusinessA home improvement business can be a profitable venture for entrepreneurs who are skilled in the many aspects of property restoration and repair. These businesses can take a variety of forms. An individual might go into this field with the intention of performing most of the work himself, or to hire additional employees to help carry the workload. Some managers might prefer to establish teams that are made up of workers who can be sent out to various jobs, with the owner of the home improvement business coordinating these efforts. There are also professional contractors in the field who handle large jobs by sub contracting out various aspects of the work. A more removed approach is taken by referral businesses that provide clients with help in locating the various specialists who may be needed to complete a repair or restoration job. These organizations will screen all contractors before recommending them to clients. An important first step for any hopeful entrepreneur in this field is the creation of a sound business plan. In addition, there are generally licensing requirements at the local, county, and state level that will need to be met. Obtaining the appropriate insurance is necessary as well. Once these requirements have been attended to, an office will need to be established. This will involve issues such as furnishings, computers, phone lines, and other necessary office equipment.
Research is absolutely necessary for anyone who wishes to create a successful home improvement business. The best way to perform this research is to travel outside of the area and interview contractors and owners who would not consider the new venture a direct competitor. Interviewing these contractors and owners on their practices, as well as any concerns that local clients frequently present, can be very educational for would be entrepreneurs. The more businesses consulted the better. In general, as much can be learned from companies that are not doing well as can be learned from those that are succeeding. This approach may have two benefits, in addition to gaining great insight into local conditions and preferences, valuable contacts in the field can be established. Once this research has been completed, a solid business plan will need to be drafted. Creative and through marketing is very important when attempting to build a healthy home improvement business. If the local area is unfamiliar with a new venture, the likelihood of drawing in regular clients is relatively small. This marketing can be done through advertising, contact with media, word of mouth, or networking. As a new company opens, some kind of introduction to the neighborhood and surrounding community is generally in order. This can be done through a direct mail campaign or perhaps some kind of grand opening celebration. Offering prizes, discounts, and other incentives can acquaint valuable potential clients with the kinds of services that the new venture will provide.
Another way to create a successful home improvement business is to become part of a larger franchise. Such franchises may offer the potential entrepreneur the opportunity to become their own boss while also gaining from the structure and expertise that may be offered from a larger organization. Some of the benefits that these franchises may offer could include specialized training in the field, proven business plans, built in marketing systems, and continued guidance and advice. This approach can be particularly useful for individuals who are more inexperienced in the management of their own ventures. Large franchises will also have an established reputation that the fledgling home improvement business can benefit from. An established Internet presence can be another key benefit. Valuable software products and tested procedures can help new entrepreneurs take steps in the right direction as they begin the new venture. The sense of not being alone can instill confidence as a company begins to grow. An initial financial investment will need to be made to become a part of any franchise. Of course, as with any investment, individuals will want to do careful research before joining forces with an organization. There are unscrupulous franchise opportunities out there. For this reason, consulting with the local Better Business Bureau may be a good idea before moving forward.
A successful home improvement business need not cover all the bases when it comes to property restoration. Many businesses can thrive by specializing in just a handful repair or restoration concerns. For example, some companies will focus on a single area that is frequently requested by homeowners. These areas could include roofing, electrical repairs, window replacement, masonry, painting, drywall, or any number of other building and repair demands. By focusing on just one area, these companies can simplify operations and more easily establish quality controls on the work that is done. Home repair is one area of service that demands quality workmanship and honest dealings. Without these qualities, an entrepreneur is likely to fail. The Bible talks about the righteousness and truth of the word and works of God. "For the word of the Lord is right; and all his works are done in truth." (Psalm 33:4)
Advertising is an important concern when it comes to growing a home improvement business. If potential customers are not aware of the services that are offered by a local company, business will be lost. The easiest way to get the word out might be the creative use of company vehicles. As these vehicles move around through the local area, other motorists will see the name of the company and the services providing as a company vehicle passes by. This approach can be a very cost effective way to gain paying customers. Of course, other methods of advertising such as purchasing commercial time on local media can be effective as well.