home improvement business plan

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Home Improvement Business Plan

The extensive marketplace and indefinite opportunities for expansion make home improvement a lucrative business venture to undertake.

Anyone can start a business, however, to captivate the highly competitive market space, one needs a comprehensive business plan. It will help you secure the funding and attain the desired growth potential.

Need help writing a business plan for your home improvement business? You’re at the right place. Our home improvement business plan template will help you get started.

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• Fill in the blanks – Outline
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How to Write A Home Improvement Business Plan?

Writing a home improvement business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the entire business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

• Introduce your Business: Start your executive summary by briefly introducing your business to your readers.This section may include the name of your home improvement business, its location, when it was founded, the type of home improvement business (E.g., kitchen and bathroom remodeling, paint contractors, flooring businesses, HVAC contracting, general home improvement), etc.
• Market Opportunity: Summarize your market research, including market size, growth potential, and marketing trends. Highlight the opportunities in the market and how your business will fit in to fill the gap.
• Financial Highlights: Briefly summarize your financial projections for the initial years of business operations. Include any capital or investment requirements, associated startup costs, projected revenues, and profit forecasts.
• Call to Action: Summarize your executive summary section with a clear CTA, for example, inviting angel investors to discuss the potential business investment

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

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2. Business Overview

The business overview section of your business plan offers detailed information about your company. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

• General home improvement business
• Kitchen and bathroom remodeling specialists
• Painting contracting
• Flooring Companies
• Home automation contracting
• Describe the legal structure of your home improvement company, whether it is a sole proprietorship, LLC, partnership, or others.Explain where your business is located and why you selected the place.
• Owners: List the names of your home improvement company’s founders or owners. Describe what shares they own and their responsibilities for efficiently managing the business.
• Future Goals: It’s crucial to convey your aspirations and vision. Mention your short-term and long-term goals; they can be specific targets for revenue, market share, or expanding your services.

This section should provide a thorough understanding of your business, its history, and its future plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

• Target market: Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.For instance, homeowners, real estate investors, and DIY enthusiasts would be an ideal target audience for a home improvement business.
• Market size and growth potential: Describe your market size and growth potential and whether you will target a niche or a much broader market.
• The US home improvement market was 537.9 billion dollars huge in 2021. To clearly determine your share in this humongous market, it is crucial to determine your target market and its growth potential.
• Competitive Analysis: Identify and analyze your direct and indirect competitors. Identify their strengths and weaknesses, and describe what differentiates your home improvement business from them. Point out how you have a competitive edge in the market.
• Market Trends: Analyze emerging trends in the industry, such as technology disruptions, changes in customer behavior or preferences, etc. Explain how your business will cope with all the trends.For instance, home improvement smart home technology has a booming market; explain how you plan on dealing with this potential growth opportunity.
• Regulatory Environment: List regulations and licensing requirements that may affect your home improvements company, such as business registration, license, and permits, compliance with safety standards, insurance, environmental regulations, state and federal regulations, etc.

Here are a few tips for writing the market analysis section of your home improvement business plan:

• Conduct market research, industry reports, and surveys to gather data.
• Provide specific and detailed information whenever possible.
• Illustrate your points with charts and graphs.
• Write your business plan keeping your target audience in mind.

4. Products And Services

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

• Design Consultation
• Project planning & management
• Installation and Remodeling Services
• Repair & maintenance
• Building materials
• Hardware & tools
• Fixtures and fittings
• Paint and coatings
• Quality measures: This section should explain how you maintain quality standards and consistently provide the highest quality service.This may include ensuring high-quality materials and products, a skilled workforce, and a robust quality control business plan.
• Additional Services: Mention if your home improvement business offers any additional services. You may include services like customization, tool rentals, DIY workshops, etc.

In short, this section of your home improvement plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

• Unique Selling Proposition (USP): Define your business’s USPs depending on the market you serve, the equipment you use, and the unique services you provide. Identifying USPs will help you plan your marketing strategies.For example, specialization in specific home improvement services, extensive product selection, and green and sustainable practices could be some of the great USPs for a home improvement company.
• Pricing Strategy: Describe your pricing strategy—how you plan to price your remodeling services and stay competitive in the local market. You can mention any entry discounts you plan on offering to attract new customers to your home improvement service.
• Marketing Strategies: Discuss your marketing strategies to market your services. You may include some of these marketing strategies in your business plan—social media marketing, Google ads, brochures, email marketing, content marketing, and print marketing.
• Sales Strategies: Outline the strategies you’ll implement to maximize your sales. Your sales strategies may include direct sales calls, partnering with local contractors, home builders, and the local community, offering referral programs, etc.
• Customer Retention: Describe your customer retention strategies and how you plan to execute them. For instance, introducing loyalty programs, discounts on annual maintenance services, priority services, etc.

Overall, this section of your home improvement business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your home improvement business, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

• Staffing & Training: Mention your home improvement company’s staffing requirements, including the number of sales associates, cashiers, and technicians, design consultants. Include their qualifications, the training required, and the duties they will perform.
• Operational Process: Outline the processes and procedures you will use to run your home improvement business. Your operational processes may include sourcing materials, offering quotes, drafting and signing contracts, dispatching teams, billing and insurance, and skill training of technicians and staff.
• Equipment & Machinery: Include the list of equipment and machinery required for home improvements, such as hand and power tools, power generators, air compressors, ladders, safety equipment, etc.Explain how these technologies help you maintain quality standards and improve the efficiency of your business operations.

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section provides an overview of your home improvement business’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

• Founders/CEO: Mention the founders and CEO of your home improvement company, and describe their roles and responsibilities in successfully running the business.
• Key managers: Introduce your management and key members of your team, and explain their roles and responsibilities.It should include, key executives(e.g. COO, CMO.), senior management, and other department managers (e.g. store manager, customer service manager.) involved in the remodeling business operations, including their education, professional background, and any relevant experience in the remodeling industry.
• Organizational structure: Explain the organizational structure of your management team. Include the reporting line and decision-making hierarchy.
• Compensation Plan: Describe your compensation plan for the management and staff. Include their salaries, incentives, and other benefits.
• Advisors/Consultants: Mentioning advisors or consultants in your business plans adds credibility to your business idea.So, if you have any advisors or consultants, include them with their names and brief information consisting of roles and years of experience.

This section should describe the key personnel for your home improvement services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should provide a summary of your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

• Profit & loss statement: Describe details such as projected revenue, operational costs, and service costs in your projected profit and loss statement . Make sure to include your business’s expected net profit or loss.
• Cash flow statement: The cash flow for the first few years of your operation should be estimated and described in this section. This may include billing invoices, payment receipts, loan payments, and any other cash flow statements.
• Balance Sheet: Create a projected balance sheet documenting your home improvement business’s assets, liabilities, and equity.
• Break-even point: Determine and mention your business’s break-even point—the point at which your business costs and revenue will be equal.This exercise will help you understand how much revenue you need to generate to sustain or be profitable.
• Financing Needs: Calculate costs associated with starting a home improvement business, and estimate your financing needs and how much capital you need to raise to operate your business. Be specific about your short-term and long-term financing requirements, such as investment capital or loans.

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

• Add a table of contents for the appendix section to help readers easily find specific information or sections.
• In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
• Provide data derived from market research, including stats about the home improvement industry, user demographics, and industry trends.
• Include any legal documents such as permits, licenses, and contracts.
• Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your home improvement business plan should only include relevant and important information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

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This sample home improvement business plan will provide an idea for writing a successful home improvement plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our home improvement business plan pdf .

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Frequently Asked Questions

Why do you need a home improvement business plan.

A business plan is an essential tool for anyone looking to start or run a successful home improvement business. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your home improvement company.

How to get funding for your home improvement business?

There are several ways to get funding for your home improvement business, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

• Bank loan – You may apply for a loan in government or private banks.
• Small Business Administration (SBA) loan – SBA loans and schemes are available at affordable interest rates, so check the eligibility criteria before applying for it.
• Crowdfunding – The process of supporting a project or business by getting a lot of people to invest in your business, usually online.
• Angel investors – Getting funds from angel investors is one of the most sought startup options.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your home improvement business?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your home improvement business plan and outline your vision as you have in your mind.

What is the easiest way to write your home improvement business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any home improvement business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software .

Can a good home improvement business plan help me secure funding?

Indeed. A well-crafted home improvement business plan will help your investors better understand your business domain, market trends, strategies, business financials, and growth potential—helping them make better financial decisions.

So, if you have a profitable and investable business, a comprehensive business plan can certainly help you secure your business funding.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Remodeling Business Plan Template

Written by Dave Lavinsky

Remodeling Business Plan

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their remodeling businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Remodeling Business Plan?

A business plan provides a snapshot of your remodeling business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Remodeling Company

If you’re looking to start a Remodeling business, or grow your business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your remodeling business in order to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Remodeling Businesses

With regards to funding, the main sources of funding for a remodeling business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for remodeling businesses.

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How to write a business plan for a remodeling company.

If you want to start a remodeling business or expand your current one, you need a business plan. Below we describe what should be included in each section of a business plan for your remodeling company:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of remodeling business you are operating and the status. For example, are you a startup, do you want to grow your business, or are you operating remodeling businesses in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the remodeling industry. Discuss the type of remodeling business you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of remodeling company you are operating.

For example, you might operate one of the following types of remodeling businesses:

• Residential Remodeling : this type of remodeling business focuses on renovations strictly for home-based projects, such as kitchens and bathrooms.
• Design-Build and Whole House Remodeling: this type of remodeling are residential general contractors that are responsible for the architecture, design, and construction management of major home remodeling projects.
• Restoration: Restoration contractors specialize in working with insurance companies, and focus specifically on fire, wind, or water damage to restore the home to its original condition before the occurrence.

In addition to explaining the type of remodeling company you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of projects completed, number of positive reviews, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the Remodeling industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the remodeling industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your remodeling company business plan:

• How big is the remodeling industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your remodeling company? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: homeowners looking to add on or update their home, those who have suffered a recent weather damage occurrence, and new homeowners who have purchased an older home that is in need of updates.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of remodeling company you operate. Clearly, homeowners would respond to different marketing promotions than help those affected by weather-related incidents, for example.

Try to break out your target market in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.

Psychographic profiles explain the wants and needs of your target market. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other remodeling businesses. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes new home builders and large construction general contractors. You need to mention such competition as well.

With regards to direct competition, you want to describe the other remodeling businesses with which you compete. Most likely, your direct competitors will be remodeling businesses located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What type of remodeling businesses are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide shorter project times?
• Will you provide services that your competitors don’t offer?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a remodeling company, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of remodeling company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to temodeling, will you provide call design and architecture, project management, and any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your remodeling company. Document your location and mention how the location will impact your success. For example, is your remodeling business located in a high traffic area, a business district, a standalone office, etc. Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your Remodeling marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Advertising in local papers and magazines
• Reaching out to websites 
• Social media marketing
• Local radio advertising

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your remodeling business, including offering free remodeling quotes, sourcing materials and labor, organizing subcontractors, client communication, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to land your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your remodeling business to a new city.  

Management Team

To demonstrate your remodeling business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your team members have direct experience in managing remodelings. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your management team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a remodeling businesses or successfully running a construction company.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you take on one new client at a time or multiple new clients ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your Remodeling business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing your business:

• Cost of contracting licenses and permitting.
• Cost of equipment and supplies.
• Payroll or salaries paid to staff and subcontractors .
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include past remodeling projects or project quotes of client projects you are working on.  

Putting together a business plan for your remodeling business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the remodeling industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful remodeling business.  

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How To Start a Home Renovation Business: Step by Step

What if your weekend DIY projects were a full-time gig? Imagine swapping your office cubicle for a toolbelt and your coffee breaks for client consultations.

Starting a home renovation business can turn your passion for transforming living spaces into a rewarding career. It’s a field where creativity meets practicality, and your skills can make a real difference in people’s day-to-day lives.

Here’s how to start a home renovation business step by step. Learn how to write a business plan, land your first clients, and grow at just the right pace.

RELATED ARTICLE — How Much Does It Cost To Start a Business? A Comprehensive Guide

What To Consider Before Starting a Home Renovation Business

Before you dive into the world of home renovation, take the time to think about these important factors:

Do you have the know-how to tackle a range of renovation tasks? You need a mix of hands-on home repair abilities. These include carpentry, house painting, home improvement, and general handyman skills. You’ll also want to hone your project management skills.

It’s also important to understand the unique requirements of different types of spaces. For example, bathroom remodeling and kitchen remodeling require different approaches, even if some skill sets overlap.

If you’re not an expert at everything just yet, that’s okay. You can always team up with other pros or take a few courses to learn important skills.

Don’t forget about different types of contractor insurance. General liability insurance, for example, protects you and your clients if something goes wrong. Some types may be mandatory in your area of operation, so do your research.

Think about the tools you need for your projects. Basic items like hammers and drills are a must, but you might also need more heavy-duty gear like ladders and power tools. Start with the essentials and add to them as your business grows.

Profit Margin

How much can you make? It all depends on what you charge. Balance your costs (like materials and labor) with what homeowners are willing to pay. Research prices in your area to make sure you can earn enough to keep your business running and growing.

RELATED ARTICLE — 10 Business Expense Categories You Need To Consider

Step-By-Step Guide to Starting a Home Remodeling Business

Here’s how to get your business off the ground in just seven steps:

1. Draft a Solid Business Plan

Your business plan is like a roadmap for your company. It should outline your services, who your ideal customers are, and how you’ll make money. Include details about your startup costs, pricing strategy, and financial projections.

Don’t forget to research the competition and explain how you’ll stand out. Incorporate these details to explain your marketing strategy and growth goals.

Remember, a good business plan isn’t set in stone. It should be flexible enough to change as your business grows and evolves.

2. Pick a Name and Get Registered

Choose a name that’s catchy and lets people know what you do at a glance. Make sure it’s not already taken. Search online and check with your local business registry just to be safe.

Once you’ve picked a name, register it with your state or local government. This makes your business official and protects your brand.

3. Choose a Business Structure

Decide how to structure your business legally. A sole proprietorship is the simplest option, but it doesn’t protect your personal assets. Partnerships split ownership between two or more people. Limited liability companies (LLCs) offer personal asset protection and tax benefits but more paperwork.

Each option has its pros and cons, so consider talking to a professional to find the best fit for your situation. If you’re operating by yourself, a sole proprietorship is likely the best way to go.

4. Secure Necessary Permits and Licenses

Find out which permits and licenses you need from your local government. These might include a general business license, contractor’s license, or specific permits for electrical or plumbing work. 

Don’t skip this step. Working without proper licenses can lead to fines or legal trouble. Check with your city or county office for the exact requirements in your area.

5. Nail Down Business Logistics and Resources

Set up the practical aspects of your business, including:

• Opening a business bank account to keep your personal and business finances separate
• Looking into business insurance to protect yourself from accidents or mistakes
• Deciding whether you need to hire employees or subcontractors
• Creating systems for scheduling jobs, managing inventory, and keeping track of your finances

6. Define Your Remodeling Business Brand

Your brand is more than just your logo. It’s the overall impression people have of your business. Think about what makes your company unique. Maybe it’s your attention to detail, eco-friendly practices, or speedy service.

Use these qualities to create a consistent look and feel across all marketing materials. This helps potential customers remember you and understand what you stand for.

7. Market Your Business

Get the word out about your new business. Start with a user-friendly website that shows off your best work. Social media is a great way to market yourself and share before-and-after photos and helpful tips. Consider offering a discount for first-time customers to get people to try your services.

Don’t forget about traditional methods like leaving flyers at local hardware stores or joining your chamber of commerce. Word-of-mouth is powerful in this industry, so always aim to exceed clients’ expectations.

RELATED ARTICLE — What Is a Service Business?

8 Mistakes To Avoid When Starting a Home Renovation Business

You know the basics of what to do when starting a new home renovation business, but what about things to avoid? Here are some of the most common mistakes to watch out for:

1. Starting With Too Little Cash

Not having enough money to cover startup costs and early expenses can sink your new business before it has a chance to grow. Make sure you have enough saved to cover at least six months of expenses. This includes not just business costs, but also your personal living expenses.

2. Underestimating the Competition

Failing to research and understand your competitors can leave you struggling to attract customers and set solid prices. Take time to study other home renovation companies in your area. Look at their services, prices, and what customers say about them to find ways to make your business stand out.

3. Lacking a Solid Business Plan

Without a clear roadmap for your business, you might make poor decisions or miss important opportunities for growth. A good business plan helps you set goals, plan finances, and think through potential challenges. It’s also a crucial document if you need to get a loan or attract investors.

4. Ignoring Customer Satisfaction

Failing to prioritize your clients’ happiness can lead to bad reviews and a damaged reputation. These are hard to recover from in the renovation industry. Always aim to exceed your customers’ expectations. To improve your services, regularly ask for feedback and act on it.

5. Doing Everything Yourself

Trying to handle every aspect of your business alone can lead to burnout. It can also prevent you from focusing on the tasks that really need your expertise. 

Don’t be afraid to delegate or hire help when needed. This might mean bringing on employees or partnering with other professionals like general contractors for specialized work.

6. Setting the Wrong Price

Charging too little can leave you struggling to make a profit, while charging too much might scare away potential customers. Research market rates in your area and calculate your costs carefully. Remember to factor in overhead expenses and your desired profit margin when setting prices.

7. Poor Project Management

Mismanaging your renovation projects can result in unhappy clients and financial losses. Use project management tools to keep track of timelines, budgets, and tasks. And clear communication with both your team and your clients is key to staying on track.

8. Focusing On Rapid Growth Too Early

Expanding your business too quickly without a solid foundation can lead to quality issues and financial strain. Instead of trying to grow too fast, too soon, focus on building a strong reputation and a stable client base. Gradual, sustainable growth often works out better in the long run.

RELATED ARTICLE — How To Become an Independent Contractor: A Complete Guide

Start a Home Renovation Business With Joist

Starting a home renovation business isn’t easy, but it can be a rewarding path for the right person. It takes hard work, planning, and a solid set of skills. If you’re willing to put in the effort, self-employment has huge rewards.

The key is using tools that always have your back, like Joist . Once you’ve got your business off the ground, streamline your operations with Joist’s contractor-ready app. Save time, win more jobs, and get paid faster with quicker remodeling estimates , professional invoices, and payment tracking.

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Here is a free business plan sample for a home renovation company.

Embarking on a home renovation business can be an exciting venture, but knowing where to start can be overwhelming.

In the content that follows, we will present you with a comprehensive sample business plan tailored for a home renovation company.

As any seasoned entrepreneur will tell you, a detailed business plan is crucial for laying the foundation of a successful business. It serves as a roadmap, guiding you through setting clear objectives, strategies, and financial projections.

To jumpstart your planning process with ease and precision, you're invited to utilize our home renovation business plan template. Additionally, our team is available to provide a free review and refinement of your plan to ensure it's polished and professional.

How to draft a great business plan for your home renovation company?

A good business plan for a home renovation business must be tailored to the unique aspects of the renovation industry.

Initially, it's crucial to provide a comprehensive overview of the home renovation market. This should include current statistics and an analysis of emerging trends, similar to what we've outlined in our home renovation business plan template .

Your business plan should articulate your vision clearly. Define your target market (homeowners, real estate investors, property managers, etc.), and establish your business's unique selling proposition (eco-friendly renovations, luxury upgrades, budget-friendly remodels, etc.).

Market analysis is a key component. You need to understand the local demand for renovation services, identify your competitors, and know the preferences and behaviors of potential clients.

For a home renovation business, it's important to detail the services you offer. Whether it's kitchen and bathroom remodels, whole-house renovations, or specialized services like historic restorations, explain how these services cater to the needs of your clientele.

The operational plan should outline the logistics of your business. This includes the location of your headquarters, the structure of your project management, sourcing of materials, and the details of your service delivery process.

Emphasize the quality of workmanship, the reliability of your subcontractors, and adherence to building codes and safety standards.

Discuss your marketing and sales strategies. How will you generate leads and maintain a steady stream of projects? Consider advertising methods, customer referral programs, and strategies for upselling services.

Incorporating digital strategies, such as a professional website, online portfolio, and social media engagement, is increasingly important for reaching today's homeowners.

The financial section is vital. It should include your startup costs, revenue projections, operating expenses, and the point at which you expect to break even.

Home renovation projects can vary greatly in size and profitability, so it's essential to have a detailed financial plan. You can refer to our financial forecast for a home renovation business for guidance.

Compared to other business plans, a home renovation plan must address specific challenges such as project management, regulatory compliance, and the potential for unforeseen issues during renovations.

A well-crafted business plan will not only help you define your strategy and approach but also prove invaluable when seeking investment or loans.

Lenders and investors will look for a thorough market analysis, realistic financial projections, and a clear plan for managing renovation projects effectively.

By presenting a comprehensive and substantiated business plan, you showcase your professionalism and dedication to the success of your home renovation business.

To streamline the process and ensure you cover all necessary elements, you can start with our home renovation business plan template .

A free example of business plan for a home renovation company

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for a home renovation .

Here, we will follow the same structure as in our business plan template.

Market Opportunity

Market analysis and projections.

The home renovation industry is a robust and ever-evolving market with significant growth potential.

Recent studies have shown that the global home improvement sector is projected to reach a value of over $1,000 billion by the next few years. This growth is driven by a rising trend in home ownership and the increasing interest in personalizing living spaces.

In the United States, there are over 500,000 businesses operating in the home renovation industry, generating an annual revenue of approximately $450 billion. This underscores the critical role home renovation services play in the American economy and the housing market.

These statistics highlight the vast opportunities available for businesses within the home renovation sector.

Industry Trends

The home renovation market is witnessing several key trends that are shaping the future of the industry.

Smart home technology integration is becoming increasingly popular, with homeowners looking to enhance convenience and energy efficiency through automated systems and intelligent devices.

Eco-friendly and sustainable home improvements are also on the rise, as consumers become more environmentally conscious and seek out green materials and renewable energy solutions.

There is a growing demand for multi-functional spaces and flexible design, reflecting the need for homes to adapt to remote work and changing family dynamics.

Additionally, the DIY movement continues to flourish, supported by online tutorials and the availability of home improvement tools and materials. However, for more complex projects, professional renovation services are still in high demand.

Online platforms and mobile applications are streamlining the way homeowners find and engage with renovation professionals, making the process more accessible and transparent.

These trends indicate a shift in homeowner preferences and priorities, which home renovation businesses must consider to stay competitive and relevant.

Key Success Factors

Several factors contribute to the success of a home renovation business.

Quality of workmanship is paramount. A company that consistently delivers high-quality renovations will build a strong reputation and a base of repeat customers.

Innovation in design and the ability to offer customized solutions can set a business apart in a crowded market.

Location and accessibility are important, as a local presence can influence homeowners' choice of renovation service providers.

Exceptional customer service is essential for ensuring client satisfaction and fostering positive word-of-mouth referrals.

Lastly, effective project management, competitive pricing, and the ability to incorporate sustainable practices are crucial for the long-term viability and profitability of a home renovation business.

The Project

Project presentation.

Our home renovation business is designed to cater to the increasing number of homeowners looking to enhance their living spaces. Situated in a region with a booming real estate market, our service will offer comprehensive home renovation solutions, from kitchen and bathroom remodels to full home makeovers, all executed with top-notch craftsmanship and high-quality materials.

We will focus on creating functional, modern, and aesthetically pleasing spaces that reflect the unique style and needs of each homeowner. Our renovations will not only improve the visual appeal of a home but also its market value and energy efficiency.

Our home renovation business aims to set the standard for quality and customer satisfaction in the local market, transforming houses into dream homes and thereby improving the quality of life for our clients.

Value Proposition

The value proposition of our home renovation business is centered on delivering personalized and high-quality home transformations that cater to the specific desires and requirements of homeowners.

Our commitment to reliability, craftsmanship, and attention to detail ensures that every project we undertake enhances the functionality and beauty of the home, providing a tangible improvement to the homeowner's quality of life.

We are dedicated to fostering long-term relationships with our clients by providing exceptional service and transparent communication throughout the renovation process, and we aim to educate our customers on the best practices for maintaining and enhancing their newly renovated spaces.

As a trusted partner in home improvement, we strive to be a cornerstone in the community, offering a reliable and professional service that homeowners can depend on to turn their renovation dreams into reality.

Project Owner

The project owner is a seasoned professional with a passion for home improvement and a keen eye for design.

With years of experience in the construction and renovation industry, he possesses the technical knowledge and leadership skills necessary to deliver projects that exceed expectations. His expertise extends to project management, interior design, and sustainable building practices.

Driven by a vision of transforming living spaces into personalized sanctuaries, he is committed to using his skills to enhance the comfort and satisfaction of homeowners. His dedication to quality and his zeal for innovation make him the driving force behind this venture, aiming to elevate the standard of living for those seeking to renovate their homes.

The Market Study

Target market.

The target market for our home renovation business encompasses a variety of homeowners.

Firstly, we cater to homeowners looking to update or modernize their living spaces to enhance comfort, functionality, or aesthetic appeal.

Secondly, we serve individuals preparing to sell their homes who wish to increase property value through strategic renovations.

Additionally, our services are sought after by new homeowners desiring to personalize newly purchased properties to suit their tastes.

Lastly, real estate investors and property managers represent a significant segment, as they often require renovations to maintain or improve their rental or sale properties.

SWOT Analysis

Our SWOT analysis for the home renovation business highlights several factors.

Strengths include a skilled team with extensive renovation experience, a strong network of suppliers, and a reputation for reliability and high-quality workmanship.

Weaknesses may involve the cyclical nature of the housing market and the dependency on economic conditions that influence homeowners' renovation investments.

Opportunities can be found in the growing trend of home improvement and the potential for green renovations that appeal to environmentally conscious consumers.

Threats include the intense competition from other renovation companies and the potential for supply chain disruptions affecting material availability and costs.

Competitor Analysis

Our analysis of competitors within the home renovation industry indicates a competitive landscape.

Direct competitors range from other local renovation businesses to larger contracting firms and specialized service providers.

These competitors vie for homeowners' attention by offering various services, from full-scale remodels to specific upgrades like kitchen or bathroom renovations.

Competitive edges may be gained through superior craftsmanship, customer service, turnaround times, and the ability to provide comprehensive solutions from design to execution.

Understanding the strengths and weaknesses of these competitors is crucial for carving out a niche and ensuring customer loyalty.

Competitive Advantages

Our home renovation business prides itself on a customer-centric approach, ensuring that each project is tailored to the homeowner's specific needs and vision.

We offer a wide range of renovation services, from simple cosmetic updates to complex structural changes, all executed with meticulous attention to detail.

Our dedication to sustainability and energy-efficient options sets us apart, as we provide innovative solutions that benefit both the environment and our clients' long-term expenses.

Transparency in pricing, timelines, and project management processes fosters trust and reassures our clients that their home is in capable hands.

You can also read our articles about: - how to launch a home renovation business: a complete guide - the customer segments of a home renovation company - the competition study for a home renovation company

The Strategy

Development plan.

Our three-year development plan for the home renovation company is designed to establish us as a leader in the industry.

In the first year, we will concentrate on building a strong reputation in our local area through exceptional workmanship and customer service.

The second year will be focused on expanding our services to neighboring regions and increasing our service offerings to include eco-friendly and smart home solutions.

In the third year, we aim to form strategic alliances with real estate firms and architects to offer comprehensive renovation packages and further solidify our market position.

Throughout this period, we will remain dedicated to using sustainable materials, maintaining transparent communication with clients, and staying abreast of the latest industry trends and technologies.

Business Model Canvas

The Business Model Canvas for our home renovation company targets homeowners looking for reliable, high-quality renovation services.

Our value proposition is centered on delivering personalized renovation solutions that enhance the comfort, functionality, and value of our clients' homes.

We offer our services through direct consultations and digital platforms, utilizing our skilled workforce and project management expertise as key resources.

Key activities include project design, construction management, and client relations.

Our revenue streams are generated from the provision of renovation services, while our costs are mainly associated with labor, materials, and marketing efforts.

Access a detailed and customizable Business Model Canvas in our business plan template .

Marketing Strategy

Our marketing strategy is centered on building trust and showcasing our expertise.

We plan to engage with potential clients through home renovation workshops, before-and-after showcases, and testimonials from satisfied customers.

We will also develop partnerships with suppliers of high-quality materials to offer exclusive deals and promotions.

Our online presence will be strengthened through social media, SEO, and influencer collaborations to reach a wider audience and demonstrate our renovation successes.

Risk Policy

The risk policy for our home renovation company is designed to mitigate risks associated with construction projects, client satisfaction, and workplace safety.

We adhere to strict building codes and safety regulations, ensuring all projects are compliant and our team is well-trained in safety protocols.

Quality control checks are conducted at key project milestones to ensure standards are met. We also implement a careful financial management strategy to prevent budget overruns.

Comprehensive insurance coverage is maintained to protect against potential liabilities. Our focus is on delivering safe, high-quality renovation services that exceed client expectations.

Why Our Project is Viable

We are committed to establishing a home renovation company that stands out for its quality, reliability, and innovative solutions.

With a growing market for home improvements and our dedication to customer satisfaction, we are poised for success in the competitive renovation industry.

We are enthusiastic about transforming living spaces and enhancing the lifestyles of our clients while building a sustainable and profitable business.

We are adaptable to market demands and client needs, and we are excited about the future prospects of our home renovation company.

You can also read our articles about: - the Business Model Canvas of a home renovation company - the marketing strategy for a home renovation company

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for a home renovation and our financial plan for a home renovation .

Initial expenses for our home renovation business include acquiring essential tools and equipment, obtaining the necessary licenses and insurance, setting up a workspace or office, purchasing a reliable work vehicle, and investing in marketing to establish our brand presence. We will also allocate funds for skilled labor, either by hiring employees or subcontractors, and for training to ensure compliance with the latest building codes and regulations.

Our revenue assumptions are based on a thorough market analysis of the local demand for home renovation services, taking into account the current trends in home improvement and the potential for high-quality, sustainable renovation options.

We anticipate a steady increase in client projects, starting with smaller renovations and gradually taking on larger, more complex jobs as our reputation for quality workmanship and reliability grows.

The projected income statement outlines expected revenues from our renovation services, direct costs (materials, labor, subcontractor fees), and operating expenses (office rent, marketing, insurance, vehicle maintenance, etc.).

This results in a forecasted net profit that is essential for assessing the long-term viability of our home renovation business.

The projected balance sheet will display assets such as tools, equipment, and any real estate owned by the business, along with liabilities including loans and accounts payable.

It will provide a snapshot of the company's financial standing at the end of each fiscal period.

Our projected cash flow statement will detail the cash inflows from client payments and outflows for expenses like materials and wages. This financial tool is crucial for ensuring we maintain adequate cash reserves to fund ongoing operations and growth initiatives.

The projected financing plan will identify the sources of capital we intend to tap into for covering our initial outlay, such as bank loans, lines of credit, or investor funding.

We will closely monitor the working capital requirement to ensure we have sufficient funds on hand to cover day-to-day expenses, such as purchasing materials, paying workers, and managing inventory.

The break-even analysis will determine the volume of renovation contracts we need to secure to cover all our costs, including the initial investment, and to start generating profits.

It will signal the point at which our business becomes financially sustainable.

Key performance indicators we will track include the gross margin on our renovation services, the current ratio to evaluate our short-term financial resilience, and the return on investment to gauge the efficiency of the capital we have deployed into the business.

These metrics will assist us in measuring the financial health and success of our home renovation enterprise.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for a home renovation company .

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Remodeling Business Plan

Start your own remodeling business plan

Executive Summary executive summary is a brief introduction to your business plan. It describes your business, the problem that it solves, your target market, and financial highlights.">

Introduction Comgate is a custom mill house specializing in creating architectural woodwork in the form of wall paneling, custom cabinets, and other products for the local residential market. After initial losses and several thin profit years of competitive bidding construction projects, Comgate is creating this business plan in order to bring its mission statement into clearer focus. Prior years were characterized by hectic efforts to bid as many jobs as possible. Margins were thin as pricing policy was “flexible” for fear that there would be insufficient work for production staff.

However, with the growth of sufficient sales, Comgate has the opportunity to  create greater margins, increase efficiency, and improve overall profitability through long-overdue restructuring and focusing on our target market. These changes will assure more accuracy in pricing, billing, and tracking of costs for comparison purposes. Profits are expected to increase.

The Company Comgate’s mission is to compete profitably in the high-end residential market for custom woodwork within the state of Connecticut. It will emphasize custom work of the highest quality, and specialize in the most demanding needs of new and remodeled designer homes in the $3 to $15 million price range.

Products Comgate is engaged in custom architectural woodwork in the form of wall paneling, custom cabinets, molding, pilasters, radius units, circular staircases in special woods, elaborate dressing rooms, specialty kitchen work, etc. The recent addition of state-of-the-art CAD capability will help substantially to increase sales of higher-end products by targeting design professionals who are in a position to influence choices of subcontractors building “trophy” homes costing over $3 million. “Custom” is the key word at Comgate. The average home would not use our products. Custom woodworking of the type carried out by Comgate is made to order only. No finished goods are made up for stock. For this reason, there are rarely very long production runs.

The Market The industry is mature and well-represented. There are many mill shops in the same market area which are focused on specialty areas. One mill shop may concentrate on custom furniture and form special alliances with upholstery shops. Other mill shops may specialize in standard kitchen cabinetry. Comgate is targeting the highest end of the residential market ($3-$15 million homes). This work is less price-sensitive and relatively steady, even during economic valleys. The most critical competitive weapon which the company holds at the moment is its CAD capability. The program is especially formulated to suit the custom woodwork market, and is expected to make substantial in-roads into the chosen highest end residential market. Comgate should be able to set itself apart from the competition, and be able to fully utilize its recently expanded production capacity.

With greater and greater demand for high-end trophy home construction, coupled with the increasing difficulty of attracting and keeping skilled workers, Comgate is moving toward linking its CAD capability with the practices of design professionals that will allow the company to out-source certain simpler parts in a project to other mill shops, while keeping the more demanding work for itself. Being able to present another mill shop with exact detailed CAD drawings, together with precise dimensions and material lists, will allow Comgate to increase sales and profits, and to concentrate on the more challenging custom woodwork products.

Financial Projections The recent addition of over $110,000 in advanced new Computer Numerical Control (CNC) machinery, coupled with the building of an in-house industry-adapted Computer Aided Drafting (CAD) capability, will propel sales to nearly $800,000 by the end of Year 1, and $1.2 million by the end of Year 3. Profits will grow as well. A desire to shorten accounts payable in Year 2 to take advantage of all available trade discounts, together with rising receivables, will result in a short-term need for increased bank lines of credit of approximately $30,000.

1.1 Mission

Comgate’s mission is to compete profitably in the high-end residential market for custom woodwork within the state of Connecticut. We will emphasize on custom work of the highest quality, and specialize in the most demanding needs of new and remodeled designer homes in the $3 to $15 million price range.

1.2 Keys to Success

The most important keys to success in the contractors’ mill shop industry are:

• Avoid bidding projects which are likely to be awarded based primarily on price, projects being undertaken by those who are disreputable (no matter how badly the company needs work), projects which are too big (more than 20% of last year’s sales), or projects which do not fit the company’s niche market and thus unlikely to advance the company’s marketing strategy.
• Accurate take-off and listing.
• A clear understanding between the company and the client, in reference to quality and terms of payment.
• Correct calculation of material (including wastage) and labor required to complete the project.
• Correct application of overhead factors and profit margins, plus any special considerations.
• An administrative system supported by operating procedures that accurately tracks the job costing and compares the job as bid with the actual costs of completing the job. Constant adjustments to bid formulas.
• Reliable production staff that communicates well with administration to assure that the job is produced on time and as bid, making maximum efficient use of labor, materials, and available machinery.

1.3 Objectives

Comgate’s major objectives are:

• Increase production. Given the new machinery and four production staff, full productive capacity has been carefully measured. The goal is to reach, on a monthly basis, 80% of this capacity in the last quarter of Year 1, 85% in Year 2, and 90% in Year 3. This 80% of capacity translates into monthly production of 342 feet of crown molding, 22 pilasters, 54 doors of various grades, and 77 linear feet of cabinets (or some equivalent combination of these items). This will result in monthly sales of $60,816.
• A much simpler task is to maintain site contract workers (six) at present, full employment levels will generate monthly revenue of $34,623 which (after expenses) nets the company $21,794.
• Continue efforts to bring the company’s in-house CAD capability to the attention of more design professionals, especially those in Hartford, New Haven, Stamford, Norwalk, and Shelton, as these are the areas with the greatest concentration of the chosen $3 to $15 million residential homes.
• Join the Connecticut Chapter of the American Society of Interior Designers (ASID) as an industry partner as well as the Connecticut Society of Architects (CSA). Get listed in their resource directories.
• Complete the planned administrative changes to ensure that all work is properly billed, in a timely manner, and to ensure that jobs are correctly tracked so as to facilitate later cost comparisons with bid prices.
• Work to complete an operations manual that has been started.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

2.1 Company Ownership

Comgate is a limited liability S corporation wholly-owned by Andrew Comins. It was incorporated in 1996.

2.2 Company History

This chapter includes a standard chart and table of the company’s performance over the past few years.

Since a banker may wish to see more in-depth analysis of past performance, a copy of an Excel spreadsheet has been included in Appendix A. Analysis has been provided in five basic areas – Liquidity, Safety, Profitability, Balance Sheet and Operations Management. This compares Comgate’s 1999 financials with the results of all similar mill shops responding to a survey (October, 1999) conducted by the Architectural Woodworking Institute (AWI) in Reston, Virginia.

See Chapter 7.2 Key Financial Indicators for further analysis of past financial results.

Note: appendices A – K have been omitted from this sample plan presentation.

2.3 Company Locations and Facilities

The company is located in New Haven, Ct. in rented facilities. Total area is 2,500 square feet of which about 100 square feet is taken up with administration. Some expansion in the present facilities is possible by renting another 1,600 square feet of adjoining space. This plan assumes that this additional space will be added in January, 2000 at an increase of $2,000 in monthly rent.

A diagram of the production hall showing the location of the various major pieces of machinery is given in Appendix G.

Products and Services

The products used in this plan were limited to only five items to simplify calculations. “Custom” is the key word. The average home would not use these items. Custom woodworking of the type carried out by Comgate is made to order only. No finished goods are made up for stock. For this reason, there are rarely very long production runs.

3.1 Product and Service Description

Comgate is engaged in custom architectural woodwork in the form of wall paneling, custom cabinets, molding, pilasters, etc. Although by nature of the word “custom” the milled products can be totally unique, the vast majority of products milled to date fall into only these few general categories. However, assuming success with the company’s marketing strategy, Comgate will move more up-market within the high-end residential market (see Chapter 4.0, Market Analysis Summary). Rather than produce ordinary high-quality casework, the company, for example, might produce a custom casework item in soft maple with an antiqued crackle finish designed to hide a stereo system. Radius units, circular staircases in special woods, elaborate dressing rooms and kitchens with a lot of curves would be further examples of challenging work that would be in line with stated strategy goals. More ordinary jobs would be accepted only if the jobs fit into the company’s out-sourcing guidelines. The recent addition of state-of-the-art CAD capability will help substantially to increase sales of higher-end products by targeting design professionals who are in a position to influence choices of subcontractors building “trophy” homes costing over $3 million.

3.2 Competitive Comparison

Performing a competitive comparison with products produced by other mill shops is not a simple task as the products are custom. There are no price lists. Financial comparisons can be made, however, with a group of mill shops (see Architectural Woodwork Institute AWI survey results in Appendix A). There are 12 mill shops in the New Haven area including Comgate. There may be one or two that are not members of AWI and therefore not listed in the membership directory. It is also known that some very large construction companies have their own in-house mill shops (see chapter on Industry Participants). Their present combined sales of all products sold to all home markets are approximately $12-$14 million annually. The market study estimates the total trophy home renovation and new construction market in Greater New Haven to be $127 million of which at least 10% is made up of custom wood millwork. This 10% or $12.7 million would seem to indicate that the demand from this market sector alone is equal to the total supply available to all market sectors. The demand clearly outstrips supply in respect to suppliers in New Haven for the demand in the area. Obviously, part of the demand must be being met by suppliers of high-end woodwork located outside New Haven.

Comgate is targeting the highest end of the residential market ($3-$15 million homes). This work is less price-sensitive and relatively steady, even during economic valleys. The most critical competitive weapon which the company holds at the moment is its CAD capability, which was developed by the person who is on contract to the company. The program is especially formulated to suit the custom woodwork market, and is expected to make substantial in-roads into the chosen highest end residential market.

3.3 Sales Literature

At the present time no sales literature is available. Brochures of high quality will only be produced after production capacity has been expanded and success has been reached in filling the stated management teams gaps.

3.4 Fulfillment

All materials used in the company’s production are available from a number of local suppliers (primarily lumber dealers). Sourcing has never been an issue of concern.

3.5 Technology

Technology does play a part in this industry. Major custom woodworking machinery has incorporated time and labor-saving advantages of the computer age. Precision digital settings and the use of lasers make measurement faster and more exact. Comgate has added over $110,000 in new CNC equipment this year, which will allow the company to substantially increase production despite the limitations imposed by its rather small production hall. Comgate’s CAD department is an attractive addition which is already demonstrating success in image-building with interior designers and architects to the wealthy.

3.6 Future Products and Services

In the past, Comgate has produced custom wood products and has bid competitive jobs. The stated marketing direction of the company (see chapter on Target Market Segment Strategy) will move the product line more up-market by producing more challenging items, such as radius units, staircases, elaborate kitchens and libraries in exotic woods, etc. Some of the more mundane sections of a job will be out-sourced to other mill shops (simple paneling, etc.). Any profits from out-sourcing have not been reflected in the financials of this business plan.

Market Analysis Summary how to do a market analysis for your business plan.">

The highest end of the residential market is represented by the new construction and the renovation of “trophy” homes in the $3-$15 million price range. These homes, within the 781/617 area codes, have an annual need for custom woodwork products of approximately $13 million. An estimated further need of $12 million is generated by the same price range of private homes located outside the immediate area but within 60 miles of New Haven.

4.1 Market Segmentation

• Baby Boomers: This includes anyone born between 1945 and 1964, comprising almost 45% of the American population. With large incomes and not enough time, Baby Boomers prefer to call contractors rather than to do it themselves. This is the strongest market for home improvements, according to NARI. This represents the greatest potential for high-end custom woodwork, primarily Baby Boomers with homes in the $3-$15 million category (referred to as “trophy homes”).
• Mature Market: These are individuals aged 55 and older who need their residences to be more efficient and comfortable to allow them to move around more easily. According to the American Association of Retired Persons (AARP), 75% of mature people own their own homes, and 83% do not want to move. The Joint Center reports that the typical elderly homeowner is twice as likely to undertake a replacement project than a younger homeowner. This sector does represent a market for Comgate, but only among the very wealthy, and considerably limited in respect to the Baby Boomers.
• Generation X: These are individuals born between 1965 and 1980 that tend to take their remodeling one step at a time due to lack of money, according to NARI. The Generation X-ers are, to a large extent, do-it-yourselfers. This group does not represent any market potential for Comgate.

According to U.S. Census figures, there are 127,080 new single family homes built annually in the Northeast, of which 15,500 were in Connecticut, and of those, 5,670 were in the New Haven area. With average single family home prices at $222,000 in 1999 (all U.S.), and probably closer to $350,000 or more in the Greater New Haven area, this translates into an annual expenditure of over $1.9 billion for new New Haven single family homes.

U.S. Census also reports that almost $14 billion is spent annually on improvements to existing single family homes in the East. Assuming the same percentage share for the New Haven area this means that 4.5%, or $627 million, was spent on major renovation excluding repair and maintenance. The above statistics indicate that for every dollar spent on new homes, $.31 is spent on major renovations to existing homes.

Since the major market for Comgate’s services is custom woodwork to very expensive single family homes in the price range of $3-$15 million, it is useful to know how many new homes are built annually in that price range in the greater New Haven area, and how many existing homes in that price range engage in major renovations. Research indicates over 300 single family homes in the New Haven area (area codes 781 and 617) in this price range actually changed hands in the past two years. Since major renovations generally are undertaken at the time of purchase, this would suggest that at least 150 homes valued at about $4.5 million each elect to have major renovations each year. $200,000 per renovation is not an unreasonable estimate for a renovation of a property in that price range. That amounts to annual renovations of the most expensive homes in the greater New Haven area of approximately $30 million (150 homes x $200,000). If we use the statistic of $.31 spent on existing home renovations for every dollar spent on new homes, that would indicate that $96 million is annually being spent on construction of new trophy homes in this price range in the New Haven area.

Another subsidiary market is the new trophy homes being built outside of New Haven (60 mile radius), as well as the major renovations for homes in the same price range. For example, 44 homes in the same price range ($3-$15 million) changed hands in Stanford alone during the past two years.

The Market Analysis Table shown below has omitted three zeros in all the numbers, for space reasons.

4.2 Target Market Segment Strategy

In line with Comgate’s mission statement, the target market is trophy homes, both new construction as well as renovations. The results of our market study indicate that the total high-end trophy home market need for custom woodworking in the New Haven area outstrips the supply from available local custom woodworking suppliers. To compete in this market sector, Comgate has chosen a special service which is proving successful with design professionals. This CAD service is explained more fully in the chapter on Market Needs. All three high-end market sectors are in need of the custom millwork products supplied by Comgate. All of these construction projects, whether new construction or major renovation, will involve design professionals of the highest standards and clients with deep pockets. With properties of this caliber, the work is relatively recession-proof. These clients will have requests for custom woodworking products that are most challenging and thus most suited to Comgate’s expressed mission statement and abilities.

4.2.1 Market Trends

With greater and greater demand for high-end trophy home construction, coupled with the increasing difficulty of attracting and keeping skilled workers, Comgate’s move toward linking its CAD capability with the practices of design professionals will allow the company to out-source certain simpler parts in a project to other mill shops, while keeping the more demanding work for themselves. Being able to present another mill shop with exact detailed CAD drawings, together with precise dimensions and material lists, will allow Comgate to increase sales and profits, and to concentrate on the more challenging custom woodwork products.

4.2.2 Market Growth

Market growth of 2.4% is based on the actual growth rate in building permits in the East experienced in years 1997-99 as tabulated by the U.S. Census.

4.2.3 Market Needs

The new CAD service offered by Comgate evolved as a result of the inefficiencies which the company has observed in the past. One major problem in the past deals with blue-prints. Whichever construction company won the bid would send the blue-prints, let’s say for the kitchen, to custom wood mill shops to bid over. The mill shop will do its “take-offs” from the blue-prints and bid to do the kitchen. Later, the winner of the bid finds that the designed kitchen cabinets will not fit into the room. This results in expensive problem-solving and meetings with architects. The architects themselves do not understand the way in which woodworkers build cabinets, so often the architects’ design concepts are made more difficult (and thus more expensive) to realize. The new CAD service offered by Comgate circumvents all of this. By working together with the architect at the initial stages, the architect only needs to do the inexpensive design concepts. The actual details of how the cabinet is structurally designed, as well as the exact measurements to fit the room, are left to Comgate’s CAD person. The architect can save money on drafting, save again by eliminating the usual problem-solving and re-drafting. The client of the architect also saves by insuring that the woodwork is done in a way that suits the latest woodworking methods without interfering with the design concept — the look of the final product. A further advantage is that Comgate saves the expense of on-site measuring.

4.3 Service Business Analysis

4.3.1 distributing a service.

The traditional pattern in this industry is for: an architect to draft the plans according to the specifications, copies given to contractors to bid on, and elements, such as mill work, subcontracted to mill shops who also make competitive bids.

Through Comgate’s marketing strategy, this traditional distribution pattern will be altered to the benefit of everyone concerned. The architect will save on the design drafting (and redrafting), the contractor does not have to worry about change orders to the same degree, because he can feel confident that the desired woodwork will fit the room as built, and Comgate will not have to be as price-sensitive in getting the work. Comgate’s connection to the design professional will assure that the work goes to him rather than being sent to competitive bidding.

4.3.2 Business Participants

The table below lists major competitors in our immediate area. Appendix B is a map marked with red dots indicating the location of mill shops in the Greater New Haven area. None of these mill shops has the same level of CAD capability and few have singled out the trophy home market as their prime focus.

Competing Mill Shops

Strategy and Implementation Summary

Inroads into the stated trophy home market in the Hartford area will be made by contacting and selling Comgate’s new CAD features to those architects and interior designers who are best known for residential work in this price range ($3-$15 million), by sticking to the company’s newly formulated costing/pricing method, and following through on the recent administrative control and reporting changes.

5.1 Sales Strategy

After having successfully priced the job to insure an adequate profit margin after all expenses, it is important to close and bring back the sale. The person to do this is the owner himself, Andrew Comins. To free up his time to network with design professionals it is important that he be able to rely on his office manager to administer properly in his absence (see the chapter on Management Team) and he must be able to rely on a production manager for proper flow in the plant (see Chapter on Management Team Gaps).

The most important aspects to be considered in closing the sale are:

• Clearly stating in the proposal the scope of the work.
• Clearly stating when: both must understand what the schedule is.
• Both parties have to agree to the terms of payment.
• The price must be clear, as well as what is included and what is not.

The proposal must get there on time and get to the right place. A log should be kept of all bidding efforts. Follow up is necessary.

5.1.1 Sales Forecast

There are two sources of revenue:

Plant Produced Sales: This revenue comes from manufacturing custom cabinetry, paneling, and other wood products. To project revenue we have chosen several representative items that make up the majority of plant produced sales. The materials for each of these items have been carefully calculated, as has the labor hours going into each item. The material inputs will show up in the direct cost of each item. The labor hours information allow us to determine how many items we can produce with given manpower and machinery. The cost of the labor is calculated in detail in the Personnel Plan Table. As this plan is being written in October, 2000, the actual sales revenue from January through September will be averaged to arrive at a monthly amount for that period. Projected sales will begin as of October, 2000. The representative items chosen are:

• 250 linear feet of Crown Molding
• 16 Pilasters
• 20 Haunched passage doors (paint grade)
• 20 Haunched passage doors (stain grade)
• 45 linear feet of cabinets

The Costing/Pricing Work-up Sheet in Appendix C will break down, in detail, the various materials going into each of these items, as well as the labor hours for each. Labor break-downs for each phase in the production of these items is also included. For example, the Crown Molding (250 linear ft.) requires a total of 4.25 man hours and only one material. The Pilasters however needs two materials in different quantities. Since 4 man hours per pilaster are needed (see labor break-down sheet), 16 pilasters will require a total of 64 man hours. These 64 man hours have been split equally between the two materials (8/4″ Mahogany and the 4/4″ Mahogany). From the totals in Appendix C the total labor input for the above items is 390.4 hours. Since production is limited to 160 manhours per week (8,000 manhours per year), these above-listed items can only be produced 20.5 times in one year. Total yearly full production, assuming only these items are produced, would be:

• 5,125 linear feet of Crown Molding
• 328 Pilasters
• 410 Haunched passage doors (paint grade)
• 410 Haunched passage doors (stain grade)
• 922.5 linear feet of cabinets

These items have been projected in the attached table on a monthly basis beginning October, 2000 and on a yearly basis for years 2001 and 2002 assuming 80% of full production October-December, 2000, 85% in 2001, and 90% of full production efficiency in year 2002.

Contract Site Labor: Revenue is also derived from providing carpenters/installers at certain work sites. There are six site workers listed with an “S” next to their name. Below are listed the all-in costs of these workers as well as the rates that they are billed out at.

Total net revenue from Site Services comes to $89,924.80 annually assuming a full 40 hour week for 49 weeks. For projection purposes we have chosen “hours” as the unit. The average sales price is $35.33. The average cost is $27.69.

5.2 Marketing Strategy

The marketing strategy, as explained in other chapters, is to leverage Comgate’s special CAD capability, as it relates specifically to custom woodworking, with design professionals (interior designers and architects) to increase the type of high-end work taken on, as well as to “jump” the bidding process by creating a situation in which Comgate must be given the bid. A good place to ask for the names of the interior designers with the best reputations is to speak to the designer workrooms. These are the workrooms that carry out the work connected with interior designers’ concepts for window treatments, fabrics, etc.

The best known of these workrooms in and around New Haven are:

• Fall Creek Sewing.
• Andrew Smith.
• Fortress Lines.
• Jones & Jones.
• S. Brandt & Company.
• Tapper Works.

A polling of these workshops indicates the following interior designers are often sought by trophy home owners:

** Names have been removed for confidentiality.

Architects are another important group of design professionals that work in concert with interior designers on trophy homes. The latest edition of the Directory of Architectural Firms in Connecticut is available to the members of the CSA. The directory lists 750 architectural firms in Connecticut. Details of each company are given alphabetically, including location and phone numbers as well as the type of work the firm specializes in. The back of the directory gives a listing based on areas of practice. The category of “Residential Work” lists about 300 firms. Although an architectural firm is likely to have work outside of the city where it is located, it would be a good start to find out which of those 300 residential architects are located in those areas of New Haven with the greatest concentration of trophy homes.

5.2.1 Positioning Statement

Comgate’s CAD capability is an especially strong marketing tool. It allows the mill shop to build the desired items using the most practical methods of construction without interfering with the design concept. It automatically calculates the exact dimensions of each element and produces exact material lists. These features allow simpler elements to be subcontracted to other mill shops, thus allowing the company’s productive capacity to be used to produce the higher end elements.

By pushing this capability with architects who have reputations for designing homes in the $3-$15 million bracket, Comgate will position itself to receive the gravy of this price-insensitive, recession-proof work, while at the same time building an image for the highest quality, most-challenging work.

5.2.2 Pricing Strategy

Simply stated, the goal of the bidding process is to price to get the job while still making an adequate profit. To facilitate this, a dual mark-up system has been developed. One mark-up for materials and another for labor. The reason for the separate mark-ups is that in custom woodwork the mix, or ratio, of material and labor changes with every job. Therefore, a system is needed that accommodates the variations. The system is fairly straightforward and uncomplicated and, once set up, it reduces the bidding process’ complexity. The system requires two separate overhead factors to be computed–an administrative overhead and a factory overhead.

Administrative Overhead The concept is founded on the belief that everything which is sold, whether goods or services, must pay its fair share of the administrative overhead. Whether we use material in manufacturing a product, or merely resell it as is without further processing, it should still make a contribution. So a multiplier factor is calculated and applied to everything sold including direct labor, plant-processed materials, “buy-outs” (out-sourcing to another mill shop), installations, etc.

The administrative overhead mark-up factor is arrived at by dividing the total administrative overhead expenses by the total of materials and direct labor. Appendix B shows the calculations based on expenses in 1999. Total administrative overheads were $123,821. Total direct labor and materials came to $324,495. The resulting .3816 translates into a multiplier factor of 1.3816. By applying this to everything sold it means that the company is setting aside 27.6% of every dollar to cover the cost of bidding, the cost of paperwork to execute the job, the cost of collecting the money, the cost of interest if the money’s late, etc.

Plant Overhead This mark-up is only applied to labor. It’s calculated by dividing plant overhead costs by direct labor. The resulting .837 when added to the .3816 (administrative overhead) builds to a multiplier factor of 2.218 (1.00 + .3816 + .837 = 2.218). The reasoning here is that an item sold that involves plant-processed labor should contribute to defray a portion of those plant overhead expenses (machinery depreciation, insurance, machinery maintenance, etc.) that would not be there if everything were merely sold without any value-added milling by factory millworkers.

With application of the above-described overhead factors, pricing is now reduced to calculating the total materials (including wastage) involved in a job, and projecting the labor input in hours needed to complete the job. Assisting in these calculations is a Job Costing Library which lists the actual materials and the actual labor input involved in similar past jobs. (See a sample section of the Job Costing Library in Appendix C.)

Performing the “take-offs” from blue prints and converting this to materials and labor hours needed to complete the job requires skill, but once this has been done, those figures can be passed on to an administrative assistant who can apply the overhead mark-ups to materials and labor. One can also check the latest prices of the materials as well as the up-dated all-in man-hour rates. (See Appendix D for a schematic of all-in wage rates.)

Up to this point in the pricing process all that we have done is to calculate the actual all-in costs of both materials and labor and added on formulas to cover overhead costs–both administrative and plant.  It is a necessary stage in the pricing process to plan in, and insist on, a profit margin. Although industry averages are less since averages include those suffering losses, successful woodworkers do attain a 15% sustainable net profit. Adding 15% to anticipated costs is not going to achieve a net 15% result (15 divided by 115 is only 13%). The best way is to divide total anticipated costs (after application of the two overhead factors) by .85.

To facilitate the costing/pricing, an Excel spreadsheet has been designed to incorporate the process including the two overhead factors as well as the 15% profit mark-up. Appendix E is a sample of the Costing/Pricing Work-up Sheet for a representative job. This spreadsheet also has a database capability. It allows the user to access statistics to facilitate material bulk purchasing, etc.

5.2.3 Promotion Strategy

With the introduction of an in-house CAD capability that is especially designed for the mill shop industry, the best way to spread the word is to directly contact the architects and interior designers. Only one or two trophy homes in the targeted $3-$15 million range can keep a mill shop fully occupied for months. Advertising is not expected to become necessary. However, joining the ASID and the CSA as an “Industry Partner” is an excellent way to network with design professionals. Also it would be helpful to get listed in the Resource Directories of each of these organizations.

5.3 Strategic Alliances

It is planned that Comgate will establish strategic alliances with several mill shops who will mutually profit from an association. Exact drawings and cut lists can be given to other mill shops when subcontracting the more mundane items, leaving the more challenging work for Comgate. Even the data on disk to program CNC equipment at the subcontracting mill shop can accompany the exact drawings, allowing a fast and accurate set up. Profits from work performed through these alliances has not been considered in preparing this business plan, but when the plan is updated in 2001, there should be enough historical experience with these alliances to include this aspect in projections.

5.4 Milestones

The table below outlines the strategic milestones for Comgate for the coming years.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Like other mill shops with less than $1 million in sales, the owner of Comgate has had to wear several hats and shuttle back and forth between production, site visits, the office, and client calls. The company is in the process of making major strides in establishing a more classical managerial structure, as the following chapters will explain.

6.1 Organizational Structure

Ideally, the owner of the mill shop should have three major functions:

• Identify and find customers.
• Maintain proper balance of people, plant and machines.
• Innovate, and set policies.

A plant manager should be responsible to see that the production staff and the available machinery work together at maximum efficiency. He needs to anticipate questions, answer them, and keep production rolling with a minimum of waste and a minimum of down-time. The CEO is now doing that when he is available.

An office manager should handle all the administration and coordinate well between the plant manager and the CEO. A need for the plant manager is well recognized by management, but a certain financial position needs to be reached to afford him. This position is planned to start in April, 2001, which will help substantially to free up needed time for the CEO to carry out the above listed major duties.

The office manager has, until recently, been performing the bookkeeping. This has taken up too much of his time, plus he is not trained in accounting practices. It has taken until July to get tax filing done, and at a heavy cost in accountant’s charges. This has since been handed over to J&R Associates. Procedures have been set up which will serve as a beginning for a procedures manual. A courier is sent each week from J&R Associates to track all costs associated with a job. This is absolutely essential because without this reliable feedback, one can never be sure how accurate the job cost estimates are when putting together a bid. The handling of inventory is also dealt with in the procedures as well as paperwork flow to insure correctness in billing. A costing/pricing scheme has been devised to assure correct all-in costing and to insure that a fair profit margin is built in to the pricing.

The recent addition of a contract CAD man, has helped to ease the work load on the CEO, as there are fewer questions from production staff as a result of the very accurate drawings and cut lists.

6.2 Management Team

The management team, after the addition of the production manager in April, 2001, should be complete until a higher level of sales has been reached. At a level of approximately $1.5 million in sales, Comgate should add a project manager.

6.3 Management Team Gaps

At the present time, a production manager is needed. Without him, the CEO cannot devote enough of his time to CEO issues (see Chapter on Organization Structure). It would have been ideal to promote one of the production staff to that position, but none of the present four workers is suitable for the position. It is hoped that a production manager can be found by April, 2001. His salary and benefits have been provided for in the projections.

Another gap is project manager. The company needs to grow to be able to afford him. The project manager would follow everything from the point of “hand-off” (once the bid has been won) through conclusion. He would confer with architects, handle change orders, examine every facet: warranties, retainage, final payment, punch lists, access to premises, lifts and hoists, check everything. At the moment the CEO is doing this as best he can with the many other matters on his plate. The position of project manager becomes increasingly important when the company has multiple projects.

6.4 Personnel Plan

Milling Costs Personnel: As of the writing of this plan, sales orders are strong and all four production staff are expected to be fully employed on a 40-hour/week basis. For the period of January through September, an average monthly labor amount will be entered based on the totals from the financials as of the end of September. A production manager/project manager has been projected beginning April, 2001, at an annual salary of $60,000 (see Chapter on Management Team Gaps).

Sales and Marketing: Andrew Comins’s salary of $40,000 is entered here although he is general manager/owner. He will continue to wear several hats until a plant manager and a project manager can be found.

General and Administrative Personnel: The office manager, **Stacy Greer, earns $34,320 per year.

** Names have been changed for confidentiality.

Financial Plan investor-ready personnel plan .">

Due to initial losses, resulting in a need to resort to shareholder loans, cash flow pressures caused accounts payable to be stretched out to 30 days and more. The financial projections have reduced this to 10 days for the year 2001 and beyond, in hopes of filling this gap with increased bank lines of credit. This would allow the company to take advantage of trade discounts. Failing to do so is expensive, as it becomes the most expensive form of credit (approximately 36% p.a.).

7.1 Important Assumptions

Personnel Burden: The hourly basic wage rates were totalled ($241.73) as were the total after FICA, State Unemployment, FUTA and health benefits ($291.66). The difference came to 21%. The actual burden of 21.95% is from the September, 2000 financials.

Interest Rates: Looking at the various rates in effect (see Cash flow Section), 9% was taken as an average rate.

Payment Days: In order to show the cash flow effect we elected to assume 10 days so as to take advantage of all trade discounts. This change from 30 days to 10 days will take place in 2001. The cost of not taking the discounts is nearly 36% per annum. It is preferred to finance negative cash flow through bank lines of credit.

Collection Days: Collection days, after netting out down-payments with orders, average approximately 30 days.

Tax Rate: The tax rate reflects the present sliding scale:

7.2 Break-even Analysis

The break-even chart is not suitable for multiple custom woodwork items. However, if we use pilasters as an example, the unit price is $316.96 and the unit cost is $44.09 (material cost). If we assume that all plant labor is fixed, whether there is work for the staff or not, it would be necessary to produce and sell 136 pilasters per month. According to best estimates, one pilaster takes four man hours. With 8,000 man hours per year (666 man hours monthly) it is possible to produce 167 pilasters. So, to break even on pilasters alone it would be necessary to work at 81% of capacity.

If, instead, we take cabinets, and use a cost price of $57.66 per Linear Foot LF and a price of $194.76 per LF it would be necessary to produce 270 linear feet of cabinets monthly. At 1.65 man hours per LF, it would be possible to produce 404 linear feet. Break-even on cabinets needs 67% of capacity.

Doors (cope and stick) cost $130.53 per unit and sell for $592.35. Each door takes five hours to produce. It would require 80 doors to break even, out of a maximum capacity of 133 doors. This would be 60% of capacity to break even.

All other things being equal, based on the above analysis, it would be more profitable to produce doors than cabinets, and likewise more profitable to produce cabinets than pilasters.

In the calculations above, it has been assumed that there is no problem in keeping the six site carpenters working full time. The net profit from this activity has been deducted from fixed expenses. If, instead, we assume that the company makes no money on-site services, the monthly expenses would be $89,925 higher. In this case, it would take 96 doors monthly, rather than only 80, to break even.

7.3 Key Financial Indicators

As mentioned in the chapter on Company History, a more in-depth analysis of past performance is listed on an Excel spreadsheet in Appendix A. The top two rows summarize 1999 and 1998 financial sheet information in an easy to read format. These categories of information are then used to calculate important ratios to compare Comgate results will industry averages. The ratios have been organized into five main groups: Liquidity, Safety, Profitability, Balance Sheet, and Operations Management. Brief comments are made below concerning these ratio comparisons:

Liquidity: Liquidity decreased from 1.27 in 1998 to 1.19, due entirely to a large project on Orange. The large commercial contractor involved took far longer to pay than was anticipated. The project has since been completed and all outstandings have been settled. Despite the 1.19 current ratio for 1999, it is still superior to the average of 1.01 for all AWI members and fairly close to those members in the Northeast Region (1.24).

Safety: The debt-to-equity ratios have been calculated reflecting certain adjustments. Owner loans have been removed from long-term liabilities and placed into equity. The Debt/Equity ratio for 1999, of 11 to 1, is far higher than the average. It reflects the early start-up losses; however, the leverage improved remarkably from 1998, when it was 25 to 1.

Profitability: The gross margins are substantially higher than the average, which reflects the higher-end nature of the company’s work. Operating profit saw a healthy increase from 6.12% in 1998, to 9.67% in 1999. This is not as good as the operating results of the top 25% of AWI members (22.4%) but still more than double the margin for all AWI members (4.2%).

Balance Sheet: The ratio of Sales to Net Fixed Assets is a good measure of efficiency. Comgate’s ratio of 9.53 is not only a substantial increase over 1998, but is nearly equal to the top 25% of all AWI member results. Obviously the very high operating results to equity ratio merely reflects the narrow equity situation. The same can be said for the fixed assets to equity ratio. The A/R turnover (in days) as well as the A/P days turnover were slowed by the above-mentioned large Orange project. The low inventory days turnover reflects the proportionally lower material content of the high-end business.

Operations Management: The most remarkable ratio in this group of ratios is the very high percentage of non-plant produced sales to total sales. This reflects the revenue from outside on-site subcontracted carpenters and installers.

7.4 Projected Profit and Loss

Other Expenses (CoGS): There are several expenses that are included here:

• Shop supplies run about $300 per month.
• Fire insurance for machinery runs $209.55 monthly.
• Storage space rental costs $105 monthly.
• Factory rental is $1,958 monthly of which 90% ($1,762) is allocated to CoGS. The remaining $196/month is charged to General and Administrative expenses. Beginning in January, we assume a doubling of rental space will be made available at a monthly cost of $2,000.
• Repairs and maintenance comes to about $272 per month.
• The company truck costs approximately $200 monthly.
• Utilities (electricity, waste removal, and security) come to $267 monthly. They are applied 90% to plant ($240 monthly).The other 10% ($27 monthly) is charge to General and Administrative expenses.
• Take-offs and listing, the CAD contract employee, costs $70/hr and works 35 hours weekly. Most of this expense (60%) can be charged to the client and is a wash. The remainder ($49,000) is split 60% for Plant ($29,400) which is $2,450/month starting in September 2000.
• The remaining $19,600 is charged to General and Administrative expenses.

These CoGS expenses come to to $3,088.55 (January-August) and $5,538.55 per month after August, 2000. Beginning January, 2001 the total grows to $7,538 due to the increased space and rent.

Sales and Marketing Expenses:

• Advertising and promotional expenses have not been projected because production is now at 100% capacity and is expected to stay that way due to the marketing strategy of approaching designers and architects directly, stressing the company’s CAD strengths.

General & Administrative:

• Bank charges of $40 monthly.

7.5 Projected Cash Flow

Fixed Assets:

In the first nine months of 2000, $110,412 was added in new machinery and equipment.

Increase (decrease) Other Liabilities:

At the end of 1999, there was $49,884 outstanding in shareholder loans. After netting out loans due from shareholders amounting to $20,396, loans from shareholders were reduced by $8,126.23. No further changes in years 2001 and 2002.

Change in Other Short-term assets:

At the end of 1999, there were only $1,465 in other short-term assets. This has been increased due to pre-paid insurance, and reflected in April, 2000 of $2,855. No change in 2001 or 2002.

Long-term Borrowing (repayment):

• Applebee Leasing extended a secured loan in July to purchase fixed assets. This loan is repayable in 36 equal monthly installments of $1,816.07. A schedule is not available with breakdown of principle and interest. Assume principle repayment of $6,000 during 2000 $18,000 during 2001 and $24,000 during 2002.
• Due to a change in ownership from Fleet Bank to Chase Bank, there has been some confusion as to the amounts of various loans. The borrower’s understanding of facilities is:
• $50,000 line of credit (fully outstanding) @ 2% over prime, about half of a seven-year term-loan (originally $64,000 in September, 1996) being repaid monthly at $1,268.80 (interest@ 8.25% and principle), and the remainder of a five-year term loan (originally $20,000 as of June, 1999) being repaid $437.90 monthly (interest @ 11.15% and principle).
• Based on interim financial statements as of September, 2000, $10,974 of the term loans have been repaid since the end of 1999. We will assume principle repayments of $1,200 monthly throughout 2000, 2001, 2002, until this confusion has been clarified.

7.6 Projected Balance Sheet

The following table represents Comgate’s balance sheet.

7.7 Business Ratios

The table below shows some of the more important ratios. The table also includes business industry data for Standard Information Code (SIC) 2541, wood partitions and fixtures.

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Remodeling Business Plan Template

Written by Dave Lavinsky

Remodeling Business Plan

You’ve come to the right place to create your Remodeling business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Remodeling companies.

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Executive Summary

Business overview.

Eternity Remodeling and Renovations is a new residential remodeling business located in Sacramento, California. We can remodel any part of a home, including bathrooms, kitchens, interiors, and exteriors. We also provide services to update homes so that homeowners can age in place safely. Eternity Remodeling and Renovations strives to be the best remodeling business in the area, focusing on customer service and maintaining long-term relationships.

At Eternity Remodeling and Renovations, we believe that every customer deserves to live in their dream home. Our expert contractors will work with customers to design and create the perfect spaces that will make their current home their dream home. With 20 years of experience, we can take on any remodeling project and create any space that our customers desire.

Eternity Remodeling and Renovations is led by Luke Johansson, who has been a contractor for 20 years. Throughout this career, he has overseen a variety of remodeling projects and worked for hundreds of customers. He initially worked for local competitors but branched out on his own a few years ago. After being self-employed for a few years, Luke is ready to officially incorporate his business and hire several other contractors who can help expand the business and clientele. His experience, education, and initial list of loyal clients will ensure that Eternity Remodeling and Renovations is a success.

Product Offering

Eternity Remodeling and Renovations offers a variety of residential remodeling services. Some of these services include:

• Kitchen and cabinetry remodeling
• Bathroom remodeling
• Interior remodeling
• Roof remodeling
• Exterior remodeling
• Whole house remodeling
• Aging-in-place remodeling

Customer Focus

Eternity Remodeling and Renovations will primarily serve homeowners, home buyers, and landlords in Sacramento, California. The Sacramento area has a booming population, with millions of people who own their own home. Sacramento also has a large population of middle and upper class residents who have the disposable income to invest in remodeling services. Therefore, we have a large target demographic to work with and are assured to be successful in this industry.

Management Team

Eternity Remodeling and Renovations is led by Luke Johansson, who has been a contractor for 20 years. Throughout this career, he has worked on and overseen a variety of remodeling projects for hundreds of customers. He initially worked for local competitors but branched out on his own a few years ago. After being self-employed for a few years, Luke is ready to officially incorporate his business and hire several other contractors and employees who can help expand the business and clientele.

Luke has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.). He also already has a starting customer base to provide revenue for the company. The combination of his education, skills, experience, and loyal clientbase will ensure that Eternity Remodeling and Renovations is a success.

Success Factors

Eternity Remodeling and Renovations will be able to achieve success by offering the following competitive advantages:

• Customer-Focus: Eternity Remodeling and Renovations’ contractors provide the highest quality customer service focused on transparency, communication, and responsiveness throughout the process, from the initial inquiry to the follow-up once the project is completed.
• Management: Luke Johansson has been extremely successful working in the remodeling industry and will be able to use his previous experience to help clients with whatever they need. His unique qualifications will serve customers in a much more sophisticated manner than many of Eternity Remodeling and Renovations’ competitors.
• Relationships: Having lived and worked in the community for decades, Luke knows many of the local residents and has already established a loyal clientele from his years as a solo contractor. These relationships will provide the company’s initial clientele and help our business through word-of-mouth marketing.

Financial Highlights

Eternity Remodeling and Renovations is currently seeking $550,000 to launch. The capital will be used for funding capital expenditures, salaries, marketing expenses, and working capital. Specifically, these funds will be used as follows:

• Store design/build: $150,000
• Vehicle purchase and maintenance: $100,000
• Equipment and initial supplies: $150,000
• Three months of overhead expenses (payroll, rent, utilities): $100,000
• Marketing costs: $30,000
• Working capital: $25,000

The following graph below outlines the pro forma financial projections for Eternity Remodeling and Renovations.

Company Overview

Who is eternity remodeling and renovations.

  At Eternity Remodeling and Renovations, we believe that every customer deserves to live in their dream home. Our expert contractors will work with customers to design and create the perfect spaces that will make their current home their dream home. With 20 years of experience, we can take on any remodeling project and create any space that our customers desire.

Eternity Remodeling and Renovations’ History

Luke Johansson recently began researching what it would take to incorporate his business and expand his client base. He has analyzed the costs, market, demographics, and local competition. Luke has compiled enough information to develop his business plan in order to approach investors.

Once his research was complete, Luke incorporated Eternity Remodeling and Renovations on May 1st, 2023 as an S-Corporation. The business is currently being run out of Luke’s home, but once the lease on Eternity Remodeling and Renovations’ office location is finalized, all operations will be run from there. He currently uses his personal vehicle to drive to clients’ homes but will purchase a vehicle that will be used specifically for the business.

Since incorporation, the company has achieved the following milestones:

• Found a commercial space and signed a Letter of Intent to lease it.
• Developed the company’s name, logo, and website.
• Planned the suite of services to be offered.
• Determined equipment, supplies, and materials needed.
• Begun recruiting key employees

Eternity Remodeling and Renovations’ Services

Industry analysis.

No home is perfect. Many homeowners find that they need to make updates or changes to their homes at some point in their ownership. These projects can either be purely aesthetic or improve the functionality of the home (such as for those wishing to age safely in place). Common remodeling projects include repairing broken structures and fixtures, improving the aesthetics, adding more space, and improving the safety of the structure. Since many of these projects can be extensive, homeowners depend on professionals to get the job done. Therefore, contractors and remodeling businesses will always be in demand as long as people own their own homes.

According to research, the home remodeling market is currently valued at $852 billion and is expected to grow at a compound annual growth rate of 4.3% over the next five years. This growth rate shows that remodeling services are still needed and the industry will continue to grow and expand. Though the remodeling industry suffered losses during the pandemic years, the current project growth rate shows that people are ready to spend money on extensive remodeling projects again. Therefore, now is a great time to start a new remodeling business.

Customer Analysis

Demographic profile of target market.

Eternity Remodeling and Renovations will serve the community residents of Sacramento, California and its surrounding areas.

The area we service is suburban, with 50% owning homes. This means a sizable portion of the local population will require our services at some point.

A demographic profile of the Sacramento area is as follows:

Customer Segmentation

Eternity Remodeling and Renovations will primarily target the following customer profiles:

Competitive Analysis

Direct and indirect competitors.

Eternity Remodeling and Renovations will face competition from other companies with similar business profiles. A description of each competitor company is below.

Mountainside Remodeling Services

Established in 1979, Mountainside Remodeling Services has been a popular local commercial remodeling business. They help offices and other establishments update their spaces to improve their office environment. Many businesses have sworn by Mountainside’s services, and the company’s reputation has skyrocketed simply through word-of-mouth marketing.

Though Mountainside Remodeling Services will continue to thrive, the company primarily works with local businesses and, therefore, will be a minor competitor for Eternity Remodeling and Renovations.

John’s Remodeling Inc.

John’s Remodeling Inc. has been a profitable small remodeling business for over a decade. This small business helps with a variety of residential remodel services, including remodeling bathrooms, kitchens, and exteriors. John’s small team has gained a great reputation for their friendly customer service and the professional quality of their work.

Though John’s Remodeling Inc. has gained a positive reputation, its scope of work remains small, even after a decade. They can only help with small projects and generally don’t sign up for larger-scale services. As Eternity Remodeling and Renovations grows, we will take on larger projects and aim to be the primary remodeling company that the residents of Sacramento, California can rely on.

Carpentry And More LLC

Established in 2005, Carpentry And More LLC set out to be the best local business for all carpentry-related needs. Customers can expect high-quality carpentry work paired with excellent customer service. Carpentry and More’s most popular services include deck and fence installation, remodeling, and door replacement.

Though Carpentry And More offers a variety of services, they primarily focus on and make revenue from their carpentry services. Therefore, they are a minor competitor when it comes to remodeling projects.

Competitive Advantage

Eternity Remodeling and Renovations will be able to offer the following advantages over their competition:

Marketing Plan

Brand & value proposition.

Eternity Remodeling and Renovations will offer the unique value proposition to its clientele:

• Client-focused remodeling services, where the company’s interests are aligned with the customer.
• Service built on long-term relationships and personal attention.
• Professional industrial experience in a small business setting.

Promotions Strategy

The promotions strategy for Eternity Remodeling and Renovations is as follows:

Social Media Marketing

Social media is one of the most cost-effective and practical marketing methods for improving brand visibility. Eternity Remodeling and Renovations will use social media to develop engaging content in terms of sharing renovation and remodeling ideas and posting customer reviews that will increase audience awareness and loyalty.

Word of Mouth Marketing

Eternity Remodeling and Renovations will encourage word-of-mouth marketing from loyal and satisfied clients. The company will use recommendations and word-of-mouth marketing to grow the customer base through the network of its existing customers.

Website/SEO

Eternity Remodeling and Renovations will invest in developing a professional website that displays all of the services offered by the company. It will also invest in SEO so that the company’s website will appear at the top of search engine results.

Advertisement

Advertisements in print publications like newspapers, magazines, etc., are an excellent way for businesses to connect with their audience. Eternity Remodeling and Renovations will advertise its company offerings in popular magazines and news dailies. Obtaining relevant placements in industry magazines and journals will also help in increasing brand visibility.

Eternity Remodeling and Renovations’ pricing will be estimated on a project basis drawing on Luke Johansson’s deep expertise in remodeling services. The pricing will be determined by the materials needed and the amount of labor required to complete the job. Pricing will be moderate and less expensive than our competitors, but more expensive than lower-quality, efficiency-driven remodeling businesses.

Operations Plan

Operation Functions: The following will be the operations plan for Eternity Remodeling and Renovations.

• Luke Johansson will be the owner of Eternity Remodeling and Renovations. He will oversee the general operations of the company and manage the staff. He will also conduct all work on the remodeling and renovation projects for his clients until he can hire several more contractors to keep up with demand.
• Luke will hire an Administrative Assistant to help him with all the administrative tasks.
• Luke will also hire a Marketing Manager to manage all of the marketing and advertising functions.
• As the business grows, Luke will hire other contractors to keep up with client demand.

Milestones:

Eternity Remodeling and Renovations will have the following milestones complete in the next six months.

• 06/202X – Finalize lease agreement
• 07/202X – Design and build out Eternity Remodeling and Renovations
• 08/202X – Hire and train initial staff
• 09/202X – Kickoff of promotional campaign
• 10/202X – Launch Eternity Remodeling and Renovations
• 11/202X – Reach break-even

Financial Plan

Key revenue & costs.

Eternity Remodeling and Renovations’ revenue will primarily come from charging homeowners for completed remodeling services. Pricing will be determined by the services required, materials and tools needed, and scope of the project.

The main cost drivers for Eternity Remodeling and Renovations will be labor expenses, materials and equipment, marketing, and the lease for the office space.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Year 4: 100
• Year 5: 130
• Annual lease: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Remodeling Business Plan FAQs

What is a remodeling business plan.

A remodeling business plan is a plan to start and/or grow your remodeling business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Remodeling business plan using our Remodeling Business Plan Template here .

What are the Main Types of Remodeling Businesses?

There are a number of different kinds of remodeling businesses , some examples include: Residential Remodeling, Design-Build and Whole House Remodeling, and Restoration.

How Do You Get Funding for Your Remodeling Business Plan?

Remodeling businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Remodeling Business?

Starting a remodeling business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Remodeling Business Plan - The first step in starting a business is to create a detailed remodeling business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your remodeling business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your remodeling business is in compliance with local laws.

3. Register Your Remodeling Business - Once you have chosen a legal structure, the next step is to register your remodeling business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your remodeling business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Remodeling Equipment & Supplies - In order to start your remodeling business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your remodeling business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

How To Start a Remodeling Business: Your Step-by-Step Guide

Home improvement and remodeling is a lucrative business. How lucrative? Between 2015 and 2017, American homeowners invested nearly $450 billion into their abodes. The study also revealed that 85% of homeowners can agree that their homes are their biggest investments. While 80% of homeowners say professional remodelers charge too much, 68% say the cost is well worth it to avoid the headache of making a repair or remodel a room on their own. As for the approximately 30% of individuals who tried to tackle a home improvement project on their own, they admit there are some projects best left to the professionals.

That said, if you're a handy person, and if you want to be your own boss, you may want to look into starting a remodeling business. This guide will teach you how to start a remodeling company as well as inform you of what challenges you should expect in the early months of business ownership.

How to Start a Remodeling Business: What You Need to Know

This guide assumes you've considered everything from what it will be like to be on your own to your financial outlook before you start generating revenue. If you haven't, you should take some time to really think about what business ownership entails and determine if you're cut out for entrepreneurship. If you decide that you are, it's time to learn how to start a remodeling business.

Decide on Your Specialty Before Starting a Remodeling Business

All general contractors have one or two services in which they specialize, and then they subcontract out the rest of the work. Your business plan should address which services you plan to fulfill yourself as well as which services you plan to contract out to subs. For instance, you may want to get into kitchen and bathroom remodeling but you are really only be able to do the tilework yourself. You would need to subcontract out the electrical, plumbing, cabinetry and finishing work to others.

How much work you need to sub out will dictate how large or small of projects you will be able to take on. Though larger projects generally mean more money, if you have to contract out a ton of work, you may lose more than you stand to gain.

Get Your Finances in Order

Business ownership is extremely rewarding, but it's not easy. In your first few months or even years, you may struggle financially and find that you have to pay for a lot of stuff out of your own pocket. Because of this, many people don't make it as entrepreneurs, oftentimes because entrepreneurship is not financially feasible.  

To ensure your business doesn’t flounder because of cash flow (or lack thereof) alone, thoroughly research how to start a remodeling business and get your finances in order before making any big decisions. Have a healthy cash reserve for contingencies along with available capital for standard expenses that come with starting a remodeling business, such as an LLC filing fee, payroll, advertising, home improvement leads and equipment.

You can easily expect to pay $1,000 or more just to get your business up and running. However, you need to have substantial savings to pay for your own everyday living expenses, such as shelter, food and transportation.

Form a Legal Business Entity to Start a Remodeling Business

The majority of remodeling businesses decide to use one of the four following entity types. Each one has its own unique pros and cons that should be researched and discussed with your lawyer and CPA before deciding what is best for you.

• Sole Proprietor
• General Partnership
• C Corporation

Though you may be tempted to form a sole proprietorship, as it's the easiest to form and comes with the least amount of taxes, you should reconsider your decision. An LLC, or Limited Liability Company, is the best type of entity for solo entrepreneurs and partners alike.  An LLC can protect you from any lawsuits, debt, back taxes or judgments that belong to the company.

Once you learn how to start a remodeling business, you may wish to grow and go public, in which case you may want to look into a C corporation. Though the most complicated of business structures, it offers considerable protection for companies that generate a good deal of wealth.

Obtain the Necessary Licenses and Insurances

When you Google how to start a remodeling business, you may notice that your state requires you to obtain a contractor's license. If you plan to do strictly finishing and cosmetic work, you may be able to skip this step. However, if you anticipate making any structural changes to homes or building, installing roofing or siding, or performing electrical or plumbing work, you will definitely need proper certification.

You should also invest in general liability insurance. Though some states don't require it for all contractors, it's good to have in case something goes wrong and the home or business owner decides to blame you. For instance, if you remodel a bathroom, and two weeks later the pipes burst, you could be financially liable for property damage. If one of your employees steals from a homeowner, general liability insurance could save you from having to pay for a priceless heirloom out of your own pocket.

How to Start a Remodeling Company: Find Customers

Finally, once you learn how to start a remodeling business and have everything lined up, it's time to start marketing. In addition to advertising online, you should also send out mailers, post flyers around town, attend trade shows and encourage friends and family to spread the word about your services. It may also be worth your while to pay for general contractor leads through a company such as Billy.com, as this is one of the quickest ways to get your business off the ground.

Our friends at Bankrate wrote this article where their experts highlight financially savvy steps that homeowners can take during the remodeling process to ensure it doesn’t become a pricey endeavor. They include strategic ways to save money and list various improvements that may seem small but can add long term value.

There you have it—the short and sweet version of how to start a remodeling business. Once you decide to go solo, invest the time and resources you have into making your business the success you know it can be. For help finding customers so you can hit the ground running, partner with Billy.com . 

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How to Start a Remodeling Business

Your remodeling business might be a one person show where you personally complete kitchen, bathroom, bedroom remodels or additions to homes and businesses. In another business model, you could serve as a general contractor and hire employees or subcontractors to help complete jobs in a more efficient manner.

Ready to turn your business idea into a reality? We recommend forming an LLC as it is the most affordable way to protect your personal assets. You can do this yourself or with our trusted partner for a small fee. Northwest ($29 + State Fees) DIY: How to Start an LLC

Start a remodeling business by following these 10 steps:

• Plan your Remodeling Business
• Form your Remodeling Business into a Legal Entity
• Register your Remodeling Business for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your Remodeling Business
• Get the Necessary Permits & Licenses for your Remodeling Business
• Get Remodeling Business Insurance
• Define your Remodeling Business Brand
• Create your Remodeling Business Website
• Set up your Business Phone System

We have put together this simple guide to starting your remodeling business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Remodeling Business Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability .

It's very important to secure your domain name before someone else does.

Find a Domain Now

Powered by godaddy.com, what are the costs involved in opening a remodeling business.

If you are simply offering up your own skills and time as a part-time remodeler, the start-up cost will be around $50,000 to $75,000 as you will need a complete set of tools, a vehicle for transporting tools and supplies, and the proper licensing and insurance in order to operate in your state and locality.  If you are looking to enter the business world offering major renovation services, expect to have start-up capital of $250,000 to $500,000 as you'll need to be able to purchase your first few orders of materials and hire staff before your customer pays you for the completed job.

What are the ongoing expenses for a remodeling business?

You will need to maintain accounts with material suppliers, pay your crews on a regular basis, and maintain vehicles and tools. Fortunately, your office space can be fairly minimal.

Who is the target market?

Home and business owners who are seeking to have their property professionally renovated and are willing to pay a fair price for labor and materials. Large businesses that need renovating may have more space, allowing you to charge more for your work.

How does a remodeling business make money?

Your remodeling business generates income by charging your customers for labor and materials for their renovation. You are responsible for providing your own tools, as part of your trade.  However paint, hardware, lumber, flooring, and other supplies are purchased by you at wholesale prices and then you charge your customer for them at a premium price.  Your hourly labor costs will be determined by level of expertise, the type of job that is being completed, and local competitive rates.

Your rates will vary depending on size and complexity of the job. Rates vary from $45/hr to $85/hr and can be lower or higher. You will want to complete an extensive competitive comparison to ensure your client is getting a good value. The average renovation project costs between $3,000 and $15,000.

How much profit can a remodeling business make?

The typical markup on materials is 15%.  Income for a one-man company can be around $20,000 a year working part-time while a large contractor with multiple crews can see income in the seven figure range when they complete multiple large jobs over the year.

How can you make your business more profitable?

Ensuring quality work that completely satisfies your customer is the number one means of generating more business, and therefore additional profit. You will need to ensure the quality control and customer service are always of top priority for your successful remodeling business.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

One crucial aspect that cannot be overlooked when starting your remodeling business is the importance of establishing a solid business foundation. While sole proprietorships and partnerships are the most common entity types for small businesses, they're a far less stable and advantageous option than LLCs.

This is because unincorporated business structures (i.e., sole proprietorships and partnerships) expose you as an owner to personal liability for your business's debts and legal actions, while LLCs protect you by keeping your personal assets separate from your business's liabilities.

In practice, this means that if your remodeling business were to face a lawsuit or incur any debts, your savings, home, and other personal assets could not be used to cover these costs. On top of this, forming your business as an LLC also helps it to appear more legitimate and trustworthy.

More than 84% of our readers opt to collaborate with a professional LLC formation service to kickstart their venture. We've negotiated a tailored discount for our readers, bringing the total down to just $29.

Form Your LLC Now

Note: If you're interested in more information before getting started, we recommend having a look at our state-specific How to Start an LLC guide (DIY) or our in-depth Best LLC Services review (for those opting for a professional service).

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a remodeling business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Services Contract

Remodeling businesses should require clients to sign a services agreement before starting a new project.  This agreement should clarify client expectations and minimize risk of legal disputes by setting out payment terms and conditions, service level expectations, and intellectual property ownership. Here is an example of one such services agreement.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Remodeling Business needs and how much it will cost you by reading our guide Business Insurance for Remodeling Business.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a remodeling business

Direct Mail campaigns can help your name appear in front of local homeowners. Ask to sponsor a do-it-yourself workshop at your local big box store.  Make sure to add your company name on the side of all the vehicles that appear at the job site and where you order supplies. Consider joining groups such as the National Association of Home Builders or the National Association of the Remodeling Industry to add their advertising power to your own.

How to keep customers coming back

Potential clients love to see an example of the work they might hire you to complete.  Position signs in front of homes that you are working on or have recently completed. Ask satisfied customers if you can add pictures of their new kitchen to your website and social media. Encourage customer feedback, as their word will carry far more weight than a simple advertisement. Be willing to return to the jobsite to complete touch ups for up to a year, as that happy customer is the most likely individual who will hire you again. Always provide professionally prepared contracts and business cards and make sure your phones are answered in a businesslike manner.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

A remodeling business is a great investment for the person who has a passion for home improvement, with extensive knowledge of multiple construction skills and enjoys a background of business and accounting.  Dedication to completing work thoroughly with close attention to detail while providing superior customer service is also required.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a remodeling business?

Whether you simply manage the business or are swinging a hammer with the crew, you might be expected to:

• Participate in demolition, installation of flooring, walls, and cabinetry
• Source supplies and materials for the job site
• Maintain open communication channels with the customer, updating them on progress
• Schedule your reliable crews and subcontractors in a time-efficient manner
• Maintain proper licensing to operate in your state
• Train new crew members to maintain your high standards
• Complete punch lists after you finish a job
• Establish relationships with tool and materials vendors/suppliers
• Maintain payroll records/pay your crews on a timely basis
• Collect payment from customers
• Create contracts for customer approval
• Promote your business to generate new jobs for the future

What are some skills and experiences that will help you build a successful remodeling business?

Your remodeling business will find greater success when you have a wide range of skills under your belt as the owner/operator. These may include, but are not limited to:

• Solid understanding and experience in construction techniques with regards to kitchen, bathrooms, siding, windows, additions, and flooring
• Appreciation and knowledge of quality materials and their fair pricing structure
• Good accounting knowledge to maintain accurate records for accounts payable/receivable and payroll requirements
• Excellent time management that lines up additional crews to complete the next phase of construction without waiting
• Good ability to establish and maintain positive relationships with customers by providing clear and honest communication throughout the remodel
• Ability to identify experienced crew members you are hiring as subcontractors or as employees
• Knowledge of safety standards, permits, and licenses required to operate a safe workplace

What is the growth potential for a remodeling business?

Some individuals work on a part-time basis by themselves completing renovations for local homeowners.  However, with the right business model in place you can be responsible for finishing interiors of apartment buildings, entire subdivisions, and large commercial spaces. The quality of your work and responsiveness of service will build your reputation, helping to land larger contracts able to expand your small business into a major general contracting business.

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a remodeling business?

You will need to network with other contractors and potential customers. Attend the next Home Show and rent a booth as an exhibitor to get your name out and about. Ask to leave your flyer and business contact at local hardware/DIY stores and reach out to local plumbers, electricians, and even general contractors who may need help on their next big job. Word of mouth is often responsible for finding your next customer, so you'll need to work hard to build a positive reputation.

How and when to build a team

As soon as you cannot keep up with demand, start putting out feelers for qualified carpenters and installers.  Do not hesitate to complete background checks and ask for references from verifiable sources.

Useful Links

Industry opportunities.

• Membership in the National Association of the Remodeling Industry
• Remodeling Franchise Opportunity with DreamMaker Bath & Kitchen Remodeling Franchise

Real World Examples

• Wel-Vant construction & Remodeling
• Remodeling Business With Specialty in Remodeling Homes for Seniors and Physically Challenged People
• Luxury Remodels Company

Further Reading

• Tips for Moving Forward With Your Remodeling Business
• Hiring People You Can Trust With Your Business

Have a Question? Leave a Comment!

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Home > Renovation & DIY > Home Renovation Guides > How To Open A Home Improvement Business

How To Open A Home Improvement Business

Published: December 22, 2023

Written by: Samuel Turner

Learn how to start and grow a successful home improvement business with our comprehensive home renovation guides. Get expert tips and strategies to launch your venture today!

• Renovation & DIY
• Home Improvement

(Many of the links in this article redirect to a specific reviewed product. Your purchase of these products through affiliate links helps to generate commission for Storables.com, at no extra cost. Learn more )

• Introduction

Congratulations on taking the first step toward starting your own home improvement business! Whether you’re a skilled tradesperson looking to strike out on your own or an entrepreneur with a passion for renovation, venturing into the world of home improvement can be an exciting and rewarding journey. As you embark on this path, it’s essential to equip yourself with the knowledge and tools necessary to succeed in this competitive industry.

Starting a home improvement business involves a combination of craftsmanship, business acumen, and a keen understanding of your target market. This guide will walk you through the essential steps to help you establish and grow your business, from conducting thorough research and planning to navigating legal and financial considerations, and from crafting a solid marketing strategy to effectively managing and expanding your operations.

Throughout this guide, we’ll explore the key aspects of launching and running a successful home improvement business, offering practical insights and actionable advice to empower you on your entrepreneurial journey. So, let’s dive in and discover the fundamental elements that will set you on the path to building a thriving home improvement enterprise.

Key Takeaways:

• Research and plan thoroughly before starting a home improvement business to understand the market, define your niche, and create a solid business plan for long-term success.
• Focus on client relationships, quality workmanship, and strategic growth initiatives to manage and expand your home improvement business effectively, ensuring sustained success and community impact.

Read more : How To Market Your Home Improvement Business

• Research and Planning

Before diving headfirst into the world of home improvement entrepreneurship, it’s crucial to conduct comprehensive research and develop a well-thought-out plan. This phase serves as the foundation for your business and can significantly impact its long-term success. Here’s how to approach the research and planning stage:

Understanding the Market

Begin by gaining a deep understanding of the local market for home improvement services. Research the demand for various types of renovations, the preferences of homeowners, and the competitive landscape. Identify the most sought-after services, such as kitchen remodels, bathroom renovations, or outdoor living space enhancements, to tailor your offerings to the market’s needs.

Defining Your Niche

Consider specializing in a particular niche within the home improvement industry. Whether it’s eco-friendly renovations, historic home restorations, or modern design makeovers, carving out a niche can set your business apart and attract a dedicated clientele seeking specialized expertise.

Creating a Business Plan

Develop a comprehensive business plan that outlines your company’s mission, target market, services offered, marketing strategy, and financial projections. A well-crafted business plan not only serves as a roadmap for your business but also demonstrates your professionalism and commitment to potential investors and lenders.

Read more : How To Open A Mini Golf Business

Building a Network

Establish connections with suppliers, subcontractors, and other professionals in the home improvement industry. Cultivating a reliable network of contacts can provide access to quality materials, skilled labor, and valuable partnerships, all of which are essential for the success of your business.

Financial Projections

Conduct a thorough analysis of the costs involved in launching and operating your home improvement business. Calculate startup expenses, ongoing operational costs, and projected revenue to determine the financial feasibility of your venture. This will also help you set pricing that covers your expenses while remaining competitive in the market.

By dedicating time to research and plan your home improvement business, you can lay a solid groundwork for future growth and sustainability. Next, we’ll delve into the legal and financial considerations that are integral to establishing a successful enterprise in the home improvement industry.

• Legal and Financial Considerations

As you embark on your journey to establish a home improvement business, navigating the legal and financial aspects is paramount to ensuring compliance, mitigating risks, and fostering a stable financial foundation. Here are the key considerations to address in this critical phase:

Business Structure and Licensing

Choose a suitable legal structure for your business, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each structure has distinct implications for taxation, liability, and operational flexibility. Additionally, obtain the necessary licenses and permits required to operate a home improvement business in your jurisdiction.

Read more : How To Start An Insulation Business

Insurance Coverage

Secure comprehensive insurance coverage to protect your business, employees, and clients. Consider obtaining general liability insurance, workers’ compensation insurance, and bonding to safeguard against unforeseen accidents, property damage, or legal claims that may arise during your projects.

Financial Management

Establish sound financial practices and systems to effectively manage your business’s finances. This includes setting up business banking accounts, tracking income and expenses, maintaining accurate records, and implementing a budget to monitor and control your cash flow.

Tax Obligations

Understand the tax obligations specific to your home improvement business, including income tax, sales tax, and payroll taxes if you have employees. Consult with a qualified accountant or tax professional to ensure compliance with tax laws and to optimize your business’s tax strategy.

Contractual Agreements

Develop clear and comprehensive contractual agreements for your projects to protect both your business and your clients. Clearly outline the scope of work, project timelines, payment terms, warranties, and dispute resolution procedures to establish transparent and professional client relationships.

Read more : How To Save For Home Improvements

Legal Compliance

Stay informed about local building codes, zoning regulations, and industry standards to ensure that your projects adhere to legal requirements. Compliance with these regulations not only demonstrates your commitment to quality and safety but also safeguards your business from potential legal liabilities.

By addressing these legal and financial considerations, you can fortify the operational and financial framework of your home improvement business, setting the stage for sustainable growth and success. Next, we’ll explore the crucial aspects of marketing and advertising to effectively promote your services and attract clients.

• Marketing and Advertising

Effective marketing and advertising strategies are essential for promoting your home improvement business, attracting clients, and establishing a strong brand presence in the competitive market. Here’s how to craft a compelling marketing plan to showcase your services and reach potential customers:

Professional Branding

Develop a professional brand identity that reflects the values and quality of your home improvement business. This includes creating a memorable logo, defining brand colors and typography, and crafting a consistent brand voice that resonates with your target audience.

Online Presence

Establish a robust online presence by creating a professional website that showcases your portfolio, services, and client testimonials. Utilize search engine optimization (SEO) techniques to ensure that your website ranks well in search engine results, making it easier for potential clients to find you online.

Read more : How Home Improvement Loans Work

Social Media Engagement

Engage with potential clients and industry professionals through social media platforms such as Facebook, Instagram, and Houzz. Share captivating before-and-after photos of your projects, provide valuable home improvement tips, and interact with your audience to build a loyal following and generate leads.

Client Testimonials and Referrals

Leverage the power of satisfied clients by showcasing their testimonials on your website and marketing materials. Encourage referrals by offering incentives to clients who refer new business to you, fostering a network of satisfied clients who become advocates for your services.

Local Networking and Partnerships

Participate in local networking events, home expos, and industry trade shows to connect with potential clients and establish partnerships with real estate agents, interior designers, and other professionals in the home improvement ecosystem. Building a strong local network can lead to valuable referrals and collaborations.

Targeted Advertising

Consider targeted advertising through online platforms such as Google Ads and social media advertising to reach specific demographics and geographical areas. Tailor your ad content to resonate with the needs and aspirations of your target audience, driving qualified leads to your business.

By implementing a well-crafted marketing and advertising strategy, you can elevate the visibility of your home improvement business and attract clients who are seeking your expertise and craftsmanship. In the next section, we’ll delve into the practical steps involved in setting up your home improvement business to bring your vision to life.

Read more : How To Get Home Improvement Leads

• Setting Up Your Home Improvement Business

Setting up your home improvement business involves a series of strategic decisions and practical steps to bring your vision to fruition. From establishing a professional workspace to procuring essential tools and equipment, here’s a comprehensive guide to setting up your home improvement business:

Business Location and Workspace

Determine whether you will operate your business from a dedicated office space, a home office, or a workshop. Consider factors such as convenience for clients, zoning regulations, and the space requirements for your tools and equipment.

Tools and Equipment

Invest in high-quality tools and equipment specific to your area of expertise, whether it’s carpentry, plumbing, electrical work, or general contracting. Ensure that your tools are well-maintained and up to industry standards to deliver exceptional results for your clients.

Supplier Relationships

Establish relationships with reliable suppliers for construction materials, fixtures, and other necessary components for your projects. Building strong partnerships with suppliers can lead to favorable pricing, timely deliveries, and access to a wide range of quality materials.

Read more : How To Get On Home Improvement Shows

Business Management Software

Implement business management software to streamline administrative tasks, project management, invoicing, and client communication. Utilizing specialized software can enhance efficiency and organization, allowing you to focus on delivering exceptional home improvement services.

Employee Recruitment and Training

If you plan to hire employees, develop a structured recruitment process to attract skilled and dedicated professionals to join your team. Provide comprehensive training to ensure that your employees adhere to industry best practices and uphold the standards of your business.

Client Contracts and Documentation

Create standardized contract templates and documentation to formalize agreements with your clients. Clearly outline project details, timelines, payment schedules, and any specific terms and conditions to establish transparent and professional relationships with your clients.

Safety Protocols and Compliance

Prioritize the safety of your team and clients by implementing robust safety protocols and ensuring compliance with industry regulations. Invest in safety training, provide personal protective equipment, and conduct regular safety assessments to maintain a secure work environment.

By meticulously setting up your home improvement business, you can lay the groundwork for delivering exceptional services, fostering client trust, and building a solid reputation in the industry. Next, we’ll delve into the strategies for managing and growing your home improvement business to achieve long-term success and sustainability.

Read more : How To Start A Senior Home Safety Business

• Managing and Growing Your Business

As your home improvement business gains traction, effective management and strategic growth initiatives become instrumental in propelling your enterprise to new heights. Here’s a comprehensive overview of the key strategies for managing and expanding your home improvement business:

Client Relationship Management

Place a strong emphasis on nurturing client relationships by delivering exceptional service, maintaining open communication, and addressing client concerns promptly. Satisfied clients are more likely to provide referrals and become repeat customers, contributing to the growth of your business.

Quality Assurance and Innovation

Consistently deliver high-quality workmanship and innovative solutions to set your business apart in the competitive home improvement market. Embrace new technologies, sustainable practices, and design trends to offer unique and forward-thinking services that resonate with your clients.

Employee Development and Retention

Invest in the professional development of your team members, providing opportunities for training, skill enhancement, and career growth. A motivated and skilled workforce not only enhances the quality of your services but also fosters a positive work culture and reduces employee turnover.

Read more : How Do Home Improvements Get Assessed?

Expanding Service Offerings

Explore opportunities to expand your service offerings based on market demand and emerging trends. Whether it’s diversifying into specialized renovations, offering maintenance packages, or incorporating smart home solutions, expanding your services can attract a broader clientele and increase revenue streams.

Strategic Marketing Initiatives

Continuously refine your marketing and advertising strategies to adapt to evolving consumer preferences and market dynamics. Utilize digital marketing channels, content marketing, and targeted advertising to maintain a strong brand presence and engage with potential clients effectively.

Community Engagement and Brand Building

Engage with the local community through sponsorships, charitable initiatives, and participation in community events. Building a positive brand image and demonstrating a commitment to community well-being can foster trust and loyalty among local homeowners and businesses.

Financial Planning and Analysis

Regularly assess your business’s financial performance, analyze key metrics, and develop strategic financial plans for growth and sustainability. This includes managing cash flow, optimizing pricing strategies, and making informed investments in business development.

By implementing these management and growth strategies, you can position your home improvement business for long-term success, expansion, and a lasting impact in the industry. As you navigate the exciting journey of entrepreneurship, remember that adaptability, innovation, and a client-centric approach are key drivers of sustained growth and prosperity.

With a solid foundation and a clear vision for the future, your home improvement business can thrive and make a meaningful difference in the lives of your clients and the community at large.

Read more : How To Get A Loan To Do Home Improvements?

Congratulations on completing this comprehensive guide to starting and growing a successful home improvement business. As you reflect on the valuable insights and strategies shared throughout this journey, it’s important to recognize that entrepreneurship in the home improvement industry is a dynamic and rewarding endeavor that demands dedication, creativity, and a commitment to excellence.

By conducting thorough research and meticulous planning, you’ve laid a solid foundation for your business, enabling you to understand the market, define your niche, and develop a clear roadmap for success. Navigating the legal and financial considerations has equipped you with the knowledge to establish a compliant and financially stable enterprise, setting the stage for sustainable growth.

Embracing effective marketing and advertising strategies has empowered you to showcase your services, engage with potential clients, and build a strong brand presence in the competitive market. Furthermore, the practical insights on setting up, managing, and growing your business have provided you with the tools and strategies to deliver exceptional services, foster client relationships, and propel your business toward long-term success.

As you embark on this entrepreneurial journey, remember that adaptability, continuous learning, and a client-centric approach are essential elements for thriving in the ever-evolving home improvement landscape. Embrace innovation, prioritize quality, and remain committed to exceeding client expectations at every opportunity.

Your home improvement business has the potential to transform living spaces, enhance lifestyles, and leave a lasting impact on the communities you serve. By upholding the highest standards of craftsmanship, professionalism, and integrity, you can build a business that not only thrives financially but also enriches the lives of your clients and contributes to the beauty and functionality of their homes.

As you move forward, stay attuned to industry trends, embrace technological advancements, and remain open to new opportunities for growth and diversification. With a steadfast commitment to excellence and a passion for creating remarkable spaces, your home improvement business can become a beacon of innovation and inspiration in the industry.

May your entrepreneurial journey be filled with fulfillment, prosperity, and the satisfaction of transforming houses into cherished homes, one project at a time.

• Frequently Asked Questions about How To Open A Home Improvement Business

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Trending Post : Wallpaper Trends for 2023

Love Home Improvement? Here’s How to Start a Home Renovation Business

Do you have an eye for design and a passion for home improvement projects? Then, turning your talents into a thriving home renovation business could be a rewarding venture.

With homeowners always looking to give their homes a makeover, the opportunities in this industry are endless. Kitchens, bathrooms, extensions – people will pay top dollar to transform their homes. Plus, handling renovations from start to finish means the profits are all yours.

If you are wondering how to start a home renovation business, read on!

How to Start a Home Renovation Business

Building a successful home renovation business is no small feat, but with skills and determination, you can ace it. Your skills are exactly what busy homeowners are searching for – it’s time to share your vision and watch as it pays off in a big way.

Home Renovation Businesses to Launch

The home renovation industry is full of business opportunities you could exploit to make a living off something you love. If you have the passion and skills, you can pursue any of these careers in the home improvement niche.

• Plumbing contractor
• Lawn care professional
• Kitchen remodeling contractor
• Bathroom remodeling contractor
• House painter
• Floor cleaning service
• Carpet installer
• Deck Builder
• Roofing contractor
• Heating, ventilation, and air conditioning contractor
• Interior designer

Your business should offer the services you love doing. Focus on services that light you up and put a pep in your step.

When you’re having a blast and feeling fulfilled, your passion will shine through in your work – and that’s how you’ll attract all the best customers and opportunities.

How to Launch a Home Renovation Business of Your Choice

Now we’re getting to the meat of this article, launching your business. You can easily start a home renovation business in 7 simple steps.

1. Determine What Services to Offer

Being a “jack of all trades” will win you no clients in this business. Choose a specialization you’re comfortable with and master your skills in that area.

Love taking care of the garden and backyard? A lawn mowing business will fit you best. Have a passion for bathroom design and renovation? Why not become a bathroom remodeling contractor?

Interested in starting a painting business ? One important factor to consider is determining what services to offer. It is crucial to choose a specialization that you are comfortable with and have mastered your skills in that area.

Alternatively, if you enjoy the challenge of exterior painting, specializing in that area would be a smart choice. By narrowing down your services, you can establish yourself as an expert and attract clients who are specifically looking for the skills you excel in.

2. Create a Business Plan

A solid business plan is crucial for any successful venture. It should outline your business goals, target market, service offerings, pricing strategy, marketing plan, and financial projections.

Consider your unique selling proposition, what sets your renovation business apart from competitors? Is it your design style, specialized services, or a commitment to sustainability?

Your business plan should reflect your vision for the company and serve as a roadmap for growth.

3. Get Licensed

Whether you live in a metropolis like New York or a remote state like Alaska, you must take the relevant steps to get certified as a contractor. Most, if not all, states require certification in key businesses like electrical and plumbing to practice your craft safely and legally.

However, with determination and dedication, completing the certification process can open many doors to exciting new construction projects.

4. Register a Business

It’s time to take the plunge and get your business off the ground! The first step is deciding which corporate structure is perfect for your renovation business.

There are four main options to consider: being a sole proprietor, partnering up, forming an LLC , or becoming a C corporation. Do your research on the pros and cons of each so you can pick the structure that best suits your unique business goals.

With the right foundation in place, you’ll be well on your way to turning your home renovation passion into a thriving enterprise!

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5. Market Your Services

It’s time to tell the world about your awesome new home renovation services! Marketing should be one of your top priorities in those crucial early months.

Get creative with how you share the news. Hand out colorful flyers full of fun details, book some buzz-worthy billboards, or dive into digital promotions.

While traditional methods still work, online is truly where it’s at. Your brand deserves to shine on platforms people already use daily, like Craigslist. Tap into the power of the internet to find fresh fans and fill your order books.

Create a professional website that highlights your services, portfolio, and contact information. Leverage social media platforms to showcase your projects and engage with potential clients.

For greater impact, consider hiring a home improvement marketing agency. These companies know the tactics that attract and convert leads for home improvement agencies, so partnering with one will set you up for success right from the word go.

5. Invest in Tools and Equipment

Having the right tools and equipment is essential for efficient and high-quality renovation work. Invest in durable, professional-grade tools that will withstand frequent use.

Consider the scope of your projects and whether it makes more sense to purchase equipment outright or rent it on an as-needed basis.

6. Develop Your Portfolio

Your portfolio is one of your most powerful marketing tools. It showcases your work quality, style, and range of services.

Start by including any previous projects you’ve worked on, even if they were personal projects or done for friends and family. Before and after photos, detailed descriptions of the work, and client testimonials can all enhance your portfolio’s impact.

7. Focus on Customer Service

Exceptional customer service can set your renovation business apart and lead to repeat clients and referrals. Be communicative, transparent, and responsive throughout the renovation process.

Setting realistic expectations, providing regular updates, and addressing any concerns promptly can help build trust and satisfaction with your clients.

You’ve got this! Now that you understand what it takes to start a home renovation business, all that’s left is to roll up your sleeves and dive in.

If you dedicate yourself to constant learning and delivering top-notch work, success is within your reach.

What qualifications do I need to start a home renovation business?

Most regions require a general contractor’s license, which may involve passing a test and having a certain amount of experience in the field. Additional specialty licenses may be needed for plumbing, electrical, or other specialized work.

How much capital do I need to start a home renovation business?

Start-up costs can vary widely depending on the scale of your projects and whether you already own some tools and equipment.

Expect initial expenses for licensing, insurance, tools, marketing, and possibly a vehicle if you don’t already have one suitable for the job.

Do I need to hire employees right away?

Not necessarily. Many home renovation business owners start as sole operators and hire subcontractors as needed. As your business grows, you might consider hiring full-time employees for administrative tasks or specific trades.

How do I find clients for my home renovation business?

Networking, word-of-mouth referrals, a strong online presence (including a professional website and active social media accounts), and partnerships with related businesses like real estate agencies can all help attract clients.

How do I price my renovation services?

Pricing should cover your costs (including materials, labor, overhead) and desired profit margin. Research local market rates for similar services to ensure competitiveness. Consider offering free estimates to attract potential clients.

Is house renovation profitable?

House renovation can be profitable, but like any business venture, it comes with risks and variables that can affect profitability.

Understanding the local real estate market is crucial. Renovating in a desirable area where property values are appreciating can lead to higher profits.

Melanie Boyden is a full time Blogger, Instagrammer, content creator, serial Pinner and all round home decor enthusiast! She has been renovating properties for over 20 years and has a Certificate in Interior Design. If she is not found with a mood board or paint brush in hand, she is a Mum to her two children and avid traveller.

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Home Remodeling Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Construction & Engineering

Are you about starting a home remodeling company ? If YES, here is a complete sample home remodeling business plan template & feasibility report you can use for FREE .

If you are thinking of starting a business with huge returns on investment, then one of your best bets is to venture into the real estate industry. Of course, there are several money spinning business opportunities in the real estate industry and one of them is to start a home remodeling company.

Just like all other investment vehicle, there are potential down sides that you need to look out for as a home remodeling agent. One of the major risks in home remodeling business is a sudden downturn in the economy.

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A Sample Home Remodeling Business Plan Template

1. industry overview.

The real estate industry of which home remodeling line of business is sub set of is indeed one of the many industries that are a major contributor to the growth of the economy of many nations of the world; there is hardly any country where the real estate industry is not pretty active.

Players in the Home Remodeling industry primarily engage in the remodeling and renovating the interiors and exterior of residential buildings ( i.e. single-family homes and multifamily apartment building units ). Remodeling consist of additions, alterations, reconstruction, maintenance and repair work.

General contractors, operative remodelers, remodeling design-build firms and remodeling project construction management companies are all part of the home remodeling industry while commercial building remodeling is not included in the industry.

If you are a closer watcher of the Home Remodeling industry, you will agree that the industry’s foundation shook as the housing bubble burst, with several factors contributing to discourage consumers from spending on home improvements.

Experts projected that the home remodeling industry recovery will be driven by improvements in employment and per capita disposable income.

In the united states and in most countries of the world, home prices are expected to continue to rise, facilitating growth in demand for home remodeling industry services because homeowners often leverage the value of their homes through loans to fund remodeling projects.

The Bureau of Labor Statistics (United States of America) projects 11.1 percent job growth for real estate industry between 2012 and 2022, which is about as fast as average.

During that time, an additional 38,000 jobs will open up in the industry. Hence any home remodeling company that is well equipped and positioned will sure rakes in huge revenues from this industry within this period and of course the future is bright.

The Home Remodeling cum Real Estate industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, Germany, France, Italy, Holland, Switzerland, Australia and Canada et al.

Statistics has it that in the United States of America alone, there are about 415,994registered and licensed home remodeling companies scattered all across the United States responsible for employing about 652,647and the industry rakes in a whopping sum of $75 billion annually.

The industry is projected to grow at 4.2 percent annual growth within 2011 and 2016. It is important to state that there is no establishment in this industry that has a lion market share.

A recent report published by IBISWORLD shows that the Home Remodeling industry is very labor-oriented, as it relies on employees to carry out most industry activities. Therefore, the industry requires a low level of capital investment and instead allocates much of its cost structure to labor payments, which accounts for 23.1 percent of revenue.

Purchases account for 56.9 percent of industry revenue. The report further stated that these costs are largely related to materials, components and supplies used during service requests as well as the costs associated with contracting work out to third-party subcontractors.

Depreciation absorbs only 1.0 percent of industry revenue, and capital purchases are largely limited to vehicles and computers used in sales offices.

The home remodeling cum real estate industry is highly regulated in the United States of America and anyone who aspires to start a home remodeling company must apply and obtain a license before they can legally operate in the industry.

Lastly, as a home remodeling professional, it is very important to be creative, to be able to use your ideas to meet the rapidly changing needs of the society when it comes to properties; you should be able to convert a slum into a beautiful city if indeed you want to become a major player in the house remodeling cum real estate industry.

2. Executive Summary

Zoe McLaurin® Home Remodeling Company is a U.S. based and licensed home remodeling company. Our head office will be located in a standard and centrally located office facility in the heart of Annapolis – Maryland.

Although our Head Office will be located in Annapolis – Maryland, but we will open our branch offices in major cities in all regions of the United States of America – within the first two years of operation we would have set up our offices in the following locations; New York City, Los Angeles, Florida, North Dakota, Boston, Dallas and Washington.

Zoe McLaurin® Home Remodeling Company is going to be a self-administered and a self-managed real estate investment trust (REIT).

We will engage in home remodeling services such as residential additions, alterations and renovations, construction management for residential remodeling, fire and flood restoration, home improvement, porch construction, sunroom additions, kitchen and bathroom upgrades, systems and equipment, disaster repairs and other remodeling projects.

We will work towards becoming one of the largest home remodeling companies in the United States of America with active presence in major cities.

We are quite aware that home remodeling business requires huge capital base, which is why we have perfect plans for steady flow of cash from private investors who are interested in working with us. We can confidently say that we have a robust financial standing and we are ready to take on any opportunity that comes our way in the real estate industry.

As part of our plans to make our customers our number one priority and to become one of the leading home remodeling company in the United States of America, we have perfected plans to adopt international best practices that can favorable compete with the best in the industry.

Zoe McLaurin® Home Remodeling Company have overtime perfected plans that will help us to become a specialist in turning slums into beautiful cities and turning a run –down and dilapidated building into a master piece and that hopefully will be our brand and signature.

Zoe McLaurin® Home Remodeling Company will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Zoe McLaurin® Home Remodeling Company will be owned majorly by Zoe McLaurin and her immediate family members. Zoe McLaurin has a Degree in Building Engineering and she is a property guru that has worked with top Real Estate Companies in the United States of America for many years prior to starting her own business.

Other investors with same investment ideology whose name cannot be mentioned here for obvious reasons are going to be part of the business especially as it relates to pooling cash together for property acquisitions, renovations and beautification.

3. Our Products and Services

Zoe McLaurin® Home Remodeling Company is going to offer varieties of services within the scope of the home remodeling industry in the United States of America. Our intention of starting our home remodeling company is to favorably compete with leading players in the home remodeling cum real estate industry both in the United States of America and in the world at large.

We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offerings are listed below;

• Residential additions, alterations and renovations
• Construction management for residential remodeling
• Fire and flood restoration
• Home improvement
• Porch construction
• Sunroom additions
• Kitchen and bathroom upgrades
• Other remodeling projects
• Systems and equipment
• Disaster repairs
• Real estate consultancy and advisory services

4. Our Mission and Vision Statement

• Our vision is to become one of the top 10 home remodeling companies in the United States of America within the first 10 years of starting Zoe McLaurin® Home Remodeling Company.
• Our mission and values are to help people, businesses and property owners and clients in the United States of America and throughout the world remodel their homes to fit into the ideal mental pictures they have of how a world – class home should be.

Our Business Structure

Our company’s structure is not entirely different from what is obtainable in the real estate industry, as a matter of priority, we have decided to create a structure that will allow for easy growth for all our employees and also, we have created platforms that will enable us attract some of the best hands in the industry.

We are quite aware that the success of any business lies in the foundation on which the business is built on, which is why we have decided to build our home remodeling company on the right business foundation. We will ensure that we only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast we meet our set target.

Zoe McLaurin® Home Remodeling Company is fully aware of the modus operandi in the real estate industry cum home remodeling line of business, hence adequate provision and competitive packages has been prepared for independent sales agents. Our marketing department will be responsible for managing this aspect of our business structure.

Below is the business structure we will build Zoe McLaurin® Home Remodeling Company on;

• Chief Executive Officer

Project Manager

• Company’s Lawyer / Secretary

Admin and HR Manager

• Head of Construction and Renovation
• Business Developer / Sales and Marketing
• Customer Service Executive / Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Officer – CEO (President):

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board
• Responsible for the planning, management and coordinating all projects on behalf of the company
• Supervise renovation projects
• Ensure compliance during project executions
• Provides advice on the management of projects
• Responsible for carrying out risk assessment
• Uses IT systems and software to keep track of people and progress of ongoing projects
• Responsible for overseeing the accounting, costing and billing of every project
• Represent the organization’s interest at various stakeholders’ meetings
• Ensures that project desired result is achieved, the most efficient resources are utilized and different interests involved are satisfied.

Company’s Lawyer / Secretary / Legal Counsel

• Responsible for drawing up contracts and other legal documents for the company
• Consult and handle all corporate legal processes (e.g. intellectual property, mergers & acquisitions, financial / securities offerings, compliance issues, transactions, agreements, lawsuits and patents et al)
• Develops company policy and position on legal issues
• Researches, anticipates and guards company against legal risks
• Represent company in legal proceedings (administrative boards, court trials et al)
• Plays a part in business deals negotiation and take minutes of meetings
• Responsible for analyzing legal documents on behalf of the company
• Prepares annual reports for the company
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Designs job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversees the smooth running of the daily office activities.

Renovations / Construction Engineers

• Responsible for handling home remodeling services such as residential additions, alterations and renovations, construction management for residential remodeling, fire and flood restoration, home improvement, porch construction, sunroom additions, kitchen and bathroom upgrades, systems and equipment, disaster repairs and other remodeling projects
• Establishes and enforces company’s engineering and construction standards
• Ensures that renovation / construction work meets or exceeds standards within a designated geographic area.
• Provides overall direction on assigned construction projects; reviews and makes recommendations on planning and design of projects; negotiates contracts or participates in contract negotiations; monitors day‐to‐day progress and activities on project construction sites.

Marketing and Sales Executive / Business Developer

• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• Responsible for supervising implementation, advocate for the customer’s need s, and communicate with clients
• Finds and qualifies land for development based on company’s land requirements; maintains a land search database; initiates discussions with property owners about the possible sale of property
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managers with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Front Desk / Customer’s Service Officer

• Receives Visitors / clients on behalf of the organization
• Receives parcels / documents for the company
• Handles enquiries via e-mail and phone calls for the organization
• Distributes mails in the organization
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the line manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s properties that are put – up for sale, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries

6. SWOT Analysis

The fact that home remodeling business is a very rewarding business does not mean that there are no challenges in the industry. Starting a home remodeling business in the United States of America comes with its own fair share of challenges, you would have to abide by the law and also compete with loads of other entrepreneurs in the real estate business value chain who also are interested in making a living and building a business in the US.

In order to compete favorably in the home remodeling cum real estate industry as a home remodeling company we have been able to hire the services of tested and trusted business and HR consultants to help us conduct critical SWOT analysis for us.

We intend maximizing our strengths, explore all opportunities we will come across, properly manage our weakness and confront our threats. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Zoë McLaurin® Home Remodeling Company;

Some of our strength that we will be bringing to the table in the home remodeling cum real estate industry is our robust relations with home owners and properties investment moguls in the whole of the United States of America.

Our access to funding and also, we have a team of experts who have cut their teeth in the real estate industry cum home remodeling line of business. Our commission structure and relationship with freelance real estate agents in Annapolis – Maryland and other state in the US will also count towards our advantage.

As a newbie in the home remodeling line of business cum real estate industry, we might have some challenges competing with big time property developers and other home remodeling companies that have been in the industry for many years; that perhaps is part of our weakness.

• Opportunities:

The opportunities in the home remodeling cum real estate industry especially as a home remodeling company is massive considering the numbers of home owners who have the financial capacity to renovate their homes as at when due. We are well – positioned and ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face as a home remodeling company are unfavorable government policies , and global economic downturn; global economic downturn usually affect spending power and the real estate industry cum home remodeling line of business is known to encounter decline in sales and profits during this period.

Selling properties could take a period of two to three years from conception to completion depending on the size of the project and the cash flow. As a matter of fact, some home remodeling projects could even take much longer than that.

Because of the time frame involved in renovating and decorating a property from start to finish, loads of un – anticipated things could crop up and it fall in the thick of property cum economy downturn which is not good for the business considering the investment that has gone into the project.

Another factor that is of major concerns and a threat to home remodeling business generally could be cost increase as a result of inflation, currency devaluation and economic challenges. Unforeseen delays from the part of government agencies, litigation and also delays from contractors could lead to substantial cost increase especially if the project is heavily dependent on bank loans.

If perhaps during this period, there is a change in the supply and demand dynamics of the property sector the project could be affected negatively. There is hardly anything we could do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

• Market Trends

The market trends in the real estate industry or within home remodeling companies are that, there are no fixed profits projections when engaging in a home remodeling deal.

The profit you stand to gain depends on loads of factors amongst which are your attention to details, ability to turn a slum or a ransack facility into an edifice and knowing exactly when to seal a home remodeling deal, the kind of renovations and decoration to be done on the property.

If you are able to get all the above stated factors right as a home remodeling company, your gains will always be far more than your loss.

Another obvious trend that is common with home remodeling companies in the United States of America is that most of them are improvising on more means of making money in the real estate industry and as matter of fact they are also acting as property developers and home staging agents amongst many other functions that they are involved in.

Lastly, one thing is certain for every home remodeling company; if they are hardworking, creative and proactive, they will always generate enough income to meet all their overhead and operational cost, keep their business going without struggle and make reasonable profits from all business deals that they are involved in.

8. Our Target Market

As a home remodeling company, our target market cuts across people (home owners) of different class and people from all walks of life.

We are coming into the home remodeling cum real estate industry with a business concept that will enable us work with the highly – placed people in the country and at the same with the lowly placed people who are only interested in renovating their homes at an affordable price.

As a matter of fact, our target market is the whole of the United States of America and we have put plans in place to recruit freelance agents (brokers) nationally to represent our business interest wherever they are located in the United States of America.

Below is a list of the people and organizations that we have specifically design our products and services for;

• Families who are interested in acquiring a decent and well renovated home
• Corporate organizations who are interested in acquiring their own property / properties
• Home Owners who are interested in remodeling and selling off their home
• Properties Owners who are interested in remodeling and selling off their properties
• Foreign investors who are interested in owning properties in the United States of America and remodeling the property
• The government of the United States of America (Government contracts)
• Managers of public facilities who would want to engage home remodeling companies to help them remodel properties under their care.

Our competitive advantage

No doubt, the home remodeling cum real estate industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can successfully help them remodel their homes to fit into the picture of the ideal home they have in mind.

We are quite aware that to be highly competitive in the home remodeling industry means that you should be able to deliver consistent quality home remodeling jobs and you should be able to meet the expectations of your clients at all times.

Zoe McLaurin® Home Remodeling Company might be a new home remodeling company in the home remodeling cum real estate industry, but the management team and the owner of the business are considered gurus in the industry, professional who have what it takes to grow a business from scratch to become a top brand within the shortest time possible.

They are people who are core professionals, licensed and highly qualified, people that can successfully help her clients remodel their homes to fit into the ideal picture of a 21 st century home. These are part of what will count as a competitive advantage for us.

Aside from our robust experience and expertise of our team of experts, we have a very strong online presence that will enable us attract clients from all across the United States of America. Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups home remodeling companies in the United States) in the industry.

It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives. We will also engage freelance marketing agents on a commission level to help us market our services.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Zoe McLaurin® Home Remodeling Company is established with the aim of maximizing profits in the home remodeling cum real estate industry. Although we are a home remodeling company, but part of our work force is also licensed real estate agents hence we intend generating additional income from diverse means in the real estate agency.

We have successfully built a vibrant real estate network that covers the whole of the United States of America so as to help us build a profitable business. Below are the sources we intend exploring to generate income for Zoe McLaurin® Home Remodeling Company;

10. Sales Forecast

It is a known fact that as long as there are homeowners in the United States of America, there will always be need to for them to remodel their homes from time to time to conform with the trends in the neighborhood or city. Hence the demand for the services of home remodeling companies to help them solve these needs.

We are well positioned to take on the challenges that are synonymous to home remodeling businesses in the United States, and we are quite optimistic that we will meet out set target of generating enough income / profits from the first month or operations and grow the business beyond Maryland to other states in the United States of America within record time.

We have been able to critically examine the real estate market cum house remodeling line of business and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions peculiar to similar start – ups in Maryland;

Below are the sales projections for Zoe McLaurin® Home Remodeling Company. It is based on the location of our business and the home remodeling and related services within the real estate cum home remodeling industry that we will be offering;

• First Fiscal Year-: $500,000
• Second Fiscal Year-: $1.2 million
• Third Fiscal Year-: $1.7 million

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and any major competitor offering same additional services as we do within the locations where we have a strong business presence.

Please note that the above projection might be lower and at the same time it might be higher since some factors are beyond our control.

• Marketing Strategy and Sales Strategy

We quite mindful of the fact that there are stiffer competitions in the home remodeling cum real estate market in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. The training is not restricted to only our full – time employees but also all our freelance brokers that are scattered all over the United States of America.

Our goal is to become one of the leading home remodeling companies in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force in the industry.

Zoe McLaurin® Home Remodeling Company is set to make use of the following marketing and sales strategies;

• Introduce our business by sending introductory letters alongside our brochure to stake holders in the real estate industry and also property owners and potential clients through the United States of America
• Promptness in bidding for homes / properties that are put up for remodeling
• Advertise our business in real estate / properties magazines and websites
• List our business on yellow pages (local directories)
• Attend real estate related expos, seminars, and business fairs et al
• Create different packages for different category of clients in order to successfully remodel their homes / properties
• Leverage on the internet (social media platforms) and our official website to promote our business
• Encourage word of mouth marketing especially when we have a home for sale.

11. Publicity and Advertising Strategy

We have been able to work with our consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.

We are set to take the home remodeling cum real estate industry by storm which is why we have made provisions for effective publicity and advertisement of our company. Below are the platforms we intend to leverage on to promote and advertise our home remodeling business;

• Place adverts on both print and electronic media platforms
• Place our flexi banners with our company’s logo and contacts in every property we put up for sale
• Sponsor relevant TV shows so as to be able to communicate our brand and what we do
• Maximize our company’s website to promote our business
• Leverage on the internet and social media platforms like; Instagram, Facebook ,Twitter, LinkedIn,  Badoo, Google+  and other platforms (real estate online forums) to promote our business and list our properties for sale and for lease.
• Install our Bill Boards on strategic locations
• Distribute our fliers and handbills in targeted areas from time to time
• Attend landlord and residence association meetings with the aim of networking and introducing our business.
• Ensure that all our workers wear our branded shirts and all our vehicles and ambulances are well branded with our company’s logo et al

12. Our Pricing Strategy

Part of our business strategy is to ensure that we work within the budget of our potential clients to help them remodel their homes to meet their expectations. It is the practice in most parts of the world for properties to be valued by professionals based on the area the facility is located, the type of facility and other factors.

Since we are not directly in control of the pricing system in the real estate industry we can only abide by what is obtainable when it comes to fixing a price for a home remodeling contract. But one thing is certain, we will ensure that we deliver excellent jobs when have we are contracted to do so.

Lastly, we will ensure that we keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.  In addition, we will also offer special discounted rates to our clients from time to time especially when they recommend clients to us.

• Payment Options

At Zoe McLaurin® Home Remodeling Company our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them but at the same time, we will not accept payment by cash because of the volume of cash that will be involved in most of our transactions.

Real estate deals usually involves huge amount of money. Here are the payment options that Zoe McLaurin® Home Remodeling Company will make available to her clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft

In view of the above, we have chosen banking platforms that will help us achieve our plans without any itches and we will also pay our freelance sales agents (real estate brokers) with same platforms. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our services.

Any agent who intend paying with cash will be directed to deposit the money into our corporate account and then present their payment tellers to us.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.

As for the detailed cost analysis for starting a home remodeling company; it might differ in other countries due to the value of their money However, this is what it would cost us to set up Zoe McLaurin® Home Remodeling Company in the United States of America;

• The total fee for incorporating the business in The United States of America – $750.
• The budget for permits and license – $2,000
• The cost for hiring Consultant – $2,500.
• The cost for computer software apps (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
• The budget for insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $5,400.
• Cost for payment of rent for a suitable Office facility with enough space in Annapolis – Maryland for 12 month at $1.76 per square feet in the total amount of – $105,600.
• The cost for office remodeling (construction of racks and shelves) – $20,000.
• The cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $15,000
• Other start-up expenses including stationery ($500) and phone and utility deposits ( $2,500 ).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
• The cost of Launching our official Website – $600
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $5,000

Going by the report from the market research and feasibility studies conducted, we will need over two hundred and fifty thousand ( 250,000 ) U.S. dollars to successfully set – up a small scale but standard home remodeling company in the United States of America. Please note that the salaries of all our staff members for the first month are included in the expenditure.

Generating Funds / Startup Capital for Zoe McLaurin® Home Remodeling Company

Zoe McLaurin® Home Remodeling Company is a business that will be owned and managed by Zoe McLaurin, her immediate family members and other business partners. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings and sale of his stocks
• Generate part of the start – up capital from friends and other extended family members
• Generate a larger chunk of the startup capital from the bank (loan facility).

N.B: We have been able to generate about $100,000 ( Personal savings $80,000 and soft loan from family members $20,000 ) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Zoe McLaurin® Home Remodeling Company is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our home remodeling services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Zoe McLaurin® Home Remodeling Company will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check: Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Renting of Office Facility and remodeling the facility in Annapolis – Maryland: Completed
• Conducting Feasibility Studies: Completed
• Generating capital from the CEO / President and Business Partners: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with key players in the industry (networking and membership of relevant real estate bodies): In Progress

Best Home Improvement Business Ideas & Examples in 2023

Home improvement is a vital industry that helps people maintain and improve their homes, and it's always evolving as new technologies and techniques are developed. If you're looking to start a business in the home improvement industry or want to expand your existing operation, you'll need to stay up to date with the latest trends and innovations. That's why we've put together a list of the best home improvement business ideas and examples for 2023. From energy-efficient home renovations to smart home technology, these strategies will help you succeed in the competitive world of home improvement. So get ready to help others improve their homes and build a successful business with these innovative ideas!

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List of Unique Home Improvement Business Ideas:

Waterproofing.

Ever dreamt of being your own boss, running a business that's in high demand and profitable? Dive into this guide and discover how you can turn the tide in your favor by starting your own waterproofing business, a venture that's not just lucrative but also resilient to economic downturns.

Ever thought about turning your knack for revamping old furniture into a money-making venture? Well, buckle up, because we're about to take you on a thrilling journey on how you can start your very own profitable upholstery business.

snow plowing

Imagine waking up to a fresh blanket of snow, not with dread for the shoveling ahead, but with the thrilling prospect of turning that white gold into cold, hard cash. Welcome to the world of snow plowing, a seasonal business venture that could shovel a path to profit and financial freedom right at your doorstep!

Have you ever watched a home renovation show and thought, "Hey, I could do that!"? Well, buckle up, because we're about to take you on a thrilling journey of starting your very own profitable renovation business, transforming dust-filled homes into dreamy dwellings.

home restoration

Imagine transforming dilapidated houses into beautiful homes and making a handsome profit while you're at it. Welcome to the world of home restoration business, where creativity meets entrepreneurship and where we're about to guide you on starting your own profitable venture from the comfort of your home.

home inventory

Ever dreamt of running a profitable business right from the comfort of your own home? Dive in as we unravel the secrets to launching a successful home inventory business, transforming your entrepreneurial dreams into a reality.

cabinet making

Ever thought about turning your knack for woodworking into a profitable venture? Dive into this guide as we walk you through the exciting journey of starting your very own cabinet making business, turning passion into profits.

Imagine transforming your passion for beautiful interiors into a thriving business, right from the comfort of your own home. This article is your roadmap to launching a profitable home decor business, turning your creative flair into an income stream, and making your entrepreneurial dreams come true.

Ever dreamt of turning your passion for stylish and comfortable living spaces into a profitable venture? Let's embark on a thrilling journey together, where we will unveil the secrets of launching a successful furniture business that not only fuels your creativity but also fills your pockets.

home inspection

Ever dreamt of being your own boss, running a business that combines your love for real estate and problem-solving? Welcome to the exciting world of home inspection businesses, where you can turn your passion into a lucrative venture from the comfort of your own home.

insulation installation

Ever dreamt of running your own profitable business, being your own boss, and making a real difference in people's lives? Strap in, as we're about to journey through the exciting, rewarding, and surprisingly accessible world of starting your own insulation installation business.

furniture repair

Ever thought about transforming your knack for fixing up old furniture into a profitable business? Dive into this guide and discover how you can turn your passion into a successful furniture repair business, making money while bringing new life to worn-out pieces.

home staging

Ever dreamt of transforming mundane spaces into beautiful, sellable homes while making a pretty penny? Buckle up, because we're about to dive into the exciting, creative and potentially lucrative world of starting your own home staging business!

Ever dreamed of turning your knack for fixing things into a profitable venture? Dive into this guide and discover how to launch a successful handyman business, transforming your passion into a paycheck!

home organizing

Ever dreamt of turning your knack for decluttering into a profitable venture? Dive into this article and discover how you can transform your passion for neatness and order into a thriving home organizing business from the comfort of your own home.

appliance repair

Imagine being your own boss, fixing things, and making a tidy profit out of it. Welcome to the world of appliance repair business, where you can turn your knack for fixing things into a thriving enterprise.

interior design

Ever dreamed of transforming dull spaces into breathtaking havens while making a pretty penny out of it? Welcome aboard, future entrepreneur, as we unravel the secrets of launching a successful interior design business that not only fuels your creativity but also fills your pockets!

woodworking

Ever dreamt of turning your passion for woodworking into a profitable business? Let's embark on this exciting journey together, transforming your hobby into a flourishing enterprise, one piece of timber at a time.

pool cleaning

Ever dreamt of diving into a business that combines your love for the outdoors, physical activity, and the satisfying sparkle of a job well done? Let's plunge into the exciting world of starting a profitable pool cleaning business, where the water's fine and the profits are even finer!

pest control

Ever squashed a bug and thought, "I could get paid for this"? Well, strap in, bug-busters, because we're about to guide you on a thrilling journey of starting your very own profitable pest control business.

Ever dreamt of trading in your 9-to-5 grind to start your own plumbing business, setting your hours, and pocketing the profits? Grab your wrench and let's dive into the nuts and bolts of turning that dream into a profitable reality, one pipe at a time.

Have you ever dreamed of being your own boss, running a business that's always in demand? Let's dive into the exciting world of HVAC, where you can turn your technical skills into a profitable venture, and we'll show you how to start your own successful HVAC business.

window tinting

Ever thought about turning a simple passion for cars and aesthetics into a lucrative business venture? Dive into this enlightening guide and discover how you can launch a profitable window tinting business, transforming your love for automobiles into a money-making machine.

water restoration

Ever thought about turning water into gold? Well, starting a profitable water restoration business is pretty much the same thing, transforming a simple necessity into a lucrative venture while making a positive impact on your community.

water purification

Imagine turning a simple, life-sustaining element like water into a thriving, profitable business venture. This article will guide you on an exciting journey of launching your own water purification business, transforming clear liquid into clear profits.

water delivery

Ever dreamed of running your own successful business, but not sure where to start? Dive into the lucrative world of water delivery, a business that quenches thirsts and fills pockets, and let us guide you through the journey of turning this dream into a profitable reality.

Are you itching to turn your passion for design into a profitable venture? Let us guide you on an exciting journey of starting your very own wallpaper business, where creativity meets entrepreneurship!

tv mounting

Ever dreamt of being your own boss, turning your knack for tech into a profitable venture? Dive into this article as we unveil the step-by-step guide to launching your own successful TV mounting business, transforming your entrepreneurial dreams into a reality.

Ever thought about turning the art of tinting into a money-making machine? Buckle up, because we're about to take you on a ride through the ins and outs of starting your very own profitable tinting business.

Ever thought about turning your knack for precision and design into a profitable venture? Welcome aboard as we journey through the rewarding process of starting your very own tiling business, transforming ordinary spaces into extraordinary masterpieces.

stump grinding

Ever thought about turning those unsightly tree stumps into a gold mine? Let's dive into the surprisingly lucrative world of stump grinding and discover how you can turn this overlooked service into a profitable business venture.

sewer and drain cleaning

Ever dreamed of being your own boss while solving a problem every household inevitably encounters? Dive into this guide and discover how starting a profitable sewer and drain cleaning business can turn that dream into a rewarding reality.

septic tank

Ever thought about turning waste into wealth? Starting a profitable septic tank business could be your golden ticket, and we're here to guide you through this unique, yet rewarding entrepreneurial journey.

septic pumping

Ever dreamt of diving into a business that's always in demand and can turn a hefty profit? Let's plunge into the nitty-gritty of starting your own successful septic pumping business, an unsung hero of the sanitation world that’s flush with potential.

security installation

Ever dreamt of being your own boss, running a business that not only brings in a solid income but also makes people feel safe and secure? Strap in, because we're about to dive into the exciting world of starting a profitable security installation business, where you'll combine entrepreneurial spirit with the noble mission of protecting homes and businesses.

sealcoating

Ever dreamed of being your own boss, making your own hours, and earning a substantial income? Well, starting a profitable sealcoating business could be your golden ticket to the entrepreneurial lifestyle you've been craving.

roof cleaning