Building a Home Renovation Business, from the Ground Up

The construction industry is a robust one, even in the midst of economic crisis; homes nonetheless need building, and renovations in particular need doing. As such, if you have the skills and an entrepreneurial mindset, starting up a business of your own to take advantage of a high-demand housing market could be the perfect way to build your career. But where should you start?

Determining Your Niche

The first step in building a successful renovation business is determining your speciality. Refining your offering to a specific skillset or niche will enable you to better cater to a specific target demographic, and compete more readily with your industry rivals.

For example, you might have experience as a painter, leaning you towards aesthetic and decorative work. As a one-time structural engineer, you might be well-place to offer extensions and structural repair. Play to your strengths, and your business will be all the stronger.

Legal Registration

In order for your business to operate legally, you will need to register with the government for tax purposes. Here, some more options present themselves. If you are something of a one-man band, the simplest solution may be to register as a sole trader. Sole traders treat all of their profits as personal income, with all profits subject to Income Tax.

If you are working with a partner, you can declare a partnership with the same outcomes as above, only your profits are split. But if you wish to hire staff, or grow your business beyond a certain size, you may want to consider instituting a limited company. Limited companies qualify employees for PAYE, and also separate your personal assets from business assets.

Licensure and Insurance

Naturally, there are many parts of domestic construction and renovation that come with serious health and safety risks. Some disciplines are tightly protected by legislative requirements, meaning you will need to reckon with licensing and qualifications. This is especially true for gas safety and domestic electricity. On top of this, you should also consider insuring your business. There are different types to consider, but public liability can save you the most in the long run.

Building a Network

Before you launch your business proper, you should ensure that you are on the best possible footing. Your work will rely on a network of contacts, from contractors to suppliers and other industry insiders; by managing and building these relationships, you can ensure there are no gaps in your offering.

For example, you may specialise in attic conversions. As such, you will be regularly ordering from a supplier of various conversion-related materials, from tiles to insulation. Without a longstanding, trustworthy relationship, your jobs may be more prone to delays from missed or inadequate deliveries.

Marketing and Launch

All that remains is to launch your enterprise proper. A soft launch is the best way to go, allowing you to build your portfolio properly and gain positive customer testimonials from the off – which you can use to generate new leads with ease.

You will also need a digital presence in order to expand your reach. Social media pages enable you to broadcast your portfolio and testimonials, while uploading your business information to Google ensures you can be found.