After a year of being stuck at home, with nowhere to go and nowhere to spend their money, it is no wonder that homeowners across the UK have turned to home renovation projects to while away their time.
Many home renovation and DIY retailers have seen their profits boom during the current crisis. Giving birth to the moniker “generation DIY” for millennial homeowners, who have typically spent more buying their properties, and in turn have turned to DIY for their interior renovations.
Nevertheless, there are still home renovation projects that need specialist skills. Kitchen and bathroom fitting, as well as extensions and attic conversions all require knowledge, experience, and skills to complete.
Luckily, for home renovation companies, both new and old, there is still sufficient demand for renovation work from homeowners and property developers to turn a profit. In fact, in today’s market a home renovation business could be very profitable indeed.
There are things you should consider doing to help your business become profitable. We’ve compiled some of our top tips for your business.
Do your research
In a saturated marketplace, it is essential that your business stands out. Do your market research, see who else is out there in your local area and find the gaps in the market where you could position yourself. Good market research and then a strategy is vital to your business.
Secure your financing
Home renovation projects will be paid for by your clients and you will quote them before you start a project. However, it is important that you have business funding for unforeseen costs and to cover materials should your clients be late on paying you for your services at their home.
Invest in the right tools
As a home renovation business, you will need the right tools. Invest in high-quality electric saws and other tools to ensure you can complete the tasks at hand. Insuring your tools is essential too. As the foundation of your business, you will want to ensure they are protected by insurance.
Set your business up to trade
All businesses, whether they are limited companies or self-employed operations need to be registered with HMRC and possibly Companies House. Before you take on any clients and projects, you must be registered to ensure you are compliant with tax laws and regulations. Otherwise you could find yourself in hot water.
Don’t undersell yourself
To turn a profit, you need to charge the appropriate fees for your services. This is not simply charging for materials and labourers; you need to include your services fee. Customers want to know they are employing good people. Underselling your skills can harm your bottom line and your reputation.