Starting a Home Renovation Business
If you want to start a home renovation business, you need contractor’s license, business license, and insurance tools.
Your experience as a handyman or in the construction industry can guide you in this type of business. Decide on the business structure, apply for a license, buy equipment, and hire people.
Home Renovation Business
If you love to do some home projects, starting a home renovation business can be a great idea to earn some great profits. Among the things you need are contractor’s license, business license, and insurance tools. Your experience as a handyman or in the construction industry can guide you in this type of business. You need to be aware that it pays to run a legitimate business and so applying in advance for the license is a good move. As you can see, the license is not released at once. You will need to wait for a couple of weeks to months for the license to be approved.
Decide on the business structure. You can have a sole proprietorship business, partnership, or corporation. At this point, you should consult with an experienced lawyer and accountant. The structure of the business can have tax implications, so an accountant with a background in construction can be of valuable help. For the day to day financials, you can rely on accounting software to take care of the billing tasks and other accounting matters. There are plenty of software programs to choose from and you will need to pick the one that is not very complex.
Licenses, Insurance, and Equipment
The name of the license may vary among states but in most cases, it is called a contractor’s or general license. Visit the Secretary of State and determine the examination or licensing requirements. You should be familiar with the building codes on your state and relevant experience in the industry can put you at an advantage. The business license is different from this license and you need both to operate your new business with ease. Customers are easily attracted to companies or businesses that are legal.
You also need to secure a general liability insurance policy because this protects you from accidental death, property damage, personal injury, and material theft. If you hire over three employees, you also need to apply for a worker’s compensation insurance. You can compare the quotes from different insurance providers to find the most ideal policies. There are many equipment and tools that you should have like saws, nailer, stapler, router, palm sander, cordless drills, different hoses, extension cords, ladders, levers, and many others. You will also need a van or a truck especially if you’re already handling projects in far away areas. Place you ads in local newspapers and magazines. Send out flyers and business cards as well to promote your new business. With proper advertising and promotions, you can succeed in this industry.
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