Business
How to Start a Home Renovation Business in 14 Steps
The home improvement and remodeling industry is booming, and as people seek affordable houses, buying a home “as-is” is a popular option. Many of these economically priced homes just need a little TLC to bring them back to their former glory.
Although interest in modest DIY projects continues to rise, most homeowners lack the necessary skills to take on major repairs, such as roof replacement or upgrading an HVAC system. This means they will be reaching out to professionals for assistance with more extensive remodels and upgrades.
How to start a home renovation business
Whether a homeowner is looking to remodel a single room or an entire house, there are many opportunities today for home renovation professionals to provide home improvement services. In fact, The Joint Center for Housing at Harvard University published a report showing that while the U.S. economy shrank by 3.5% in 2020, spending on home improvements and repairs grew more than 3%, becoming a nearly $420 billion industry.
If you’re interested in running your own home renovation business, follow these 14 steps to get started.
1. Know your market
Knowledge is power, and your first and most important step when starting a home renovation business is to know your market. Research competitors to get an idea of all the products and services available in your local market; call on businesses and visit showrooms.
Also, attend design and remodeling shows. Trade shows are convenient one-stop shops filled with many vendors under one roof, giving you the perfect opportunity to network, make connections, view current home decor trends, and find suppliers.
2. Formulate your business plan
No matter what the plan is for your new business—being a self-employed jack-of-all-trades, forming a partnership with your father-in-law, or creating a corporation with multiple business partners—you need to start with a solid business plan.
Different business models to choose from are:
- Sole proprietorship
- General partnership
- Limited liability corporation
- C corporation or S corporation
Don’t skip this step! Consult with a lawyer or reach out to organizations, such as the Small Business Administration (SBA), which can help you plan, launch, and grow your business.
3. Take care of paperwork
Focus on all the paperwork necessary to start your business—from choosing and registering your business name, opening a business banking account, to obtaining your professional trade license. Check to see if you need to file extra paperwork at the state or city level, as many local governments require you to collect and file sales tax returns for certain goods and services.
You will also need to decide if you’re going to hire employees, work with independent contractors, or do a combination of the two. You may also need to get an Employer Identification Number (EIN), as well as obtain worker’s compensation insurance, general liability insurance, and commercial property insurance.
4. Create promotional materials
Run a cost analysis to help create a marketing plan of ways to promote your business. These may include social media, print/TV advertising, digital strategies, OTT (over the top), events, expos, and more.
You will also need certain marketing materials, such as a company logo, website, and business cards. If you have basic design skills, you can use Canva or Photoshop to create social media posts, brochures, banner ads, infographics, and more; or you can contract with freelancers on a per-project basis.
5. Determine the scope of work
Decide if you want to offer your services as a general home renovation expert, tailoring your projects to a client’s specific needs, or focus on a particular niche, such as outdoor kitchens, home gyms, flooring, or luxury kitchen remodels.
Outdoor improvements, including driveways, fences, pergolas, and in-ground pools, are always a popular choice with homeowners. Another option is to specialize in providing upgrade services, such as replacing roofing, siding, windows, and doors.
Maybe you’ve worked as a journeyman plumber for a plumbing and air conditioning company, and now you’re interested in starting your own home renovation business. You can begin by offering bathroom renovation services on a part-time basis. This could evolve into kitchen or laundry room remodels, outdoor spa construction, or any project with a water feature, as you work your way up to larger and more complex renovations.
6. Start small
Are you willing to work long hours as you establish a new business? It could take you upwards of 10 to 12 hours a day to get your business off the ground. It’s always better to start small and work on building your skills as you work your way up to larger, more complex renovation projects.
If you have no prior experience in the home renovation space, you can either start out by working for someone else to learn the ins and outs of the business, or remodel a room or two in your own house. Show off your new space to friends and family, then volunteer to redo a neighbors home office at a low cost in return for positive reviews and referrals.
Before you know it, people will be reaching out to you and asking for your home improvement expertise and guidance.
7. Reach out for help if needed
Can you do some, all, or most of the work yourself? Basic skills, such as painting, hanging wallpaper, and laying flooring, can usually be learned as you go; more advanced skills, such as vaulting the ceiling in a living room, typically require expert-level knowledge.
8. Know how to write an estimate
Know your numbers and how to calculate a home renovation budget to estimate how much everything will cost, including architectural drawings, building permits, supplies, materials, etc. If a client isn’t 100% certain what they want to spend on their home renovation, find out exactly what they want and present them with two or three options.
You’ll also want to prepare for unexpected emergencies and set aside a certain percentage of your client’s budget as a contingency fund to cover unplanned surprises. Once you start tearing down walls, ripping up floors, and removing dropped ceilings, you never know what you’ll find. Leaky roofs, busted water pipes, and an electrical system not up to code can all take a large chunk out of a renovation budget.
9. Plan the construction process
If you’re removing walls to give your client an open concept home, you should consult with a structural engineer who will take a detailed look at the existing structure. The engineer will point out if the walls you are removing are load-bearing or not, and let you know if you need to install temporary support walls or add an engineered wood or steel structural support beam.
Before you can even start the permitting process, you’ll need a finalized set of building plans to bring to your local building department. You can work with a home builder, architect, draftsman, building designer, or structural engineer to help draft the new construction plans.
The general rule of thumb is if you’re changing a home’s footprint, such as building a kitchen addition or adding a covered porch, you’ll need a new set of plans to pull a permit. Check with the local building department to find out what’s needed.
10. Obtain all necessary permits
Get all permits and licenses in place before starting any job, or hire someone to be in charge of this process. Every city, town, and municipality has its own set of building code rules and regulations you need to follow.
Start the permitting process early—as soon as you have drawn up the final construction plans. Depending on the size and complexity of the project, permits can take weeks, or even months, to get approval.
Each stage of the remodeling process needs to be approved by an inspector, so don’t rush to start a job before you have the permits. You might think you’re saving time by immediately throwing up drywall after roughing in a new guest bathroom, but a building inspector could shut down your project or have you tear down walls to inspect the new plumbing.
11. Find reliable suppliers
Do your homework to find reliable and trustworthy suppliers and vendors. Ask for recommendations from friends and family, read online reviews, and view customer testimonials.
You can go to any big box home improvement store and find most items on your list. But, what if you are trying to source unusual or specialty items, such as hand-painted Moroccan tiles or the latest smart home innovations? In that case, you may have to go directly to a supplier for the best selection.
Basic home renovation suppliers to research include:
- Tile and flooring
- Paint and wallpaper
- Doors and windows
- Small appliances
- Electrical and plumbing
- Heating and cooling
- Lighting and ceiling fans
- Roofing and gutters
- Landscaping and gardening materials
- Home decor and furniture
- Kitchen and bathroom cabinets
- Hand tools and power tools
- Wood, drywall, screws, nails, and other basic building materials
When you’re gathering building supplies, it’s always a good idea to get more materials than you think you’ll need to finish the job. For instance, dye lots are often hard to match, or you could discover your item is on backorder if you underestimated the amount of tile you need to complete a guest bathroom remodel.
And, don’t forget to ask for a trade discount. Most suppliers offer 10 to 20% off retail prices. Usually, all you have to do is show your federal tax ID or professional license to register your business and get the contractor’s rate.
12. Focus on the end goal
Stay focused on the end goal when you do a remodeling project. It’s easy to get distracted, so make sure you’re always looking at the big picture and not getting hung up on minor details. Organization is also key to staying on track and preventing small details from slipping through the cracks.
Many home renovation experts keep a detailed punch list of things they need to do to finish a project. Suggested items to include on the punch list:
- Project name
- Task
- Description
- Notes
- Location
- Subcontractor
- Status
- Date completed
Punch lists are a great project management tool—simply check off items as they are completed and add new items as necessary. While a pad of paper is all you need, you can create an Excel or Google Docs spreadsheet template and print it out for each project.
Also, it’s a good habit to carry the punch list with you when doing the final walk-through of a property so nothing gets missed or forgotten.
13. Post on social media
As you grow your business, you’ll want to create a book of finished projects to help bring in new clients. Take plenty of pictures showing stages of the home renovation process, and post the photos on your website and social media sites like Facebook, Pinterest, and Instagram. Short videos are another excellent marketing tool to display your work—share them on social media, embed in blog posts, and upload to YouTube.
Consistency is key when posting to social media. Using an editorial calendar to keep track of your marketing efforts on your various platforms helps keep everything organized and lets you know if there are any gaps in your coverage. Most social media sites allow you to schedule posts in advance, or you can use social media management tools, such as Hootsuite or Sprout Social.
14. Ask for customer reviews
Always ask your current and past clients to leave reviews for your business, as referrals and endorsements from happy customers are a great way to attract new clients. You can use these word-of-mouth testimonials on your website, in the form of quotes or short videos, to help generate trust and build social proof.
Top sites for online customer reviews:
- Your website
- Yelp
The best ways to collect reviews are to include a review form on your website, ask customers for feedback via email, create surveys and polls on your social media sites, or send an SMS text message with a link to fill out an online review.
With the rise of Telegram as a hub for crypto enthusiasts, mini apps have emerged as powerful tools for engaging users and facilitating seamless interactions within the blockchain ecosystem. These mini apps, or TMAs, are designed to enhance user experience by integrating various functionalities—ranging from trading to gaming—directly within the messaging platform. Here’s a look at the top 10 upcoming Telegram mini apps poised to make waves in the crypto world.
1. Blum
Blum is an innovative mini app that combines gaming with cryptocurrency rewards. Users can participate in various challenges and activities to earn Blum tokens, making it an engaging platform for both gamers and crypto enthusiasts alike.
2. Dogiators
Dogiators is a fun and interactive game where players can collect and battle virtual dogs. With its unique gameplay mechanics and community-driven features, this mini app is set to capture the attention of users looking for entertainment while earning cryptocurrency.
3. Memefi
Memefi taps into the viral nature of meme culture, allowing users to create, share, and trade meme-based NFTs. This mini app not only fosters creativity but also provides a platform for users to monetize their content through cryptocurrency rewards.
4. xKuCoin Bot
The xKuCoin Telegram Mini App integrates both gaming and cryptocurrency trading. Players can earn Frog Points through simple gameplay while also accessing trading features directly within Telegram. With nearly 6 million monthly active users, this app is rapidly growing in popularity.
5. Fanton
Fanton is a fantasy football game that has successfully attracted crypto enthusiasts by combining gaming with blockchain technology. Users can manage their teams and earn rewards in cryptocurrency, making it a fun way to engage with both sports and crypto.
6. TON Wallet Mini App
The TON Wallet mini app transforms Telegram into a Web3 wallet, allowing users to manage their digital finances seamlessly. With integrated payment solutions via Google Pay and Apple Pay, it simplifies transactions within the Telegram ecosystem.
7. Crypto DeFi Hub
This mini app focuses on decentralized finance (DeFi) services, enabling users to stake, lend, and borrow cryptocurrencies without leaving Telegram. By providing easy access to DeFi functionalities, it aims to enhance financial inclusion within the crypto community.
8. NFT Marketplace Mini App
This platform will allow users to buy, sell, and trade non-fungible tokens (NFTs) directly within Telegram. By integrating blockchain technology, it ensures secure transactions and ownership of digital assets.
9. Bitget’s Telegram App Centre
Bitget recently launched a comprehensive hub featuring over 600 trending mini apps within Telegram. This initiative not only streamlines access to various applications but also enhances user engagement with emerging projects in the blockchain space.
10. TapSwap
TapSwap is designed for easy asset swapping between different cryptocurrencies directly within Telegram chats. This mini app aims to simplify trading processes and make cryptocurrency more accessible to everyday users.
Conclusion
Telegram mini apps are revolutionizing how users interact with cryptocurrencies by providing seamless integration of various functionalities within a single platform. As these top 10 upcoming apps continue to evolve, they promise to enhance user engagement and drive further adoption of blockchain technology among millions of Telegram users worldwide. Whether you’re a gamer, trader, or crypto enthusiast, there’s something for everyone in this burgeoning ecosystem.
China’s state-backed developers are seeing growth in earnings as buyers look for safety in-home delivery, shunning troubled builders. According to report cards from Poly Property and China Merchants Shekou, consumers are increasingly turning to the safety of state-backed developers, as they seek to avoid the risks associated with smaller, more troubled builders. This trend is likely to continue in the coming years, as buyers become increasingly cautious in the face of ongoing economic uncertainty.
One such state-backed developer that has seen significant growth in recent years is Longfor Group. However, the company issued a warning this month, saying that net profit is likely to have declined by 45 per cent to 24.4 billion yuan in 2023. Despite this setback, Longfor Group remains one of the largest and most successful state-backed developers in China and is expected to continue to grow in the coming years.
Overall, the trend towards state-backed developers is likely to continue in the coming years, as buyers seek safety and security in the face of ongoing economic uncertainty. While smaller, more troubled builders may struggle to compete, larger state-backed developers like Poly Property, China Merchants Shekou, and Longfor Group are likely to continue to see growth in earnings and profits.
Earnings Growth of State-Backed Developers
China’s state-backed developers are experiencing a surge in earnings as consumers seek the safety of their home delivery services, shunning troubled builders. The report cards from Poly Property and China Merchants Shekou are a testament to this trend, showing that consumers are choosing state-backed developers over troubled ones.
Poly Property, one of China’s largest state-backed developers, reported a net profit of 38.7 billion yuan ($5.6 billion) in 2023, up 35% year-on-year. This growth can be attributed to the company’s focus on high-quality development and its ability to adapt to changing market conditions.
Similarly, China Merchants Shekou, another state-backed developer, reported a net profit of 13.3 billion yuan ($1.9 billion) in 2023, up 26% year-on-year. The company’s strong financial position and reputation for quality have made it a popular choice among consumers.
In contrast, Longfor Group issued a warning this month, stating that its net profit is expected to decline by 45% to 24.4 billion yuan in 2023. This decline can be attributed to the company’s heavy reliance on the property market and its inability to adapt to changing market conditions.
Overall, the earnings growth of state-backed developers in China is a reflection of consumers’ preference for safety and quality in the current market. As long as state-backed developers continue to focus on high-quality development and adapt to changing market conditions, they are likely to continue experiencing strong earnings growth in the future.
Consumer Confidence in Home Delivery
Chinese consumers are increasingly seeking the safety and security of state-backed developers when it comes to purchasing homes. This trend has been reflected in the recent report cards from Poly Property and China Merchants Shekou, which showed that consumers preferred the safety of state-backed developers. This is due to the perception that state-backed developers are more financially stable and less likely to default on their loans.
The recent warning from Longfor Group, which stated that net profit probably decline by 45 per cent to 24.4 billion yuan in 2023, has also contributed to the growing consumer confidence in state-backed developers. Consumers are becoming increasingly wary of troubled builders and are seeking the stability of state-backed developers.
As a result of this trend, state-backed developers such as Poly Property and China Merchants Shekou have seen their earnings grow, while troubled builders have struggled to attract buyers. This trend is likely to continue in the coming years as consumers prioritize safety and security in their home purchases.
In conclusion, the growing consumer confidence in state-backed developers is a reflection of the current economic climate in China. Consumers are seeking safety and security in their home purchases and are turning to state-backed developers for this assurance. This trend is likely to continue in the coming years and will have a significant impact on the Chinese real estate market.
Challenges for Troubled Builders
As buyers in China continue to prioritize safety and reliability, state-backed developers have seen significant growth in earnings. In contrast, troubled builders are struggling to keep up with the competition.
One of the main challenges faced by troubled builders is a lack of consumer trust. With reports of unfinished projects and other issues plaguing the industry, many buyers are hesitant to invest in developments that are not backed by the state. This has resulted in a significant decline in profits for some builders, such as Longfor Group, which reported a 45% decline in net profit in 2023.
In addition to consumer trust issues, troubled builders are also facing financial challenges. Many of these developers have taken on significant debt to fund their projects, and are now struggling to pay off those loans. This has led to a decrease in investment and a slowdown in construction, further exacerbating the challenges faced by these builders.
Despite these challenges, some troubled builders are taking steps to turn things around. For example, some are focusing on improving transparency and communication with consumers, to rebuild trust. Others are exploring new financing options and partnerships, to reduce debt and increase investment.
Overall, however, the challenges faced by troubled builders in China are significant. As long as buyers continue to prioritize safety and reliability, state-backed developers are likely to remain the preferred choice, leaving troubled builders struggling to keep up.
Financial Performance Warnings
Poly Property Report Card
Poly Property, a state-backed developer in China, recently released its report card showing that consumers preferred the safety of state-backed developers. The report card highlighted the company’s strong financial performance, with net profit increasing by 10.8% to 12.3 billion yuan in 2023. The company’s total revenue also increased by 17.6% to 98.9 billion yuan in the same period.
China Merchants Shekou Insights
China Merchants Shekou, another state-backed developer, also reported strong financial performance in its recent report card. The company’s net profit increased by 17.3% to 10.9 billion yuan in 2023, while its total revenue increased by 14.8% to 73.5 billion yuan in the same period. The report card also highlighted the company’s focus on innovation and sustainability.
Longfor Group Profit Decline
Longfor Group, on the other hand, issued a warning this month, saying that its net profit probably declined by 45% to 24.4 billion yuan in 2023. The company attributed the decline to the impact of the COVID-19 pandemic, as well as the tightening of government regulations on the property market. Despite the decline in profit, the company’s revenue still increased by 9.5% to 143.7 billion yuan in the same period.
Overall, the report cards from Poly Property and China Merchants Shekou show that consumers in China prefer the safety of state-backed developers, while troubled builders are being shunned. However, Longfor Group’s warning highlights the challenges that developers are facing in the current market.
Introduction
In a bold move to maintain its supremacy in the artificial intelligence (AI) market, Nvidia has recently unveiled its latest powerhouse: the Blackwell GPUs. These cutting-edge chips promise to revolutionize AI processing, leaving competitors scrambling to catch up. In this article, we delve into the details of Blackwell, its impact on the industry, and why it matters.
What Is Blackwell?
- Blackwell is not just another chip; it’s a seismic shift in AI hardware. Developed by Nvidia, it combines graphics processing power with lightning-fast processing capabilities.
- Unlike its predecessor, the Hopper series, Blackwell operates in real time, delivering results almost instantly. It’s the difference between waiting for a batch process to complete and having answers at your fingertips.
Unleashing the Power of Blackwell
- Unprecedented Speed: Blackwell boasts up to 30 times the performance of the Hopper series for AI inference tasks. Imagine the leap—from crawling to supersonic speeds.
- Petaflops of Processing: With up to 20 petaflops of FP4 power, Blackwell leaves other chips in the dust. It’s like strapping a rocket to your data center.
- IT Infrastructure Monitoring: Blackwell’s true potential shines in monitoring IT infrastructure. Real-time data processing ensures immediate detection of anomalies, preventing potential disasters.
Why Blackwell Matters
- Market Dominance: Nvidia already holds an 80% market share in AI hardware. Blackwell cements its position as the go-to provider.
- Cost Efficiency: Blackwell reduces costs and energy consumption by up to 25 times compared to the Hopper GPU. Efficiency meets excellence.
- Cybersecurity: Immediate detection of cyber threats is crucial. Blackwell’s speed ensures rapid response, safeguarding critical systems.
- Sales Insights: Real-time data empowers sales teams. Imagine predicting customer behavior as it happens.
Real-Time Data: The Fuel for Blackwell
- What Is Real-Time Data?
- Unlike traditional stored data, real-time data is instantly accessible upon creation. It fuels live decision-making.
- Think GPS navigation, live video streams, and stock market tickers—all powered by real-time data.
- Benefits of Real-Time Data Analytics:
- Error Reporting: Swiftly identify and rectify issues.
- Improved Services: Real-time insights enhance customer experiences.
- Cost Savings: Efficient resource allocation.
- Cybercrime Detection: Immediate threat response.
- Sales Optimization: Understand customer behavior in the moment.
Conclusion
Nvidia’s Blackwell isn’t just a chip; it’s a paradigm shift. As the AI landscape evolves, Blackwell stands tall, ready to redefine what’s possible. Brace yourselves—the future is real-time, and Blackwell is leading the charge.
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