The Best Small Businesses Opportunities for 2018

5.Home Renovations

If construction is in your blood and you think you would enjoy making clients’ home renovation dreams come true why not turn it into a business?

Ask almost anyone who is needs repairs or renovations done on their home (or business) – remodeling contractors are hard to find and the good ones are always busy. Home renovation is one business that always seems to do well, even in uncertain economic times.

Statistics show that the average home owner in the U.S. spends approximately $3000 per year on home improvements – generating a lot of business for carpenters, painters, drywallers, roofers, tilers, and other tradespeople.

The home renovations business is ideally suited to self-employed individuals for a number of reasons:

  • Most renovations are performed on a contract basis
  • Startup capital investment for tools and machinery is typically much less than required for new construction
  • Business premises are not required as the work is performed at the customer location, making remodeling a perfect home-based businesses

Remodeling contractors provide services in a number of different ways:

  • As individuals, where the contractor performs most or all of the work themselves
  • As general contractors, who hire and supervise employees or subcontractor who perform the work
  • As specialists in a particular area, such as bathroom or kitchen renovations, or niches such as restoring historic structures, improving energy efficiency, or solar installations

To be a successful renovation contractor you should have:

  • Extensive experience in building construction, with hands-on expertise in at least one of the trades and knowledge of the others
  • Good contacts within the industry, so if needed you can call in sub-contractors to get specialty work performed in a timely fashion (such as architects, structural engineers, licensed electricians, plumbers, tilers, etc.)
  • Up-to-date knowledge of the local building codes and safety regulations
  • Licensing and certification if required in your jurisdiction. In the U.S., the National Association of the Remodeling Industry offers various levels of certification for remodellers.
  • Good organizational skills