Now, when we think of starting a small business or getting into entrepreneurship, most people think of selling online like e-commerce, maybe dabble in dropshipping, build a portfolio, code their application, or innovate a product never before seen. The most common ideas of entrepreneurship and hustle subscribe to technology, and utilizing it to its full extent and reaching far across the world. However, there’s more to business than just products, and there’s still a hungry market for essential services and expertise.
But, today, we’ll be learning about an industry that doesn’t get a lot of attention but has the potential to have a high-profit margin if you’re the first in your locality. And, if you’re the type who enjoys working on large projects, getting to work with your own two hands, and seeing your designs come to life — let us be the first to suggest you start a home renovating business!
Traditional Homes Are in Dire Need of an Uplift
You see, if you’re like the hundreds of millions of people stuck at home and doing everything from the comfort of your bedroom, being tied down must’ve also made you notice that the house needs some fixing up. And, like most people, you’ve decided to get your tools and search up DIY projects you’re capable of completing. But, there lies the problem, you don’t know what you’re doing, and not everyone can afford the luxury to learn.
And, that problem right there is where a home renovating business swoops in to offer a solution. Instead of leaving homeowners to fend for themselves in the arena of renovation, you fight in their stead, ready with streamlined packages and customizable plans. It may sound like a simple business model, but you wouldn’t know until you give it a chance!
#1 Not Everyone Has the Tools nor Expertise
While your average home may be equipped with the basic tools, not every household owns specific woodworking equipment or experience in using them. That’s not considering the people who don’t have a toolbox at all. Plus, purchasing these tools and equipment is not a cheap investment. You’re going to need a good chunk of cash to afford anything advanced.
Can Be Expensive:
Apart from the price of equipment, you also have to consider the space needed to get any work done. Sure, if you’re changing furniture, then you’re fine, but anything well-above that will require a designated workshop. And, without a spacious garage, there’s not much a traditional home can offer.
Risks of Error:
DIY skills can only get you so far, and those who are complete newbies have it even rougher because the risk of error and wasting cash is high. Not everyone has the craftsmanship skill to create custom coffee tables, which means their capabilities limit their options.
#2 Large-Scale Projects Require Extra Elbow Grease
While DIY projects are not limited to small-scale projects, trying to finish a large-scale project by yourself will take an absurd amount of time, and you might even lose motivation before the mid-way point. In fact, even something as simple as installing new roof gutters to prevent water damage is already hard enough by itself, so imagine how a newbie would fair building a backyard patio from scratch?
One-person Teams Don’t Cut It:
Sure, there’s plenty of work to be done and achievable by two hands, but when you get into the big leagues and multi-step projects, lone wolves won’t be able to survive. Especially if you’re moving out debris or operating heavy-duty equipment, a one-person team won’t cut it, and you’ll have to call back-up.
Limited to Small Projects:
Giving your bathroom a facelift and new furniture is great and all, but that’s about the extent of your DIY projects. Most people don’t have the time to invest in renovations alone. They have work and their personal lives outside of fixing the house up, which won’t bode well with their time-management.
#3 Everyone Wants a Beautiful Home
And the last reason on this list is that everyone wants a beautiful home. Whether it’s your friend, neighbor, or someone you’ve yet to know, the thought of owning a beautiful house has come across everyone’s mind and is a dream shared by many. People despise the complex process of getting documents, getting the materials, and drawing up plans. However, deep down, everyone deeply cares about the aesthetics of their surroundings.
Older and more traditional homes sometimes suffer from space inefficiency because times are different, and furniture has also evolved. Apart from that, people have also made the step forward in blending functionality with beauty, evidenced by the growing popularity of sunrooms and luxury greenhouses.
Yes, traditional house designs radiate warmth and coziness, but if that’s the only redeeming factor, then you should realize that a modern fireplace can offer the same warmth! There’s a reason why we should embrace modernity; it’s added property value, it’s aesthetically more pleasing, and puts you in the 21st century.
But You Should Enjoy the Process
As you can see, numerous factors indicate how successful a home renovating business can be. Still, apart from profitability alone, you need to enjoy the process of renovating itself! From there on forward, you can partner up with real estate agents to fix their properties for them and start building leads and connections.