Renovation businesses are always in high demand. From private residences, apartments and small commercial complexes there are always buildings in need of repair and renovation. This can be a lucrative business if a good business plan is developed and followed.
Things You'll Need
- Construction tools
- Pickup truck or cargo van
- Computer, Printer, and Fax
Acquire the tools and equipment of the trade. Buy several hand-held power tools including a circular saw, reciprocating saw, jig saw, router, screw gun and a cordless drill with extra batteries.
Obtain several larger stationary tools that can be transported by trailer, such as a table saw, a miter saw, a potable plainer, sanders, band saw and a tile saw or wet saw.
Augment your equipment with non-power tools. These will include hammers, hand saws, a miter box, screw drivers, chisels, ladders of various heights and various wrenches. A pull trailer will be necessary to carry your equipment. An enclosed pull trailer is recommended.
Buy your supplies from The Home Depot or Lowe's. With a tax identification number and a business name you will qualify to get wholesale prices for the materials you purchase. Both companies have contractor purchase programs. Everything can be purchased in one building.
Visit lumber yards and material wholesalers to find discounts on supplies. Use your tax identification number to buy tools to purchase equipment at wholesale rates through Harbor Freight Tools, a contractors superstore.
Obtain contractor bonding for your business. This is referred to as general liability insurance and protects your company against financial loss. You will need general construction bonding for the renovation services and an additional bond for any roofing business that you will be doing. Purchase workers compensation insurance for any workers that you plan to employ. This can be avoided by using independent subcontractors.
Tips & Warnings
- Develop a website that outlines your services, rates, insurance and bonding and contact information. Advertise in your local builders' supply store, lumberyard and hardware store. Develop a resource of top rated subcontractors. Since all of the work will be conducted under your business name it is essential that the contractors you hire provide a high-quality product. Require that all subcontractors have all of the proper licensing, bonding and insurance.
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