Best Small Business Opportunities 2020

Home Renovations Image Source/skhoward / Getty Images 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. If construction is in your blood and you think you would enjoy making clients’ home renovation […]

Home Renovations

Image Source/skhoward / Getty Images

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. 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?

According to HomeAdvisor’s 2018 State of Home Spending Report, homeowners spend an average of $7,560 per year on home improvements. That’s a lot of business for carpenters, painters, electricians, plumbers, 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.

Remodeling contractors provide services as individuals, general, or subcontractors. They can also specialize 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
  • Up-to-date knowledge of the local building codes and safety regulations
  • Licensing and certification (if required in your jurisdiction)
  • Good organizational skills

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