Do you want your experience as a handy man or homebuilder to generate good profit? Aim for large-scale projects and start your own renovation or Homebuilding Company. Make sure you have the complete tools, proper licenses, and insurance. Once you get all your legal requirements, you can start doing the hardest part of starting your own renovation business: finding clients. Here are some useful tips that will help you get started:
First, decide what kind of ownership structure your company will have. You can choose if you want sole proprietorship, LLC, S or C-corp. Hire a lawyer specializing in construction law. Find one through your local homebuilder's association. Hire an accountant who can provide guidance on tax implications of each type of ownership structure. Get an accountant who is familiar with the construction industry.
Invest in the proper tools. Buy bookkeeping software and learn how to use it. This will simplify all your accounting, estimating, and billing processes. Make sure to keep all your information in one place and reduce the changes of accounting or clerical errors. Quickbooks put out a Premiere Contractors Edition that is standard issue stuff for start-ups. You will find many good options like CHS, Timberline, and UDA Construction Suite. You can ask your structural engineering consultants about this.
Head over to your municipality and buy a business license where you will set up your office. This applies even if you are planning to have your office at home. Construction companies like yourself will have your own separate classification and fee structure. You can expect to pay a little more than a local retail store. Make sure you have a general liability insurance policy. This will protect you in case of tool and material theft. This will also secure you in case of personal injury of non-employees, and property damage or accidental deaths when on the job. You may also need a workers compensation policy if you plan to have many employees. This policy will cover injuries of your employees. Non-employees will have to depend on the general liability insurance. Look around and compare prices.
Get your power tools. For home renovation companies, this will cover any tool currently available in home improvement centres. Some items include mitre saws, portable table saws, finish nailers, air compressors; framing nailers, finish staplers, siding nailers, routers, roofing nailers, palm and belt sanders, and corded or cordless drills. You may also need different kind of saws like the circular, jig, and reciprocating saw. Levels, ladders, hand tools, and extension cords are important an also a truck or van bearing your logo. You may also need a tool trailer to keep everything organized on the job site.
Look for clients and use your creativity to find them. Local magazines and newspapers are great places to start. Hand out business cards. Do this until your business expands. As soon as it does, hire an SEO company to handle your business site. This is one good way to get more clients. Network with your friends and anyone you meet and let them know what you do.
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