renovation business plan examples

Remodeling Business Plan Template

Written by Dave Lavinsky

Remodeling Business Plan

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their remodeling businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your remodeling business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start a Remodeling business, or grow your business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your remodeling business in order to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Remodeling Businesses

With regards to funding, the main sources of funding for a remodeling business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for remodeling businesses.

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How to write a business plan for a remodeling company.

If you want to start a remodeling business or expand your current one, you need a business plan. Below we describe what should be included in each section of a business plan for your remodeling company:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of remodeling business you are operating and the status. For example, are you a startup, do you want to grow your business, or are you operating remodeling businesses in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the remodeling industry. Discuss the type of remodeling business you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of remodeling company you are operating.

For example, you might operate one of the following types of remodeling businesses:

• Residential Remodeling : this type of remodeling business focuses on renovations strictly for home-based projects, such as kitchens and bathrooms.
• Design-Build and Whole House Remodeling: this type of remodeling are residential general contractors that are responsible for the architecture, design, and construction management of major home remodeling projects.
• Restoration: Restoration contractors specialize in working with insurance companies, and focus specifically on fire, wind, or water damage to restore the home to its original condition before the occurrence.

In addition to explaining the type of remodeling company you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of projects completed, number of positive reviews, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the Remodeling industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the remodeling industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your remodeling company business plan:

• How big is the remodeling industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your remodeling company? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: homeowners looking to add on or update their home, those who have suffered a recent weather damage occurrence, and new homeowners who have purchased an older home that is in need of updates.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of remodeling company you operate. Clearly, homeowners would respond to different marketing promotions than help those affected by weather-related incidents, for example.

Try to break out your target market in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.

Psychographic profiles explain the wants and needs of your target market. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other remodeling businesses. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes new home builders and large construction general contractors. You need to mention such competition as well.

With regards to direct competition, you want to describe the other remodeling businesses with which you compete. Most likely, your direct competitors will be remodeling businesses located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What type of remodeling businesses are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide shorter project times?
• Will you provide services that your competitors don’t offer?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a remodeling company, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of remodeling company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to temodeling, will you provide call design and architecture, project management, and any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your remodeling company. Document your location and mention how the location will impact your success. For example, is your remodeling business located in a high traffic area, a business district, a standalone office, etc. Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your Remodeling marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Advertising in local papers and magazines
• Reaching out to websites 
• Social media marketing
• Local radio advertising

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your remodeling business, including offering free remodeling quotes, sourcing materials and labor, organizing subcontractors, client communication, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to land your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your remodeling business to a new city.  

Management Team

To demonstrate your remodeling business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your team members have direct experience in managing remodelings. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your management team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a remodeling businesses or successfully running a construction company.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you take on one new client at a time or multiple new clients ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your Remodeling business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing your business:

• Cost of contracting licenses and permitting.
• Cost of equipment and supplies.
• Payroll or salaries paid to staff and subcontractors .
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include past remodeling projects or project quotes of client projects you are working on.  

Putting together a business plan for your remodeling business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the remodeling industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful remodeling business.  

Remodeling Business Plan FAQs

What is the easiest way to complete my remodeling business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Remodeling Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of remodeling business you are operating and the status; for example, are you a startup, do you have a remodeling business that you would like to grow, or are you operating a chain of remodeling businesses?

Don’t you wish there was a faster, easier way to finish your Remodeling business plan?

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Other Helpful Business Plan Articles & Templates

Remodeling Business Plan Template

Written by Dave Lavinsky

Remodeling Business Plan

You’ve come to the right place to create your Remodeling business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Remodeling companies.

Below is a template to help you create each section of your Remodeling business plan.

Executive Summary

Business overview.

Eternity Remodeling and Renovations is a new residential remodeling business located in Sacramento, California. We can remodel any part of a home, including bathrooms, kitchens, interiors, and exteriors. We also provide services to update homes so that homeowners can age in place safely. Eternity Remodeling and Renovations strives to be the best remodeling business in the area, focusing on customer service and maintaining long-term relationships.

At Eternity Remodeling and Renovations, we believe that every customer deserves to live in their dream home. Our expert contractors will work with customers to design and create the perfect spaces that will make their current home their dream home. With 20 years of experience, we can take on any remodeling project and create any space that our customers desire.

Eternity Remodeling and Renovations is led by Luke Johansson, who has been a contractor for 20 years. Throughout this career, he has overseen a variety of remodeling projects and worked for hundreds of customers. He initially worked for local competitors but branched out on his own a few years ago. After being self-employed for a few years, Luke is ready to officially incorporate his business and hire several other contractors who can help expand the business and clientele. His experience, education, and initial list of loyal clients will ensure that Eternity Remodeling and Renovations is a success.

Product Offering

Eternity Remodeling and Renovations offers a variety of residential remodeling services. Some of these services include:

• Kitchen and cabinetry remodeling
• Bathroom remodeling
• Interior remodeling
• Roof remodeling
• Exterior remodeling
• Whole house remodeling
• Aging-in-place remodeling

Customer Focus

Eternity Remodeling and Renovations will primarily serve homeowners, home buyers, and landlords in Sacramento, California. The Sacramento area has a booming population, with millions of people who own their own home. Sacramento also has a large population of middle and upper class residents who have the disposable income to invest in remodeling services. Therefore, we have a large target demographic to work with and are assured to be successful in this industry.

Management Team

Eternity Remodeling and Renovations is led by Luke Johansson, who has been a contractor for 20 years. Throughout this career, he has worked on and overseen a variety of remodeling projects for hundreds of customers. He initially worked for local competitors but branched out on his own a few years ago. After being self-employed for a few years, Luke is ready to officially incorporate his business and hire several other contractors and employees who can help expand the business and clientele.

Luke has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.). He also already has a starting customer base to provide revenue for the company. The combination of his education, skills, experience, and loyal clientbase will ensure that Eternity Remodeling and Renovations is a success.

Success Factors

Eternity Remodeling and Renovations will be able to achieve success by offering the following competitive advantages:

• Customer-Focus: Eternity Remodeling and Renovations’ contractors provide the highest quality customer service focused on transparency, communication, and responsiveness throughout the process, from the initial inquiry to the follow-up once the project is completed.
• Management: Luke Johansson has been extremely successful working in the remodeling industry and will be able to use his previous experience to help clients with whatever they need. His unique qualifications will serve customers in a much more sophisticated manner than many of Eternity Remodeling and Renovations’ competitors.
• Relationships: Having lived and worked in the community for decades, Luke knows many of the local residents and has already established a loyal clientele from his years as a solo contractor. These relationships will provide the company’s initial clientele and help our business through word-of-mouth marketing.

Financial Highlights

Eternity Remodeling and Renovations is currently seeking $550,000 to launch. The capital will be used for funding capital expenditures, salaries, marketing expenses, and working capital. Specifically, these funds will be used as follows:

• Store design/build: $150,000
• Vehicle purchase and maintenance: $100,000
• Equipment and initial supplies: $150,000
• Three months of overhead expenses (payroll, rent, utilities): $100,000
• Marketing costs: $30,000
• Working capital: $25,000

The following graph below outlines the pro forma financial projections for Eternity Remodeling and Renovations.

Company Overview

Who is eternity remodeling and renovations.

  At Eternity Remodeling and Renovations, we believe that every customer deserves to live in their dream home. Our expert contractors will work with customers to design and create the perfect spaces that will make their current home their dream home. With 20 years of experience, we can take on any remodeling project and create any space that our customers desire.

Eternity Remodeling and Renovations’ History

Luke Johansson recently began researching what it would take to incorporate his business and expand his client base. He has analyzed the costs, market, demographics, and local competition. Luke has compiled enough information to develop his business plan in order to approach investors.

Once his research was complete, Luke incorporated Eternity Remodeling and Renovations on May 1st, 2023 as an S-Corporation. The business is currently being run out of Luke’s home, but once the lease on Eternity Remodeling and Renovations’ office location is finalized, all operations will be run from there. He currently uses his personal vehicle to drive to clients’ homes but will purchase a vehicle that will be used specifically for the business.

Since incorporation, the company has achieved the following milestones:

• Found a commercial space and signed a Letter of Intent to lease it.
• Developed the company’s name, logo, and website.
• Planned the suite of services to be offered.
• Determined equipment, supplies, and materials needed.
• Begun recruiting key employees

Eternity Remodeling and Renovations’ Services

Industry analysis.

No home is perfect. Many homeowners find that they need to make updates or changes to their homes at some point in their ownership. These projects can either be purely aesthetic or improve the functionality of the home (such as for those wishing to age safely in place). Common remodeling projects include repairing broken structures and fixtures, improving the aesthetics, adding more space, and improving the safety of the structure. Since many of these projects can be extensive, homeowners depend on professionals to get the job done. Therefore, contractors and remodeling businesses will always be in demand as long as people own their own homes.

According to research, the home remodeling market is currently valued at $852 billion and is expected to grow at a compound annual growth rate of 4.3% over the next five years. This growth rate shows that remodeling services are still needed and the industry will continue to grow and expand. Though the remodeling industry suffered losses during the pandemic years, the current project growth rate shows that people are ready to spend money on extensive remodeling projects again. Therefore, now is a great time to start a new remodeling business.

Customer Analysis

Demographic profile of target market.

Eternity Remodeling and Renovations will serve the community residents of Sacramento, California and its surrounding areas.

The area we service is suburban, with 50% owning homes. This means a sizable portion of the local population will require our services at some point.

A demographic profile of the Sacramento area is as follows:

Customer Segmentation

Eternity Remodeling and Renovations will primarily target the following customer profiles:

Competitive Analysis

Direct and indirect competitors.

Eternity Remodeling and Renovations will face competition from other companies with similar business profiles. A description of each competitor company is below.

Mountainside Remodeling Services

Established in 1979, Mountainside Remodeling Services has been a popular local commercial remodeling business. They help offices and other establishments update their spaces to improve their office environment. Many businesses have sworn by Mountainside’s services, and the company’s reputation has skyrocketed simply through word-of-mouth marketing.

Though Mountainside Remodeling Services will continue to thrive, the company primarily works with local businesses and, therefore, will be a minor competitor for Eternity Remodeling and Renovations.

John’s Remodeling Inc.

John’s Remodeling Inc. has been a profitable small remodeling business for over a decade. This small business helps with a variety of residential remodel services, including remodeling bathrooms, kitchens, and exteriors. John’s small team has gained a great reputation for their friendly customer service and the professional quality of their work.

Though John’s Remodeling Inc. has gained a positive reputation, its scope of work remains small, even after a decade. They can only help with small projects and generally don’t sign up for larger-scale services. As Eternity Remodeling and Renovations grows, we will take on larger projects and aim to be the primary remodeling company that the residents of Sacramento, California can rely on.

Carpentry And More LLC

Established in 2005, Carpentry And More LLC set out to be the best local business for all carpentry-related needs. Customers can expect high-quality carpentry work paired with excellent customer service. Carpentry and More’s most popular services include deck and fence installation, remodeling, and door replacement.

Though Carpentry And More offers a variety of services, they primarily focus on and make revenue from their carpentry services. Therefore, they are a minor competitor when it comes to remodeling projects.

Competitive Advantage

Eternity Remodeling and Renovations will be able to offer the following advantages over their competition:

Marketing Plan

Brand & value proposition.

Eternity Remodeling and Renovations will offer the unique value proposition to its clientele:

• Client-focused remodeling services, where the company’s interests are aligned with the customer.
• Service built on long-term relationships and personal attention.
• Professional industrial experience in a small business setting.

Promotions Strategy

The promotions strategy for Eternity Remodeling and Renovations is as follows:

Social Media Marketing

Social media is one of the most cost-effective and practical marketing methods for improving brand visibility. Eternity Remodeling and Renovations will use social media to develop engaging content in terms of sharing renovation and remodeling ideas and posting customer reviews that will increase audience awareness and loyalty.

Word of Mouth Marketing

Eternity Remodeling and Renovations will encourage word-of-mouth marketing from loyal and satisfied clients. The company will use recommendations and word-of-mouth marketing to grow the customer base through the network of its existing customers.

Website/SEO

Eternity Remodeling and Renovations will invest in developing a professional website that displays all of the services offered by the company. It will also invest in SEO so that the company’s website will appear at the top of search engine results.

Advertisement

Advertisements in print publications like newspapers, magazines, etc., are an excellent way for businesses to connect with their audience. Eternity Remodeling and Renovations will advertise its company offerings in popular magazines and news dailies. Obtaining relevant placements in industry magazines and journals will also help in increasing brand visibility.

Eternity Remodeling and Renovations’ pricing will be estimated on a project basis drawing on Luke Johansson’s deep expertise in remodeling services. The pricing will be determined by the materials needed and the amount of labor required to complete the job. Pricing will be moderate and less expensive than our competitors, but more expensive than lower-quality, efficiency-driven remodeling businesses.

Operations Plan

Operation Functions: The following will be the operations plan for Eternity Remodeling and Renovations.

• Luke Johansson will be the owner of Eternity Remodeling and Renovations. He will oversee the general operations of the company and manage the staff. He will also conduct all work on the remodeling and renovation projects for his clients until he can hire several more contractors to keep up with demand.
• Luke will hire an Administrative Assistant to help him with all the administrative tasks.
• Luke will also hire a Marketing Manager to manage all of the marketing and advertising functions.
• As the business grows, Luke will hire other contractors to keep up with client demand.

Milestones:

Eternity Remodeling and Renovations will have the following milestones complete in the next six months.

• 06/202X – Finalize lease agreement
• 07/202X – Design and build out Eternity Remodeling and Renovations
• 08/202X – Hire and train initial staff
• 09/202X – Kickoff of promotional campaign
• 10/202X – Launch Eternity Remodeling and Renovations
• 11/202X – Reach break-even

Financial Plan

Key revenue & costs.

Eternity Remodeling and Renovations’ revenue will primarily come from charging homeowners for completed remodeling services. Pricing will be determined by the services required, materials and tools needed, and scope of the project.

The main cost drivers for Eternity Remodeling and Renovations will be labor expenses, materials and equipment, marketing, and the lease for the office space.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Year 4: 100
• Year 5: 130
• Annual lease: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, remodeling business plan faqs, what is a remodeling business plan.

A remodeling business plan is a plan to start and/or grow your remodeling business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Remodeling business plan using our Remodeling Business Plan Template here .

What are the Main Types of Remodeling Businesses?

There are a number of different kinds of remodeling businesses , some examples include: Residential Remodeling, Design-Build and Whole House Remodeling, and Restoration.

How Do You Get Funding for Your Remodeling Business Plan?

Remodeling businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Remodeling Business?

Starting a remodeling business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Remodeling Business Plan - The first step in starting a business is to create a detailed remodeling business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your remodeling business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your remodeling business is in compliance with local laws.

3. Register Your Remodeling Business - Once you have chosen a legal structure, the next step is to register your remodeling business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your remodeling business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Remodeling Equipment & Supplies - In order to start your remodeling business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your remodeling business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

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Remodeling Business Plan Template

DEC.21, 2020

Remodeling business plan for starting your own building company

Whether it’s about increasing one’s property value or boosting one’s lifestyle, remodeling is the way to go. Remodeling is a type of business that can be started with simple services at the residential level. And can be expanded to performing complicated renovations needed by commercial buildings and businesses.

No matter how large or how small your startup is, you would have to create a remodeling business plan for remodeling. Creating a comprehensive business plan before you open a remodeling business will help you in:

• Recognizing the latest trends
• Acquiring the right expertise
• Avoiding troublesome situations
• Efficiently manage finances

To help you in creating a business plan that covers all the essential aspects, we’re providing a sample business plan of a startup ‘Model-It Solutions’.

Executive Summary

2.1 the business.

Model-It Solutions will be a registered, licensed, and insured remodeling business startup based in Buffalo, New York. The business will comprise expert contractors, architects, and engineers to enhance the aesthetic and comfort level of residential as well as commercial structures.

Simply put, we build what you dream!

2.2 Management of Remodeling business

As a business owner, you can’t rest after setting up a remodeling company. You have to be proactive in organizing and analyzing various business operations. In the case of a remodeling business, you need efficient management to complete given projects in time. To make sure that clients get the work done according to their expectations, you have to properly manage communication, finances, and resources among various channels.

2.3 Customers of Remodeling business

Exploring who are going to be your customers is extremely important. Before you search for how to start a remodeling company, you should identify your customers.

The target customers of Model-It Solutions will be the homeowners, construction firms , contractors, and government agencies. To turn them into our potential customers, we will be taking effective steps.

2.4 Business Target

Our major targets are:

• To maintain a customer return rate of 20% throughout our service years
• To maintain a CSAT score of above 85%

Company Summary

3.1 company owner.

Anna Huston will be the owner of Model-It Solutions. Anna is an MBA. After completing her education at Stanford University, she started working in Skanska.

But 5 years into the service, she decided to start a remodeling business of her own.

3.2 Why the remodeling business is being started

Anna always remained a woman of creative ideas. After serving in a multinational firm, she decided to move to her hometown and serve people with her talent. She realized that the remodeling business has never-ending scope in the years to come as people keep thinking of bringing improvement to their property.

3.3 How the remodeling business will be started

Step1: Plan your business

As the first step, Anna studied various business plan examples for remodeling company to make a business plan for remodeling. From analyzing the market shares to creating a financial plan, Anna put everything on her business plan.

Through this remodeling business plan sample you can study the business’ requirements, balance sheets, personnel plan, and other aspects of Model-It Solutions.

Step2: Define your brand

The second step after creating a remodeling business plan is to get your business registered. You will have to acquire the required licenses and permits. Moreover, this is the time when you have to physically establish your business office.

Step3: Hire the staff

The third step is to conduct interviews and tests to hire the most competent employees.

Step4: Get ready to promote & market

The next step is to promote your services and competitive aspects to reach your target customers. This step also involves the strategy you will adopt to gain and retain your client base.

Step5: Establish a web presence

In this age, people use Google to find the right service provider whenever they need any service. Therefore, it has become essential that you establish a strong social media and web presence.

Anna decided to hire a professional IT expert to create a website for Model-It Solutions. The website will also enable users to make online bookings. Moreover, the website will also keep a record of repeat customers so that Anna could evaluate her business performance time-to-time.

Our startup expenses including costs of all the things we could need for the startup are given below:

Before exploring how to start your own remodeling business, you should decide your services. Deciding your services even before the launch can help you in identifying the ways through which you can facilitate your customers.

To give you a notion of services you can provide as a remodeling firm, we are enlisting the services provided by Model-It Solutions in this remodeling business plan template.

• Full House Remodeling: Our primary service will be to do the whole house remodeling. In this, we will work to redesign an old building to fulfill modern needs such as increasing the living space or making the interior/ exterior more appealing.

Depending on the clients’ needs we will remodel their kitchen, laundry, bath, deck, and more. We also install sidings, flooring, new windows and doors, cabinets, and whatever else our customers would need.

• Handyman Remodeling: This service will include doing minor changes in homes such as installing a modern lighting system, carpeting, painting the walls and cabinets, installing wallpapers, and doing small repairs.
• Historic Home Remodeling: Our third service will be to remodel historic and significant architectural buildings without affecting their historic aspects.
• Individual Structural Re-design: We will offer the services of adding/ removing the bathroom, room, kitchen, and laundry, installing a staircase, modern roofing, etc.

Marketing Analysis of Remodeling Business

Marketing analysis is an important part of a remodeling contractor’s business plan as it enables the business owner to keep pace with the demands of their customers. Through efficient marketing analysis, you can recognize remodeling domains that have high demand. Moreover, this part also gives you a clear idea of your customers before you open a remodeling business.

5.1 Market Trends

According to a report by IBISWorld, remodeling businesses have seen a growth rate of 1.7% in the past five years. More than 455 thousand remodeling companies are operating throughout the United States. The market size, according to the same outlet, is reported to be $97 billion.

The market stats are quite satisfying and the growth rate also indicates that there is still room for other startups to join the venture. If you want to ensure that you get customers from the very beginning of your startup, you should study the market trends of individual locations. That will help you locate an area where competition is low and people who need remodeling service are greater in number.

5.2 Marketing Segmentation

Identifying your customers before investigating how to write a business plan for remodeling is necessary. Dividing the wide populations into distinct groups can help you in recognizing their demands. And thus enabling you to plan ways to fulfill their expectations.

The groups that were identified by Model-It Solutions as potential customers are given below:

5.2.1 Real Estate Owners: Our primary customers will be the people who own any sort of building. They can need our services in two cases:

• They want to enhance the interior design / exterior for themselves.
• They want to remodel the property to increase its value so that it could be sold at a greater price.

In any of the cases, we’ll go to all extents to make sure they are happy and satisfied with our remodeling services. For them, we’ll provide full property remodeling services as well as individual services like installing new cabinets and remodeling the kitchen, etc.

5.2.2 Contractors & Construction Companies: The second group of our target customers will include contractors and construction companies. They will need our services whenever they get some project or even when they are building some structure from scratch.

5.2.3 Government Agencies : Our third category comprises government agencies who will be needing us to remodel structures of historic, artistic, and cultural importance – in a way that their integrity and historic aspects are maintained.

The detailed market analysis of our potential customers is given in the following table:

5.3 Business Target

Anna set her business financial and other goals before starting a remodeling company. She realized that by doing so, she would be able to provide a direction to her resources and talent.

The business targets of Model-It Solutions are

• To earn a net profit of $24k per month by the end of the first year
• To lower the costs of our operations by 5% by the end of the 3 years by improving our techniques and methods

5.4 Product Pricing

The prices of our services will be lesser than those of our competitors. It is because we want to capture as many customers as possible in the initial phases of our startup.

Marketing Strategy

A remodeling business plan is incomplete unless you include in it, the ways to capture the attention of your target audience. In this marketing plan for remodeling business we are enlisting the exclusive sales strategy plan of Model-It Solutions.

6.1 Competitive Analysis

Anna realized that hundreds of remodeling firms are already operating in Buffalo. Therefore, she decided to come up with distinct features to outperform her business rivals.

The competitive aspects of Model-It Solutions are:

• We are highly client-oriented. We will always be willing to amend the remodeling designs as per our clients’ wants and needs.
• Our workers are highly skilled and highly collaborative.
• We provide online booking and payment facilities to our customers.
• Our repeat customers will be offered several discounts.
• Our prices are lower than our competitors, so you can easily try our services for a minor/ major task.

6.2 Sales Strategy

To get introduced to our target customers, we will:

• Advertise our startup through local newspapers, Google Local ads service, and social media
• Keep our prices lower than our competitors
• Establish a strong web presence using SEO techniques
• Provide a 25% discount to our repeat customers on every second visit

6.3 Sales Yearly

6.4 Sales Monthly

6.5 Sales Forecast

Personnel plan

While writing a business plan for remodeling, you should also define your employees, their job responsibilities, and requirements. It will enable you to judge the applicants on a definite criterion when you are going through the hiring phase.

7.1 Company Staff

Anna will manage the business herself. However, she’ll hire the following staff:

• 1 Co-Manager
• 1 Architect to design/ remodel complicated projects
• 2 Contractors to implement remodeling designs
• 5 Field Workers to work as laborers
• 1 Accountant to maintain financial records
• 1 Technician to maintain the machinery
• 1 IT Expert to manage the company’s website, online record, and social sites
• 1 Driver to provide transportation

7.2 Average Salary of Employees

Financial plan.

In the last part of your business plan, you should analyze your estimated cash flows. Before you make a remodeling business plan, you should have a clear idea of how much amount you intend to spend on which aspect of your business. Moreover, you should also have a plan to achieve your business goals by optimizing your profits.

In this business plan sample, you can explore the financial projections, break-even analysis, business ratios, gross margins, and other financial estimations done by Model-It Solutions to gauge its progress and business value.

However, while you go through this financial plan, remember, its projections are based on the assumption that there will be no major recession in the coming 5 years.

8.1 Important Assumptions

8.2 brake-even analysis.

8.3 Projected Profit and Loss

8.3.1 profit monthly.

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

8.5 Projected Balance Sheet

8.6 business ratios.

Download Remodeling Business Plan Template in pdf

OGS capital professional writers specialized also in themes such as engineering consulting , HVAC business plan, real estate flipping business plan ,  architecture firm business plan etc.

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Here is a free business plan sample for a home renovation company.

Embarking on a home renovation business can be an exciting venture, but knowing where to start can be overwhelming.

In the content that follows, we will present you with a comprehensive sample business plan tailored for a home renovation company.

As any seasoned entrepreneur will tell you, a detailed business plan is crucial for laying the foundation of a successful business. It serves as a roadmap, guiding you through setting clear objectives, strategies, and financial projections.

To jumpstart your planning process with ease and precision, you're invited to utilize our home renovation business plan template. Additionally, our team is available to provide a free review and refinement of your plan to ensure it's polished and professional.

How to draft a great business plan for your home renovation company?

A good business plan for a home renovation business must be tailored to the unique aspects of the renovation industry.

Initially, it's crucial to provide a comprehensive overview of the home renovation market. This should include current statistics and an analysis of emerging trends, similar to what we've outlined in our home renovation business plan template .

Your business plan should articulate your vision clearly. Define your target market (homeowners, real estate investors, property managers, etc.), and establish your business's unique selling proposition (eco-friendly renovations, luxury upgrades, budget-friendly remodels, etc.).

Market analysis is a key component. You need to understand the local demand for renovation services, identify your competitors, and know the preferences and behaviors of potential clients.

For a home renovation business, it's important to detail the services you offer. Whether it's kitchen and bathroom remodels, whole-house renovations, or specialized services like historic restorations, explain how these services cater to the needs of your clientele.

The operational plan should outline the logistics of your business. This includes the location of your headquarters, the structure of your project management, sourcing of materials, and the details of your service delivery process.

Emphasize the quality of workmanship, the reliability of your subcontractors, and adherence to building codes and safety standards.

Discuss your marketing and sales strategies. How will you generate leads and maintain a steady stream of projects? Consider advertising methods, customer referral programs, and strategies for upselling services.

Incorporating digital strategies, such as a professional website, online portfolio, and social media engagement, is increasingly important for reaching today's homeowners.

The financial section is vital. It should include your startup costs, revenue projections, operating expenses, and the point at which you expect to break even.

Home renovation projects can vary greatly in size and profitability, so it's essential to have a detailed financial plan. You can refer to our financial forecast for a home renovation business for guidance.

Compared to other business plans, a home renovation plan must address specific challenges such as project management, regulatory compliance, and the potential for unforeseen issues during renovations.

A well-crafted business plan will not only help you define your strategy and approach but also prove invaluable when seeking investment or loans.

Lenders and investors will look for a thorough market analysis, realistic financial projections, and a clear plan for managing renovation projects effectively.

By presenting a comprehensive and substantiated business plan, you showcase your professionalism and dedication to the success of your home renovation business.

To streamline the process and ensure you cover all necessary elements, you can start with our home renovation business plan template .

A free example of business plan for a home renovation company

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for a home renovation .

Here, we will follow the same structure as in our business plan template.

Market Opportunity

Market analysis and projections.

The home renovation industry is a robust and ever-evolving market with significant growth potential.

Recent studies have shown that the global home improvement sector is projected to reach a value of over $1,000 billion by the next few years. This growth is driven by a rising trend in home ownership and the increasing interest in personalizing living spaces.

In the United States, there are over 500,000 businesses operating in the home renovation industry, generating an annual revenue of approximately $450 billion. This underscores the critical role home renovation services play in the American economy and the housing market.

These statistics highlight the vast opportunities available for businesses within the home renovation sector.

Industry Trends

The home renovation market is witnessing several key trends that are shaping the future of the industry.

Smart home technology integration is becoming increasingly popular, with homeowners looking to enhance convenience and energy efficiency through automated systems and intelligent devices.

Eco-friendly and sustainable home improvements are also on the rise, as consumers become more environmentally conscious and seek out green materials and renewable energy solutions.

There is a growing demand for multi-functional spaces and flexible design, reflecting the need for homes to adapt to remote work and changing family dynamics.

Additionally, the DIY movement continues to flourish, supported by online tutorials and the availability of home improvement tools and materials. However, for more complex projects, professional renovation services are still in high demand.

Online platforms and mobile applications are streamlining the way homeowners find and engage with renovation professionals, making the process more accessible and transparent.

These trends indicate a shift in homeowner preferences and priorities, which home renovation businesses must consider to stay competitive and relevant.

Key Success Factors

Several factors contribute to the success of a home renovation business.

Quality of workmanship is paramount. A company that consistently delivers high-quality renovations will build a strong reputation and a base of repeat customers.

Innovation in design and the ability to offer customized solutions can set a business apart in a crowded market.

Location and accessibility are important, as a local presence can influence homeowners' choice of renovation service providers.

Exceptional customer service is essential for ensuring client satisfaction and fostering positive word-of-mouth referrals.

Lastly, effective project management, competitive pricing, and the ability to incorporate sustainable practices are crucial for the long-term viability and profitability of a home renovation business.

The Project

Project presentation.

Our home renovation business is designed to cater to the increasing number of homeowners looking to enhance their living spaces. Situated in a region with a booming real estate market, our service will offer comprehensive home renovation solutions, from kitchen and bathroom remodels to full home makeovers, all executed with top-notch craftsmanship and high-quality materials.

We will focus on creating functional, modern, and aesthetically pleasing spaces that reflect the unique style and needs of each homeowner. Our renovations will not only improve the visual appeal of a home but also its market value and energy efficiency.

Our home renovation business aims to set the standard for quality and customer satisfaction in the local market, transforming houses into dream homes and thereby improving the quality of life for our clients.

Value Proposition

The value proposition of our home renovation business is centered on delivering personalized and high-quality home transformations that cater to the specific desires and requirements of homeowners.

Our commitment to reliability, craftsmanship, and attention to detail ensures that every project we undertake enhances the functionality and beauty of the home, providing a tangible improvement to the homeowner's quality of life.

We are dedicated to fostering long-term relationships with our clients by providing exceptional service and transparent communication throughout the renovation process, and we aim to educate our customers on the best practices for maintaining and enhancing their newly renovated spaces.

As a trusted partner in home improvement, we strive to be a cornerstone in the community, offering a reliable and professional service that homeowners can depend on to turn their renovation dreams into reality.

Project Owner

The project owner is a seasoned professional with a passion for home improvement and a keen eye for design.

With years of experience in the construction and renovation industry, he possesses the technical knowledge and leadership skills necessary to deliver projects that exceed expectations. His expertise extends to project management, interior design, and sustainable building practices.

Driven by a vision of transforming living spaces into personalized sanctuaries, he is committed to using his skills to enhance the comfort and satisfaction of homeowners. His dedication to quality and his zeal for innovation make him the driving force behind this venture, aiming to elevate the standard of living for those seeking to renovate their homes.

The Market Study

Target market.

The target market for our home renovation business encompasses a variety of homeowners.

Firstly, we cater to homeowners looking to update or modernize their living spaces to enhance comfort, functionality, or aesthetic appeal.

Secondly, we serve individuals preparing to sell their homes who wish to increase property value through strategic renovations.

Additionally, our services are sought after by new homeowners desiring to personalize newly purchased properties to suit their tastes.

Lastly, real estate investors and property managers represent a significant segment, as they often require renovations to maintain or improve their rental or sale properties.

SWOT Analysis

Our SWOT analysis for the home renovation business highlights several factors.

Strengths include a skilled team with extensive renovation experience, a strong network of suppliers, and a reputation for reliability and high-quality workmanship.

Weaknesses may involve the cyclical nature of the housing market and the dependency on economic conditions that influence homeowners' renovation investments.

Opportunities can be found in the growing trend of home improvement and the potential for green renovations that appeal to environmentally conscious consumers.

Threats include the intense competition from other renovation companies and the potential for supply chain disruptions affecting material availability and costs.

Competitor Analysis

Our analysis of competitors within the home renovation industry indicates a competitive landscape.

Direct competitors range from other local renovation businesses to larger contracting firms and specialized service providers.

These competitors vie for homeowners' attention by offering various services, from full-scale remodels to specific upgrades like kitchen or bathroom renovations.

Competitive edges may be gained through superior craftsmanship, customer service, turnaround times, and the ability to provide comprehensive solutions from design to execution.

Understanding the strengths and weaknesses of these competitors is crucial for carving out a niche and ensuring customer loyalty.

Competitive Advantages

Our home renovation business prides itself on a customer-centric approach, ensuring that each project is tailored to the homeowner's specific needs and vision.

We offer a wide range of renovation services, from simple cosmetic updates to complex structural changes, all executed with meticulous attention to detail.

Our dedication to sustainability and energy-efficient options sets us apart, as we provide innovative solutions that benefit both the environment and our clients' long-term expenses.

Transparency in pricing, timelines, and project management processes fosters trust and reassures our clients that their home is in capable hands.

You can also read our articles about: - how to launch a home renovation business: a complete guide - the customer segments of a home renovation company - the competition study for a home renovation company

The Strategy

Development plan.

Our three-year development plan for the home renovation company is designed to establish us as a leader in the industry.

In the first year, we will concentrate on building a strong reputation in our local area through exceptional workmanship and customer service.

The second year will be focused on expanding our services to neighboring regions and increasing our service offerings to include eco-friendly and smart home solutions.

In the third year, we aim to form strategic alliances with real estate firms and architects to offer comprehensive renovation packages and further solidify our market position.

Throughout this period, we will remain dedicated to using sustainable materials, maintaining transparent communication with clients, and staying abreast of the latest industry trends and technologies.

Business Model Canvas

The Business Model Canvas for our home renovation company targets homeowners looking for reliable, high-quality renovation services.

Our value proposition is centered on delivering personalized renovation solutions that enhance the comfort, functionality, and value of our clients' homes.

We offer our services through direct consultations and digital platforms, utilizing our skilled workforce and project management expertise as key resources.

Key activities include project design, construction management, and client relations.

Our revenue streams are generated from the provision of renovation services, while our costs are mainly associated with labor, materials, and marketing efforts.

Access a detailed and customizable Business Model Canvas in our business plan template .

Marketing Strategy

Our marketing strategy is centered on building trust and showcasing our expertise.

We plan to engage with potential clients through home renovation workshops, before-and-after showcases, and testimonials from satisfied customers.

We will also develop partnerships with suppliers of high-quality materials to offer exclusive deals and promotions.

Our online presence will be strengthened through social media, SEO, and influencer collaborations to reach a wider audience and demonstrate our renovation successes.

Risk Policy

The risk policy for our home renovation company is designed to mitigate risks associated with construction projects, client satisfaction, and workplace safety.

We adhere to strict building codes and safety regulations, ensuring all projects are compliant and our team is well-trained in safety protocols.

Quality control checks are conducted at key project milestones to ensure standards are met. We also implement a careful financial management strategy to prevent budget overruns.

Comprehensive insurance coverage is maintained to protect against potential liabilities. Our focus is on delivering safe, high-quality renovation services that exceed client expectations.

Why Our Project is Viable

We are committed to establishing a home renovation company that stands out for its quality, reliability, and innovative solutions.

With a growing market for home improvements and our dedication to customer satisfaction, we are poised for success in the competitive renovation industry.

We are enthusiastic about transforming living spaces and enhancing the lifestyles of our clients while building a sustainable and profitable business.

We are adaptable to market demands and client needs, and we are excited about the future prospects of our home renovation company.

You can also read our articles about: - the Business Model Canvas of a home renovation company - the marketing strategy for a home renovation company

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for a home renovation and our financial plan for a home renovation .

Initial expenses for our home renovation business include acquiring essential tools and equipment, obtaining the necessary licenses and insurance, setting up a workspace or office, purchasing a reliable work vehicle, and investing in marketing to establish our brand presence. We will also allocate funds for skilled labor, either by hiring employees or subcontractors, and for training to ensure compliance with the latest building codes and regulations.

Our revenue assumptions are based on a thorough market analysis of the local demand for home renovation services, taking into account the current trends in home improvement and the potential for high-quality, sustainable renovation options.

We anticipate a steady increase in client projects, starting with smaller renovations and gradually taking on larger, more complex jobs as our reputation for quality workmanship and reliability grows.

The projected income statement outlines expected revenues from our renovation services, direct costs (materials, labor, subcontractor fees), and operating expenses (office rent, marketing, insurance, vehicle maintenance, etc.).

This results in a forecasted net profit that is essential for assessing the long-term viability of our home renovation business.

The projected balance sheet will display assets such as tools, equipment, and any real estate owned by the business, along with liabilities including loans and accounts payable.

It will provide a snapshot of the company's financial standing at the end of each fiscal period.

Our projected cash flow statement will detail the cash inflows from client payments and outflows for expenses like materials and wages. This financial tool is crucial for ensuring we maintain adequate cash reserves to fund ongoing operations and growth initiatives.

The projected financing plan will identify the sources of capital we intend to tap into for covering our initial outlay, such as bank loans, lines of credit, or investor funding.

We will closely monitor the working capital requirement to ensure we have sufficient funds on hand to cover day-to-day expenses, such as purchasing materials, paying workers, and managing inventory.

The break-even analysis will determine the volume of renovation contracts we need to secure to cover all our costs, including the initial investment, and to start generating profits.

It will signal the point at which our business becomes financially sustainable.

Key performance indicators we will track include the gross margin on our renovation services, the current ratio to evaluate our short-term financial resilience, and the return on investment to gauge the efficiency of the capital we have deployed into the business.

These metrics will assist us in measuring the financial health and success of our home renovation enterprise.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for a home renovation company .

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How to Start a Home Renovation Business

If you are passionate about home improvements, starting a home renovation, repair, or re-construction business can be an exciting and rewarding venture. There’s nothing quite like being your own boss while doing something meaningful and fulfilling. Play your cards right, and you’ll also get to make a decent income and career out of it. 

The home renovation space is teeming with lucrative opportunities. Many homeowners will pay top dollar for room additions and improvements, bathroom and kitchen makeovers, landscaping , roofing and flooring, décor, HVAC services , and more. The US home remodeling market grew to $340 billion in 2020. And it could reach $450 billion by 2027, with the Do-It-For-Me (DIFM) segment taking a 60+ percent market share.

So, where do you begin? Starting any business calls for careful planning and finessing. Even a small contracting business has several moving parts. And it’s your job to put everything together that makes the business work.

This is more than a guide on how to start a home renovation business. It will take you through all the necessary steps, worthy considerations, and pitfalls to avoid when establishing a home remodeling business.

Let’s get started.

Step-by-Step Guide to Starting a Home Remodeling Business

Before you make any moves toward starting your own home contractor business, it’s important to understand what you’re getting into. Get the lay of the land and learn what to expect. So, take a step back and ask yourself the following questions:

• Why am I getting into the business?
• How will I be involved in the business?
• What will I sell?
• Where will I sell and to whom?
• What unique value does the business bring to the market?
• Who are my potential competitors?
• Is my idea financially feasible?
• What will it take to make the venture work?
• How big can the business really get? 
• What challenges lay ahead? 

Conduct some rough preliminary research into the home remodeling scene in your target area or market. You need a good picture of the market’s size, dynamics, and potential competitors. Find out what consumers want, what they’re getting, and how much they’re paying for it. After that, you can identify the market holes or niches that your business could fill. Then build your business model and unique selling points from there.

Going into any business also requires the right mindset. For starters, check your expectations, anticipate challenges, and set realistic and achievable goals.

With that in mind, here are steps to start a remodeling business.

Draft a Solid Business Plan

A business plan is a formal document that serves as a roadmap for your new business. It’s a dynamic guide that describes how to structure, run, and grow the enterprise. Business planning essentially fleshes out your business idea and represents it as a digestible and actionable blueprint. This should help you get an overview of the renovation business and spot its potential strengths and challenges.

There are generally two ways to write a business plan. One, you can draft a comprehensive traditional business plan detailing every aspect of the business. But for a small home improvement business, it’s better to keep things simple at first with a lean business plan. This type of business plan is more compact and concise. It covers just the core business elements in a few short pages.

These are the key components you should include in your lean business plan:

• Business overview – Give a general description of the business model.
• Key activities – Outline the home renovation services you’ll be offering and your role in the business. Will you be doing the work yourself or contracting outsourced professionals?
• Resources available – What key resource will your home renovation business leverage? It could be your skills and expertise in the home improvement industry, a capable labor force, construction/renovation equipment, or a proprietary asset.
• Value proposition – Explain the unique value your business brings to the consumers. These are your unique selling points (USP), the attractive qualities that distinguish you from competitors.
• Customer segments – Narrow down your target customers. Your ideal customer might be a fresh homeowner looking to turn their new house into a home. Or anyone wanting to raise their property’s value for an upcoming appraisal or sale.
• Revenue streams – Paint a picture of how the business will make money remodeling homes.
• Cost structure – Design a cost structure fitting your business model and its services. More importantly, set an affordable and competitive price point.
• General financial plan – Work out what it’ll cost to launch and run the business, how you’ll get the money, and what the cash flow will look like.
• Goals and objectives – You should have a clear vision for your new business. How far do you want to take it?

Pick a Name and Get Registered

Choose a catchy name for your business and get it registered in your state. However, there’s much more to registering a new business than simply picking a killer name.

First, you have to choose a business structure under which to register your home remodeling venture. There are several business structures to choose from. But sole proprietorship and LLC (limited liability company) are the best structures for a small home renovation business.

Registering a Sole Proprietorship

A sole proprietorship is a business that’s owned and controlled by one person. It’s also the simplest of all business structures. To register a sole proprietorship, you can either put up your own name or pick a fictitious name by filing a DBA (“doing business as”). Registering an LLC

Unlike a sole proprietorship, an LLC separates your personal and business identities, legally speaking. That means you won’t be personally liable for the business’s legal or financial obligations, such as debts and lawsuits. However, registering an LLC is a lot more involved than a sole proprietorship.

With an LLC, you’ll have to nominate (depending on your state) a “registered agent” to submit and receive legal papers on your behalf. You’ll also have to file two documents: Articles of Organization (also known as Certificate of Formation or Certificate of Organization) and an LLC Operating Agreement, though this is not required in every state.

In either case, you also need an Employer Identification Number (EIN) to hire workers, file federal taxes, open a business bank account, and apply for business permits. The federal government also requires every business with employees to have unemployment, workers’ comp, and disability insurance. Remember, business insurance laws vary from state to state. But compulsory or not, insurance is essential in the home renovation business. So, consider insuring your business anyway.

Learn more about business structures and registration in this article by the SBA.

Secure the Necessary Permits and Licenses

Every business needs a license in order to operate anywhere in the country. Business licenses are issued by local government agencies, usually the city or municipal office. But a license only allows you to do business. You’ll also need various business permits to carry out home renovation projects in specific states, cities, municipalities, or zones.

The permit requirements for your home contractor business will depend on its specialization and location. You may also need temporary work permits for specific projects. But generally, most states and cities require builders and contractors to have a professional license/certificate, health and safety permits, and general contractor permits. Check with your local industry and government authorities to see the permits you’ll need.

Nail Down the Business Logistics and Resources

By this stage, you already have a fundamental business framework. Now is the time to gather all the resources you’ll need to get going. This will obviously depend on your business model, size, and service scope. Top-of-the-list items might include:

• Funding – Get the funds to start and run the business until it can stand on its own. You can bootstrap the venture or apply for financing from banks or alternative lenders.
• Labor – Start hiring subcontractors, handypersons, project managers, etc., if needed. But you don’t have to make permanent hires right away. It’s safer and more cost-efficient to hire staff on a contract basis at first.
• Suppliers – Find the best suppliers for any construction, plumbing, or electrical materials you’ll need for various home renovation projects. Remember to consider reliability and quality above pricing when selecting suppliers.
• Assets – Acquire all the equipment, machinery, and tools you’ll need to start work (specialized construction equipment, vehicles, hand tools, etc.). Buy what you can afford and hire the more expensive machinery, such as trucks and power tools, only when needed. These assets can also include the tools needed to run a business, like an estimating and invoicing app, or setting up a template in Excel.

Define Your Remodeling Business Brand

Branding is a way of setting your business apart from its competitors. It’s a means for customers to identify and associate with your business. Branding also forms the basis for marketing. Anything that identifies your business is part of your branding, from its name and logo to USPs.

However, there’s more to branding than just the business name and logo. Branding extends beyond mere recognition to the customers’ perception of the business. Customers prefer to engage with the businesses they trust, and you can build that trust through strong branding.

Your brand should represent what your renovation business stands for, expressing its qualities, strengths, values, and personality. In other words, instill customer confidence through your business’s presentation. Make assurances, quality guarantees, and value-added advantages part of your business identity.

Start Marketing

Once everything is set up, you can start a rigorous marketing campaign. Focus your marketing efforts on spreading brand awareness and generating leads to score your first customers. That means presenting your brand to the relevant audiences and getting people excited about signing up for your home remodeling services. You can do this in any number of ways.

Here are some proven marketing ideas worth trying out:

• Create a website and optimize it for local search within your service area.
• Get your business on social media: Facebook, YouTube, Instagram, Nextdoor, Twitter, and LinkedIn.
• Involve yourself in local community activities.
• Brand your vehicles, machinery, and work sites.
• Cold pitch to homeowners using direct mail.
• Hand out flyers and branded merchandise at local gatherings and events.
• Get your business listed in local and online directories.
• Join various home remodeling and construction groups/associations to build your credibility and leverage their advertising muscle.
• Consider taking out paid ads in local publications and on the internet.
• Entice first-time customers with irresistible home renovation discounts and offers.

Avoid These 8 Rookie Mistakes

Fundera calculates that about 20% of small businesses fail in their first year. Meanwhile, about half never make it past five years. Worryingly, start-ups in the construction industry have relatively low survival rates. Only 35% of small construction businesses make it through their fifth year.

These grim figures are not meant to scare or discourage you from starting your home renovation venture. In business, failure is always an opportunity to learn, even the failures of others. And there’s a lot you can learn from failed businesses when starting your own. On that note, here are some of the costly mistakes that can easily run you out of business as a home improvement contractor:

Starting with Too Little Cash

Running out of cash is one of the top reasons many small start-ups fail. Don’t underestimate your business’s financial needs. Ensure you have enough capital to begin with and avoid unnecessary purchases or drawing money out of the business during its infancy.

Underestimating the Competition

Understand your competitors before going up against them. The home improvement sector is often a highly crowded commercial space. So, carefully gauge the possibility of carving out a niche for your business. Check whether your value proposition and unique selling points are a match for what’s already available in your target market.

Lacking a Solid Business Plan

Starting any business without a solid plan is like wandering blindly into dangerous waters. A good business plan lays out a clear path to your goals, sets up contingencies around potential obstacles, and puts guardrails to keep the business on track to success.

Ignoring Customer Satisfaction

Praise for home renovation businesses largely spreads through word of mouth and referral from past clients. Therefore, customer satisfaction is a big part of passive marketing. Plus, happy customers are more likely to contract your business again in the future. The rules of customer satisfaction are pretty simple: work on customer service, promise and deliver, and never compromise quality.

Doing Everything Yourself

A contractor business doesn’t have to be a one-man show. Besides, you surely can’t expect to juggle every aspect of the business yourself. Don’t hesitate to seek wise counsel, outside financing, subcontractors, and labor whenever you need it. Surround yourself with people and resources that support your enterprise.

Setting the Wrong Price

Writing price estimates for home renovation services is a delicate balancing act between competing and profiting. The trick is to set a price that not only best represents the value of your services but also fairs well against competitors’ benchmarks.

Poor Project Management

Develop an efficient project management strategy that prevents delays, cost overruns, and poor-quality delivery even when handling multiple projects at a time. Also, accept only the projects you’re sure can be completed in time and within budget.

Focusing on Rapid Growth

This may seem counterintuitive, but rapid growth can lead to all sorts of problems. Expanding too fast can deplete your cash reserve faster than the business can replenish it and introduce sudden risks, choices, or opportunities you were not prepared to handle. Aim for homogenous and organic growth that’s more sustainable and manageable.

Wrapping Up

Running your own home renovation business can be rewarding and liberating. However, these rewards and freedom come with great responsibility. It takes a lot just to start a business, let alone run it for years and years. But although it may be challenging, it becomes easier once you break everything down and take it one step at a time.

Once you’re ready to get started, use this guide for help and let Joist save you time, win more jobs, and get paid faster with quicker remodeling estimates , professional invoices, and payment tracking.

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Remodeling Business Plan Template [Updated 2024]

Remodeling Business Plan Template

If you want to start a remodeling company or expand your current remodeling services, you need a business plan.

The following remodeling business plan template gives you the key elements to include in a winning plan. Successful business plans will also include market research, which will help you better understand the remodeling industry, trends, and your target market. It will also help you understand your potential competitive advantage, as well as craft your marketing plan and financial plan.

You can download our Business Plan Template (including a full, customizable financial model) to your computer here.

Below are links to each of the key sections of a sample business plan for remodeling businesses: I. Executive Summary – The Executive Summary provides a brief overview of your remodeling company.

II. Company Overview – Here you should provide a detailed overview of your business including your legal structure, business model and product & service offering.

III. Industry Analysis – This section will provide insights into the remodeling industry.

IV. Customer Analysis – The Customer Analysis section will provide an overview of your target customers.

V. Competitive Analysis – Here you will identify your main competitors and highlight your competitive advantage.

VI. Marketing Plan – This section includes your marketing and sales plan, promotional strategies and advertising tactics.

VII. Operations Plan – The Operations Plan section will include information on your business systems and processes.

VIII. Management Team – This section includes your team’s experience, qualifications, and responsibilities.

IX. Financial Plan – This includes your financial projections, including a cash flow statement, profit and loss statement and balance sheet.

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Remodeling Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

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How to Write A Home Improvement Business Plan?

Writing a home improvement business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the entire business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

Introduce your Business:

Start your executive summary by briefly introducing your business to your readers.

Market Opportunity:

Products and services:.

Highlight the home improvement services you offer your clients. The USPs and differentiators you offer are always a plus.

Marketing & Sales Strategies:

Financial highlights:, call to action:.

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

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2. Business Overview

The business overview section of your business plan offers detailed information about your company. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

Business Description:

Describe your business in this section by providing all the basic information:

Describe what kind of home improvement company you run and the name of it. You may specialize in one of the following home improvement businesses:

• General home improvement business
• Kitchen and bathroom remodeling specialists
• Painting contracting
• Flooring Companies
• Home automation contracting
• Describe the legal structure of your home improvement company, whether it is a sole proprietorship, LLC, partnership, or others.Explain where your business is located and why you selected the place.

Mission Statement:

Business history:.

If you’re an established home improvement service provider, briefly describe your business history, like—when it was founded, how it evolved over time, etc.

Future Goals

This section should provide a thorough understanding of your business, its history, and its future plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

Target market:

Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.

Market size and growth potential:

Describe your market size and growth potential and whether you will target a niche or a much broader market.

Competitive Analysis:

Market trends:.

Analyze emerging trends in the industry, such as technology disruptions, changes in customer behavior or preferences, etc. Explain how your business will cope with all the trends.

Regulatory Environment:

Here are a few tips for writing the market analysis section of your home improvement business plan:

• Conduct market research, industry reports, and surveys to gather data.
• Provide specific and detailed information whenever possible.
• Illustrate your points with charts and graphs.
• Write your business plan keeping your target audience in mind.

4. Products And Services

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

Describe your services:

Mention the home improvement services your business will offer. This list may include services like,

• Design Consultation
• Project planning & management
• Installation and Remodeling Services
• Repair & maintenance

Home improvement products

: List down home improvement products offered by your business. This list may include,

• Building materials
• Hardware & tools
• Fixtures and fittings
• Paint and coatings

Quality measures

: This section should explain how you maintain quality standards and consistently provide the highest quality service.

Additional Services

In short, this section of your home improvement plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

Unique Selling Proposition (USP):

Define your business’s USPs depending on the market you serve, the equipment you use, and the unique services you provide. Identifying USPs will help you plan your marketing strategies.

Pricing Strategy:

Marketing strategies:, sales strategies:, customer retention:.

Overall, this section of your home improvement business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your home improvement business, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

Staffing & Training:

Operational process:, equipment & machinery:.

Include the list of equipment and machinery required for home improvements, such as hand and power tools, power generators, air compressors, ladders, safety equipment, etc.

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section provides an overview of your home improvement business’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

Founders/CEO:

Key managers:.

Introduce your management and key members of your team, and explain their roles and responsibilities.

Organizational structure:

Compensation plan:, advisors/consultants:.

Mentioning advisors or consultants in your business plans adds credibility to your business idea.

This section should describe the key personnel for your home improvement services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should provide a summary of your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

Profit & loss statement:

Cash flow statement:, balance sheet:, break-even point:.

Determine and mention your business’s break-even point—the point at which your business costs and revenue will be equal.

Financing Needs:

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

• Add a table of contents for the appendix section to help readers easily find specific information or sections.
• In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
• Provide data derived from market research, including stats about the home improvement industry, user demographics, and industry trends.
• Include any legal documents such as permits, licenses, and contracts.
• Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your home improvement business plan should only include relevant and important information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

This sample home improvement business plan will provide an idea for writing a successful home improvement plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our home improvement business plan pdf .

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Frequently asked questions, why do you need a home improvement business plan.

A business plan is an essential tool for anyone looking to start or run a successful home improvement business. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your home improvement company.

How to get funding for your home improvement business?

There are several ways to get funding for your home improvement business, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

• Bank loan – You may apply for a loan in government or private banks.
• Small Business Administration (SBA) loan – SBA loans and schemes are available at affordable interest rates, so check the eligibility criteria before applying for it.
• Crowdfunding – The process of supporting a project or business by getting a lot of people to invest in your business, usually online.
• Angel investors – Getting funds from angel investors is one of the most sought startup options.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your home improvement business?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your home improvement business plan and outline your vision as you have in your mind.

What is the easiest way to write your home improvement business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any home improvement business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software .

Can a good home improvement business plan help me secure funding?

Indeed. A well-crafted home improvement business plan will help your investors better understand your business domain, market trends, strategies, business financials, and growth potential—helping them make better financial decisions.

So, if you have a profitable and investable business, a comprehensive business plan can certainly help you secure your business funding.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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How to Start a Remodeling Business

If you're wondering how to start your own home renovation business, this guide on starting a remodeling business is best for you..

Are you considering starting a renovation company but are concerned about the amount of competition? Don’t worry about it.

There’s plenty of opportunity in the remodeling and home renovation world for contractors who accomplish as little as $100,000 in total volume per year and work their way up.

In this article, we’ll go over some of the steps you’ll need to do to get started in the remodeling business. 

We’ll also go over some helpful hints for starting and growing a remodeling business in this industry.

So, if you’re considering to change career and becoming a contractor, keep reading!

Step 1. Decide on a specialty

All general contractors specialize in one or two services and then subcontract out the rest of the work. Which services you plan to fulfill yourself and which services you plan to contract out to subs should be addressed in your remodeling business plan. 

For example, you may want to start remodeling your kitchen and bathroom, but you will only be able to do the tile work yourself. You’d have to hire others to do the electrical, plumbing, cabinetry, and finishing work. The amount of work you need to sub out will determine how big or small projects you can take on.

Larger projects usually mean more money, but if you have to contract out a lot of work, you may lose more money than you gain.

Step 2: Make a budget plan ahead of time

Home renovation businesses, in contrast to construction businesses, which are typically large corporations, are easier to manage financially. However, don’t expect everything to go smoothly. With so many other entrepreneurs in your field doing the same work as you, the most important thing you can do is make sure you have enough money to cover your initial costs.

This budget should include the wages of your employees (direct labor), overhead expenses (the total cost of all the tools you’ll need to complete the job), and direct materials (pretty self-explanatory). When you’ve figured out all of your upfront costs, it’s time to look into financing options. 

Make appointments with several banks to see if they can provide you with some reasonably priced business loans. Additionally, look into government grants for small businesses. Even if you don’t qualify for one right now, knowing what options you have in the future is beneficial.

If you’re just offering your time and skills as a part-time re modeler, the start-up cost will be around $50,000 to $75,000 , as you’ll need a full set of tools, a vehicle to transport tools and supplies, and the necessary licencing and insurance to operate in your state and locality. If you are starting a remodeling business providing major renovation services, you’ll need $250,000 to $500,000 in start-up capital, as you’ll need to buy your first few orders of materials and hire staff before your customer pays you for the job.

Step 3: Your remodeling business name

Choosing the right business name is crucial and difficult. If you run a sole proprietorship , you should consider using a different remodeling business name than your own.

When registering a business name, we recommend conducting the following research:

• The business records of your state
• Platforms for social media
• Records of federal and state trademarks
• The availability of a web domain.

Step 4. Create a legal business entity

• Sole Proprietor
• C Corporation
• General Partnership

Find out how to form an llc yourself

Learn about llc formation, including information on registered agents, naming rules, business licenses, and more.

Choose Your State to Learn How to Form an LLC There

• Alabama LLC
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• Georgia LLC
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• Maryland LLC
• Massachusetts LLC
• Michigan LLC
• Minnesota LLC
• Mississippi LLC
• Missouri LLC
• Montana LLC
• Nebraska LLC
• New Hampshire LLC
• New Jersey LLC
• New Mexico LLC
• New York LLC
• North Carolina LLC
• North Dakota LLC
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• Vermont LLC
• Virginia LLC
• Washington LLC
• West Virginia LLC
• Wisconsin LLC
• Wyoming LLC

Or Make your life easier with Wise Business Plans

Get the easiest and fastest LLC formation online with worry-free services and support. 

Step 5. Acquire the required licenses and insurances

You may discover that your state requires you to obtain a contractor’s licence if you Google how to start a remodeling business. You might be able to skip this step if you’re only doing finishing and cosmetic work. If you plan to make any structural changes to homes or buildings, install roofing or siding, or perform electrical or plumbing work, you will need to be properly certified.

In addition, you should purchase general liability insurance. Even if some states don’t require it for all contractors, it’s a good idea to have one in case something goes wrong and the homeowner or business owner decides to blame you. 

For example, if you remodel a bathroom and the pipes burst two weeks later, you may be liable for property damage. General liability insurance could protect you from having to pay for a priceless heirloom out of your own pocket if one of your employees steals from a homeowner.

Ready to Protect Your Remodeling Business

Let us help you with your business insurance needs.

• General business liability insurance
• Medical insurance
• Term life insurance
• Workers’ Comp
• Surety bonds
• Commercial auto

Step 6. Make friendship with subcontractors and suppliers

People who provide you with the materials you need for your home renovation business, as well as your collaborators, should be treated as family. Despite the fact that it is a business partnership, it should be built on mutual trust and support.

The most important rule to follow is that you should always pay your suppliers and collaborators on time. Your company will rely on them just as much as it will rely on your own abilities. 

For example, you could use online invoicing to speed up the payment process and your company’s workflow. These practical tools not only help with workflow, but they also help with cash flow, resulting in smooth and quick business collaboration. If you need invoice templates, visit our invoice template page to download the professional free invoice templates.

Many new businesses can be found in the home renovation market. While becoming a successful business owner in this field will take a lot of time and effort, there is plenty of room for (both personal and professional) growth. As a result, take the plunge and start your own remodeling business.

Step 7. Create a business bank account and a credit card for it

Personal asset protection necessitates the use of dedicated business banking and credit accounts. When your personal and business accounts are mixed, your personal assets (such as your home, car, and other valuables) are put at risk if your company is sued. This is referred to as piercing your corporate veil in business law.

Furthermore, learning how to build business credit can help you obtain business credit cards and other financing in your business’s name (rather than your own), lower interest rates, and increase credit lines, among other benefits.

Open a bank account for your business

• Separates your personal assets from your company’s assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Create a net 30 account

Get a credit card for your remodeling business.

• Put all of your business expenses in one place to separate personal and business expenses.
• Build your company’s credit history, which will come in handy if you need to raise money in the future.

Step 8. Set up a phone system for your business

Getting a business phone is one of the most effective ways to keep your personal and professional lives separate and private. That isn’t the only advantage; it also aids in the automation of your business, provides legitimacy to your company, and makes it easier for potential customers to locate and contact you.

Wise business plans offer a variety of features for businesses, including Toll-free numbers, Coverage in US and Canada, team messaging and more. Try our business phone services today.

Step 9: Promote your expertise

Your company will require excellent marketing in order for people to be aware of and use the services you provide. One of the things you should do in the first few months of your remodeling business is market it.

You can advertise your business by handing out flyers, putting up billboards, or using the internet. Putting your brand on Craigslist is the best way to market today. You’ll get more leads and make more money if you use online marketing.

Tips for Growing a Remodeling Business

Here are some tips for contractors on how to handle increased demand and expand their remodeling business during a recession.

1. Keep your money safe

2. keep your lien rights safe, 3. carefully select remodeling clients, 4. make a precise bid, 5. keep track of your financial results, 6. don’t use your cash flow as a source of funding, 7. set up proper deposit and billing schedules, 8. make invoicing and payment collection more efficient, 9. learn the fundamentals of accounting, 10. make a backup plan , 11.  examine the length of your sales cycles, 4 key success factors.

• Possessing a high success rate in the past (including completed prior contracts):  Companies with a strong reputation for having the financial, managerial, and technical capacity for remodeling projects attract potential clients. Successful remodeling companies can show a portfolio of previous work and testimonials from happy clients.
• Workforce that is multi-skilled and adaptable:  Reputable tradespeople and subcontractors are available on a project-by-project basis for successful remodeling companies.
• Controlling costs effectively: Successful remodeling businesses maintain tight cost controls and have access to low-cost input materials to maintain competitive pricing.
• Product promotion which effective: To generate publicity and new contracts, successful remodeling companies have a strong marketing department.

The highlights of our recently developed remodeling business plan

Market analysis summary: remodeling business plan.

Over the five years to 2020, operators in the Commercial Property Remodeling industry have benefited from increased demand as a result of falling office rental vacancy rates and rising consumer spending, at least through 2019. 

Furthermore, in recent years, rising corporate profits have prompted businesses to renovate commercial properties, boosting demand for industry services. 

As a result, IBISWorld expects industry revenue to grow at a 4.4% annualized rate to $35.8 billion over the forecast period. However, the spread of COVID-19 (corona virus) has brought the global economy and, with it, industry activity to a halt in 2020. 

Industry revenue is expected to fall in 2020 due to expected decreases in the value of private nonresidential construction and corporate profit. At the same time, due to the rise in stay-at-home orders, office rental vacancies have increased.  As a result, revenue growth is expected to slow by 11.3% in 2020.

Product and Services

Interior room additions and alterations will account for 22.3 percent of industry revenue in 2020, according to industry contractors. Interior room alterations and additions are required for all downstream markets, including office buildings, commercial buildings, and other structures. 

When businesses relocate, commercial property contractors, for example, renovate their office interiors. Removing walls, doors, and other interior infrastructure can also help industry operators expand warehouses and other facilities. 

Over the last five years, demand for interior alterations and additions has risen in tandem with a rise in commercial construction spending.

You’ll need to keep track of your material suppliers’ accounts, pay your crews on time, and keep your vehicles and tools in good working order. Fortunately, you can keep your office space to a minimum.

Owners of residential and commercial properties who want their property professionally renovated and are willing to pay a reasonable price for labor and materials. Large businesses that require renovations may have more space, allowing you to charge a higher rate.

Customers pay you for labor and materials for their renovation, which is how your remodeling business makes money. As part of your trade, you are responsible for providing your own tools. Paint, hardware, lumber, flooring, and other supplies, on the other hand, are purchased at wholesale prices and then charged to your customer at a premium. Your hourly labor costs will be determined by your level of expertise, the type of job you’re doing, and local labor rates.

The size and complexity of the job will determine your rates. Rates range from $45 to $85 per hour, with the possibility of lower or higher rates. To ensure that your client is getting a good deal, you should conduct a thorough competitive analysis. Between $3,000 and $15,000 is the average cost of a renovation project.

The standard markup on materials is 15%. A one-man company with multiple crews can earn around $20,000 per year working part-time, while a large contractor with multiple crews can earn in the seven figures when they complete multiple large jobs throughout the year.

Providing high-quality work that completely satisfies your customers is the most effective way to increase business and profit. For a successful remodeling business, you’ll need to make sure that quality control and customer service are always top priorities.

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How to Start a Profitable Renovation Business [11 Steps]

By Nick Cotter Updated Feb 02, 2024

Business Steps:

1. perform market analysis., 2. draft a renovation business plan., 3. develop a renovation brand., 4. formalize your business registration., 5. acquire necessary licenses and permits for renovation., 6. open a business bank account and secure funding as needed., 7. set pricing for renovation services., 8. acquire renovation equipment and supplies., 9. obtain business insurance for renovation, if required., 10. begin marketing your renovation services., 11. expand your renovation business..

Starting a renovation business requires a thorough understanding of the current market. Performing a detailed market analysis is crucial to identify the needs of potential clients, the competition, and trends in the renovation industry. Here's how to begin:

• Research the local demographics to determine potential customer bases, such as homeowners, real estate investors, or commercial property owners.
• Analyze competitors by identifying other renovation businesses in the area, their services, pricing, and market share.
• Study industry trends, including popular renovation styles, eco-friendly practices, and technological advancements in renovation techniques.
• Assess the supply chain for building materials and tools, to ensure that your business can source quality products at competitive prices.
• Understand the regulatory environment to ensure compliance with local building codes, permits, and inspection processes.
• Examine the economic climate to gauge the overall demand for renovation services and the feasibility of entering the market at this time.

Are renovation businesses profitable?

Yes, renovation businesses can be very profitable if they are well managed and have a solid business plan. A successful renovation business should focus on providing quality workmanship within an agreed-upon timeline and budget, as well as offering competitive prices in order to attract new customers. Additionally, successful renovation businesses should consider forming strategic partnerships with other related businesses in the community to increase their visibility and expand their customer base.

Creating a comprehensive business plan is a critical step in launching a successful renovation business. It serves as a blueprint that outlines your business goals, strategies, and the processes you will use to achieve them. Consider the following key points as you draft your renovation business plan:

• Executive Summary: Begin with a concise overview of your business, including your mission statement, services offered, and fundamental goals.
• Market Analysis: Research your target market, understand customer needs, and analyze competitor strengths and weaknesses to identify market opportunities.
• Services Offered: Define the types of renovation services you will provide, such as residential or commercial, and any specializations.
• Marketing Strategy: Outline how you plan to attract and retain customers, including advertising channels, branding, and promotional tactics.
• Operational Plan: Describe the day-to-day operations, detailing the process of service delivery, supply chain management, and job scheduling.
• Management Team: Introduce the key members of your team, their roles, and experience, highlighting how each contributes to the business's success.
• Financial Plan: Include projected income statements, cash flow statements, and balance sheets. Detail your pricing strategy, start-up costs, and funding requirements.

How does a renovation business make money?

A renovation business makes money by charging customers for the services they provide. For example, an air duct cleaning business can make money by providing services to residential and commercial customers. To target these customers, the business could advertise through local mediums such as newspapers, websites, and radio. Additionally, they could work with local businesses to create a referral system that would generate new leads and increase their customer base. Lastly, the renovation business could offer promotional discounts to attract new customers and incentivize returning customers.

Developing a unique renovation brand is crucial for standing out in a competitive market and attracting your target audience. Your brand encapsulates your company's identity, ethos, and the promise you make to your clients. Here's a concise guide to help you build a compelling renovation brand:

• Identify Your Unique Selling Proposition (USP): Determine what sets your renovation business apart. This could be your expert craftsmanship, eco-friendly materials, or innovative design solutions.
• Define Your Brand Personality: Choose a voice and tone that reflects your brand's values and resonates with your clientele. Whether it's professional and authoritative or friendly and approachable, consistency is key.
• Create a Memorable Logo and Tagline: Design a logo that reflects your brand's aesthetic and a catchy tagline that succinctly communicates your USP to instantly make your brand recognizable.
• Establish Your Visual Aesthetic: Select colors, fonts, and imagery that align with your brand personality and create a cohesive look across all marketing materials and digital platforms.
• Consistent Messaging: Ensure that all your communications, from your website to your social media posts, clearly convey your brand message and values.
• Engage with Your Audience: Build relationships with potential and current clients through excellent customer service, and maintain an active online presence to foster trust and loyalty.

How to come up with a name for your renovation business?

Choosing a name for your renovation business is an important step in the process of starting your business. It should reflect your unique brand, and be something that will stand out. Begin by brainstorming ideas that convey what you hope customers will associate with your business, such as quality workmanship, creativity, or reliability. You may also consider incorporating words that reflect the services you provide such as 'renovations', 'interiors', or 'projects'. Finally, do some research and make sure the name you choose isn't already being used by another business. Once you've identified a name that resonates with you and isn't currently taken, it's time to register it with the relevant authorities.

Starting a renovation business requires formalizing your company to ensure legal compliance and to establish your professional presence. This involves registering your business with the appropriate government agencies and obtaining the necessary licenses and permits. Follow these steps to ensure you're ready to operate your business legally:

• Choose a Business Structure: Decide whether your renovation business will be a sole proprietorship, partnership, LLC, or corporation. Each has different legal and tax implications.
• Register Your Business Name: If your business name is different from your own, you need to register it with the state. This is often referred to as "Doing Business As" (DBA) registration.
• Obtain an Employer Identification Number (EIN): Apply for an EIN through the IRS for tax purposes, especially if you plan on hiring employees.
• Register for State and Local Taxes: Depending on your location, you may need to register for state taxes, such as sales tax or employment taxes.
• Acquire Necessary Permits and Licenses: Obtain any required local, state, or federal licenses and permits to operate legally, including a contractor's license if required.
• Comply with Insurance Requirements: Make sure you have the necessary insurance to protect your business, such as liability insurance and workers' compensation.

Resources to help get you started:

Explore invaluable resources designed for renovation entrepreneurs to gain insights on market trends, enhance operational efficiency, and devise effective growth strategies:

• Remodeling Magazine: Offers annual industry reports, cost vs. value analysis, and operational best practices for renovation professionals. Website .
• Builder Magazine: Provides insights into construction trends, design ideas, and business strategies for home builders and renovators. Website .
• Home Improvement Research Institute (HIRI): Delivers market research and industry trends specifically for the home improvement and renovation sector. Website .
• Construction Dive: Offers a daily newsletter with news, trend analysis, and management tips targeted at construction industry professionals, including renovators. Website .
• Pro Remodeler: Provides articles, webinars, and white papers on business strategies, design trends, and product innovations for remodeling professionals. Website .

Starting a renovation business requires adherence to local laws and regulations to ensure all work is performed legally and to standards. Step 5 in the process involves obtaining the necessary licenses and permits that are crucial for operating your business and conducting renovations. Here's a guide to help you navigate this step:

• Research Local Requirements: Check with your city or county government to understand the specific licenses and permits required for renovation work in your area.
• Contractor License: Apply for a general contractor's license if required. This may involve passing an exam and providing proof of insurance and bonding.
• Specialty Permits: Depending on the type of renovations, you may need specialty permits for electrical, plumbing, or structural work.
• Building Permits: Secure building permits for each project to ensure compliance with building codes and safety regulations.
• Business License: Obtain a business license to legally operate your renovation business within your city or county.
• Environmental Permits: If your work involves hazardous materials, ensure you have the right permits for handling and disposal.
• Inspections: Be prepared for inspections by local building authorities to maintain permit compliance throughout the renovation process.

What licenses and permits are needed to run a renovation business?

Depending on the location and the services offered, a renovation business may need various licenses and permits to operate. Typically these include a business license, contractor license, trade license, workers’ compensation certificate, and tax identification number. In addition to those mentioned above, some local municipalities may also require permits such as home improvement and building permits.

Starting a renovation business requires careful financial planning and management. Opening a business bank account is essential for keeping personal and business expenses separate, while securing funding is critical for covering initial costs and ensuring smooth operations. Here's how you can accomplish these crucial steps:

• Choose the right bank: Research banks that offer business banking services and choose one that meets your specific needs, such as low fees, convenient branch locations, and online banking capabilities.
• Prepare the necessary documents: Gather required documents such as your business license, EIN, and incorporation papers to open your business bank account.
• Understand your funding needs: Calculate the start-up costs and ongoing expenses of your renovation business to determine how much funding you will need.
• Explore funding options: Look into various funding sources such as small business loans, lines of credit, business credit cards, investors, or crowdfunding platforms.
• Build a strong business plan: A comprehensive business plan can help convince lenders and investors to provide the financing you need. Make sure it includes market analysis, services offered, marketing strategies, and financial projections.
• Maintain good credit: Establish and maintain good personal and business credit scores to improve your chances of securing favorable loan terms.

Setting the right prices for your renovation services is crucial to attract customers while ensuring your business is profitable. Consider the value you provide, the costs involved, and the prevailing market rates. Here are some tips to help you set competitive and fair pricing:

• Analyze your costs: Calculate the costs of materials, labor, overhead, and any subcontracted work to ensure each service is priced to cover expenses and yield profit.
• Research competitors: Look at the pricing of similar services in your area to gauge what customers expect to pay and how to position your offerings.
• Value-based pricing: Consider the quality and uniqueness of your services. If you offer specialized expertise or superior craftsmanship, you can charge a premium.
• Offer packages: Create service bundles that provide value for clients while increasing your job size and profitability.
• Be transparent: Provide clear and detailed quotes to build trust with clients. Avoid hidden fees that can lead to dissatisfaction and damage your reputation.
• Adjust for experience: As you gain experience and your portfolio grows, review and adjust your prices to reflect your increased value and expertise.
• Monitor and adapt: Regularly review your pricing strategy to ensure it aligns with changes in market conditions, costs, and customer expectations.

What does it cost to start a renovation business?

Initiating a renovation business can involve substantial financial commitment, the scale of which is significantly influenced by factors such as geographical location, market dynamics, and operational expenses, among others. Nonetheless, our extensive research and hands-on experience have revealed an estimated starting cost of approximately $46000 for launching such an business. Please note, not all of these costs may be necessary to start up your renovation business.

Starting a renovation business requires careful planning and preparation. One of the crucial steps is acquiring the right equipment and supplies that will enable you to deliver professional results. Here's a guide to help you get started:

• Research the most commonly used tools in renovation projects, such as hammers, drills, saws, and sanders, and invest in high-quality versions of these tools.
• Consider the types of renovations you plan to specialize in and acquire specialized tools accordingly, like tile cutters for bathroom remodels or paint sprayers for interior work.
• Purchase safety equipment, including gloves, goggles, ear protection, and dust masks, to ensure you and your team work safely on-site.
• Stock up on essential supplies such as nails, screws, adhesives, caulks, and sealants, keeping a variety on hand for different materials and applications.
• Establish relationships with local hardware suppliers or wholesalers to secure discounts and ensure a steady supply of materials.
• Consider renting larger, more expensive equipment when needed to keep initial costs down and avoid maintenance responsibilities.
• Implement an inventory management system to track your tools and supplies, minimizing loss and ensuring that you're always prepared for each job.

List of software, tools and supplies needed to start a renovation business:

• Computer/Laptop - $750 on average
• Design Software - $1000-$5000 per license
• Construction Tools - $200-$1000 for basic equipment
• Safety Gear - $20-$50 per item
• Building Materials – Prices vary widely
• Marketing Materials – $500-$1000 depending on scope
• Vehicle – $15,000-$25,000 for a truck or van
• Insurance Policies – Starting at around $800 per year
• Business License – Varies by location, usually around $100-200
• Accounting Software – Prices vary depending on features and integrations

Having the right insurance coverage is vital for any renovation business, protecting against a wide range of risks from property damage to liability claims. Before you start your renovation projects, ensure that you are well-informed about the types of insurance that may be required for your business. Here are the steps to obtain business insurance for your renovation business:

• Research the types of insurance typically needed for a renovation business, such as General Liability Insurance, Workers' Compensation Insurance, and Builder's Risk Insurance.
• Consult with an insurance broker or agent who specializes in business policies to get professional advice tailored to your specific needs.
• Compare quotes from multiple insurance providers to find the most comprehensive coverage at a competitive rate.
• Consider the scale of your projects and the potential risks to ensure you select a policy with adequate coverage limits.
• Read the policy details carefully, understanding the inclusions, exclusions, and deductibles before making a decision.
• Regularly review and update your insurance coverage as your renovation business grows and the scope of your projects changes.

Once you've established your renovation business and are ready to attract clients, it's crucial to begin marketing your services effectively. A strategic marketing plan will help you reach your target audience and showcase your unique selling points. Here are some essential steps to kickstart your marketing efforts:

• Develop a professional website that highlights your services, previous work, and customer testimonials to build credibility and attract online traffic.
• Utilize social media platforms like Instagram, Facebook, and Pinterest to showcase your renovation projects and engage with potential clients.
• Invest in search engine optimization (SEO) to increase your website's visibility on search engines like Google, making it easier for customers to find you.
• Network with local real estate agents, architects, and interior designers who can refer clients to your business.
• Offer a referral discount or incentive program to encourage satisfied customers to refer friends and family to your services.
• Consider paid advertising through Google Ads or social media to reach a wider audience with targeted messaging.
• Participate in local home shows and renovation expos to demonstrate your expertise and connect with potential customers face-to-face.

Expanding a renovation business requires strategic planning and efficient execution. It's essential to ensure that the foundation of your business is solid before scaling up. Here are some key steps to consider when you're ready to take your renovation business to the next level.

• Invest in Marketing: Allocate more budget to marketing efforts. Utilize both digital and traditional marketing strategies to reach a broader audience.
• Hire Skilled Labor: As demand increases, hire additional skilled workers to maintain the quality of your work without overburdening your current team.
• Offer New Services: Diversify your services to cater to a wider range of clients, such as eco-friendly renovations or smart home installations.
• Streamline Operations: Implement project management software to improve job scheduling, client communication, and overall operational efficiency.
• Build Partnerships: Establish partnerships with suppliers for better pricing and with real estate firms for referrals.
• Seek Customer Feedback: Regularly ask for and act on customer feedback to improve services and customer satisfaction, which can lead to repeat business and referrals.
• Monitor Finances: Keep a close eye on your financials to manage costs effectively and reinvest profits into growing your business.

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Kitchen & Bathroom Remodelling Business Plan PDF Example

• February 28, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful kitchen & bathroom remodeling business. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your kitchen & bathroom remodeling business’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a kitchen & bathroom remodeling business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the service industry, this guide, complete with a business plan example, lays the groundwork for turning your kitchen & bathroom remodeling business concept into reality. Let’s dive in!

Our kitchen and bathroom remodeling business plan is structured to cover all essential aspects needed for a comprehensive strategy. It outlines the company’s operations, marketing strategy , market environment, competitors, management team, and financial forecasts.

• Executive Summary : Provides an overview of the Kitchen & Bathroom Remodeling business concept, market analysis , management team, and financial strategy.
• Services & Location: Describes the range of remodeling services offered, including custom cabinetry, countertops, and appliance installation, and explains the strategic location benefits.
• Service List & Pricing: Lists the remodeling services provided, detailing the customization options and pricing structure .
• Key Stats: Shares industry size , growth trends, and relevant statistics for the remodeling market.
• Key Trends: Highlights recent trends affecting kitchen and bathroom remodeling, such as luxury finishes and smart appliances.
• Key Competitors : Analyzes main competitors in the vicinity and differentiates the business from them.
• SWOT: Conducts a strengths, weaknesses, opportunities, and threats analysis specific to kitchen and bathroom remodeling.
• Marketing Plan : Outlines strategies for attracting new customers and retaining existing ones, including showcasing past project portfolios and leveraging social media.
• Timeline : Sets out key milestones and objectives from business launch through the first year of operation.
• Management: Introduces the management team, detailing their experience in remodeling, design expertise, and roles within the business.
• Financial Plan: Forecasts the business’s 5-year financial performance, covering revenue projections, expense breakdowns, funding requirements, and financial statements (profit and loss, cash flow, balance sheet).

Kitchen & Bathroom Remodeling Business Plan

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces the business plan for your Kitchen & Bathroom Remodeling company, offering a succinct overview of your company and its services. It should outline your market positioning, the array of remodeling services you provide, its location, and size, and a summary of daily operations.

This section should also delve into how your remodeling business will fit into the local market, including the number of direct competitors in the area, identifying who they are, along your company’s unique selling points that set it apart from these competitors.

Additionally, you should include information about the management and co-founding team, detailing their roles and contributions to the company’s success.

A summary of your financial projections, including revenue and profits over the next five years, should also be presented here to provide a clear picture of your company’s financial plan.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Dive deeper into Executive Summary

Business Overview

 Offer a wide range of kitchen and bathroom remodeling services, including custom cabinetry, modern fixtures, and complete renovations. Emphasize quality craftsmanship and personalized design solutions.

Outline a clear pricing structure that reflects the value and quality of your services, from budget-friendly options to luxury remodels. Mention unique offerings like eco-friendly options, smart technology integration, and flexible financing or warranty programs to enhance customer satisfaction and loyalty.

Market Overview

Industry size & growth.

In the Market Overview of your Kitchen & Bathroom Remodeling business plan, start by evaluating the size of the remodeling industry and its growth prospects. This analysis is crucial for understanding the market’s breadth and pinpointing opportunities for expansion.

Key Market Trends

Proceed to discuss recent trends in the remodeling market, such as the growing consumer interest in smart home technology, energy-efficient appliances, and custom, sustainable materials. Highlight the demand for functional yet aesthetically pleasing spaces that cater to homeowners’ specific needs and preferences, alongside the increasing popularity of eco-conscious and technology-integrated remodeling solutions.

Key Competitors

Then, explore the competitive landscape, which includes a spectrum of remodeling companies from high-end custom design firms to budget-conscious contractors, as well as the DIY home improvement trend. Highlight what sets your business apart, whether it’s through unparalleled craftsmanship, innovative design solutions, or expertise in sustainable and smart home renovations.

Make sure to cover here _ Industry size & growth _ Key competitors _ Key market trends

Dive deeper into Key competitors

First, conduct a SWOT analysis for your Kitchen & Bathroom Remodeling business, highlighting Strengths (such as high-quality craftsmanship and customized design solutions), Weaknesses (including dependency on suppliers or market fluctuations), Opportunities (for instance, the rising trend in home renovations and smart homes), and Threats (such as economic downturns that may reduce home improvement spending).

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain customers through targeted advertising in home improvement magazines and websites, promotional offers for first-time clients, a strong online presence with before-and-after project galleries, and participation in local home shows and community events.

Finally, create a detailed timeline that outlines key milestones for your business’s launch, marketing initiatives, customer base growth, and expansion goals, ensuring the business progresses with clear direction and purpose.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the kitchen & bathroom remodeling business’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the kitchen & bathroom remodeling business towards its financial and operational goals.

For your kitchen & bathroom remodeling business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your kitchen & bathroom remodeling business’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs , and capital expenditures.

For your kitchen & bathroom remodeling business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

Privacy Overview

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Rental Remodeling Business Plan

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Victorian Renovations

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Victorian Renovations (VR) is a start-up company that is being formed to meet the growing need for unique restored vintage homes in downtown Portland, Oregon.  The company is initially focused on one building, located on Fifth and Pearl, which it is in the process of purchasing.  The house will be renovated by the two owners of the business, Doug Machen and Sarah Renner, both of whom are experienced in house renovation and both of whom have graduated from the MBA program at the University of Portland.  External contractors will also be used for the larger jobs, but most of the work will be completed by Doug and Sarah.

After completion, the house will be rented out, and the income stream will be used to pay the mortgage on the house and to finance the purchase of another property in downtown Portland.  Due to the rising demand of unique homes in this area, it is believed that the property at Fifth and Pearl will be rented out for a high price and will produce substantial cash flow to finance future projects.

1.1 Mission

The mission of VR is to develop rundown houses in the Portland area, to improve the look and financial viability of downtown Portland, and rent those properties out to provide a stream of income for future investments.  The company will develop unique homes targeting the discriminating renter who is willing to pay more for a top quality home.  VR seeks to be viewed as a highly visible company in the property development market.

1.2 Objectives

The following are the main objectives for VR:

• To obtain investor funding to purchase and renovate a four bedroom residence on Pearl and Fifth in the Hawthorne District of Portland, Oregon.
• To complete renovations on the four bedroom victorian residence, to convert it into two 2-bedroom units by October 2001.
• To rent out that residence to provide an income stream enough to pay the mortgage and provide additional income for future projects.
• To purchase another residence for renovation immediately thereafter.

1.3 Keys to Success

The keys to success for this project will be:

• To complete the renovation work within the scheduled time and within the budgeted amount.
• To find rental occupants for the building before renovations are completed or as soon as possible after completion.
• To maintain an average 80% occupancy rate each year.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Victorian Renovations is a vintage house renovator based in Portland, OR. We purchase dilapidated buildings at low cost and renovate them in vintage Victorian style, they are then rented to young families and couples. We are a privately-owned Oregon corporation. We are relatively small, but have a good understanding of the market, a background in this industry, and a great passion for our work.

2.1 Start-up Summary

The company was started when these two business colleagues realized the number of old dilapidated homes in Portland in need of repair and correspondingly the growth in popularity of older restored homes. 

They have recently located the house on Pearl and Fifth and are in the process of obtaining a loan.  Each partner will contribute investment which will be used to cover the down payment of 20%, the mortgage payments for the first six months while the house is being renovated, and the materials and labor to develop the building.  Much of the work will be done by Doug and Sarah, since they are both owners of older homes and have completed much of the renovation and repair to those homes themselves.

Other costs associated with start-up are the legal costs of incorporating the business and building insurance.

2.2 Company Ownership

Victorian Renovations is a privately-held Oregon corporation.  It is jointly owned by friends and business partners, Sarah Renner and Doug Machen.

Currently the company has just one product, which is the house on Pearl and Fifth.

Market Analysis Summary how to do a market analysis for your business plan.">

Housing exploded into the 21st century on a high note, breaking records for home sales, home ownership rates, and the value of residential construction. Buoyed by the longest economic expansion in history, these residential real estate indicators all set records in 1999.

While Portland is occasionally an enigma when stacked next to national trends–mostly because its urban growth boundary demands greater infill development–a report released this summer is nonetheless likely to raise some eyebrows.

“The State of the Nation’s Housing: 2000,” prepared by Harvard University’s Joint Center for Housing Studies and funded by the Ford Foundation, found that Portland’s housing prices leaped 44% over the past decade–and even rivaled its neighboring peers, Seattle and San Francisco, by substantial percentage points.

This summer, metropolitan Portland’s median sales price for homes rose above the $170,000 mark–and the Lake Oswego/West Linn market soared above the $290,000 mark–according to the Residential Multiple Listing Service’s Market Action.

Crunching numbers adjusted for inflation and factoring out rises in home size and quality, the Harvard University report concluded that Portland had the third-largest leap in housing prices out of 35 U.S. cities. The heftiest increases were tallied by Salt Lake City, with 60%, and Denver, with 49%. One of the largest dips in housing prices affected another West Coast neighbor, Los Angeles, which saw prices slump 18%. Metro Councilor Rod Park attributes much of Portland’s home-pricing increases to the influx of out-of-state workers. Intel Corporation, for instance, recently announced plans to expand facilities in Hillsboro’s high-tech Sunset Corridor. Park said the global chip maker plans to fill many new jobs with out-of-state employees.

The trend with Intel snagging local tax breaks and then bringing in workers from elsewhere ought to raise the eyebrows of local officials, and especially local colleges and universities, he added.

“What we view up here as expensive has a lot to do with people with more earning potential coming in and bidding the prices up,” Park said.

According to an affordability index prepared by the National Association of Home Builders, Portland recently ranked as the 25th least affordable of 192 major U.S. cities.

(Source: The Portland Business Journal , Brian J. Back Business Journal Staff Writer.)

4.1 Market Segmentation

Victorian Renovations will be targeting upper income couples to rent its properties.  Currently, although the labor market is buoyant in Portland, there is some uncertainty ahead, meaning that there are many people moving into the area who are unsure whether they will be staying for more than a couple of years.  In addition, there are a large number of people moving to Portland from out of state who do not know the city as yet, so would rather rent a home than commit to a purchase.

The largest population group in Portland is 20-44 year olds and VR will be targeting the 25 to 30 year olds within this group.  They have been out of college for a few years and have established careers, but may not be ready to settle down yet with a home purchase.  In addition, many of them are earning high wages with high tech companies.  It is estimated that this group makes up 5% of all people in the 20-44 year old age group in Portland.

Portland Community Age Groups  

(Source: US Census. Median value is the middle value, not an average.)

4.2 Service Business Analysis

Below are the most recent figures we are able to find on the Portland housing market.  If trends in the housing market have remained similar, the vacancy rate of 5.59% looks very promising for VR, since the target is to have the building occupied 80% of the year.

City of Portland 1990 Housing Breakout:

(Source: US Census.)

4.2.1 Competition and Buying Patterns

Competition comes in a number of forms in the portion of the housing market which VR will target.  There are a large number of housing options in the Portland market, however we believe that there are very few houses that have been renovated in a unique Victorian style that are for rent.  For this reason, although this house will be converted into two 2-bedroom apartments, we will be able to charge a premium price for rental.  Where the average price for a 2-bedroom apartment in downtown  Portland is $850, we will charge $900 per unit.  We believe that there is room in the market for this vintage and quality of building in the rental market.

Strategy and Implementation Summary

Our strategy is based on the fact that there is a large portion of people in the Portland area who value comfortable, vintage living with all the modern conveniences.  The homes that we develop will be targeted towards people who are in the market for a rental property and are willing to spend more on their homes to have authentic, classic surroundings.  These people are willing to pay more for this unique property.

5.1 Competitive Edge

The company’s competitive edge is the expertise of the two owners in renovating and restoring older homes.  Both currently own vintage homs and have done much of the renovation themselves, only bringing contractors in to do very large jobs.  In addition, both have strong business backgrounds, one in marketing and one in finance and accounting.

5.2 Marketing Strategy

The marketing for VR will be limited, since the company simply needs to rent out two apartments for one year leases.  A full color leaflet will be developed that will be posted outside the property near the end of the restoring process.  In addition, newspaper advertisements will be placed in local newspapers and on rental websites.

5.3 Sales Strategy

Because these apartments will be high quality, VR will be choosy about who they will accept as tenants.  References and proof of employment or ability to pay the rent will be needed.  Also, one month’s rent will be requested as a deposit on signing of the lease.

5.3.1 Sales Forecast

The following is the sales forecast for VR’s first apartment building on Fifth and Pearl. 

5.4 Milestones

The following Milestones table illustrate the key steps that Victorian Renovations must achieve in order to ensure the success of this venture.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Victorian Renovations will be wholly owned and managed by Doug Machen and Sarah Renner.  Both have MBA degrees from the University of Portland and both are experienced home owners and renovators.  Victorian Renovations will be a side business for them, since they currently work time.  They will be working on renovating the building on Fifth and Pearl at night and on weekends.

Doug works for an accounting firm and deals with many real estate transactions for his clients.  This experience makes him perfect to negotiate the sales price and mortgage on the house.

Sarah works as a marketing specialist for an interior design firm that focuses on high end reproductions of antique era household items, such a victorian style sinks, taps, wall paper, tiles, and furniture.  Most of the products are sourced from overseas, so the company works on big margins.  As a result, employees can get good discounts on products from the company.  Sarah will be purchasing most products for the house renovation directly from her work.

6.1 Personnel Plan

The owners will be working on this project alone, though they will be bringing in contractors to do some of the heavier renovation work.  For the first couple of years, neither will be taking a salary.  Instead, they will be plowing profits back into the business, with the aim of buying other properties.

Financial Plan investor-ready personnel plan .">

The following financial information shows the assumptions and outcomes of the purchase, renovation, and rental of the first property on Fifth and Pearl.  No attempt has been made to discuss the implications of purchasing other buildings, since these will happen on a more ad hoc basis.

7.1 Important Assumptions

The following are conservative assumptions that will influence our financial projections.

7.2 Break-even Analysis

The regular Break-even Analysis is not appropriate for this project, but the following text explains the Break-even chart.

Investors will receive 66% of the rental income from the property.  It is estimated that this property will produce $2400 per month of rental. At maximum occupancy, the payout to investors will be fixed monthly cost of $1,600.  The remaining $800 per month will be kept in a savings account to pay for general upkeep of the building and any unexpected repairs.  It is estimated that routine bills and maintenance will be no more than $400 per month.

7.3 Projected Profit and Loss

The following Profit and Loss table illustrates that VR will lose money in the first year, but in the second year, on this single property, the company will make a healthy return of 10% in 2002 and 15% in 2003.

7.4 Projected Cash Flow

The following Balance Sheet shows healthy cash flow that will enable VR to maintain the existing location at Fifth and Pearl and allow Doug and Sarah to purchase a second property in Portland in year two of the operation.

7.5 Projected Balance Sheet

The Balance Sheet shows a healthy company with a positive net worth that will ensure future financial stability and the ability to grow through investment in other properties in the future.

7.6 Business Ratios

The following table contains important ratios for the Single-family housing construction industry, as determined by the Standard Industry Classification (SIC) Index Number 1521.

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Renovation Contractor Business Plan Template

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This renovation contractor business plan template has 35 pages and is a MS Word file type listed under our business plan kit documents.

Sample of our renovation contractor business plan template:

INSERT IMAGE/LOGO COMPANY NAME Business Plan 2011 Owner: INSERT NAME INSERT ADDRESS Phone: Email:

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7+ remodeling business plan templates – pdf, word.

Sometimes, when things around you seem at their best, something suddenly goes wrong. Or it might be that you are not necessarily having a bad day but that you ought to be doing something that has been long overdue. The dilemma is far worse if you are the type that wants a certain task finished at a certain given time.

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Planning and Managing a Renovation Project

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Home Renovation Project Plan

Doing your own remodeling is, to say it lightly, a big job. There are many things you need to get done, details that need to be finalized, and materials that need to be acquired. The whole process is already a confusing mass of loose ends, and jumping straight into it without first deciding on what to do will only make the task more difficult.You may also check out  advertising plan examples.

One of the biggest remodeling mistake homeowners make is skipping the planning phase and rushing straight into the project. Before starting any home remodeling project, you need a plan. While it’s a tedious process, it will help you make the most out of your time and money.You may also like  job plan examples.

Home Renovation Project Planner Template

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Four Steps to a Foolproof Home Renovation Project Plan

Below are four easy steps that will help you ensure that your remodel meets and exceeds even your highest expectations, while successfully avoiding making all those often inescapable annoying little mistakes along the way.

1. Decide on what you want.

A big part of planning a home project is deciding what look you will try to achieve for your home. Having a clear mental picture of the end product that all the hard work should result in is a great way to make sure that, from the first day to the last, all of the smallest decisions you will make will move you closer to your desired result.You may also like  simple business plan examples .

Whether you’re simply converting a bathtub into a walk-in shower or building an in-law suite, having a better understanding of how you want your house to look and feel after all the remodeling will help you decide on budget, design, and materials more easily.

2. Create a realistic budget.

The next step in your home remodeling project is to create a budget. Redesigning a house can be expensive. Deciding on a budget will help you make sure that you don’t spend more than you should, and that you achieve everything you want to get done with enough to spare. You may also see  daily plan examples .

Once you’ve decided on the scope of your project and what features and finishes you want, figure out how much money you have available to spend on your remodeling. A little spoiler though, often what you want and how much you can afford aren’t always the same things.

The best thing you can do is to be smart with your spending. After all, there is nothing that a frugal pocket can’t do. Keep in mind that renovations don’t always guarantee returns and that spending more on an upscale renovation isn’t necessarily a better investment than spending less on a mid-range project.You may also see  transition plan examples .

How to Budget for a Home Remodel

You don’t have to cut a big hole from your savings just to make your house prettier. There are several money-saving tips you can follow to make sure you get a lot without having to spend too much.

1. Figure out how much you have to spend. After you’ve decided on what you want, determine whether or not you have enough money to cover the costs to achieve it. Look at your wish list and prioritize needs versus wants. For example, instead of setting aside a budget for garden gnomes, why not spend that money fixing the fence instead? It will make your lawn prettier, the same way that lawn gnomes will, while also ensuring that your house is safely boxed in from unwanted strangers.You may also like  simple business plan examples

2. Assess the present condition of your home. As a general rule, the older the home, the more hidden costs you’re likely to find behind your doors and walls. You don’t want to focus on renovating your home office while your attic’s floors are nearly collapsing. Make sure that you don’t have more pressing structural issues to focus on.You may also see  territory sales plan examples .

3. Check what permits your city requires. Unfortunately, we are not allowed to randomly break walls for beautification purposes. Which is why, in addition to protecting your home and family, getting the necessary permits will ensure that you won’t have to redo any of the work. The last thing you want is to run out of money in the middle of the project.You may also see  weekly plan examples .

To avoid spending more than what your budget allows you to, try adding up a close estimation of all of your expenses before you start. This can help you get a rough guess on how much the remodeling will cost you. Add a little few extra dollars in there for miscellaneous expenses and you’re good to go.You may also see  legal strategic plan .

Free Home Renovation Project Plan Template

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C. Get written estimates.

Planning a home remodeling project involves getting estimates from remodeling companies or general contractors unless you’re doing all this on your own. Chances are you’re not, so before you start researching for available, not to mention affordable, contractors, get recommendations from family and friends about who they hired for their own remodeling project.

You can never go wrong with tried and tested workers. Start compiling a list of several contractors you may want to hire, but don’t let the price be the deciding factor. We are often attracted to the cheapest. It’s one of man’s greatest weakness. However, the cheapest often won’t give you a result you can be happy with.

So instead of focusing on that sole factor, try considering these several others before hiring a contractor:

1. Years of experience.

Honestly, if you are looking for an inexperienced newbie, why don’t you just go ahead and do the job yourself? But you won’t because remodeling your home is important to you, and you want to entrust the job to someone who’s actually capable of doing it. A contractor who has been doing business for a long time makes them a safer bet than one who is fairly new to the business.You may also see  project plan examples .

2. A contracting license.

Make sure that your contractor has gone through all of the steps needed to obtain any required certifications specific to their line of work. Why? Would you trust an unlicensed, although just as qualified, doctor to conduct a sensitive operation on you when the medical field is brimming with licensed and qualified doctors? Although a contractor and a doctor are two very different things, the point remains: we only want someone who has been given the right to perform the job. You may also see  catering company business plan .

3. Certificate of insurance.

Contractors should have workers’ compensation and liability insurance for the type of work they perform. Yes, you’re just redesigning your house. But these people deal with machines and equipment, and insurance is not an option. It should be a necessity.

4. Timeline for completion.

It’s important to know when the contractors will start and complete a project, and if there are any circumstances that may affect that schedule. Yes, you want your house to look prettier, but you can’t have strangers banging around your walls and making loud noises with their machines for too long. You need to know exactly when you can enjoy the results of your money and effort.You may also see  marketing plan examples .

5. Payment schedule.

If knowing when you’ll enjoy your home’s new look will give you some peace of mind, knowing when they will get paid will do the same to your contractors. But, of course, a reputable contractor won’t ask you to pay the full price upfront, and the entire business world advises everyone not to. However, it’s important to discuss payment terms before construction begins. In some cases, it’s even better to spend a little extra to get someone you’re comfortable working with.

D. Map out your schedule.

Depending on the scope of your project, a home renovation can run anywhere from a few days to a few weeks. As a result, you can expect your day-to-day life to be impacted in some capacity. If you’re remodeling your kitchen, don’t expect your breakfast to be peaceful for a while.

If you’re getting your living room done, move your guests somewhere else. Renovating the master bedroom? You’ll have to make temporary sleeping arrangements. Whether or not you should live in your home during construction depends on what work is being done.You may also see  social media marketing plan examples .

If the contractor you hire doesn’t provide their own timeline or project plan for your home renovation, you should make your own and share it with them. It’s best that both parties are in agreement regarding this aspect. Generally, the bigger the project, the longer it will take.You may also see  food catering business plan examples .

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Project Management Planning for Home Remodeling

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Renovation 101: Helpful Reminders

Now that we are through discussing the basics of a renovation project, let’s delve deeper into the different factors that you also need to consider before pushing through. Do you need to tap an architect and an interior designer, or your wild mind enough? Do you need a permit before you begin, or are you conducting minor conditions that nobody needs to concern themselves with?

Know the answers to these questions and a couple more helpful tips below.

Always take your budget into consideration. Major renovations are more complicated and may cost more. If you are working with a limited budget, make sure that you use that money to alter a more significant portion of the house.

It’s important to decide which space or spaces need to be prioritized. This will help you stay within your practical working budget. Instead of doing the kitchen and the living room at the same time, choose which one among them must be remodeled first, and go back to the other one next time you become less short on cash.You may also see  self-catering business plan examples .

What can I do with my old furniture? This one is a really good question and one that is frequently asked by those who have remodeled their houses. Of course, the renovations would also include purchasing a new set of furniture to go with the new design you are trying to achieve. So what will you do with the old ones?

Once you’ve identified the areas for renovation, inspect the spaces and check pieces that can be reused or repurposed. Reusing the materials will help you keep the cost low. Instead of buying a new table for your office, why not keep that gorgeous old mahogany table for after the remodeling?

Or that sturdy plywood from an old built-in cabinet can be used to make a new center table if it’s still in good condition. If you have pieces of broken ceramic tiles chipped off from the floor, you may use it on kitchen splashboards in place of expensive mosaic tiles by laying it out in a random pattern.You may also see  e-commerce project plan examples .

By using your imagination, unleashing your creativity, and focusing on what will help you save money the most, you won’t need to throw away old furniture.

Do I need to enlist the services of an architect or an interior designer?

Commissioning the services of an architect or an interior designer will immensely help you maximize a limited renovation budget as design mistakes and unconfident quality estimates will be kept at a minimum, and specifications will be cost-sensitive. However, you don’t  need to enlist the services of any of these professionals if you think you can do a perfectly good job yourself. You may also see  hotel marketing plan tips .

Can I work on a renovation project without professional help?

Yes, of course you can. But it is undeniable that you can benefit from having a sketch or a guide of a general layout of the desired final outcome of the renovation. Having a plan will help you define the renovation direction and avoid unexpected changes mid-construction that may have serious cost implications.

Other valuable tips to keep in mind:

1. Diligent supervision during construction is important, especially when trying to keep within a budget without professional design assistance. Yes, your contractors are professionals who will do their best in doing their tasks, but with you there, they’ll try to make an even better one. This will also ensure that all materials are used correctly and that the workers are working to achieve the needed output.You may also see  restaurant event proposal examples .

2. Renovations can be complex and costly, but if you’re armed with proper planning and practical prioritization, you can go through the fun and exciting experience without having to break the bank.

3. After the renovations are completed, it is necessary to inspect the correctness of the construction work done and determine if the new space is safe for occupancy. Keep in mind that it would be an expensive inconvenience to spend more on trying to fix unsafe work.You may also see  annual marketing plan examples .

Now that you are equipped with the necessary knowledge to do your own remodeling, bear in mind the important tips we’ve discussed. You don’t have to spend a lot to make your home more comfortable and more attractive. You’d be surprised at the amount you can save, while still receiving the same results, if you plan wisely.You may also see  business plan profit and loss template examples .

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