How to start a basement remodeling business on a shoestring budget

 How to start a basement remodeling business on a shoestring budget

If you have a basement, you’re in luck: with the right knowledge and some elbow grease, you can turn your unfinished space into an extra room or even add value to your home! It all starts with planning the project—here are some tips to help you get started on your very own basement remodeling business.

Why you need to start your own business

Owning your own business can be both exciting and rewarding. But deciding what kind of business you want to run, setting up a company and making it successful takes hard work and dedication. The good news is that, with determination, you can make your dream of becoming an entrepreneur come true. With careful research and planning, there are plenty of opportunities available for home-based businesses, offering more flexibility and independence than many traditional office jobs do. However, running a business from home isn’t always easy. Here’s how to get started:

Do your research

There’s plenty of competition in any given industry, so before you invest time and money into starting your own business, it’s important to know what’s already out there. Gather information about similar businesses by searching popular review sites such as Yelp or taking advantage of free trials with competitors in your area. And when it comes time to build your team, try using online services such as Upwork (formerly Odesk) or TaskRabbit for freelance workers. These websites allow you to find talented professionals who can help you launch your business without breaking your bank account.

Get out there and network

If you want people to take you seriously as an entrepreneur, you need to establish yourself in your industry. This starts with getting out there and meeting people. From local networking events, like chambers of commerce, to community-focused sites like Nextdoor, go where other entrepreneurs and professionals in your industry hang out. Show them what you’re doing by letting them see your work; they’ll respond in kind by giving constructive feedback that can help improve your business and grow its reputation. In fact, 40 percent of respondents to our survey said having an online presence was one of their most important factors when looking for a new contractor or supplier. That number jumps even higher (to 56 percent) among millennials—which means you should be especially vigilant about cultivating relationships in online spaces where your target customers spend time.

Use social media

Social media is one of your most important tools for promoting your home-remodeling business. Whether you use Facebook, Twitter, Instagram or other networks, being active in these channels can help you reach out to more clients. Don’t forget about video platforms like YouTube and Periscope, which are great for showing off your design skills and creating informational videos for potential customers. You can also create an online portfolio with photos of past projects that showcase your work. If you have any awards or recognitions from professional organizations, make sure to include them as well. Finally, don’t forget about blogging! A website gives you an opportunity to write posts that highlight your expertise and build trust with prospective clients who visit your site regularly.

Utilize small, local adverts

Many small businesses owners have great success by utilizing small, local advertisements. These ads might be in your newspaper’s classified section or posted on a neighborhood social network. Whatever you choose, make sure that your ad clearly and simply states your services along with some price information. You can also include contact information for any interested parties; it’s important that you reply promptly to any questions or inquiries about your services so that clients will get an immediate sense of your level of customer service commitment. Don’t forget to ask each client for referrals after they receive their project! This is one of the best ways to grow your business.

Create a website

A website is your online representation, so put some time and effort into creating an effective one. It doesn’t have to be complicated or expensive—in fact, it shouldn’t be. All you need is one page with basic information about what you do and why someone should choose you over other options. Be sure to include contact information in case potential clients want to get in touch after browsing your site. If you don’t have any web design experience, sites like Squarespace can help you create a professional-looking site without having to learn code. If you decide to build your own site from scratch, just make sure that it looks good on mobile devices as well as desktop computers; more than half of all internet traffic comes from mobile devices now.

Invest in tools you will use often

Buying tools and equipment when you first start out isn’t cheap, but it’s better than having to buy them later. Even if you only have room for one high-end tool at first, focus your funds there and then expand as you get experience in your chosen field. With hand saws, jigsaws, reciprocating saws and nail guns all around $100 each, it will save money in the long run. If you are just starting out, buying cheaper versions of these items is a good way to go. You can always upgrade later once you know what works best for you.

Create an honest and professional brand

Designing your own logo, selecting a name and coming up with an honest tagline is much easier said than done. It’s also incredibly important, so don’t skimp out here.

Charge fairly – the more experience you have, the more you can charge

When starting out, it’s reasonable to charge about 10-20% of what your time is worth for basic jobs. After a few years in business, you may be able to bump that up by another 10-20%. For example, if you’re charging $35 per hour, after 4 years of experience you might be able to charge $45/hour.

Accept payments for jobs – cash, check, credit card…whatever works best for you.

Finding a way to get paid for your work is an important step in starting any business. There are many options available. Some businesses accept credit cards, some prefer checks and others require cash up front. If you’re not sure what you should be accepting as payment for your services, ask people who have hired professionals for similar jobs what they pay and try out different methods of accepting payments until you find one that works best for you and your customers.

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