Bathroom Remodeling Business
After the kitchen, the bathroom is the second-most used room in the house. Every house has at least one bathroom, no matter how cramped the house is. These bathrooms need to be renovated at some point. Particularly the bathtub or shower that wears out over time.
Thus, from a business perspective, opening a home renovation business, especially one focusing on bathroom remodeling, can be a lucrative option. The average homeowner spends between $6,603 and $16,399 on bathroom remodeling. Some projects even go above $ 25,000. You can earn a handsome income even if you undertake one or two bathroom remodeling projects in a month.
Still not convinced? We give you eight reasons why you need to start a bathroom remodeling business.
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Plenty of Work Opportunities
As mentioned earlier, bathroom remodeling projects come up often. The bathroom is used often on a daily basis by every member of the family. Every home at least has one bathroom in their homes, even if there is no bedroom or garage. Similarly, the bigger the house is, the more bathrooms can be found.
Moreover, swimming pools, garages, or entire home renovations come up once in a while. But, the bathroom needs regular maintenance and renovation to keep it aesthetically pleasing, functional, and up to date.
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Projects Can Be Completed Quickly and Efficiently
Most bathroom remodeling projects can be completed within a week or less. In fact, some projects can even be completed in a day. No matter how small the project is, contractors can earn a handsome profit margin with bathroom remodeling.
For example, even if the homeowner wants to replace their freestanding bathtubs or add freestanding tub accessories, the project can fetch a decent income. Moreover, the project can be completed within a day. Similarly, other projects such as replacing the lighting or adding shower heads can be completed well within a day.
In short, you can make easy money with a bathroom remodeling business as most of the projects take fewer persons and hours to finish.
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Experts Are in Demand Forever
Most homeowners have jumped on the DIY bandwagon. They attempt to carry out most of the bathroom remodeling projects themselves. While this may be true, the demand for professionals isn’t going anywhere.
Most bathroom renovation projects are difficult to carry out. Professionals with the right set of tools and expertise are needed to carry out the tasks correctly and efficiently.
Thus, no matter what, the demand for experienced professionals to carry out bathroom remodeling projects will always remain. You will, therefore, be guaranteed that you will have work opportunities.
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Minimum Start-Up Costs
One of the key factors to consider before starting a business is the start-up costs. If the business requires a high investment upfront, then recuperating it can take years. Thus, you should always consider a business that has minimum start-up costs associated with it.
A bathroom remodeling business is a perfect option for individuals looking to start a business with the bare minimum investment. How? Well, a bathroom remodeling business can be started right from the comfort of your home. Moreover, there isn’t much storage space required to house the equipment and tools required in bathroom remodeling projects.
You can simply start with your home and have a trailer or van for commute purposes. As your business grows, you can then move to dedicated office space and invest in other things as the need arises.
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Fewer Employees Are Required
In addition to the lower start-up costs, you will also require a few employees to get your business off the ground. This further reduces the start-up and operating costs of your business.
For example, you can start with just two employees who can work simultaneously on a bathroom remodeling project. This will ensure that the projects get completed quickly. You will also have higher gross profits as you won’t be spending a lot of money on employee paychecks.
As your business grows, you can increase your employees. Still, the employee expenditure will be much less than the profits you derive.
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Low Equipment Needs
Similar to having fewer employees, a bathroom remodeling business requires a low equipment and machinery investment. As you specialize only in a particular niche related to home renovation, the number of equipment needed to carry out related works reduces drastically.
Additionally, as discussed earlier, the storage requirements for the tools and equipment are also less. You can easily fit them into a trailer and transport them from your warehouse to the remodeling site.
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You Can Cater To a Wider Audience
Every homeowner has a budget in mind before starting a bathroom remodeling project. Some projects cost just a few thousand dollars, while some projects can go well over fifty thousand dollars in luxury homes.
You can cater your services to different sets of audiences – low, mid, and high-income, helping you expand your customer base and increase your earning opportunities.
You can also focus on one particular set of audiences to establish yourself as the authority in that particular segment. For instance, certain bathroom remodeling businesses only cater to celebrities, sportspeople, and other high-income clients.
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No Technical Knowledge Needed
Lastly, you don’t necessarily need to have the technical knowledge to start a bathroom remodeling business. You can hire a certified professional to do the hands-on work. Meanwhile, you can look after marketing, customer onboarding, and other administrative tasks.
Alternatively, you can also get the required training and certification from a reputed, recognized institute. This will especially help you if you are operating alone. Moreover, it can also ensure the success of your business as you’ll be able to run it more efficiently. You can make better-informed decisions by possessing the technical know-how related to the field.
Parting Thoughts
In conclusion, a bathroom remodeling business is a great option to consider. Every house has a bathroom, and it needs to be remodeled at some point in time. It’s the type of business that requires hard selling as people naturally look for it.
It requires low investment costs, fewer employee responsibilities, and low operational costs. Similarly, the lack of technical knowledge is not necessarily a hindrance.
If you are thinking about starting a bathroom remodeling business, you should do it right away.
