Property development is a blossoming industry sector and offers profitable opportunities for those who have a passion for renovation and have the business know-how. The demand for home renovations is still high, despite the challenges of the current cost of living crisis.
It’s a great time to get your own renovation business up and running but there is a lot of groundwork you need to lay if you want to make a profitable beginning. Here are the essential first steps prospective property developers should take to get on the road to success.
Know the market
Some areas of home renovation are going to be more lucrative, depending on the vision you have for your business. Residential and commercial builds are two very different types of construction, and one could offer you more benefits than the other.
Knowing the difference between the two is crucial to making a sizeable profit so you should decide early on what category your properties fall into.
Get the paperwork sorted
While it’s definitely not the most exciting part of starting a business, getting all the appropriate licenses, insurance and certificates is important. Any home renovation business will need a business license to operate in the country and you may need to apply for specialised permits depending on your project.
Insurance is another must when working in property development. This will protect the reputation of your business in the unfortunate case that an employee gets injured during your work or if a client’s home gets damaged.
Have the right tools
Completing each job to a high standard is crucial to producing work you can be proud of. Having few to no complaints about your properties is key to keeping profits as high as possible as you won’t need to dip into them for repairs. Certain tools are about to become your best friends so it’s worth investing a little more to get high-quality equipment you can rely on.
Pliers, hammers, trim pullers, and sealant removers are needed for a variety of tasks so you’ll be glad to have them to hand. You also have a responsibility to ensure the safety of your workers so you should always supply them with PPE. This includes safety glasses, lung protection masks, gloves, and steel-toed boots.
Networking is the secret weapon of every business. It provides a wealth of benefits that enhance professional development and growth so you should be capitalising on every opportunity. This is how you stay up-to-date with the latest industry techniques and safety protocols and opens up the door to new partnerships, client leads, and business ventures.
Many networking events will also increase your visibility within the industry and potential to meet future clients.