Are you about starting a home remodeling company? If YES, here is a complete sample home remodeling business plan template & feasibility report you can use for FREE.

Okay, so we have considered all the requirements for starting a home remodeling company. We also took it further by analyzing and drafting a sample home remodeling marketing plan template backed up by actionable guerrilla marketing ideas for home remodeling companies. So let’s proceed to the business planning section.

Why Start a Home Remodeling Business?

If you are thinking of starting a business with huge returns on investment, then one of your best bets is to venture into the real estate industry. Of course, there are several money spinning business opportunities in the real estate industry and one of them is to start a home remodeling company.

Just like all other investment vehicle, there are potential down sides that you need to look out for as a home remodeling agent. One of the major risks in home remodeling business is a sudden down turn in the economy. Selling properties could take a period of two to three years from conception to completion depending on the size of the project and the cash flow.

As a matter of fact, some home remodeling projects could even take much longer than that. Because of the time frame involved in renovating and decorating a property from start to finish, loads of un – anticipated things could crop up and it fall in the thick of property cum economy downturn which is not good for the business considering the investment that has gone into the project.

Another factor that is of major concerns and a threat to home remodeling business generally could be cost increase as a result of inflation, currency devaluation and economic challenges. Unforeseen delays from the part of government agencies, litigation and also delays from contractors could lead to substantial cost increase especially if the project is heavily dependent on bank loans. If perhaps during this period, there is a change in the supply and demand dynamics of the property sector the project could be affected negatively.

If you are truly convinced that starting a home remodeling company is the right business for you to do, then you need to write your own business plan. Below is a sample home remodeling company business plan template that will help you successfully write yours with little or no stress;

A Sample Home Remodeling Business Plan Template

  • Industry Overview

The real estate industry of which home remodeling line of business is sub set of is indeed one of the many industries that are a major contributor to the growth of the economy of many nations of the world; there is hardly any country where the real estate industry is not pretty active.

Players in the Home Remodeling industry primarily engage in the remodeling and renovating the interiors and exterior of residential buildings (i.e. single-family homes and multifamily apartment building units). Remodeling consist of additions, alterations, reconstruction, maintenance and repair work. General contractors, operative remodelers, remodeling design-build firms and remodeling project construction management companies are all part of the home remodeling industry while commercial building remodeling is not included in the industry.

If you are a closer watcher of the Home Remodeling industry, you will agree that the industry’s foundation shook as the housing bubble burst, with several factors contributing to discourage consumers from spending on home improvements. Experts projected that the home remodeling industry recovery will be driven by improvements in employment and per capita disposable income.

In the United States and in most countries of the world, home prices are expected to continue to rise, facilitating growth in demand for home remodeling industry services because homeowners often leverage the value of their homes through loans to fund remodeling projects.

The Bureau of Labor Statistics (United States of America) projects 11.1 percent job growth for real estate industry between 2012 and 2022, which is about as fast as average. During that time, an additional 38,000 jobs will open up in the industry. Hence any home remodeling company that is well equipped and positioned will sure rakes in huge revenues from this industry within this period and of course the future is bright.

The Home Remodeling cum Real Estate industry is indeed a large industry and pretty much active in countries such as United States of America, United Kingdom, Germany, France, Italy, Holland, Switzerland, Australia and Canada et al.

Statistics has it that in the United States of America alone, there are about 415,994registered and licensed home remodeling companies scattered all across the United States responsible for employing about 652,647and the industry rakes in a whooping sum of $75 billion annually. The industry is projected to grow at 4.2 percent annual growth within 2011 and 2016. It is important to state that there is no establishment in this industry that has a lion market share.

A recent report published by IBISWORLD shows that the Home Remodeling industry is very labor-oriented, as it relies on employees to carry out most industry activities. Therefore, the industry requires a low level of capital investment and instead allocates much of its cost structure to labor payments, which accounts for 23.1 percent of revenue.

Purchases account for 56.9 percent of industry revenue. The report further stated that these costs are largely related to materials, components and supplies used during service requests as well as the costs associated with contracting work out to third-party subcontractors. Depreciation absorbs only 1.0 percent of industry revenue, and capital purchases are largely limited to vehicles and computers used in sales offices.

The home remodeling cum real estate industry is highly regulated in the United States of America and anyone who aspires to start a home remodeling company must apply and obtain a license before they can legally operate in the industry.

Lastly, as a home remodeling professional, it is very important to be creative, to be able to use your ideas to meet the rapidly changing needs of the society when it comes to properties; you should be able to convert a slum into a beautiful city if indeed you want to become a major player in the house remodeling cum real estate industry.

Home Remodeling Business Plan – Executive Summary

Zoe McLaurin® Home Remodeling Company is a U.S. based and licensed home remodeling company. Our head office will be located in a standard and centrally located office facility in the heart of Annapolis – Maryland. Although our Head Office will be located in Annapolis – Maryland, but we will open our branch offices in major cities in all regions of the United States of America – within the first two years of operation we would have set up our offices in the following locations; New York City, Los Angeles, Florida, North Dakota, Boston, Dallas and Washington.

Zoe McLaurin® Home Remodeling Company is going to be a self-administered and a self-managed real estate investment trust (REIT). We will engage in home remodeling services such as residential additions, alterations and renovations, construction management for residential remodeling, fire and flood restoration, home improvement, porch construction, sunroom additions, kitchen and bathroom upgrades, systems and equipment, disaster repairs and other remodeling projects.

We will work towards becoming one of the largest home remodeling companies in the United States of America with active presence in major cities.

We are quite aware that home remodeling business requires huge capital base, which is why we have perfect plans for steady flow of cash from private investors who are interested in working with us. We can confidently say that we have a robust financial standing and we are ready to take on any opportunity that comes our way in the real estate industry.

As part of our plans to make our customers our number one priority and to become one of the leading home remodeling company in the United States of America, we have perfected plans to adopt international best practices that can favorable compete with the best in the industry. Zoe McLaurin® Home Remodeling Company have overtime perfected plans that will help us to become a specialist in turning slums into beautiful cities and turning a run –down and dilapidated building into a master piece and that hopefully will be our brand and signature.

Zoe McLaurin® Home Remodeling Company will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Zoe McLaurin® Home Remodeling Company will be owned majorly by Zoe McLaurin and her immediate family members. Zoe McLaurin has a Degree in Building Engineering and she is a property guru that has worked with top Real Estate Companies in the United States of America for many years prior to starting her own business.

Other investors with same investment ideology whose name cannot be mentioned here for obvious reasons are going to be part of the business especially as it relates to pooling cash together for property acquisitions, renovations and beautification.

  • Our Product and Services Offerings

Zoe McLaurin® Home Remodeling Company is going to offer varieties of services within the scope of the home remodeling industry in the United States of America. Our intention of starting our home remodeling company is to favorably compete with leading players in the home remodeling cum real estate industry both in the United States of America and in the world at large.

We are well prepared to make profits from the industry and we will do all that is permitted by the law in the United States to achieve our business goals, aim and ambition. Our business offerings are listed below;

  • Residential additions, alterations and renovations
  • Construction management for residential remodeling
  • Fire and flood restoration
  • Home improvement
  • Porch construction
  • Sunroom additions
  • Kitchen and bathroom upgrades
  • Other remodeling projects
  • Systems and equipment
  • Disaster repairs
  • Real estate consultancy and advisory services

Our Vision Statement

Our vision is to become one of the top 10 home remodeling companies in the United States of America within the first 10 years of starting Zoe McLaurin® Home Remodeling Company.

  • Our Mission Statement

Our mission and values are to help people, businesses and property owners and clients in the United States of America and throughout the world remodel their homes to fit into the ideal mental pictures they have of how a world – class home should be.

  • Our Business Structure

Our company’s structure is not entirely different from what is obtainable in the real estate industry, as a matter of priority, we have decided to create a structure that will allow for easy growth for all our employees and also, we have created platforms that will enable us attract some of the best hands in the industry.

We are quite aware that the success of any business lies in the foundation on which the business is built on, which is why we have decided to build our home remodeling company on the right business foundation. We will ensure that we only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast we meet our set target.

Zoe McLaurin® Home Remodeling Company is fully aware of the modus operandi in the real estate industry cum home remodeling line of business, hence adequate provision and competitive packages has been prepared for independent sales agents. Our marketing department will be responsible for managing this aspect of our business structure.

Below is the business structure we will build Zoe McLaurin® Home Remodeling Company on;

  • Chief Executive Officer
  • Project Manager
  • Company’s Lawyer / Secretary
  • Admin and HR Manager
  • Head of Construction and Renovation
  • Business Developer / Sales and Marketing
  • Accountant
  • Customer Service Executive / Front Desk Officer

Roles and Responsibilities

Chief Executive Officer – CEO (President):

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization
  • Reports to the board

Project Manager

  • Responsible for the planning, management and coordinating all projects on behalf of the company
  • Supervise renovation projects
  • Ensure compliance during project executions
  • Provides advice on the management of projects
  • Responsible for carrying out risk assessment
  • Uses IT systems and software to keep track of people and progress of ongoing projects
  • Responsible for overseeing the accounting, costing and billing of every project
  • Represent the organization’s interest at various stakeholders’ meetings
  • Ensures that project desired result is achieved, the most efficient resources are utilized and different interests involved are satisfied.

Company’s Lawyer / Secretary / Legal Counsel

  • Responsible for drawing up contracts and other legal documents for the company
  • Consult and handle all corporate legal processes (e.g. intellectual property, mergers & acquisitions, financial / securities offerings, compliance issues, transactions, agreements, lawsuits and patents et al)
  • Develops company policy and position on legal issues
  • Researches, anticipates and guards company against legal risks
  • Represent company in legal proceedings (administrative boards, court trials et al)
  • Plays a part in business deals negotiation and take minutes of meetings
  • Responsible for analyzing legal documents on behalf of the company
  • Prepares annual reports for the company

Admin and HR Manager

  • Responsible for overseeing the smooth running of HR and administrative tasks for the organization
  • Designs job descriptions with KPI to drive performance management for clients
  • Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
  • Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
  • Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
  • Defines job positions for recruitment and managing interviewing process
  • Carries out staff induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for arranging travel, meetings and appointments
  • Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
  • Oversees the smooth running of the daily office activities.

Renovations / Construction Engineers

  • Responsible for handling home remodeling services such as residential additions, alterations and renovations, construction management for residential remodeling, fire and flood restoration, home improvement, porch construction, sunroom additions, kitchen and bathroom upgrades, systems and equipment, disaster repairs and other remodeling projects
  • Establishes and enforces company’s engineering and construction standards
  • Ensures that renovation / construction work meets or exceeds standards within a designated geographic area.
  • Provides overall direction on assigned construction projects; reviews and makes recommendations on planning and design of projects; negotiates contracts or participates in contract negotiations; monitors day‐to‐day progress and activities on project construction sites.

Marketing and Sales Executive / Business Developer

  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
  • Responsible for supervising implementation, advocate for the customer’s need s, and communicate with clients
  • Finds and qualifies land for development based on company’s land requirements; maintains a land search database; initiates discussions with property owners about the possible sale of property
  • Develops, executes and evaluates new plans for expanding increase sales
  • Documents all customer contact and information
  • Represents the company in strategic meetings
  • Helps to increase sales and growth for the company

Accountant

  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • Provides managers with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
  • Responsible for financial forecasting and risks analysis.
  • Performs cash management, general ledger accounting, and financial reporting for one or more properties.
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensuring compliance with taxation legislation
  • Handles all financial transactions for the company
  • Serves as internal auditor for the company

Front Desk / Customer’s Service Officer

  • Receives Visitors / clients on behalf of the organization
  • Receives parcels / documents for the company
  • Handles enquiries via e-mail and phone calls for the organization
  • Distributes mails in the organization
  • Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Manages administrative duties assigned by the line manager in an effective and timely manner
  • Consistently stays abreast of any new information on the company’s properties that are put – up for sale, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries

Home Remodeling Business Plan – SWOT Analysis

The fact that home remodeling business is a very rewarding business does not mean that there are no challenges in the industry. Starting a home remodeling business in the United States of America comes with its own fair share of challenges, you would have to abide by the law and also compete with loads of other entrepreneurs in the real estate business value chain who also are interested in making a living and building a business in the US.

In order to compete favorably in the home remodeling cum real estate industry as a home remodeling company we have been able to hire the services of tested and trusted business and HR consultants to help us conduct critical SWOT analysis for us.

We intend maximizing our strengths, explore all opportunities we will come across, properly manage our weakness and confront our threats. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Zoë McLaurin® Home Remodeling Company;

  • Strength:

Some of our strength that we will be bringing to the table in the home remodeling cum real estate industry is our robust relations with home owners and properties investment moguls in the whole of the United States of America.

Our access to funding and also, we have a team of experts who have cut their teeth in the real estate industry cum home remodeling line of business. Our commission structure and relationship with freelance real estate agents in Annapolis – Maryland and other state in the US will also count towards our advantage.

  • Weakness:

As a newbie in the home remodeling line of business cum real estate industry, we might have some challenges competing with big time property developers and other home remodeling companies that have been in the industry for many years; that perhaps is part of our weakness.

  • Opportunities:

The opportunities in the home remodeling cum real estate industry especially as a home remodeling company is massive considering the numbers of home owners who have the financial capacity to renovate their homes as at when due. We are well – positioned and ready to take advantage of any opportunity that comes our way.

  • Threat:

Some of the threats that we are likely going to face as a home remodeling company are unfavorable government policies, and global economic downturn; global economic downturn usually affect spending power and the real estate industry cum home remodeling line of business is known to encounter decline in sales and profits during this period. There is hardly anything we could do as regards these threats other than to be optimistic that things will continue to work for our good.

Home Remodeling Business Plan – MARKET ANALYSIS

  • Market Trends

The market trends in the real estate industry or within home remodeling companies are that, there are no fixed profits projections when engaging in a home remodeling deal. The profit you stand to gain depends on loads of factors amongst which are your attention to details, ability to turn a slum or a ransack facility into an edifice and knowing exactly when to seal a home remodeling deal, the kind of renovations and decoration to be done on the property.

If you are able to get all the above stated factors right as a home remodeling company, your gains will always be far more than your loss.

Another obvious trend that is common with home remodeling companies in the United States of America is that most of them are improvising on more means of making money in the real estate industry and as matter of fact they are also acting as property developers and home staging agents amongst many other functions that they are involved in.

Lastly, one thing is certain for every home remodeling company; if they are hardworking, creative and proactive, they will always generate enough income to meet all their overhead and operational cost, keep their business going without struggle and make reasonable profits from all business deals that they are involved in.

  • Our Target Market

As a home remodeling company, our target market cuts across people (home owners) of different class and people from all walks of life. We are coming into the home remodeling cum real estate industry with a business concept that will enable us work with the highly – placed people in the country and at the same with the lowly placed people who are only interested in renovating their homes at an affordable price.

As a matter of fact, our target market is the whole of the United States of America and we have put plans in place to recruit freelance agents (brokers) nationally to represent our business interest wherever they are located in the United States of America.

Below is a list of the people and organizations that we have specifically design our products and services for;

  • Families who are interested in acquiring a decent and well renovated home
  • Corporate organizations who are interested in acquiring their own property / properties
  • Home Owners who are interested in remodeling and selling off their home
  • Properties Owners who are interested in remodeling and selling off their properties
  • Foreign investors who are interested in owning properties in the United States of America and remodeling the property
  • The government of the United States of America (Government contracts)
  • Managers of public facilities who would want to engage home remodeling companies to help them remodel properties under their care.

Our Competitive Advantage

No doubt, the home remodeling cum real estate industry is indeed a very prolific and highly competitive industry. Clients will only hire your services if they know that you can successfully help them remodel their homes to fit into the picture of the ideal home they have in mind.

We are quite aware that to be highly competitive in the home remodeling industry means that you should be able to deliver consistent quality home remodeling jobs and you should be able to meet the expectations of your clients at all times.

Zoe McLaurin® Home Remodeling Company might be a new home remodeling company in the home remodeling cum real estate industry, but the management team and the owner of the business are considered gurus in the industry, professional who have what it takes to grow a business from scratch to become a top brand within the shortest time possible.

They are people who are core professionals, licensed and highly qualified, people that can successfully help her clients remodel their homes to fit into the ideal picture of a 21st century home. These are part of what will count as a competitive advantage for us.

Aside from our robust experience and expertise of our team of experts, we have a very strong online presence that will enable us attract clients from all across the United States of America.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups home remodeling companies in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives. We will also engage freelance marketing agents on a commission level to help us market our services.

Home Remodeling Business Plan – SALES AND MARKETING STRATEGY

We quite mindful of the fact that there are stiffer competitions in the home remodeling cum real estate market in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. The training is not restricted to only our full – time employees but also all our freelance brokers that are scattered all over the United States of America.

Our goal is to become one of the leading home remodeling companies in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force in the industry.

Zoe McLaurin® Home Remodeling Company is set to make use of the following marketing and sales strategies;

  • Introduce our business by sending introductory letters alongside our brochure to stake holders in the real estate industry and also property owners and potential clients through the United States of America
  • Promptness in bidding for homes / properties that are put up for remodeling
  • Advertise our business in real estate / properties magazines and websites
  • List our business on yellow pages (local directories)
  • Attend real estate related expos, seminars, and business fairs et al
  • Create different packages for different category of clients in order to successfully remodel their homes / properties
  • Leverage on the internet (social media platforms) and our official website to promote our business
  • Encourage word of mouth marketing especially when we have a home for sale.

Sources of Income

Zoe McLaurin® Home Remodeling Company is established with the aim of maximizing profits in the home remodeling cum real estate industry.  Although we are a home remodeling company, but part of our work force is also licensed real estate agents hence we intend generating additional income from diverse means in the real estate agency.

We have successfully built a vibrant real estate network that covers the whole of the United States of America so as to help us build a profitable business. Below are the sources we intend exploring to generate income for Zoe McLaurin® Home Remodeling Company;

  • Residential additions, alterations and renovations
  • Construction management for residential remodeling
  • Fire and flood restoration
  • Home improvement
  • Porch construction
  • Sunroom additions
  • Kitchen and bathroom upgrades
  • Other remodeling projects
  • Systems and equipment
  • Disaster repairs
  • Real estate consultancy and advisory services

Sales Forecast

It is a known fact that as long as there are home owners in the United States of America, there will always be need to for them to remodel their homes from time to time to conform with the trends in the neighborhood or city. Hence the demand for the services of home remodeling companies to help them solve these needs.

We are well positioned to take on the challenges that are synonymous to home remodeling businesses in the United States, and we are quite optimistic that we will meet out set target of generating enough income / profits from the first month or operations and grow the business beyond Maryland to other states in the United States of America within record time.

We have been able to critically examine the real estate market cum house remodeling line of business and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions peculiar to similar start – ups in Maryland;

Below are the sales projections for Zoe McLaurin® Home Remodeling Company. It is based on the location of our business and the home remodeling and related services within the real estate cum home remodeling industry that we will be offering;

  • First Fiscal Year-: $500,000
  • Second Fiscal Year-: $1.2 million
  • Third Fiscal Year-: $1.7 million

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and any major competitor offering same additional services as we do within the locations where we have a strong business presence. Please note that the above projection might be lower and at the same time it might be higher since some factors are beyond our control.

  • Our Pricing Strategy

Part of our business strategy is to ensure that we work within the budget of our potential clients to help them remodel their homes to meet their expectations. It is the practice in most parts of the world for properties to be valued by professionals based on the area the facility is located, the type of facility and other factors.

Since we are not directly in control of the pricing system in the real estate industry we can only abide by what is obtainable when it comes to fixing a price for a home remodeling contract. But one thing is certain, we will ensure that we deliver excellent jobs when have we are contracted to do so.

Lastly, we will ensure that we keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.  In addition, we will also offer special discounted rates to our clients from time to time especially when they recommend clients to us.

  • Payment Options

At Zoe McLaurin® Home Remodeling Company our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them but at the same time, we will not accept payment by cash because of the volume of cash that will be involved in most of our transactions. Real estate deals usually involves huge amount of money.

Here are the payment options that Zoe McLaurin® Home Remodeling Company will make available to her clients;

  • Payment by via bank transfer
  • Payment via online bank transfer
  • Payment via check
  • Payment via bank draft

In view of the above, we have chosen banking platforms that will help us achieve our plans without any itches and we will also pay our freelance sales agents (real estate brokers) with same platforms. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our services.

Any agent who intend paying with cash will be directed to deposit the money into our corporate account and then present their payment tellers to us.

Home Remodeling Business Plan – Publicity and Advertising Strategy

We have been able to work with our consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the home remodeling cum real estate industry by storm which is why we have made provisions for effective publicity and advertisement of our company.

Below are the platforms we intend to leverage on to promote and advertise our home remodeling business;

  • Place adverts on both print and electronic media platforms
  • Place our flexi banners with our company’s logo and contacts in every property we put up for sale
  • Sponsor relevant TV shows so as to be able to communicate our brand and what we do
  • Maximize our company’s website to promote our business
  • Leverage on the internet and social media platforms like; Instagram, Facebook ,Twitter, LinkedIn,  Badoo, Google+  and other platforms (real estate online forums) to promote our business and list our properties for sale and for lease.
  • Install our Bill Boards on strategic locations
  • Distribute our fliers and handbills in targeted areas from time to time
  • Attend landlord and residence association meetings with the aim of networking and introducing our business.
  • Ensure that all our workers wear our branded shirts and all our vehicles and ambulances are well branded with our company’s logo et al

Home Remodeling Business Plan – Financial Projections and Costing

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.

The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a home remodeling company; it might differ in other countries due to the value of their money.

However, this is what it would cost us to set up Zoe McLaurin® Home Remodeling Company in the United States of America;

  • The total fee for incorporating the business in The United States of America – $750.
  • The budget for permits and license – $2,000
  • The cost for hiring Consultant – $2,500.
  • The cost for computer software apps (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
  • The budget for insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $5,400.
  • Cost for payment of rent for a suitable Office facility with enough space in Annapolis – Maryland for 12 month at $1.76 per square feet in the total amount of – $105,600.
  • The cost for office remodeling (construction of racks and shelves) – $20,000.
  • The cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $15,000
  • Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
  • Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
  • The cost of Launching our official Website – $600
  • Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $5,000

Going by the report from the market research and feasibility studies conducted, we will need over two hundred and fifty thousand (250,000) U.S. dollars to successfully set – up a small scale but standard home remodeling company in the United States of America. Please note that the salaries of all our staff members for the first month are included in the expenditure.

Generating Funds / Startup Capital for Zoe McLaurin® Home Remodeling Company

Zoe McLaurin® Home Remodeling Company is a business that will be owned and managed by Zoe McLaurin, her immediate family members and other business partners. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

  • Generate part of the start – up capital from personal savings and sale of his stocks
  • Generate part of the start – up capital from friends and other extended family members
  • Generate a larger chunk of the startup capital from the bank (loan facility).

N.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

HOME REMODELING BUSINESS GROWTH: Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Zoe McLaurin® Home Remodeling Company is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our home remodeling services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Zoe McLaurin® Home Remodeling Company will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

  • Business Name Availability Check: Completed
  • Business Incorporation: Completed
  • Opening of Corporate Bank Accounts various banks in the United States: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of All form of Insurance for the Business: Completed
  • Renting of Office Facility and remodeling the facility in Annapolis – Maryland: Completed
  • Conducting Feasibility Studies: Completed
  • Generating capital from the CEO / President and Business Partners: Completed
  • Applications for Loan from our Bankers: In Progress
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents and other relevant Legal Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business (Business PR): In Progress
  • Health and Safety and Fire Safety Arrangement: In Progress
  • Establishing business relationship with key players in the industry (networking and membership of relevant real estate bodies): In Progress