fbpx

Starting a Profitable Renovation Service

“All our dreams can come true if we have the courage to pursue them.” – Walt Disney

Starting a business can be a daunting task, but when you’re starting a renovation business the pressure is upped tenfold. Not only are you putting your own money on the line, but you’re also putting yourself on the line. Your confidence and knowledge are brought to the forefront and put on the table for the world to see. Renovation businesses are in high demand in Canada where the construction industry has seen significant growth in recent years. Here are five steps you should take when starting a renovation service to ensure its profitability and stability.

Back in business

Don’t get ahead of yourself. The first thing you’ll need to do when starting a renovation service is to develop a business plan. By developing a business plan for your company to follow, you are helping yourself to stay focused and on track. Creating a business plan will also enable you to decide your company’s goals, help you to identify your target demographic, and will also help you to envision any challenges you might face and help you to secure funding.

Get certified

Depending on where you live and work, there may be some steps you have to follow in order to be certified or legally licensed in specialty trade or as a general contractor. All tradespeople must have their Certification of Qualification. Construction and skilled trades are highly regulated. In Canada, the areas of law that are relevant to building works are contract law, law of tort, legislation, breach of statutory duty and the law of restitution. You should ensure your certification and licences are up to date and ready to go before you start building anything for anyone. 

Code your construction

Your new construction project and your workers are required to meet the regulations and standards outlined by the Ontario Building Code. Your new business will need to meet standards such as safety, fire prevention, environmental and technical standards for any new construction in Ontario. Many cities also require permits to ensure that the work being done meets building codes and safety standards. Additionally, certain types of renovations, such as those involving asbestos or lead-based paint, may require specialized permits or licenses.

Insurance assurance

Whether it’s personal injury or property damage, renovation work can involve many risks. In case of a lawsuit or accident, insurance can provide the financial protection your company needs. Having the peace of mind and knowing that you are covered in case of a lawsuit or accident will far outweigh the cost. You should get a custom contractors liability insurance quote designed to protect your specific type of construction or trade.

Relationship Game

If you want to make it in the renovation business, it’s a good policy to network with other tradespeople, suppliers, and contractors. You will always be blindsided by new projects, so establishing relationships with as many industry insiders as possible can make a significant difference as you attempt to grow your business. Always look for ways to expand your reach in the hopes of gaining new clientele.

Live by your trade

You’ll likely have to go to your specific territory or province to be assessed for your trade. Should you decide to live and work in the province of Quebec, you must be aware that they select their own skilled workers. You’ll be asked where in Canada you plan to live, and you’ll likely be asked to go there to be assessed for your trade. You may also need an employer to provide you with the necessary training and experience. This process varies based on where in Canada you want to live. To learn more about getting assessed, you should go to the website of the body that governs trades for the province/territory where you would like to live and work.

There are a myriad ways to start out a business, but you always want to start out with your feet running. Whether that’s through getting the proper certification, ensuring your workers are working safely and up to regulation, or making sure you’ve got the right connections before you start, starting a renovation service can seem like a daunting task at first—but if you break it up into smaller pieces it starts to become much more manageable, and your vision begins to take shape. You can even live and work all across Canada. You are in control of your own destiny. All you need is the vision and the work ethic to come together to form the basis of whatever it is you desire.

Joshua Cooper | Contributing Writer

Share:

Facebook
Twitter
Pinterest
LinkedIn

Edge Newsletter

Subscribe to our newsletter for updates from The Edge, A Leader’s Magazine.

Trending Articles

Available in all Indigo & Chapters stores. 

Exploring The Galaxy

Featuring Col. Chris Hadfield, the distinguished retired Canadian astronaut, highlighting his commitment to advancing space science and inspiring millions.