If you’ve been looking to start your own business and take control of your career and future, the home improvement industry has many opportunities for new startups in 2023. Entrepreneurs who already possess sought-after skills, such as plumbing expertise, are finding a growing demand as the U.S. economy continues to recover from the economic shutdown of 2020 and 2021.
Ready to become your own boss but aren’t sure what business you want to create? This article provides the top twelve home improvement businesses you should consider launching next year and important considerations that might impact your future company.
Best Home Improvement Business ideas & Opportunities 2023
Lawn Care
Everyone wants a beautiful yard to showcase the attractive features of their home or commercial property. This is an easy industry to break into that requires basic tools to get started, many of which you probably already own:
- Lawnmower
- Rakes
- Shovels
- Wheelbarrows
- Weed trimmer
- Extension cords
- Ladder
- Shears
As you get more work, you can purchase commercial-grade equipment to help your jobs finish quicker with even better results.
Interior Decorator
Home improvement isn’t always about kitchen renovations and finishing basements to make a rec room. Some homeowners simply want to create a new aesthetic for their living space. Even commercial property owners and small businesses are looking to freshen up their indoor color schemes and style. But, they may not know where to start or be familiar with the latest furnishings or decor trends and need an outside expert to help them give their space a facelift.
Plumbing Service
Plumbers are in high demand due to so many professionals reaching retirement age and not enough younger workers to take their place. Communities everywhere need this invaluable service to fix everything from clogged drains to replacing a water heater, which is something that average Americans don’t have the training to do correctly.
If you don’t already have plumbing skills, many colleges offer courses to help you get certified, and some unions offer apprenticeships to teach you this valuable trade. This is a lucrative career field with many opportunities to earn higher hourly wages due to emergency repair calls.
House Painter
Looking for an easy way to change a home’s curb appeal? Painting a house is an easy way to up its appearance and value. This goes to show that there is a potential need for house painters. So, if you are looking for an easy start-up business, one with low initial investment, this venture could be for you. You can be very successful as a solo employee or hire some additional workers. There is a low level of training needed, and the cost of paints and brushes will be the biggest expense so long as you already have a ladder at home. Your cost of insurance will also be something to consider, however it’s a worthwhile investment for the protections it offers against some of the risks inherent with this line of work.
Electrical Sales and Service
Another profitable and thriving job is one in the electrical field. Both sales and service are money-makers in this arena. While working on the service side of the electrical industry requires either technical schooling or a year or two of apprenticeship, the money earned from this investment will far outweigh the time spent learning.
Floor Cleaning Service
Floors of all types (tile, marble, terrazzo, wood) get very stained and dirty and need cleaning. In today’s hustle-bustle world, cleaning floors often takes a backseat. That means someone is looking for a cleaning service to clean these messes. This niche business offers services one can’t get with a general cleaning service.
Renovation and Home Remodeling
Is carpentry something that you love and wish you could make money from? Well, wait no longer! You could earn up to six figures in states like New York by applying your carpentry skills to home restoration and remodeling. Flex your woodworking and design talents by working with top-of-the-line builders, and enjoy your new life as a carpenter!
Gardening
What is curb appeal? It is the view that your front yard and house put out for the world to see. This aesthetic often hinges on the shrubbery and landscaping you use to frame this view. Unfortunately, many folks have black thumbs that can’t help this foliage become healthy and beautiful. Being gifted with the talent of gardening comes with very low overhead–often the cost of a trowel, some gloves, and seeds. This is probably one of the easiest startups in this list.
Apartment Cleaning
Tenants who vacate apartments rarely leave them in a pristine state, and apartment managers rarely take the job of cleaning up dirty apartments. That’s where Apartment Prep Services come in and take over the clean-up process! Someone has to clean the carpet, fill in nail holes, paint what needs repainting, clean up what needs cleaning, and take care of anything else the complex needs to be able to rent out the unit.
This entrepreneurship has little overhead other than cleaning supplies and equipment. Plus, it has little oversight other than the requests of apartment complexes.
Tiles Sales
Adding value to a home is easy and is low overhead for entrepreneurs wanting to break into a new career by learning how to lay ceramic tiles! The overhead consists of a few pieces of equipment like buckets, trowels, and the tiles themselves. While the homeowner will cover the bulk of the cost of this job, it will take a little investment on your part for the tools necessary to complete the job.
Basement Remodeling
Are you fortunate enough to have experiences that have given you considerable construction knowledge and practical experience? If so, basement remodeling may be for you! Can you identify a sump pump? If so, you might be perfect for a business in basement remodeling. The overhead is low, especially with years of experience and already owning your own tools.
Carpet Installations
Carpet installation has been going strong for decades, unlike other home improvement fields like home siding. While installation usually relies on having a showroom or warehouse, you could initially avoid this cost and turn a cargo van into a storefront instead. This eliminates the overhead of trying to find a warehouse or showroom that would destroy your budget!
Consider these things before opening your home business:
What Services Will Your Business Offer?
The number one priority of working for yourself is to love what you are doing. This passion ensures any services you offer will always be of top quality and completed with your best effort. That makes doing something you love–providing services you enjoy doing–the number one aspect of any entrepreneur.
Be Realistic About Your Finances
Setting yourself up for success means having reasonable and realistic outlooks on what the financial cost is going to be to start up this business. If you fool yourself into a sense of comfort and fail to be realistic about the belt-tightening and cost-cutting measures you may have to take, starting a home improvement company may not be for you.
Network with Other Home Improvement Professionals
Relationships with suppliers and subcontractors can make or break a business. That is why it’s a good idea to network and develop personal relationships with vendors, suppliers, and subcontractors as quickly as you can. You need to reap the benefits of these relationships early to negotiate the price of the products and supplies!
Get License and Business Insurance
Two important things you must obtain before opening for business are getting licensed and insured! Get a contractor’s permit in the city you work so that you can operate legally. Contact your local government or check out the Small Business Association’s website to find out exactly where and how to apply.
The first policy you’ll need for business insurance is general liability insurance. This policy will cover expenses in case of accidents on the job site or any damage that might occur to the home where you work. You’ll probably need additional insurance since insurers require different coverages for different situations.
Choosing these can be an overwhelming task, so below are a few of the most popular types of coverage that budding home improvement companies rely on to protect their best interest:
- Professional Liability Insurance
- Workers’ Compensation Insurance
- General Liability Insurance
- Commercial Property Insurance
As you call around to get quotes, keep in mind your cost of insurance versus the potential expense of paying an uninsured damage claim. This perspective can really highlight the great value you’re getting for your investment and the peace of mind that comprehensive business insurance coverage can bring.
Final Thoughts on Launching a Home Improvement Business in 2023
The home improvement industry offers countless career opportunities since so much goes into making a home a wonderful place to live. This means that as you grow, you have opportunities to diversify your business offerings to include other sought-after services. For example, if you offer tiling services, you may decide to branch off into hardwood floors.
Regardless of the direction, you take your business, it’s important to start off with the right foundation in place. This includes a solid risk management strategy that can help your budding company weather the good and bad times with confidence. Business insurance is a key piece to this aspect of launching any type of venture, especially in the home industry. Protecting your bottom line, your employees, and clients with a comprehensive policy will be essential to creating a reputable and profitable home improvement brand.
