If you're thinking of starting up a home improvement and remodeling business, but still aren't sure if the current economic climate could sustain such an endeavor, then you'll be pleased to learn that with a good business plan and a bit of savvy marketing, a remodeling business can do well under any economic circumstances.

When times are plentiful, people are spending money to make their homes more sale-able as they move on to bigger and better, while in leaner times they tend to buckle down and spend their money on improving or customizing their current home.

The industry is also ideal for those looking to branch out and start something for themselves, and as a result, it is largely dominated by self-employed individuals.

However, while a remodeling business can certainly be lucrative, it is also a very competitive field to work in. Following are a few things to keep in mind when just starting out in the home improvement industry.

Find your niche and specialize

As tempting as it might be to market yourself as a Jack of all trades, in an industry as competitive as this one, you need to brand yourself by specializing in one or two areas and finding an available niche.

There are so many different types of home renovations from tiling, painting and wallpapering to kitchen restorations, window and door installation and insulation that it would be impossible to offer every single service as a self-employed individual who is just starting out.

Specializing in one area will help you to stand out from the crowd and will also enable you to become really good at what you do, as opposed to doing a little bit of everything, without ever really excelling at anything.

Once you have identified your specialty, you should look for a niche within the commercial or residential remodeling sector. For example, niches in the commercial sector include projects like renovations in renter-occupied buildings or making a building suitable for another use, while in the residential sector niches can include restoring homes damaged in fires or natural disasters or updating older homes.

Green is in

These days everyone is looking for ways to go greener, whether it's by using less water and electricity, updating to greener technology or buying products that are less taxing on the environment. As someone just starting out in the remodeling industry, you would do well to take this into account and find ways to capitalize on this trend.

For example, you could choose to use nontoxic and recycled building materials or specialize in making homes more energy efficient through proper insulation and green energy.

Spend time marketing yourself

Anyone in any industry needs to spend sufficient time marketing themselves if they want to succeed, but this is even more important if you are new to the game and virtually unknown in the home improvements sector.

First of all you need to have an efficient, search engine optimized website, and from there, you can move on to other marketing methods like advertising your services in local newspapers or on community websites, starting referral programs, partnering with local real estate companies and establishing a presence on social media.

Although proper marketing does cost a good deal of time and money, without it, you wouldn't have a business to speak of at all, so make marketing your priority rather than just an extra.

Don't cut corners

As a self-employed home renovator, you cannot afford to tarnish your reputation, especially when you are still building up a customer base. Quality is important and your clients will be able to tell the difference between a thorough job done with high quality materials, and a half-hearted one that has been done cheaply.

Your initial profits may be higher, but if you're not satisfying your customers, you won't be getting good referrals or repeat business.

Before you begin any job, make sure you have the proper tools and materials as well as the know-how and team to get the job done well.

Author Bio
Joyce Del Rosario works as a Community Outreach Specialist at Open College of Art and Design, one of the leading providers of interior design courses. She is also an interior design blogger.