New home construction surged in the 1970s and stayed strong for nearly three decades. Tens of millions of homes were built during those years and most still provide shelter to American families. This is important to know because the construction date of these homes puts them at the peak age for major remodeling. When homes become between 25-30 years old most homeowners begin to realize they need updated plumbing, wiring and other improvements. Many in the home design and decorating industry believe that home remodelers should expect to experience a boom in new clientele, and that this rise in business could last for many years.
The potential for operating a profitable remodeling business is better than ever. This is not only good news for established companies. Entrepreneurs interested in the construction, design and decorating fields have a unique opportunity to launch their careers during a time when work is plentiful. It is expected that the amount of work that could become available will exceed the ability of existing businesses. Startup companies will find it easier than ever to get work from customers that are unhappy with the long wait time through their usual contractor.
A recent article, Remodeler’s Exchange – Tips & Advice from Zak Fleming, detailed some of the challenges everyone should expect while establishing themselves in the industry and what information people need to know to excel in this field.
- The importance of finding reliable trade partners to work with on their projects.
- Getting the first few jobs before earning a business reputation.
- Learning what customers want to spend their money on and staying updated as those interests change.
- Finding mentors willing to share their advice.
- Networking in the industry and staying current on industry information through trade magazines and trade shows.
The remodeling industry needs more young entrepreneurs. A large percentage of professionals in the industry have reached retirement age. Currently there is a deficit between the numbers leaving the industry and those entering. This could lead to shortages of available workers in certain trades and complicate the business for everyone. It is important for more young and energetic business-minded individuals to consider the potential value of joining the construction industry.