There has been a spike in renovation spending in the past three years.
Whether it’s a kitchen upgrade, bathroom renovation, or adding new windows, homeowners have developed a newfound interest in home improvement projects. Over half of renovating homeowners, or 51%, spent $25,000 or more in renovations in 2023.
The surge in the demand for home renovation is driving the growth of home improvement businesses. Americans opened more than 278k home improvement businesses in 2023.
Thinking about jumping into the home improvement biz? You’re in for a treat! Those who are helping homeowners upgrade their abodes are pocketing big bucks. Experts anticipate the market value can exceed 600 billion by 2027.
So, if you’re ready to dive into a world where creativity meets practicality, stick around. Here, we’ll explore some exciting avenues in the home improvement business that could be your next big venture.
#1 Become a Renovation Consultant
Homeowners spend anywhere between $1,200 and $82,000 on renovations—that’s pretty expensive.
These projects can be a money sink if they aren’t handled properly. That is why most people seek the advice of renovation consultants.
A renovation consultant is a go-to guru for homeowners who need expert advice on their renovation projects. Why not become a renovation consultant, then?
Take Rico León, for example, the star of Rico to the Rescue. He helps homeowners in Denver rescue renovations that have gone off the rails. Before starting his own business, he worked with several companies on major restoration jobs, raking in $500,000 to $1 million per project.
Your day-to-day responsibility will be to guide clients through the ABC of home renovation. That would include design choices, budgeting, contractor recommendations, and project management.
Sometimes, you will have to assess existing spaces, provide cost estimates, and help clients navigate the complexities of home improvement. All you need is a good eye for design, strong problem-solving skills, and a solid understanding of construction and renovation processes to get started.
#2 Work as an Interior Designer
Have a flair for aesthetics? Interior design might be your calling.
Homeowners nowadays want their homes to look magazine-worthy—no wonder interior designers are in demand in the U.S.
An interior designer is like a creative mastermind for living spaces. Your task would be to transform a client’s vision into a reality. You won’t just make things look pretty—you will have to make them functional, comfortable, and tailored to how people live.
You will have to work closely with homeowners or businesses to figure out their needs, preferences, and how they use their space. Then, you bring in your expertise with furniture, color schemes, layouts, and lighting to create a cohesive look.
Interior designers are well-paid. You can pull in as high as $111,666 annually. But to earn so much, you will have to expand your reach so that more and more people book you from designing their homes. A website can help you do that, so build one.
You don’t have to delve into the nitty-gritty of coding to design a website. Setting up a website is easier and faster than ever, all thanks to AI website builders. Your site will be up and running in as few as five minutes.
Despite the fact that AI wizards do the heavy lifting, your site will be tailored to your needs. And if you don’t like anything, you can tweak it in just a few clicks.
SEO, Hocoos notes, is critical to increasing your website’s visibility on search engines. AI-powered website builders understand that, which is why your site will be SEO-optimized.
Need inspiration? Check out interior designer Sarah Gibson’s website, Room for Tuesday.
#3 Kick Off a Custom Carpentry and Woodworking Business
If you love working with wood and creating one-of-a-kind pieces, this is your jam.
Homeowners in need of high-quality furniture and decor are turning to custom-made pieces. Launching a custom carpentry and woodworking business will allow you to design and build unique furniture and décor items that fit the needs of homeowners.
Whether it’s bespoke furniture, intricate cabinetry, or decorative woodwork, your creations can transform spaces and leave a lasting impression.
To kick things off, you’ll need a solid set of woodworking skills, the right tools, and a workshop space. What’s great about this business is the potential for both creative freedom and flexibility. You can work directly with clients to bring their visions to life, whether it’s a stunning dining table or a cozy reading nook.
There you have it! A peek into the diverse opportunities within the home improvement business.
Whether you’re into consulting, design, or hands-on work, there’s something for everyone. Don’t just tread any path you come across—choose one that truly excites you and aligns with your passions. Dive in and explore; you never know, your next big opportunity might be just around the corner.
