The repair and renovation of homes has been in full swing during the pandemic. Experts predict this trend will continue. Now’s the time to start or expand your company.
Analyzing the Trend
The U.S. Chamber of Commerce names home improvement in its top ten list of businesses that will remain in demand post-pandemic:
Companies like Lowe’s, Home Depot, Tractor Supply and Sherwin-Williams have all seen demand increase this year, and surveys suggest home improvements will continue for quite some time as people invest in new properties.
“Although we expect some near-term deceleration as parts of the population go back to their places of business and spend less time at home, COVID-19 could provide a longer-term benefit for home improvement stocks if it ultimately does cause an increase in housing turnover as our survey may suggest,” Bank of America analyst Elizabeth Suzuki wrote. “A shift into larger existing homes (corresponding to a shift out of cities) and older homes requiring renovation (which most young buyers can more easily afford), could be a multi-year tailwind.”
Ideas for Starting a Home Improvement Business
If you have an entrepreneurial spirit and enjoy creating and fixing things, consider digging into a specific niche area of home improvement. Carpentry, deck building, driveways, electrical work, flooring, garage door installation, house painting, remodeling and roofing are all examples suggested by TRUiC (The Really Useful Information Company). If you already have a business, consider adding a new specialty.
As you prepare to run a business, TRUiC offers support for generating a name, setting up a business structure, branding your business and honing in on the right focus area.
Don’t forget, contractors are generally required to obtain a contractor license bond. This is a surety bond. It protects your customers, acting as a guarantee that you will execute your business obligations in accordance with the law. In most parts of the country, contractors are required to obtain a contractor license bond as a pre-condition of being licensed to do business.
In addition to a general contractor license bond, there are specific license bonds for different trades. For example, there are bonds specific for work with: air conditioning, driveways, electrical systems, extermination services, gutters, plumbing, roofing and more.
You can instantly obtain many specific types of license bonds—as well as your contractor license bond at Colonial Surety Company. With Colonial’s direct and digital process, the steps are easy:
- Get a quote online
- Fill out your information
- Enter your payment method.
- Print or download your bond from your home or office.
Spread the Word
Once bonded, contractors find it helpful to market their “bonded” status, giving new customers a confidence boost as they select a contractor. Everyone appreciates doing business with reputable partners!
Licensed and admitted in all U.S. states and territories, Colonial Surety Company proudly offers our lowest rate for bonds and permits to contractors across the country.
Incorporated since 1930, Colonial Surety Company is: an A (Excellent) rated insurance company by A.M. Best; U.S. Treasury listed; and, a direct to consumer digital company.