The Fastest Way To Fail At Renovating For Profit Is To Go It Alone
As the founder of The School Of Renovating, I am speaking from experience. I was a stay-at-home mom when I started my renovating journey almost forty years ago. We had four children and I had a passion for creating beautiful homes.
I thought renovating for profit would be a good way for me to contribute to the family income. I wanted to do something that was both inspiring and profitable. I thought I had an advantage in being married to someone in the building industry. And so, I went down the path of renovating for profit.
The Importance Of Having The Right Trade and Professional Teams For Your Renovating Business
I did okay. I made a lot of mistakes and my profit was unremarkable – even though we were getting great prices for our properties. In fact, we were breaking suburb records! And yet, the profit just wasn’t there.
It took me a long time to realise what the problem was. There were a whole lot of pieces missing from the way I was running my business.
I had a great trade team, but I had overlooked the importance of building my professional team. I have since learnt that these people are crucial for developing your business strategy and ensuring that your renovations are profitable.
They can give you advice based on your circumstances. With a professional team on your side, you will know exactly how much money you have to work with. You can ask for advice about the best areas to buy your properties.
Renovating Is Not Building
My husband was a very detail-oriented person in construction. So, I based my renovations on the way a builder would do it. We were doing everything. I eventually came to realise your renovating profits are as much about what you do to the property as what you don’t do.
That doesn’t mean you produce a substandard renovation. It means being very strategic about what you remove from the property and what you don’t.
Doing It Alone Is The Fastest Way To Fail At A Home Renovating Business
At the age of fifty and after doing home renovations for several decades, I realised that the reason we were not making the profits I thought we should be was DIY. So, I quit doing it myself.
I went back to the drawing board and got really strategic about how we operated. I established a system that works. It is productive and produces rapid results.
If you are thinking about renovating for profit, I want to encourage you not to go through the school of hard knocks as I did. You can replace the income from the job you no longer love or secure a retirement income with home renovations. But you have to have two teams in place: Your trades and your professionals.
If you’d like to know more about what that involves, I’ve included a link to a guide in the comments below. It walks you through the steps of approaching renovating from a strategic point of view and getting to profit fast.