Cabinet Refacing Business Opportunities
With all the cabinet refacing business opportunities out there, you could have a home based business that grows in this expanding industry. You've wanted your own kitchen updated, or talked to friends and family who have put out thousands of dollars remodeling theirs. It is an industry that will expand continuously, as homes are getting older and people want a new modern look.
This business allows you work out of your house, but clients will never step foot in your house. Although you will travel to others homes, this is one of the best home based businesses available. Cabinet refacing business opportunities allow you to work from your home and not have to incur the high costs of overhead.
It is probably best to purchase a franchise in this area. They do most of the legwork for you. They have the distributors and teach you the concepts and how to perform the tasks. However, it is not impossible to start on your own in a cabinet refacing business, it just may take a little longer for you to gain all the contacts you need, and start getting a profit.
Either way the first thing you should do is go to the Small Business Administration website. You will be able to find a sample business plan to help you create a cabinet refacing business. This plan is a necessity. Not only will it help you obtain financing, but it will also ensure that you look at all aspects of the business, such as licenses, insurance, budgets, and such.
You can pay a business consultant to write your business plan, but you should do it yourself. By doing it yourself, you will ensure you have missed nothing and understand the exact amount of money and commitment needed to get this cabinet refacing business off the ground. While creating this document, remember, it is dynamic and should be reviewed at a minimum yearly.
During the creation of the cabinet refacing business plan, you should be researching distributors, or franchises. Figure out which way you are going to go, and plan accordingly. Make your business plan reflect your decision, and use it to help you consider all costs associated with opening your business.
If you decide to open your cabinet refacing business on your own, you have many things to consider. You will need to find distributors of you products. You will also need to price storage facilities, equipment, advertising, and any other possible issues that will add to your cost.
If you chose a franchise, research each franchise before you decide to buy. Many offer training, support and help with marketing. They all take care of holding the inventory until you have projects, and their distributors are in place.
With either option for the cabinet refacing business, you need to decide if you and a crew will perform the work or if you will subcontract the work out. If you think you will subcontract, call around and talk to some of the companies. Make sure they follow all state and local regulations, and have insurance. Decide which ones you are going to use, and make sure they are interested in working with you.
Although the franchise may set the prices for your services, you really should call other companies that offer the same service. Cabinet refacing business opportunities are all over, and you want to stay competitive. Make sure the franchise you have purchased is not suggesting charges well-above other businesses. This step is a necessity if you are starting from the ground up. You will need to know how to set prices, depending on your suppliers and competition.
Now you're ready to get financing for your cabinet refacing business, if you don't have the cash on hand for the start up. You could try private investors, banks, and the Small Business Administration. This may take time and you may be turned down, but don't get discouraged.
Once you have everything, advertise. Get your name out there and start your cabinet refacing business. The potential of making $200,000 a year is out there with only four to five projects a week and that is a perfectly reasonable goal to set. You're now ready to make profits because you have gotten your cabinet refacing business early in the game.
© Copyright Randy Wilson, All Rights Reserved.
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