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DEC.21, 2020

Remodeling Business Plan Template

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Remodeling Business Plan Template

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Table of Content

    Remodeling business plan for starting your own building company

    Whether it’s about increasing one’s property value or boosting one’s lifestyle, remodeling is the way to go. Remodeling is a type of business that can be started with simple services at the residential level. And can be expanded to performing complicated renovations needed by commercial buildings and businesses.

    No matter how large or how small your startup is, you would have to create a remodeling business plan for remodeling. Creating a comprehensive business plan before you open a remodeling business will help you in:

    • Recognizing the latest trends
    • Acquiring the right expertise
    • Avoiding troublesome situations
    • Efficiently manage finances
    • And more.

    To help you in creating a business plan that covers all the essential aspects, we’re providing a sample business plan of a startup ‘Model-It Solutions’.

    Start your Business Plan Now
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    Executive Summary

    2.1 The Business

    Model-It Solutions will be a registered, licensed, and insured remodeling business startup based in Buffalo, New York. The business will comprise expert contractors, architects, and engineers to enhance the aesthetic and comfort level of residential as well as commercial structures.

    Simply put, we build what you dream!

    2.2 Management of Remodeling business

    As a business owner, you can’t rest after setting up a remodeling company. You have to be proactive in organizing and analyzing various business operations. In the case of a remodeling business, you need efficient management to complete given projects in time. To make sure that clients get the work done according to their expectations, you have to properly manage communication, finances, and resources among various channels.

    2.3 Customers of Remodeling business

    Exploring who are going to be your customers is extremely important. Before you search for how to start a remodeling company, you should identify your customers.

    The target customers of Model-It Solutions will be the homeowners, construction firms, contractors, and government agencies. To turn them into our potential customers, we will be taking effective steps.

    Any questions? Get in Touch

    2.4 Business Target

    Our major targets are:

    • To maintain a customer return rate of 20% throughout our service years
    • To maintain a CSAT score of above 85%

    Our financial targets to cover our expenses and investments through the profits earned are summarized in this table.
    Remodeling Business Plan Template - 3 Years Profit Forecast

    Company Summary

    3.1 Company Owner

    Anna Huston will be the owner of Model-It Solutions. Anna is an MBA. After completing her education at Stanford University, she started working in Skanska.

    But 5 years into the service, she decided to start a remodeling business of her own.

    3.2 Why the remodeling business is being started

    Anna always remained a woman of creative ideas. After serving in a multinational firm, she decided to move to her hometown and serve people with her talent. She realized that the remodeling business has never-ending scope in the years to come as people keep thinking of bringing improvement to their property.

    3.3 How the remodeling business will be started

    Step1: Plan your business

    As the first step, Anna studied various business plan examples for remodeling company to make a business plan for remodeling. From analyzing the market shares to creating a financial plan, Anna put everything on her business plan.

    Through this remodeling business plan sample you can study the business’ requirements, balance sheets, personnel plan, and other aspects of Model-It Solutions.

    Step2: Define your brand

    The second step after creating a remodeling business plan is to get your business registered. You will have to acquire the required licenses and permits. Moreover, this is the time when you have to physically establish your business office.

    Step3: Hire the staff

    The third step is to conduct interviews and tests to hire the most competent employees.

    Step4: Get ready to promote & market

    The next step is to promote your services and competitive aspects to reach your target customers. This step also involves the strategy you will adopt to gain and retain your client base.

    Step5: Establish a web presence

    In this age, people use Google to find the right service provider whenever they need any service. Therefore, it has become essential that you establish a strong social media and web presence.

    Anna decided to hire a professional IT expert to create a website for Model-It Solutions. The website will also enable users to make online bookings. Moreover, the website will also keep a record of repeat customers so that Anna could evaluate her business performance time-to-time.

    Bank/SBA Business Plan
    Document for raising debt funding from financial institutions to meet the expectations of the banks, SBA, and government agencies.

    Our startup expenses including costs of all the things we could need for the startup are given below:

    Remodeling Business Plan Template - Startup Cost

    Start-up Expenses  
    Legal $254,000
    Consultants $0
    Insurance $35,000
    Rent $30,000
    Research and Development $28,000
    Expensed Equipment $56,000
    Signs $4,000
    TOTAL START-UP EXPENSES $407,000
    Start-up Assets $319,000
    Cash Required $357,800
    Start-up Inventory $54,000
    Other Current Assets $209,800
    Long-term Assets $230,000
    TOTAL ASSETS $1,170,600
    Total Requirements $1,577,600
    START-UP FUNDING
    Start-up Expenses to Fund $407,000
    Start-up Assets to Fund $1,170,600
    TOTAL FUNDING REQUIRED $1,577,600
    Assets
    Non-cash Assets from Start-up $1,543,600
    Cash Requirements from Start-up $376,000
    Additional Cash Raised $55,000
    Cash Balance on Starting Date $34,000
    TOTAL ASSETS $2,008,600
    Liabilities and Capital
    Liabilities $29,000
    Current Borrowing $0
    Long-term Liabilities $0
    Accounts Payable (Outstanding Bills) $47,000
    Other Current Liabilities (interest-free) $0
    TOTAL LIABILITIES $76,000
    Capital
    Planned Investment $1,577,600
    Investor 1 $0
    Investor 2 $0
    Other $0
    Additional Investment Requirement $0
    TOTAL PLANNED INVESTMENT $1,577,600
    Loss at Start-up (Start-up Expenses) $355,000
    TOTAL CAPITAL $1,932,600
    TOTAL CAPITAL AND LIABILITIES $2,008,600
    Total Funding $1,577,600

    Services

    Before exploring how to start your own remodeling business, you should decide your services. Deciding your services even before the launch can help you in identifying the ways through which you can facilitate your customers.

    To give you a notion of services you can provide as a remodeling firm, we are enlisting the services provided by Model-It Solutions in this remodeling business plan template.

    • Full House Remodeling: Our primary service will be to do the whole house remodeling. In this, we will work to redesign an old building to fulfill modern needs such as increasing the living space or making the interior/ exterior more appealing.

    Depending on the clients’ needs we will remodel their kitchen, laundry, bath, deck, and more. We also install sidings, flooring, new windows and doors, cabinets, and whatever else our customers would need.

    • Handyman Remodeling: This service will include doing minor changes in homes such as installing a modern lighting system, carpeting, painting the walls and cabinets, installing wallpapers, and doing small repairs.
    • Historic Home Remodeling: Our third service will be to remodel historic and significant architectural buildings without affecting their historic aspects.
    • Individual Structural Re-design: We will offer the services of adding/ removing the bathroom, room, kitchen, and laundry, installing a staircase, modern roofing, etc.

    Marketing Analysis of Remodeling Business

    Marketing analysis is an important part of a remodeling contractor’s business plan as it enables the business owner to keep pace with the demands of their customers. Through efficient marketing analysis, you can recognize remodeling domains that have high demand. Moreover, this part also gives you a clear idea of your customers before you open a remodeling business.

    5.1 Market Trends

    According to a report by IBISWorld, remodeling businesses have seen a growth rate of 1.7% in the past five years. More than 455 thousand remodeling companies are operating throughout the United States. The market size, according to the same outlet, is reported to be $97 billion.

    The market stats are quite satisfying and the growth rate also indicates that there is still room for other startups to join the venture. If you want to ensure that you get customers from the very beginning of your startup, you should study the market trends of individual locations. That will help you locate an area where competition is low and people who need remodeling service are greater in number.

    5.2 Marketing Segmentation

    Identifying your customers before investigating how to write a business plan for remodeling is necessary. Dividing the wide populations into distinct groups can help you in recognizing their demands. And thus enabling you to plan ways to fulfill their expectations.

    The groups that were identified by Model-It Solutions as potential customers are given below:

    Remodeling Business Plan Template - Marketing Segmentation

    5.2.1 Real Estate Owners: Our primary customers will be the people who own any sort of building. They can need our services in two cases:

    • They want to enhance the interior design/ exterior for themselves.
    • They want to remodel the property to increase its value so that it could be sold at a greater price.

    Note

    In any of the cases, we’ll go to all extents to make sure they are happy and satisfied with our remodeling services. For them, we’ll provide full property remodeling services as well as individual services like installing new cabinets and remodeling the kitchen, etc.

    5.2.2 Contractors & Construction Companies: The second group of our target customers will include contractors and construction companies. They will need our services whenever they get some project or even when they are building some structure from scratch.

    5.2.3 Government Agencies: Our third category comprises government agencies who will be needing us to remodel structures of historic, artistic, and cultural importance – in a way that their integrity and historic aspects are maintained.

    The detailed market analysis of our potential customers is given in the following table:

    Market Analysis
    Potential Customers Growth Year 1 Year 2 Year 3 Year 4 Year 5 CAGR
    Real Estate Owners 54% 53,000 56,000 59,000 65,000 68,000 10.00%
    Contractors & Construction Companies 31% 27,000 28,000 31,000 33,000 35,000 10.00%
    Government Agencies 15% 13,000 14,000 16,000 18,000 21,000 11.00%
    Total 100% 93,000 98,000 106,000 116,000 124,000 10%

    5.3 Business Target

    Anna set her business financial and other goals before starting a remodeling company. She realized that by doing so, she would be able to provide a direction to her resources and talent.

    The business targets of Model-It Solutions are

    • To earn a net profit of $24k per month by the end of the first year
    • To maintain a customer return rate of 20% throughout our service years
    • To maintain a CSAT score of above 85%
    • To lower the costs of our operations by 5% by the end of the 3 years by improving our techniques and methods

    5.4 Product Pricing

    The prices of our services will be lesser than those of our competitors. It is because we want to capture as many customers as possible in the initial phases of our startup.

    Marketing Strategy

    A remodeling business plan is incomplete unless you include in it, the ways to capture the attention of your target audience. In this marketing plan for remodeling business we are enlisting the exclusive sales strategy plan of Model-It Solutions.

    6.1 Competitive Analysis

    Anna realized that hundreds of remodeling firms are already operating in Buffalo. Therefore, she decided to come up with distinct features to outperform her business rivals.

    The competitive aspects of Model-It Solutions are:

    1. We are highly client-oriented. We will always be willing to amend the remodeling designs as per our clients’ wants and needs.
    2. Our workers are highly skilled and highly collaborative.
    3. We provide online booking and payment facilities to our customers.
    4. Our repeat customers will be offered several discounts.
    5. Our prices are lower than our competitors, so you can easily try our services for a minor/ major task.

    6.2 Sales Strategy

    To get introduced to our target customers, we will:

    • Advertise our startup through local newspapers, Google Local ads service, and social media
    • Keep our prices lower than our competitors
    • Establish a strong web presence using SEO techniques
    • Provide a 25% discount to our repeat customers on every second visit

    6.3 Sales Yearly

    Remodeling Business Plan Template - Sales Yearly

    6.4 Sales Monthly

    Remodeling Business Plan Template - Sales Monthly

    6.5 Sales Forecast

    Remodeling Business Plan Template - Unit Sales

    Sales Forecast      
    Unit Sales Year 1 Year 2 Year 3
    Full House Remodeling 44,000 46,640 49,438
    Handyman Remodeling 28,000 29,680 31,461
    Historic Home Remodeling 13,000 13,780 14,607
    Individual Structural Re-design 35,000 37,100 39,326
    TOTAL UNIT SALES 120,000 127,200 134,832
    Unit Prices Year 1 Year 2 Year 3
    Full House Remodeling $61.00 $70.76 $82.08
    Handyman Remodeling $34.00 $39.44 $45.75
    Historic Home Remodeling $45.00 $52.20 $60.55
    Individual Structural Re-design $43.00 $49.88 $57.86
    Sales
    Full House Remodeling $2,684,000.00 $3,300,246.40 $4,057,982.97
    Handyman Remodeling $952,000.00 $1,170,579.20 $1,439,344.18
    Historic Home Remodeling $585,000.00 $719,316.00 $884,470.95
    Individual Structural Re-design $1,505,000.00 $1,850,548.00 $2,275,433.82
    TOTAL SALES $5,726,000.00 $7,040,689.60 $8,657,231.93
    Direct Unit Costs Year 1 Year 2 Year 3
    Full House Remodeling $58.00 $61.00 $64.00
    Handyman Remodeling $31.00 $34.00 $37.00
    Historic Home Remodeling $37.00 $40.00 $44.00
    Individual Structural Re-design $39.00 $43.00 $47.00
    Direct Cost of Sales
    Full House Remodeling $2,552,000.00 $2,845,040.00 $3,164,057.60
    Handyman Remodeling $868,000.00 $1,009,120.00 $1,164,049.60
    Historic Home Remodeling $481,000.00 $551,200.00 $642,699.20
    Individual Structural Re-design $1,365,000.00 $1,595,300.00 $1,848,322.00
    Subtotal Direct Cost of Sales $5,266,000.00 $6,000,660.00 $6,819,128.40

    Personnel plan

    While writing a business plan for remodeling, you should also define your employees, their job responsibilities, and requirements. It will enable you to judge the applicants on a definite criterion when you are going through the hiring phase.

    7.1 Company Staff

    Anna will manage the business herself. However, she’ll hire the following staff:

    • 1 Co-Manager
    • 1 Architect to design/ remodel complicated projects
    • 2 Contractors to implement remodeling designs
    • 5 Field Workers to work as laborers
    • 1 Accountant to maintain financial records
    • 1 Technician to maintain the machinery
    • 1 IT Expert to manage the company’s website, online record, and social sites
    • 1 Driver to provide transportation

    7.2 Average Salary of Employees

     Personnel Plan      
    Year 1 Year 2 Year 3
    Co-Manager $16,000 $17,600 $19,360
    Architect $14,000 $15,400 $16,940
    Contractors $29,000 $31,900 $35,090
    Field Workers $50,000 $55,000 $60,500
    Accountant $9,000 $9,900 $10,890
    Technician $7,000 $7,700 $8,470
    IT Expert $9,000 $9,900 $10,890
    Driver $7,000 $7,700 $8,470
    Total Salaries $141,000 $155,100 $170,610

    Financial Plan

    In the last part of your business plan, you should analyze your estimated cash flows. Before you make a remodeling business plan, you should have a clear idea of how much amount you intend to spend on which aspect of your business. Moreover, you should also have a plan to achieve your business goals by optimizing your profits.

    In this business plan sample, you can explore the financial projections, break-even analysis, business ratios, gross margins, and other financial estimations done by Model-It Solutions to gauge its progress and business value.

    However, while you go through this financial plan, remember, its projections are based on the assumption that there will be no major recession in the coming 5 years.

    8.1 Important Assumptions

     General Assumptions      
    Year 1 Year 2 Year 3
    Plan Month 1 2 3
    Current Interest Rate 8.17% 8.22% 8.28%
    Long-term Interest Rate 8.41% 8.42% 8.44%
    Tax Rate 23.64% 25.06% 26.10%
    Other 0 0 0

    8.2 Brake-even Analysis

    Remodeling Business Plan Template - Brake-even Analysis

     Brake-Even Analysis  
    Monthly Units Break-even 5342
    Monthly Revenue Break-even $134,100
    Assumptions:
    Average Per-Unit Revenue $236.00
    Average Per-Unit Variable Cost $0.67
    Estimated Monthly Fixed Cost $161,300

    8.3 Projected Profit and Loss

     Pro Forma Profit And Loss      
    Year 1 Year 2 Year 3
    Sales $5,726,000 $7,040,690 $8,657,232
    Direct Cost of Sales $5,266,000 $6,000,660 $6,819,128
    Other $0 $0 $0
    TOTAL COST OF SALES $5,266,000 $6,000,660 $6,819,128
    Gross Margin $460,000 $1,040,030 $1,838,104
    Gross Margin % 8.03% 14.77% 21.23%
    Expenses
    Payroll $0 $0 $0
    Sales and Marketing and Other Expenses $125,000 $132,000 $139,000
    Depreciation $2,230 $2,300 $2,350
    Leased Equipment $0 $0 $0
    Utilities $3,000 $3,100 $3,200
    Insurance $1,870 $1,940 $2,080
    Rent $3,400 $3,500 $3,610
    Payroll Taxes $38,000 $40,000 $42,000
    Other $0 $0 $0
    Total Operating Expenses $173,500 $182,840 $192,240
    Profit Before Interest and Taxes $286,500 $857,190 $1,645,864
    EBITDA $286,500 $857,190 $1,645,864
    Interest Expense $0 $0 $0
    Taxes Incurred $57,300 $171,438 $329,173
    Net Profit $229,200 $685,752 $1,316,691
    Net Profit/Sales 4.00% 9.74% 15.21%

    8.3.1 Profit Monthly

    Remodeling Business Plan Template - Profit Monthly

    8.3.2 Profit Yearly

    Remodeling Business Plan Template - Profit Yearly

    8.3.3 Gross Margin Monthly

    Remodeling Business Plan Template - Gross Margin Monthly

    8.3.4 Gross Margin Yearly

    Remodeling Business Plan Template - Gross Margin Yearly

    8.4 Projected Cash Flow

    Remodeling Business Plan Template - Projected Cash Flow

     Pro Forma Cash Flow      
    Cash Received Year 1 Year 2 Year 3
    Cash from Operations
    Cash Sales $57,000 $61,560 $66,485
    Cash from Receivables $16,000 $17,280 $18,662
    SUBTOTAL CASH FROM OPERATIONS $69,000 $75,210 $81,227
    Additional Cash Received
    Sales Tax, VAT, HST/GST Received $0 $0 $0
    New Current Borrowing $0 $0 $0
    New Other Liabilities (interest-free) $0 $0 $0
    New Long-term Liabilities $0 $0 $0
    Sales of Other Current Assets $0 $0 $0
    Sales of Long-term Assets $0 $0 $0
    New Investment Received $0 $0 $0
    SUBTOTAL CASH RECEIVED $71,000 $77,000 $83,000
    Expenditures Year 1 Year 2 Year 3
    Expenditures from Operations
    Cash Spending $34,000 $39,000 $43,000
    Bill Payments $18,000 $18,000 $20,000
    SUBTOTAL SPENT ON OPERATIONS $55,000 $58,000 $63,000
    Additional Cash Spent
    Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
    Principal Repayment of Current Borrowing $0 $0 $0
    Other Liabilities Principal Repayment $0 $0 $0
    Long-term Liabilities Principal Repayment $0 $0 $0
    Purchase Other Current Assets $0 $0 $0
    Purchase Long-term Assets $0 $0 $0
    Dividends $0 $0 $0
    SUBTOTAL CASH SPENT $57,000 $61,560 $66,485
    Net Cash Flow $13,000 $14,000 $15,000
    Cash Balance $26,000 $26,000 $28,000

    8.5 Projected Balance Sheet

     Pro Forma Balance Sheet      
    Assets Year 1 Year 2 Year 3
    Current Assets
    Cash $282,000 $315,840 $347,424
    Accounts Receivable $25,200 $28,224 $31,724
    Inventory $4,000 $4,480 $4,900
    Other Current Assets $1,000 $1,000 $1,000
    TOTAL CURRENT ASSETS $295,000 $330,400 $371,370
    Long-term Assets
    Long-term Assets $10,000 $10,000 $10,000
    Accumulated Depreciation $18,050 $20,216 $22,743
    TOTAL LONG-TERM ASSETS $22,000 $24,640 $27,720
    TOTAL ASSETS $296,000 $331,520 $372,960
    Liabilities and Capital Year 4 Year 5 Year 6
    Current Liabilities
    Accounts Payable $19,000 $21,280 $23,919
    Current Borrowing $0 $0 $0
    Other Current Liabilities $0 $0 $0
    SUBTOTAL CURRENT LIABILITIES $14,000 $15,680 $17,624
    Long-term Liabilities $0 $0 $0
    TOTAL LIABILITIES $14,500 $16,240 $18,254
    Paid-in Capital $30,000 $30,000 $30,000
    Retained Earnings $57,000 $62,130 $68,343
    Earnings $198,000 $215,820 $237,402
    TOTAL CAPITAL $272,000 $296,480 $326,128
    TOTAL LIABILITIES AND CAPITAL $286,500 $331,520 $372,960
    Net Worth $270,000 $294,300 $323,730

    8.6 Business Ratios

     Ratio Analysis        
    Year 1 Year 2 Year 3 INDUSTRY PROFILE
    Sales Growth 7.27% 8.06% 8.93% 3.00%
    Percent of Total Assets
    Accounts Receivable 9.28% 10.28% 11.39% 9.80%
    Inventory 5.42% 6.01% 6.65% 9.90%
    Other Current Assets 2.11% 2.34% 2.59% 2.40%
    Total Current Assets 150.00% 152.00% 152.00% 158.00%
    Long-term Assets 11.64% 11.74% 12.10% 12.00%
    TOTAL ASSETS 100.00% 100.00% 100.00% 100.00%
    Current Liabilities 4.73% 4.77% 4.81% 4.34%
    Long-term Liabilities 0.00% 0.00% 0.00% 0.00%
    Total Liabilities 7.32% 7.38% 7.45% 7.38%
    NET WORTH 101.69% 102.50% 103.45% 110.00%
    Percent of Sales
    Sales 100.00% 100.00% 100.00% 100.00%
    Gross Margin 94.03% 96.57% 99.27% 99.00%
    Selling, General & Administrative Expenses 93.29% 95.81% 98.49% 97.80%
    Advertising Expenses 1.58% 1.62% 1.67% 1.40%
    Profit Before Interest and Taxes 41.40% 42.52% 43.71% 33.90%
    Main Ratios
    Current 36.8 38 39.5 32
    Quick 33.2 35 35.875 33
    Total Debt to Total Assets 0.21% 0.19% 0.17% 0.40%
    Pre-tax Return on Net Worth 75.40% 76.00% 77.00% 75.00%
    Pre-tax Return on Assets 93.49% 98.16% 103.07% 111.30%
    Additional Ratios Year 1 Year 2 Year 3
    Net Profit Margin 32.29% 33.29% 34.32% N.A.
    Return on Equity 55.66% 57.39% 59.16% N.A.
    Activity Ratios
    Accounts Receivable Turnover 7.8 7.8 7.9 N.A.
    Collection Days 100 100 100 N.A.
    Inventory Turnover 31 32.55 33.7 N.A.
    Accounts Payable Turnover 16.1 16.4 16.76 N.A.
    Payment Days 27 27 27 N.A.
    Total Asset Turnover 2.5 2.6 2.6 N.A.
    Debt Ratios
    Debt to Net Worth -0.03 -0.04 -0.04 N.A.
    Current Liab. to Liab. 1 1 1 N.A.
    Liquidity Ratios
    Net Working Capital $234,000 $247,104 $260,942 N.A.
    Interest Coverage 0 0 0 N.A.
    Additional Ratios
    Assets to Sales 0.84 0.86 0.88 N.A.
    Current Debt/Total Assets 1% 1% 0% N.A.
    Acid Test 28.03 28.5 30.5 N.A.
    Sales/Net Worth 2.1 2.1 2.1 N.A.
    Dividend Payout 0 0 0 N.A.

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