By Sarah Caron, CHBA Director, Renovation Services
Home renovation is more than just a craft; it’s a business. The ability to effectively manage and grow a renovation business involves understanding various business principles and practices. Without this knowledge, even the most skilled renovator can struggle with financial instability, poor client relations and inefficient operations. CHBA’s National Education Benchmarks for Renovators identify the key areas renovators need to master to be successful. In addition, here are seven crucial business skills that can significantly contribute to the success of a home renovation business:
1. Project management: Efficiently overseeing renovation projects from start to finish, including planning, scheduling, resource allocation and quality control. This ensures that projects are completed on time, within budget and to the client’s satisfaction.
2. Financial management: Managing budgets, tracking expenses, handling cash flow and ensuring financial stability. This prevents cost overruns, improves profitability and maintains financial health.
3. Marketing and sales: Developing and executing marketing strategies, generating leads and converting prospects into clients. This attracts new clients, builds brand awareness and grows the business.
4. Negotiation skills: Negotiating contracts, terms and pricing with clients, suppliers and subcontractors. This helps secure favorable terms and pricing, which can impact the profitability of projects.
5. Legal and regulatory knowledge: Understanding and complying with local building codes, permits, insurance, contracts and other legal obligations. This can help avoid fines and delays and manage risk effectively.
6. HR management and leadership: Leading and managing a team of employees and subcontractors, including recruitment, training and performance management. This ensures that projects are executed efficiently and that employees are motivated and productive.
7. Customer service: Building and maintaining positive relationships with clients, handling their concerns and ensuring high levels of customer satisfaction. This leads to repeat business, referrals and a positive reputation in the industry.
Renovator training courses
For those looking to elevate their renovation business, specialized training courses based on CHBA’s National Benchmarks can provide a significant advantage. Luckily, there are a number of high-quality training opportunities that were developed specifically with renovators in mind. Many of these courses are self-paced and available online, so you can participate where and when it is convenient for you. Check in with your local or provincial HBA to see if they offer courses you can take.
The following are examples of courses created by (or in consultation with) local home builders’ associations, and which adhere to CHBA National Education Benchmarks for Renovators.
Renovation Fundamentals
Delivered by CHBA-BC Education (discounts available for CHBA-BC members)
The goal of this course is to provide renovators with an introduction to the basic knowledge needed to perform your job as a business owner or manager. By completing this course you’ll gain a foundational understanding of the best practices for running a professional and successful renovation business in Canada.
After completing this this course, you’ll able to:
• State the key principles that business owners and managers should be aware of related to professionalism, marketing, project management and pricing
• State the health and safety best practices for their province
• Explain the house-as-a-system concept
• Outline concepts related to energy efficiency
• Interpret sustainable development through energy efficiency, resource efficiency and environmental responsibility
• Define the five dimensions of service excellence
• State the role that neighbours play in a renovation project
• Describe the process for resolving disputes
• Explain the critical human resources functions that are necessary for renovation business owners
Visit cpd.chbabc.org to register or learn more about this course.
Business Fundamentals for the Home Renovator
Delivered by Training Ontario and PHBI*
This fully online course is designed to build knowledge in how to start, grow and maintain a home renovation business. Structured content, self-check exercises, essential handouts and step-by-step guidance will enable learners to work toward their business goals. If you want to succeed in the renovation business, you can’t afford to be without the Home Renovator course.
By the end of this course, you will be able to:
• Select an appropriate structure for your business.
• Demonstrate a strong understanding of the planning, organizing, directing and controlling of the financial activities of your business.
• Explain the basic concepts of sales and marketing.
• Explain the importance of costing and estimating for home renovating businesses.
• Explain how to manage your renovation job from start to finish, including managing the job site and materials.
• Describe the impact of quality service on client relations.
• Discuss the major trends driving the home renovation industry.
Visit phbi.ca to register or learn more about this course.
In the realm of home renovation, combining technical skill with strong business acumen is essential for long-term success. By investing in training, renovators can gain the knowledge and tools needed to navigate the complexities of running a business and achieve their professional goals.
*Developed with Regina & Region HBA and Saskatoon & Region HBA
