With the boom in real estate over the last few years, it is a good time for starting your own business that provides all home services like Interiors, Walls, Flooring, interior furnishing, decoration, refurbishing etc. If you can tell teak from maple, then Flooring business is the right choice for you.
How to go about
– Assess the real estate market in your intended locality, city
– Quantify your assessment, calculate the Return on Investment (ROI) and the timeline for the same
– Assess the prevalent flooring businesses and their business model
– Take note of the material used for flooring such as vinyl options or others.
– Information on revenue generated and the cash flow model in the prevalent businesses
– Gather information of all the above for different localities, cities. This will help you choose the location of business wisely
– With all this, you can decide on your place, hence the market segment that you plan to target – New construction, existing homes who intend to refurbish
Based on all the above, you can either:
Create a niche market for yourself:
- By differentiating through the material or Service provided or through the business model OR
- As a Contractor, by taking up the same material and vary the Service provided or business model OR
- As a Supplier, have a different business model – For example, instead of getting in as a Contractor, place yourself at the Supply end – Tie up with the Material suppliers, act as middlemen and trade with Contractors
Jump in the general market along with the other players and try to excel at your work (however vague it sounds!)
With the above, it is important to consider your business capabilities, strengths, and especially your weaknesses, because while entering business, make sure your weaknesses are defended.