HOME STAGING BUSINESS PLAN SAMPLE TEMPLATE
Home stagers play an important role in the real estate industry. Before a home is listed for sale, a lot of work is done to increase its appeal to the buyer.
Is home staging a profitable business? How much does it cost to start a home staging business?
For those interested in venturing into this line of business, this home staging business plan will prove to be quite helpful in achieving your goals. It includes necessary information required to set up a successful home staging business.
Here is a sample business plan for starting a home staging company.
Thankfully, starting a home staging business doesn’t require an enormous financial commitment. With little investment and proper management, you can grow your small business into a major home staging business brand.
What are the Dynamics of the Local Housing Market?
Before starting a home staging business, you need to fully understand how the local housing market works. You will need to conduct a research on the activities within the industry. Such will include knowing what your potential clients need, the dominant economic bracket within your chosen location as well as the types of services to provide.
You should choose services that will bring about a win-win situation where your clients are satisfied and profitability isn’t affected. Doing this entails a lot of work and planning. The more knowledgeable you are about the business, the better and easier it will be to achieve you goals.
Having the Skill
Home stagers usually have a strong passion for home décor. Having certain attributes is necessary. These include an eye for detail, an appreciation for aesthetics as well as an understanding of color combinations. You should also be able to utilize space effectively. There isn’t a need for specialized training. Nonetheless you can improve yourself by getting trained by experienced hands.
There are lots of home staging resources on the internet too. By improving your skill, satisfying the needs of your clients will be easy and can help you attract more patronage.
Putting a Plan in Place
Your business plan is similar to a foundation. The better the plan is, the greater its impact on the business. There are different sections in a home staging business plan. These include the executive summary section, clearly defining your mission and vision statements, the history or background of your business (that is how it all started) as well as a description of your home staging business.
Other sections of the plan include your market research and sales plans, a financial plan as well as your business projections and forecasts. These are to be carefully researched and included in the plan.
The Legal Aspects of your Home Staging Business
An important part of your plan includes understanding what the legal requirements of start a home staging business are. Such include choosing a business name, obtaining an EIN number, as well as your business structure. There are several to choose from, and each bestows an advantage over the other.
Therefore you need to find out what works for you. The good thing is that you can change your business structure much later in a bid to adapt to realities as they emerge.
Some business structures include Sole Proprietorships, Partnerships as well as Incorporation. You also need to find out what taxes your business is eligible for. These taxes include federal, state, local and income taxes.
Applying for an Insurance
You are required to register for insurance. Such insurance covers several aspects of doing business. Insurance for your home staging business will include critical injury or disability insurance, vehicular insurance, home insurance, commercial liability, workers compensation insurance and any other insurance your business qualifies for.
Clients will have more confidence doing business with you than those without an insurance plan.
Marketing Your Home Staging Business
Marketing is the lifeblood of any business. Without this, you can hardly sell a product or service. At best, you should expect a mediocre performance. There are different marketing strategies you can adopt. Such include adverts that include media releases, submission of articles and exploiting the reach of social media.
Other types of marketing include attending open houses for realtors, gold tournaments, promoting your business at retail locations and many others. The objective is to increase the awareness of your services to a potential market.
- Networking is Critical
As a home staging business owner, you can achieve little without networking with experts and other businesses within the housing industry. This is an effective way to market your business.
Real estate agents are critical partners that can easily connect you to home sellers. You can begin by offering a free home staging service to some potential partners. This is a welcome move that makes them receptive and willing to work with you.
- Having an Edge
It is important to understand that to run a thriving home staging business, you need to have an edge. Your clients need to have knowledge of this. It allows them see reasons why they should patronize your business instead of your competitors.
Competition can be intense, however when you have a clear advantage and strive to keep it by improving your services, you will be able to thrive in the face of such competition.
A home staging business plan has been our focus as we have tried to provide you with helpful tips that will enhance your plan. We always stress on the importance of implementation because a plan is only as good as the paper it is written on until fully implemented.
With the information provided here, you have a good reference point to use in reaching your target.