Becoming an Entrepreneur
Starting a Cabinet Refacing, Refinishing, & Resurfacing Business
What are the steps required to open a cabinet refacing, refinishing, and resurfacing business? This article discusses all the basic steps you should consider when opening a cabinet refacing, refinishing, and resurfacing business.
There are a huge number of cabiniets out there that are in desperate need of a facelift. Perfect for those of you who want to open a cabinet refacing, refinishing, and resurfacing business.
The Market for Cabinet Refacing, Refinishing & Resurfacing
Kitchen cabinetry represents a major segment of the U.S. home construction and remodeling industry. With the kitchen and bath industry raking in more than $200 billion per year, demand for kitchen remodeling is robust, giving cabinet refinishing startups the advantage of a solid industry outlook.
The market for cabinet refacing, refinishing and resurfacing is primarily value-based. Instead of replacing existing cabinetry and countertops, many homeowners realize cost-savings by rehabilitating their current furnishings. In some cases, the customers are mainly interested in an affordable update for their own enjoyment; in other cases, owners may be seeking a cheap kitchen update in preparation for a home sale.
Either way, it's important to know that value will be your target market's prime concern. Since value is created through a combination of quality and cost, your task will involve not only promoting your services as an affordable alternative to full kitchen remodels, but also emphasizing the quality of your finished products.
Tips for Startup Entrepreneurs in Cabinet Refacing & Refinishing
Great woodworking and refinishing skills will only get you so far in the cabinet refacing and refinishing game. To achieve long-term success, you will also need to become a first-rate business leader and address several concerns that are critical to your startup.
- Feeder Relationships. Marketing directly to consumers and homeowners will generate a certain amount of business for your startup. But the real money is often accessed through feeder relationships with key industry influencers. By forging referral relationships with real estate agents, home remodelers and other industry stakeholders, you create channels that will drive cabinet refinishing and refacing customers to your doorstep.
- Target Geographies. Many entrepreneurs lack a clear understanding of their target geography. That's a mistake because unless you understand the geographic boundaries of your market, you run the risk of either targeting the wrong customers or spreading your business too thin. Your business plan should address your target geography in detail and discuss strategies for expanding your geographic reach when your startup experiences growth.
- Industry Connections. The best cabinet refinishers consistently nurture their industry connections. Trade organizations like the National Kitchen & Bath Association (NKBA) offer opportunities to network with other cabinetry professionals and are a valuable resource for staying on top of industry news, trends and design developments.
Successful Business Plans for Cabinet Refacing, Refinishing, & Resurfacing Businesses
An effective business plan is your cabinet refacing, refinishing, and resurfacing business's stepping stone to profitability and long-term success.
At the end of the day, your cabinet refacing, refinishing, and resurfacing business can't afford to skate by with an inferior business plan. Why? Because there are a multitude of reasons why your company can't succeed without a sound business plan.
As a rule, don't exit the business planning process until you are completely satisfied with the scope and content of your business plan.
Don't Ignore the Competition
Long before you open a cabinet refacing, refinishing, and resurfacing business within your community, it's worthwhile to determine what the competition looks like. Use the link below to generate a list of competitors nearby. Simply enter your city, state and zip code to get a list of cabinet refacing, refinishing, and resurfacing businesses in your town.
Before you open up shop, make sure you know what you will offer to your customers that provides a significant advantage over your competition's offering.
Learning More About the Industry
If you want to open a cabinet refacing, refinishing, and resurfacing business you really ought to learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
Fortunately, somebody who runs a cabinet refacing, refinishing, and resurfacing business on the other side of the country may be willing to share their entrepreneurial wisdom with you, once they realize that you are not going to directly compete with them in their community. Many business owners are happy to give advice to new entrepreneurs It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
How would you find an owner of a cabinet refacing, refinishing, and resurfacing business that lives outside of your area?
Simply, try our helpful link below, type in a random city/state or zipcode, and start calling.
Business Brokerage for Cabinet Refacing, Refinishing, & Resurfacing Business Entrepreneurs
Sooner or later, every entrepreneur confronts the choice to start a business or buy an established company. In most cases, there are compelling financial and practical reasons buying an existing cabinet refacing, refinishing, and resurfacing business.
Although you could navigate a business acquisition on your own, most prospective cabinet refacing, refinishing, and resurfacing business owners enlist the services of a business broker.
The best business brokers will ensure that you get the right business for the right price, and will help you avoid common cabinet refacing, refinishing, and resurfacing business acquisition mistakes.
Is Franchising the Right Option?
If you don't want to have to do everything on your own, it might be wise to contemplate going with a franchise network.
Prior to starting a cabinet refacing, refinishing, and resurfacing business, a smart move is to determine whether franchise opportunities in your space might make sense for you.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
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