How to Save Money when Renovating your Home

Home renovation

Buying a home is a major investment. Indeed, it is probably going to be one of the most significant investments you ever make. That’s why more of us are opting instead to either invest in what we already own or buy a home with the intent of renovating it into something special. However, many do not think to calculate the costs of renovating their home and end up in over their heads with half-finished ideas and not enough money left in the pot to cross the finish line.

So, below we’ve gone through a few ideas to help you save money when renovating your home on a budget.

Assess the overall project

Sometimes you need to take a step back to see the wood for the trees. Before you start or make any serious investments, look at the renovation project as a whole. This will help you decide on all final renovations that you want to make, potentially cutting out ones that are not as essential, which is vital when on a budget. If you know what you want to achieve with your renovation overall, you’re also more likely to be able to settle on exactly what you’ll be able to do yourself and what you’ll need to hire people in for.

Measurements and planning

If you measure and plan your project correctly and accurately you can save money on materials, as well as time. The general rule of thumb is to “measure twice and cut once” but we’d take it a step further and say measure three times, if possible.

Do it yourself

If you can identify what projects or parts of the project can be done effectively by yourself, you can save huge amounts on labor costs by going the DIY route. This way, all you’ll need to invest in is tools such as SDS drills for your home renovation project. To assist you with your DIY, you may find it useful to watch a YouTube tutorial or read a blog post on how to do the job right. Or, if all else fails, ask your friends.

Use inexpensive materials where possible

Inexpensive doesn’t necessarily have to mean bad. Stick to composite or engineered wood, which is cheaper and stronger than traditional wood. You might also be able to save money on build costs if you go for upcycled or second-hand materials.

Stick to a set budget

Once you’ve set out your budget, while it might prove tempting to go over just a little bit if there’s something you really want, never waver. Sticking to a budget can actually make you more inventive and if there is any money left over you could always use it to pay for a nice holiday. Because you’ll probably need one once all those renovations are finally done with.

What to Consider when Setting up your Own Niche Business

Job or personal business

Often the best businesses stem from a passion for a specific niche. Do you have an idea that you think would make a great business platform? Start your own business project this year and find out how a niche can turn into a successful business.

Here are a few things to consider before starting a small business. 

Product

Before you contemplate an entire business, you need to nail your niche product. Most products are already available from larger enterprises. However, sometimes these products can be hard to obtain or of poor quality, creating a perfect opportunity for you. Specialise in this gap in the market and build up enough knowledge to answer the more difficult questions. Provide quality advice and information on your business website about your niche through an FAQ section. 

People

Identify your target market and whom you are targeting your product towards. One of the best things about owning a small business is connecting with your customers. While large businesses find it impossible to communicate with every customer, smaller business can add a personal touch to their service.

Consider rewarding regular customers and personalising your service to their specific wants and needs. Talk to your target customer base and build relationships by making regular contact with them. They can give provide you with constructive criticism that will improve your product, service and business strategies!

Marketing

How will people find out about your business? You need to establish a social media presence and educate yourself on social media marketing, smart emailing, and connecting with your customer base. Research the most-used social media platform for your target demographic and utilise it. For example, millennials and Gen-Zers respond to Instagram marketing, while older individuals prefer Facebook.  

Your business’s success or failure may depend on the connections you make with potential customers and clients. 

Process

Once you have a product and customer base, you need to process the sales. Log them in a revenue system, or if you are running your business through a CMS, use that. The most important part of a deal is the delivery and making sure the customer receives the product. It is essential to use a reliable parcel courier service to deliver your parcels and ensure they get to your end customers.

Retain

If you have a high-quality product and friendly customer service team, you will likely retain a customer base. Consider opting for a product that customers will re-purchase again and again.

Ensure your customer service is friendly and well-trained to answer all enquires quickly and effectively. Customers are far more likely to return to your business if it’s easier to order from your business, and any issues can be quickly resolved.