Your dream is to start renovating for profit, but you are no good with your hands and you have no idea where to start. The idea of starting something new when you are in your fifties – or sixties – can feel completely overwhelming.
Don’t despair. You’re in the perfect place for getting started with making a profit from renovating. I have been in the renovating business for a long time – four decades! But it was only when I hit fifty and realised that we were getting close to retirement that I really got serious about it.
Steps To Creating A Profitable Renovating Business After Fifty
I have always been driven by my love for creating beautiful homes. But, in order to make a profit, you need a solid business plan as well. These are the things I have learnt to be necessary in order to create a thriving renovating business.
#1 What is your Why?
The reason I started renovating properties for profit was because I didn’t want to go to work. Being able to stay at home and raise my family while still contributing to the family finances was valuable in the early days. And I was doing something I love.
I wasn’t blowing the lights out, though. I was making money, but I could have been doing a lot better. I eventually realised that although I was delivering a good quality renovation, I needed to get serious about the business. I had to have a more intentional approach.
#2 Ditch the DIY
It was a difficult thing for me to do. I love the creative aspect of DIY. But, it was really dragging me down. I would spend countless hours on a project without paying myself a wage. My income was all tied up in the profit of the renovated property. It was not a very business-like strategy.
#3 Be strategic about your choice in properties
If you are going to ditch the DIY and start paying trades to do the jobs you are no longer going to take care of yourself, you need to have the budget to do so. The properties you buy need to have the money in them to be able to pay a trade to do the project, and make a profit on top of that.
When I did that, my business became more profitable. So, not being good with your hands is actually a bonus!
#4 Invest in learning how to renovate for profit
By the time you are in your fifties, you have probably built up some financial reserves that you are able to leverage off. Your goal now is to grow your wealth faster. You don’t want to be wasting time or money muddling your way through your first few renovating projects.
That’s where I come in. I have put together a guide that walks you through getting up to speed quickly. Click on the link below to get your free copy. Take advantage of the wealth-creating renovating opportunities available all around you.
