The tiny house market is booming. In fact, over half of Americans asked in a survey would consider living in a home smaller than 600 square feet. With the current economic uncertainty, a tiny home that costs less to buy, heat, run, and maintain is a smart financial choice.
If you’ve decided it’s time to make a career shift by pursuing a tiny home business of your own, there are a few different avenues you can take. You might consider getting into the construction, renovation, or sale of tiny homes — or even all three! But before you get started, there are a few things to address to ensure your tiny house business venture is a success.
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Getting Your Tiny House Business Off the Ground
As with any new business, it all starts with a plan. You’ll need to develop your idea into a practical, real-world business by doing your research about the market to learn more about how your new company will fit in, and if there’s a market for your services. You may talk with local realtors or developers about the market, or visit tiny house events to get an idea of what customers interested in tiny house living are looking for.
Once you have an idea of the opportunities in the market and how you can capture a share for yourself, you should develop a business plan. A business plan encompasses everything from your intended budget to a cash flow forecast of the first few months you’re in business. You’ll need the written plan to recruit investors or to apply for business loans. Consider reaching out to experts to help you develop your business plan; it will be worth it.
If you don’t have the budget to work with a professional to develop your plan, check out the Service Corps of Retired Executives (SCORE). This organization provides individuals with assistance in starting and running a business. The best part is, the service is free and you’ll be working with a volunteer who was once an entrepreneur or executive. You’re likely to gain valuable knowledge from their experience.
Having the Right Contractors
Once you have your business strategy formalized, you’ll need the right people to help you achieve your goals. Unless you’re starting as a small, one-person show, you’ll need to recruit the right people to help you. Depending on the type of tiny house business you’re launching, you may need the following:
Having someone help you with the public side of your business, such as developing your new company logo, website, and social media accounts could free you up to handle other, bigger-picture goals.
Construction or Renovation Contractors
If your tiny house business is construction-related, having the right contractors is crucial. Tiny homes have many advantages, but also have unique challenges that experienced contractors can address best. For example, the small nature of a tiny home may create some challenges when it comes to properly plumbing a toilet. A toilet line that’s too small may cause repeated clogging and lead to other plumbing-related issues.
Working with a designer who is experienced in space-saving best practices could be vital. An experienced and knowledgeable space planner can ensure that all spaces inside a tiny home are designed to maximize every square inch. The uses within a tiny house may include storage, or they may be designed for multiple uses such as running a home business within the small living space.
Marketing Your New Company
Once your tiny home business is ready to launch, marketing your new company is essential. Visiting related businesses to let them know about your services can lead to referrals. For example, if you’re planning on expanding into tiny house real estate sales, you may want to reach out to other realtors to partner as the tiny house specialist. Or you may want to ask any suppliers who you will be buying materials from to refer clients to you who are looking for companies able to build or renovate tiny homes.
Besides in-person marketing and networking, incorporate a digital marketing plan. You should have a website and social media pages for your business. Turn to affiliate marketing to spread awareness about your business quickly and effectively. Affiliate marketing works by taking your unique products or services and offering other websites or social media influencers a commission or payment to promote your products to their clients or followers.
Tiny Homes, Big Success
The tiny home market may continue to grow as more individuals look for ways to live in a low cost and debt-free lifestyle. A new tiny house business has a lot of potential if you know how to start it off right. Develop your idea into a solid, practical plan, have the right people working with your company, and market to the right audience for your best chance at success.