Profits Begin at Home
By Richard Poe, Success Magazine, September 1990
Some entrepreneurs have found a bright patch of blue in the cloudy residential real estate market. High interest rates and rising house costs have caused many Americans to scale down on that dream of owning a place with another bedroom, that extra bath, or a modern kitchen. so they’re staying put – but making more of what they have by remodeling.
Not counting the money spent by do-it-yourselfers, the U. S. Commerce Department predicts remodeling projects will jump to $79 billion this year, up 32 percent from just five years ago. It’s a huge market rife with money-making possibilities.
Not Contracting, But Consulting
After hearing about the nightmarish experiences people had remodeling their homes, Richard Connolly realized there was a market for remodeling consultants.
With $8,000 in retirement savings, Connolly launched Cornerstone Consulting Inc. in Weymouth, MA. For $65 an hour, the company will help plan a project, solicit bids, buy supplies at a discount, develop timetables, and oversee the project.
In two years, Connolly’s company has already helped 108 clients. The company had sales of $56,000 in 1989 and expects revenues of $80,000 this year.