business plan template for remodeling company

Remodeling Business Plan Template

Written by Dave Lavinsky

Remodeling Business Plan

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their remodeling businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your remodeling business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.  

Why You Need a Business Plan

If you’re looking to start a Remodeling business, or grow your business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your remodeling business in order to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.  

Sources of Funding for Remodeling Businesses

With regards to funding, the main sources of funding for a remodeling business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for remodeling businesses.

How To Write a Business Plan For a Remodeling Company

If you want to start a remodeling business or expand your current one, you need a business plan. Below we describe what should be included in each section of a business plan for your remodeling company:  

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of remodeling business you are operating and the status. For example, are you a startup, do you want to grow your business, or are you operating remodeling businesses in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the remodeling industry. Discuss the type of remodeling business you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of remodeling company you are operating.

For example, you might operate one of the following types of remodeling businesses:

• Residential Remodeling : this type of remodeling business focuses on renovations strictly for home-based projects, such as kitchens and bathrooms.
• Design-Build and Whole House Remodeling: this type of remodeling are residential general contractors that are responsible for the architecture, design, and construction management of major home remodeling projects.
• Restoration: Restoration contractors specialize in working with insurance companies, and focus specifically on fire, wind, or water damage to restore the home to its original condition before the occurrence.

In addition to explaining the type of remodeling company you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of projects completed, number of positive reviews, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the Remodeling industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the remodeling industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your remodeling company business plan:

• How big is the remodeling industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your remodeling company? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: homeowners looking to add on or update their home, those who have suffered a recent weather damage occurrence, and new homeowners who have purchased an older home that is in need of updates.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of remodeling company you operate. Clearly, homeowners would respond to different marketing promotions than help those affected by weather-related incidents, for example.

Try to break out your target market in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.

Psychographic profiles explain the wants and needs of your target market. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other remodeling businesses. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes new home builders and large construction general contractors. You need to mention such competition as well.

With regards to direct competition, you want to describe the other remodeling businesses with which you compete. Most likely, your direct competitors will be remodeling businesses located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What type of remodeling businesses are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide shorter project times?
• Will you provide services that your competitors don’t offer?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a remodeling company, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of remodeling company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to temodeling, will you provide call design and architecture, project management, and any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your remodeling company. Document your location and mention how the location will impact your success. For example, is your remodeling business located in a high traffic area, a business district, a standalone office, etc. Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your Remodeling marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Advertising in local papers and magazines
• Reaching out to websites 
• Social media marketing
• Local radio advertising

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your remodeling business, including offering free remodeling quotes, sourcing materials and labor, organizing subcontractors, client communication, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to land your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your remodeling business to a new city.  

Management Team

To demonstrate your remodeling business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally you and/or your team members have direct experience in managing remodelings. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your management team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a remodeling businesses or successfully running a construction company.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you take on one new client at a time or multiple new clients ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your Remodeling business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing your business:

• Cost of contracting licenses and permitting.
• Cost of equipment and supplies.
• Payroll or salaries paid to staff and subcontractors .
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include past remodeling projects or project quotes of client projects you are working on.  

Putting together a business plan for your remodeling business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the remodeling industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful remodeling business.  

Remodeling Business Plan FAQs

What is the easiest way to complete my remodeling business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Remodeling Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of remodeling business you are operating and the status; for example, are you a startup, do you have a remodeling business that you would like to grow, or are you operating a chain of remodeling businesses?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.

Click here to see how Growthink’s professional business plan consulting services can create your business plan for you.  

Other Helpful Business Plan Articles & Templates

Remodeling Business Plan Template

Remodeling business plan.

You’ve come to the right place to create your Remodeling business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Remodeling companies.

Below is a template to help you create each section of your Remodeling business plan.

Executive Summary

Business overview.

Eternity Remodeling and Renovations is a new residential remodeling business located in Sacramento, California. We can remodel any part of a home, including bathrooms, kitchens, interiors, and exteriors. We also provide services to update homes so that homeowners can age in place safely. Eternity Remodeling and Renovations strives to be the best remodeling business in the area, focusing on customer service and maintaining long-term relationships.

At Eternity Remodeling and Renovations, we believe that every customer deserves to live in their dream home. Our expert contractors will work with customers to design and create the perfect spaces that will make their current home their dream home. With 20 years of experience, we can take on any remodeling project and create any space that our customers desire.

Eternity Remodeling and Renovations is led by Luke Johansson, who has been a contractor for 20 years. Throughout this career, he has overseen a variety of remodeling projects and worked for hundreds of customers. He initially worked for local competitors but branched out on his own a few years ago. After being self-employed for a few years, Luke is ready to officially incorporate his business and hire several other contractors who can help expand the business and clientele. His experience, education, and initial list of loyal clients will ensure that Eternity Remodeling and Renovations is a success.

Product Offering

Eternity Remodeling and Renovations offers a variety of residential remodeling services. Some of these services include:

• Kitchen and cabinetry remodeling
• Bathroom remodeling
• Interior remodeling
• Roof remodeling
• Exterior remodeling
• Whole house remodeling
• Aging-in-place remodeling

Customer Focus

Eternity Remodeling and Renovations will primarily serve homeowners, home buyers, and landlords in Sacramento, California. The Sacramento area has a booming population, with millions of people who own their own home. Sacramento also has a large population of middle and upper class residents who have the disposable income to invest in remodeling services. Therefore, we have a large target demographic to work with and are assured to be successful in this industry.

Management Team

Eternity Remodeling and Renovations is led by Luke Johansson, who has been a contractor for 20 years. Throughout this career, he has worked on and overseen a variety of remodeling projects for hundreds of customers. He initially worked for local competitors but branched out on his own a few years ago. After being self-employed for a few years, Luke is ready to officially incorporate his business and hire several other contractors and employees who can help expand the business and clientele.

Luke has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.). He also already has a starting customer base to provide revenue for the company. The combination of his education, skills, experience, and loyal clientbase will ensure that Eternity Remodeling and Renovations is a success.

Success Factors

Eternity Remodeling and Renovations will be able to achieve success by offering the following competitive advantages:

• Customer-Focus: Eternity Remodeling and Renovations’ contractors provide the highest quality customer service focused on transparency, communication, and responsiveness throughout the process, from the initial inquiry to the follow-up once the project is completed.
• Management: Luke Johansson has been extremely successful working in the remodeling industry and will be able to use his previous experience to help clients with whatever they need. His unique qualifications will serve customers in a much more sophisticated manner than many of Eternity Remodeling and Renovations’ competitors.
• Relationships: Having lived and worked in the community for decades, Luke knows many of the local residents and has already established a loyal clientele from his years as a solo contractor. These relationships will provide the company’s initial clientele and help our business through word-of-mouth marketing.

Financial Highlights

Eternity Remodeling and Renovations is currently seeking $550,000 to launch. The capital will be used for funding capital expenditures, salaries, marketing expenses, and working capital. Specifically, these funds will be used as follows:

• Store design/build: $150,000
• Vehicle purchase and maintenance: $100,000
• Equipment and initial supplies: $150,000
• Three months of overhead expenses (payroll, rent, utilities): $100,000
• Marketing costs: $30,000
• Working capital: $25,000

The following graph below outlines the pro forma financial projections for Eternity Remodeling and Renovations.

Company Overview

Who is eternity remodeling and renovations.

  At Eternity Remodeling and Renovations, we believe that every customer deserves to live in their dream home. Our expert contractors will work with customers to design and create the perfect spaces that will make their current home their dream home. With 20 years of experience, we can take on any remodeling project and create any space that our customers desire.

Eternity Remodeling and Renovations’ History

Luke Johansson recently began researching what it would take to incorporate his business and expand his client base. He has analyzed the costs, market, demographics, and local competition. Luke has compiled enough information to develop his business plan in order to approach investors.

Once his research was complete, Luke incorporated Eternity Remodeling and Renovations on May 1st, 2023 as an S-Corporation. The business is currently being run out of Luke’s home, but once the lease on Eternity Remodeling and Renovations’ office location is finalized, all operations will be run from there. He currently uses his personal vehicle to drive to clients’ homes but will purchase a vehicle that will be used specifically for the business.

Since incorporation, the company has achieved the following milestones:

• Found a commercial space and signed a Letter of Intent to lease it.
• Developed the company’s name, logo, and website.
• Planned the suite of services to be offered.
• Determined equipment, supplies, and materials needed.
• Begun recruiting key employees

Eternity Remodeling and Renovations’ Services

Industry analysis.

No home is perfect. Many homeowners find that they need to make updates or changes to their homes at some point in their ownership. These projects can either be purely aesthetic or improve the functionality of the home (such as for those wishing to age safely in place). Common remodeling projects include repairing broken structures and fixtures, improving the aesthetics, adding more space, and improving the safety of the structure. Since many of these projects can be extensive, homeowners depend on professionals to get the job done. Therefore, contractors and remodeling businesses will always be in demand as long as people own their own homes.

According to research, the home remodeling market is currently valued at $852 billion and is expected to grow at a compound annual growth rate of 4.3% over the next five years. This growth rate shows that remodeling services are still needed and the industry will continue to grow and expand. Though the remodeling industry suffered losses during the pandemic years, the current project growth rate shows that people are ready to spend money on extensive remodeling projects again. Therefore, now is a great time to start a new remodeling business.

Customer Analysis

Demographic profile of target market.

Eternity Remodeling and Renovations will serve the community residents of Sacramento, California and its surrounding areas.

The area we service is suburban, with 50% owning homes. This means a sizable portion of the local population will require our services at some point.

A demographic profile of the Sacramento area is as follows:

Customer Segmentation

Eternity Remodeling and Renovations will primarily target the following customer profiles:

Competitive Analysis

Direct and indirect competitors.

Eternity Remodeling and Renovations will face competition from other companies with similar business profiles. A description of each competitor company is below.

Mountainside Remodeling Services

Established in 1979, Mountainside Remodeling Services has been a popular local commercial remodeling business. They help offices and other establishments update their spaces to improve their office environment. Many businesses have sworn by Mountainside’s services, and the company’s reputation has skyrocketed simply through word-of-mouth marketing.

Though Mountainside Remodeling Services will continue to thrive, the company primarily works with local businesses and, therefore, will be a minor competitor for Eternity Remodeling and Renovations.

John’s Remodeling Inc.

John’s Remodeling Inc. has been a profitable small remodeling business for over a decade. This small business helps with a variety of residential remodel services, including remodeling bathrooms, kitchens, and exteriors. John’s small team has gained a great reputation for their friendly customer service and the professional quality of their work.

Though John’s Remodeling Inc. has gained a positive reputation, its scope of work remains small, even after a decade. They can only help with small projects and generally don’t sign up for larger-scale services. As Eternity Remodeling and Renovations grows, we will take on larger projects and aim to be the primary remodeling company that the residents of Sacramento, California can rely on.

Carpentry And More LLC

Established in 2005, Carpentry And More LLC set out to be the best local business for all carpentry-related needs. Customers can expect high-quality carpentry work paired with excellent customer service. Carpentry and More’s most popular services include deck and fence installation, remodeling, and door replacement.

Though Carpentry And More offers a variety of services, they primarily focus on and make revenue from their carpentry services. Therefore, they are a minor competitor when it comes to remodeling projects.

Competitive Advantage

Eternity Remodeling and Renovations will be able to offer the following advantages over their competition:

Marketing Plan

Brand & value proposition.

Eternity Remodeling and Renovations will offer the unique value proposition to its clientele:

• Client-focused remodeling services, where the company’s interests are aligned with the customer.
• Service built on long-term relationships and personal attention.
• Professional industrial experience in a small business setting.

Promotions Strategy

The promotions strategy for Eternity Remodeling and Renovations is as follows:

Social Media Marketing

Social media is one of the most cost-effective and practical marketing methods for improving brand visibility. Eternity Remodeling and Renovations will use social media to develop engaging content in terms of sharing renovation and remodeling ideas and posting customer reviews that will increase audience awareness and loyalty.

Word of Mouth Marketing

Eternity Remodeling and Renovations will encourage word-of-mouth marketing from loyal and satisfied clients. The company will use recommendations and word-of-mouth marketing to grow the customer base through the network of its existing customers.

Website/SEO

Eternity Remodeling and Renovations will invest in developing a professional website that displays all of the services offered by the company. It will also invest in SEO so that the company’s website will appear at the top of search engine results.

Advertisement

Advertisements in print publications like newspapers, magazines, etc., are an excellent way for businesses to connect with their audience. Eternity Remodeling and Renovations will advertise its company offerings in popular magazines and news dailies. Obtaining relevant placements in industry magazines and journals will also help in increasing brand visibility.

Eternity Remodeling and Renovations’ pricing will be estimated on a project basis drawing on Luke Johansson’s deep expertise in remodeling services. The pricing will be determined by the materials needed and the amount of labor required to complete the job. Pricing will be moderate and less expensive than our competitors, but more expensive than lower-quality, efficiency-driven remodeling businesses.

Operations Plan

Operation Functions: The following will be the operations plan for Eternity Remodeling and Renovations.

• Luke Johansson will be the owner of Eternity Remodeling and Renovations. He will oversee the general operations of the company and manage the staff. He will also conduct all work on the remodeling and renovation projects for his clients until he can hire several more contractors to keep up with demand.
• Luke will hire an Administrative Assistant to help him with all the administrative tasks.
• Luke will also hire a Marketing Manager to manage all of the marketing and advertising functions.
• As the business grows, Luke will hire other contractors to keep up with client demand.

Milestones:

Eternity Remodeling and Renovations will have the following milestones complete in the next six months.

• 06/202X – Finalize lease agreement
• 07/202X – Design and build out Eternity Remodeling and Renovations
• 08/202X – Hire and train initial staff
• 09/202X – Kickoff of promotional campaign
• 10/202X – Launch Eternity Remodeling and Renovations
• 11/202X – Reach break-even

Financial Plan

Key revenue & costs.

Eternity Remodeling and Renovations’ revenue will primarily come from charging homeowners for completed remodeling services. Pricing will be determined by the services required, materials and tools needed, and scope of the project.

The main cost drivers for Eternity Remodeling and Renovations will be labor expenses, materials and equipment, marketing, and the lease for the office space.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Year 4: 100
• Year 5: 130
• Annual lease: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, remodeling business plan faqs, what is a remodeling business plan.

A remodeling business plan is a plan to start and/or grow your remodeling business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Remodeling business plan using our Remodeling Business Plan Template here .

What are the Main Types of Remodeling Businesses?

There are a number of different kinds of remodeling businesses , some examples include: Residential Remodeling, Design-Build and Whole House Remodeling, and Restoration.

How Do You Get Funding for Your Remodeling Business Plan?

Remodeling businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Remodeling Business?

Starting a remodeling business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Remodeling Business Plan - The first step in starting a business is to create a detailed remodeling business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your remodeling business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your remodeling business is in compliance with local laws.

3. Register Your Remodeling Business - Once you have chosen a legal structure, the next step is to register your remodeling business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your remodeling business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Remodeling Equipment & Supplies - In order to start your remodeling business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your remodeling business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

7+ Remodeling Business Plan Templates – PDF, Word

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Remodeling Business Plan Template

DEC.21, 2020

Remodeling business plan for starting your own building company

Whether it’s about increasing one’s property value or boosting one’s lifestyle, remodeling is the way to go. Remodeling is a type of business that can be started with simple services at the residential level. And can be expanded to performing complicated renovations needed by commercial buildings and businesses.

No matter how large or how small your startup is, you would have to create a remodeling business plan for remodeling. Creating a comprehensive business plan before you open a remodeling business will help you in:

• Recognizing the latest trends
• Acquiring the right expertise
• Avoiding troublesome situations
• Efficiently manage finances

To help you in creating a business plan that covers all the essential aspects, we’re providing a sample business plan of a startup ‘Model-It Solutions’.

Executive Summary

2.1 the business.

Model-It Solutions will be a registered, licensed, and insured remodeling business startup based in Buffalo, New York. The business will comprise expert contractors, architects, and engineers to enhance the aesthetic and comfort level of residential as well as commercial structures.

Simply put, we build what you dream!

2.2 Management of Remodeling business

As a business owner, you can’t rest after setting up a remodeling company. You have to be proactive in organizing and analyzing various business operations. In the case of a remodeling business, you need efficient management to complete given projects in time. To make sure that clients get the work done according to their expectations, you have to properly manage communication, finances, and resources among various channels.

2.3 Customers of Remodeling business

Exploring who are going to be your customers is extremely important. Before you search for how to start a remodeling company, you should identify your customers.

The target customers of Model-It Solutions will be the homeowners, construction firms , contractors, and government agencies. To turn them into our potential customers, we will be taking effective steps.

2.4 Business Target

Our major targets are:

• To maintain a customer return rate of 20% throughout our service years
• To maintain a CSAT score of above 85%

Company Summary

3.1 company owner.

Anna Huston will be the owner of Model-It Solutions. Anna is an MBA. After completing her education at Stanford University, she started working in Skanska.

But 5 years into the service, she decided to start a remodeling business of her own.

3.2 Why the remodeling business is being started

Anna always remained a woman of creative ideas. After serving in a multinational firm, she decided to move to her hometown and serve people with her talent. She realized that the remodeling business has never-ending scope in the years to come as people keep thinking of bringing improvement to their property.

3.3 How the remodeling business will be started

Step1: Plan your business

As the first step, Anna studied various business plan examples for remodeling company to make a business plan for remodeling. From analyzing the market shares to creating a financial plan, Anna put everything on her business plan.

Through this remodeling business plan sample you can study the business’ requirements, balance sheets, personnel plan, and other aspects of Model-It Solutions.

Step2: Define your brand

The second step after creating a remodeling business plan is to get your business registered. You will have to acquire the required licenses and permits. Moreover, this is the time when you have to physically establish your business office.

Step3: Hire the staff

The third step is to conduct interviews and tests to hire the most competent employees.

Step4: Get ready to promote & market

The next step is to promote your services and competitive aspects to reach your target customers. This step also involves the strategy you will adopt to gain and retain your client base.

Step5: Establish a web presence

In this age, people use Google to find the right service provider whenever they need any service. Therefore, it has become essential that you establish a strong social media and web presence.

Anna decided to hire a professional IT expert to create a website for Model-It Solutions. The website will also enable users to make online bookings. Moreover, the website will also keep a record of repeat customers so that Anna could evaluate her business performance time-to-time.

Our startup expenses including costs of all the things we could need for the startup are given below:

Before exploring how to start your own remodeling business, you should decide your services. Deciding your services even before the launch can help you in identifying the ways through which you can facilitate your customers.

To give you a notion of services you can provide as a remodeling firm, we are enlisting the services provided by Model-It Solutions in this remodeling business plan template.

• Full House Remodeling: Our primary service will be to do the whole house remodeling. In this, we will work to redesign an old building to fulfill modern needs such as increasing the living space or making the interior/ exterior more appealing.

Depending on the clients’ needs we will remodel their kitchen, laundry, bath, deck, and more. We also install sidings, flooring, new windows and doors, cabinets, and whatever else our customers would need.

• Handyman Remodeling: This service will include doing minor changes in homes such as installing a modern lighting system, carpeting, painting the walls and cabinets, installing wallpapers, and doing small repairs.
• Historic Home Remodeling: Our third service will be to remodel historic and significant architectural buildings without affecting their historic aspects.
• Individual Structural Re-design: We will offer the services of adding/ removing the bathroom, room, kitchen, and laundry, installing a staircase, modern roofing, etc.

Marketing Analysis of Remodeling Business

Marketing analysis is an important part of a remodeling contractor’s business plan as it enables the business owner to keep pace with the demands of their customers. Through efficient marketing analysis, you can recognize remodeling domains that have high demand. Moreover, this part also gives you a clear idea of your customers before you open a remodeling business.

5.1 Market Trends

According to a report by IBISWorld, remodeling businesses have seen a growth rate of 1.7% in the past five years. More than 455 thousand remodeling companies are operating throughout the United States. The market size, according to the same outlet, is reported to be $97 billion.

The market stats are quite satisfying and the growth rate also indicates that there is still room for other startups to join the venture. If you want to ensure that you get customers from the very beginning of your startup, you should study the market trends of individual locations. That will help you locate an area where competition is low and people who need remodeling service are greater in number.

5.2 Marketing Segmentation

Identifying your customers before investigating how to write a business plan for remodeling is necessary. Dividing the wide populations into distinct groups can help you in recognizing their demands. And thus enabling you to plan ways to fulfill their expectations.

The groups that were identified by Model-It Solutions as potential customers are given below:

5.2.1 Real Estate Owners: Our primary customers will be the people who own any sort of building. They can need our services in two cases:

• They want to enhance the interior design / exterior for themselves.
• They want to remodel the property to increase its value so that it could be sold at a greater price.

In any of the cases, we’ll go to all extents to make sure they are happy and satisfied with our remodeling services. For them, we’ll provide full property remodeling services as well as individual services like installing new cabinets and remodeling the kitchen, etc.

5.2.2 Contractors & Construction Companies: The second group of our target customers will include contractors and construction companies. They will need our services whenever they get some project or even when they are building some structure from scratch.

5.2.3 Government Agencies : Our third category comprises government agencies who will be needing us to remodel structures of historic, artistic, and cultural importance – in a way that their integrity and historic aspects are maintained.

The detailed market analysis of our potential customers is given in the following table:

5.3 Business Target

Anna set her business financial and other goals before starting a remodeling company. She realized that by doing so, she would be able to provide a direction to her resources and talent.

The business targets of Model-It Solutions are

• To earn a net profit of $24k per month by the end of the first year
• To lower the costs of our operations by 5% by the end of the 3 years by improving our techniques and methods

5.4 Product Pricing

The prices of our services will be lesser than those of our competitors. It is because we want to capture as many customers as possible in the initial phases of our startup.

Marketing Strategy

A remodeling business plan is incomplete unless you include in it, the ways to capture the attention of your target audience. In this marketing plan for remodeling business we are enlisting the exclusive sales strategy plan of Model-It Solutions.

6.1 Competitive Analysis

Anna realized that hundreds of remodeling firms are already operating in Buffalo. Therefore, she decided to come up with distinct features to outperform her business rivals.

The competitive aspects of Model-It Solutions are:

• We are highly client-oriented. We will always be willing to amend the remodeling designs as per our clients’ wants and needs.
• Our workers are highly skilled and highly collaborative.
• We provide online booking and payment facilities to our customers.
• Our repeat customers will be offered several discounts.
• Our prices are lower than our competitors, so you can easily try our services for a minor/ major task.

6.2 Sales Strategy

To get introduced to our target customers, we will:

• Advertise our startup through local newspapers, Google Local ads service, and social media
• Keep our prices lower than our competitors
• Establish a strong web presence using SEO techniques
• Provide a 25% discount to our repeat customers on every second visit

6.3 Sales Yearly

6.4 Sales Monthly

6.5 Sales Forecast

Personnel plan

While writing a business plan for remodeling, you should also define your employees, their job responsibilities, and requirements. It will enable you to judge the applicants on a definite criterion when you are going through the hiring phase.

7.1 Company Staff

Anna will manage the business herself. However, she’ll hire the following staff:

• 1 Co-Manager
• 1 Architect to design/ remodel complicated projects
• 2 Contractors to implement remodeling designs
• 5 Field Workers to work as laborers
• 1 Accountant to maintain financial records
• 1 Technician to maintain the machinery
• 1 IT Expert to manage the company’s website, online record, and social sites
• 1 Driver to provide transportation

7.2 Average Salary of Employees

Financial plan.

In the last part of your business plan, you should analyze your estimated cash flows. Before you make a remodeling business plan, you should have a clear idea of how much amount you intend to spend on which aspect of your business. Moreover, you should also have a plan to achieve your business goals by optimizing your profits.

In this business plan sample, you can explore the financial projections, break-even analysis, business ratios, gross margins, and other financial estimations done by Model-It Solutions to gauge its progress and business value.

However, while you go through this financial plan, remember, its projections are based on the assumption that there will be no major recession in the coming 5 years.

8.1 Important Assumptions

8.2 brake-even analysis.

8.3 Projected Profit and Loss

8.3.1 profit monthly.

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

8.5 Projected Balance Sheet

8.6 business ratios.

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OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Renovation Contractor Business Plan Template

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This renovation contractor business plan template has 35 pages and is a MS Word file type listed under our business plan kit documents.

Sample of our renovation contractor business plan template:

INSERT IMAGE/LOGO COMPANY NAME Business Plan 2011 Owner: INSERT NAME INSERT ADDRESS Phone: Email:

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5+ Remodeling Business Plan Examples – PDF

Remodeling contractor.

Remodeling harvard

Preliminary Steps to a Business Plan

Remodeling building business.

• The kind of business establishment or institution.  Like a doctor, you make sick people healthy. You need to check what is it that these establishment needs help.
• The kind of clients.  What do you think these clients are looking for. What do they want? Do they want to have a clean office? Do they want to make their rooms look like new ones.
• The kind of operators or owners.  You also need to know who their clients are. Who are their frequenter.

Planning and Managing Construction Renovation Project

• How will I be able to change the current situation?
• What solution will I give to the current problem?
• Do I have the best program to beautify a place, to improve a business, to solve team problem?
• Will I be able to do it in time?
• Will I be able to provide what my client is looking for?

Remodeling Start up

Steps in Making a Business Plan

• Avoid the costs of moving. Instead of building a new one, why not renovate an old one.  The old saying goes, why fix if ain’t broke. In a remodeling, you do not actually fix something, you just make something beautiful. There may be changes, but it is more of a superficial change. Something new for the eyes to see. If ain’t broke, why make a new one. How about a little cleaning, polishing, “rejuvenating” of your house instead of making a new one.
• Enhance the returns on an investment property. If you are a business – minded person, you will always think of your unit as an investment. And you can do this by making it look good.
• Increase your property’s value. If your building looks good, chances are, it will retain its value when appraised. And it is a matter of maintenance. If you neglect it, it will rot. If you maintain it, you can demand a higher resale price. If you like, you can hire an interior designer. An interior designer can make something cheap look expensive. And that is always part of a marketing. To make something look great, at the eye level.
• Achieve a higher sale price for your property. This is only possible if you can maintain your unit, plus some regular care from the owner.
• Restore a character home. Or if you want to change mood, your best option is to renovate, remodel.
• Make your home more eco-friendly. You do not just maintain your home, you make an update. Updating your home means to be sensitive with the things around it

wafed remodeling book

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Remodeling Business Plan Template [Updated 2023]

VIII. Management Team

This Section's Contents

Management Team Members

Hiring plan.

[Company Name] is led by [Founder’s Name], who has been a contractor for [X] years. Throughout this time, he has worked on and overseen a variety of remodeling projects for hundreds of customers. He initially worked for local competitors but branched out on his own a few years ago. After being self-employed for a few years, [Founder’s Name] is ready to officially incorporate his business and hire several other contractors and employees who can help expand the business and clientele.

[Founder’s Name] has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.). He also already has a starting customer base to provide revenue for the company.

[Founder’s Name] will serve as the Owner and CEO of [Company Name]. In order to launch, he needs to hire the following personnel:

• Administrative Staff (2 to start)
• Project Managers (1 to start)
• Contractors/Laborers (3 to start)
• Designers (2 to start)

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Remodeling Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

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Residential Remodeling Business Plan

Start your own residential remodeling business plan

Anywhere Remodeling

Market analysis summary how to do a market analysis for your business plan.">.

Anywhere Remodeling is focusing on both the commercial and residential markets of Anytown America, with the residential being about 80% of the overall volume of the company.

As housing prices fall, potential clients will be more apt to remodel their high-end homes, rather than try to sell them.

4.1 Market Segmentation

In an era of decreasing residential property values and relatively stable rates of personal income growth, Anywhere Remodeling, Inc. is focusing on two segments of the residential remodeling market:

1) Neighborhoods where homeowners have achieved success in their careers and have room in their budget for investment in their homes, but are not eager to incur a much higher mortgage payment by selling their house and ‘buying up.’ [Such targeted neighborhoods have housing stock with room to expand and are deemed to be worth the upgrade expenditures.]

2) Run-down neighborhoods that have been targeted by community decision-makers for renewal.

About 20% of Anywhere’s overall volume consists of remodeling projects for businesses within the community areas being revitalized.

4.2 Target Market Segment Strategy

Anywhere Remodeling’s targeted market groups were chosen because of the long-term potential for continued sales. Assuming high quality work and effective word-of-mouth marketing, the targeted, potentially upgradeable, neighborhoods afford a continuing supply of work to do. The business remodels, while providing a smaller portion of the firm’s income, offer an important opportunity to build relationships and generate trust with business owners and managers who have homes in the targeted ‘upgradeable’ homes.

4.3 Service Business Analysis

As a whole, the building industry is a very fragmented industry. Despite large homebuilders, no single company has as much as a 2% market share.

The remodeling industry is even more diluted with only a handful of companies in the nation showing annual sales in excess of $10 million. Under the standard definition, all remodelers fall into the category of a small business.

4.3.1 Competition and Buying Patterns

The remodeling market is made up of potential customers who weigh three competing values: Price, Quality and Service. There is a saying that a remodeling company can deliver any two of those values. A large portion of the potential customers are asking for quality and service, and then go shopping for price. These customers are extremely difficult to work for and make a profit.

There is another segment of the market that is concerned with getting a “fair” price, but is primarily concerned with getting quality work and superior service–they want to be “taken care of.” This customer is generally happy to work with one contractor, developed a trusting relationship, and pay a little bit more for this comfort.

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How to Write a Business Plan for Interior Design

Writing a business plan is the first step in starting your own interior design firm. Find everything you need to start writing from the experts at Houzz Pro.

As an interior designer, you know that every successful project needs a great plan. The same goes for your interior design business. Even if you’re just starting out with your design business, or if you’re revamping your current business model, knowing how to write an interior design business plan will guide you on your path to success and help move your business forward.

If you’ve never written a business plan before or need help fine tuning your current plan, it can be a bit overwhelming to know where to begin and what to include. Our guide will give you a comprehensive overview of how to write a business plan for interior design, including what an interior design business plan entails, why you need a great plan, which sections and information to incorporate, and last but not least, step-by-step details on how to write your business plan. Read on or click a link below to take the next step—and your business to the next level:

• What is a business plan?
• Why are business plans important?
• Components of a business plan
• How to write a business plan step-by-step

What is an interior design business plan?

An interior design business plan is a written document detailing what your business is all about, what you’d like to achieve and how. It’s an outline and guide of what your business offers, your operations and financial plan, your business goals and what you plan to do to accomplish them. No two interior design businesses or plans are alike—and that’s a great thing! Your interior design business plan will be entirely unique to you, your particular business market, specialities and what you desire to achieve. 

Why are interior design business plans important?

Writing an interior design business plan is fundamental to creating a successful interior design business, or for revising the strategy and direction of your current business. It’s said that a dream without a goal is just a wish—and the same goes for your interior design business plan. “Generally speaking, creatives—specifically, interior designers—are very good at designing but don’t know how to run a business,” says designer Ann Ueno. “So their businesses fail within the first to three years, or they’re not profitable.” A good business plan will help distinguish the strengths of your business and identify the potential pitfalls of certain decisions. Your plan will also help you know how you stand apart from your competitors and your strategy to compete in the market. 

Not having a business plan can be a recipe for failure in your interior design business. External audiences—such as a potential business partner, or bank if you’ll be securing a loan—will want to review your business plan, so it’s important that you have one firmly in place. “I definitely believe the old Henry Ford adage of ‘Failing to plan is planning to fail,’” says Deana Duffek of Duffek Design & Development. Without a plan, you can easily lose focus, time and money by investing in the wrong areas without thinking them through, or miss out on opportunities when they arise. Your interior design business plan helps you stay on track with your vision, goals and how you will achieve them, so you’ll always know where you’re headed.

Components of an interior design business plan

Now that you know what an interior design business plan is and why it’s important, the next step in how to write an interior design business plan is knowing exactly what you need to include in your plan. This section will explain the essential components of your business plan and the necessary information that should be included in each one. While you may have additional areas you might need to incorporate that pertain to your particular business, the below are a great place to start and are fundamental for any business plan.

Executive summary

Your executive summary will give an overview of what your interior design business is about and how it will be successful. Here, you can include your mission statement, which describes the purpose and overarching goal of your business: what’s driving you to do what you do in serving your clients? When writing your interior design business plan, your executive summary will also include a brief description of your services. Do you offer commercial or residential design? Restoration or consultancy services? Be specific, but not overly detailed just yet. Lastly, you’ll also include basic information about your company’s ownership, the number of employees and types of roles you employ, your location, and high-level financial information.

Company overview

The company overview is where you’ll start to provide more detailed information about your interior design business. What are the interior design needs your business will address? What types of clients will you serve? What are the strengths of your business that help give you a competitive advantage in your particular market? Your company overview is where you can share all about “who” you are and what makes your company great.

When you know the strengths and focus of your interior design business, it’s easier to know what types of services you’ll be offering. The services section is where you really get down to brass tacks describing exactly what you’ll be selling and providing to your clients.

Market analysis

Your interior design business plan needs to outline where it stands in the market, which will require some research and analysis. This section will include the latest information and trends about your industry, your target market, and who your competition is in your area, so you know how to make your business stand out.

Customer analysis

Your customer is unique to your business, the services you offer, and where your business is located. When writing your interior design business plan, get creative with this section when imaging your ideal customer. Who are they and what are their needs and pain points? How much do they earn and what are they likely to spend? Knowing your customer is essential to the success of your business, so be as detailed as possible with your customer analysis.

Marketing plan

When you know who your interior design customer is, you’re able to target them more precisely in the market. Take the knowledge you gained from your customer analysis and use it for your marketing plan. You’ll also want to share about the strengths and services you want to highlight in your marketing when writing your interior design business plan.

Operations plan

The operations plan section of your business plan will describe the physical operation needs of your interior design business and how you will keep your business successfully in motion. What is your physical location? What kind of equipment does your business use? What production systems, workflows and quality checks will you have in place? How many employees do you need to grow? Here you’ll also include information about your inventory needs for design materials and samples, as well as details about your suppliers.

Management plan

Your management plan talks about the people behind your business. Who runs the company? Who is on your management team and staff? You’ll also want to include the strengths of key players in your management team and company. If you’re a sole proprietor, then you can simply describe who you are, your background and the roles you’ll be playing in your business.

Financial plan

Your financial plan will be an important component when writing a business plan for interior design. Here’s where you’ll want to add as much detail as possible about your current financial picture, including financial statements and balance sheets, as well as future forecast projections.

Lastly, the appendix of your business plan for interior design will include documents to support the details you provided in your plan. This can include resumes, licenses, credit history, legal documents and more to help support the validity of your plan and back up your credibility.

How to write a business plan for interior design step-by-step

1. Pick a specialty

Narrow down your niche to stand out in the market

There’s a reason why people say “there are riches in niches.” Focusing on a specific niche for your interior design business will help you zero in on your customer and stand out amongst a smaller field of competitors. Here are just a few specialities to consider for your business:

• Residential interior design
• Corporate or commercial interior design
• Hospitality interior design
• Restaurant design
• Sustainable design
• Lighting design
• Kitchen design
• Exhibit design
• Space planning consultant services
• Interior design consultancy
• Color specialist
• Feng shui interior design 
• And many more

2. Define services provided

Know exactly what you’re offering your clients

After you’ve selected your niche, you can now define the interior design services you’d like to provide your clients. Will you be providing designs only or full-service design, supply and installation? Will you focus on designing for certain rooms, such as the kitchen or bath? Will you offer remote and in-person consultations? Other considerations to make when selecting your services include: your particular strengths as a designer, what your clients in the market are desiring, what you’re capable of providing and what will contribute to your bottom line.

3. Determine pricing model

Choose an attractive pricing model for maximum profitability 

Before determining your pricing model, you need to review your local market, current prices and what your competition is charging. From there you can choose from the following options for your pricing model:

• Hourly rate
• Flat fee per project
• By square footage
• Cost plus (where the client pays the net value of furnishings and materials plus your markup) 
• Retail (where the client pays the retail cost for items; your fee is the difference between the net and retail price)

4. Brainstorm marketing strategy

Questions to help define your strategy and target your customer

When forming your marketing strategy for your interior design business plan, go back to your market and customer analysis and ask yourself: who is my customer, what do they want and how can I stand out in the market? Here are a few more key items and questions to consider: 

• How will you reach your customer? Which social media platforms are they using? Which websites do they visit? Is your customer more likely to respond to an email or should you market yourself at tradeshows? 
• What is your marketing message? What does your customer need and what’s going to make them choose you?
• Lastly, you need to include how you’ll be managing your marketing campaigns. Will you be hiring an outside agency for your marketing? Will you be advertising yourself? What budget will you be allocating for marketing? 

Interior designers surveyed by Houzz in 2022 reported that marketing and advertising comprised the second highest expense in starting their own business (second only to technology — more on this below). Knowing this will help you create and financially plan for a solid marketing strategy when writing your interior design business plan.  

5. Brainstorm operations strategy

Know who and how you’ll manage your business

Here are key operations items you’ll need to consider for your interior design business plan: 

• Facilities: Your business will need the right space to facilitate your operation and grow, so make sure to assess the physical needs your business requires now and in the long run. This can include everything from the size and layout of your workspace to the kinds of storage you might need for organizing your interior design materials . 
• Production system: Successful businesses have great systems in place. You’ll want to consider your standard operating procedures, as well as workflows for various aspects of your business (from onboarding a client to completing and invoicing for a project ). 
• Quality management: Managing the quality of your services is key to your business and reputation, so you need to put checks in place to make sure you’re continually reviewing your performance. 
• Technology and resources: Assess the technology requirements of your business today and in the future. According to a survey conducted by Houzz in 2022, interior designers reported that technology costs were the No. 1 most expensive part of starting their own business. Today’s leading designers use technology to stand out from the competition, bring designs to life and keep their businesses organized. Every designer should prioritize technology that will help provide the best client experience, and thinking through those tech needs early on can help you budget for those expenses. You’ll also want to take into account your human resources and staff you’ll need, suppliers you’ll be working with, and the physical materials required including everything from design samples to office supplies.

6. Set financial goals

Create a plan to achieve your financial objectives

The main financial goal of any business is profitability. In order to be profitable your revenue must exceed your total expenses, so it’s important to keep this as a top financial goal to keep your business sustainable. After profitability, you’ll want to track your profit margins and compare them to your industry average. This will help you see where you may need to trim your expenses in order to maximize profit. 

In the day-to-day operation of your business, healthy cash flow is another objective to maintain. This will help you know how much liquid cash you have to cover your basic operating expenses, or if you’ll need a loan or line of credit to float your business. The majority (63%) of interior designers surveyed by Houzz in 2022 used their own personal savings to get started, but your situation might be different. Learn more about the different ways to fund your interior design business .

When writing your interior design business plan, you’ll also want to consider bigger long-term financial goals you might have, such as expanding your workspace, hiring new employees and what steps you’ll need to take to accommodate this growth in your business.

Now you know how to write a business plan for interior design from start to finish, which will help keep your business on the path to success—now and in the long run. If you’d like to keep reading, check out How to Price Interior Design Services .  

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JCPenney is spending $1 billion on store and online upgrades in latest bid to revive its business

JCPenney said Thursday it plans to spend more than $1 billion by the end of 2025 in a bid to revive the storied but troubled 121-year-old department store chain.

The money is going toward remodeling JCPenney stores, upgrading its online shopping site and app, and making its supply network more efficient so that online orders are delivered more quickly.

JCPenney's CEO Marc Rosen, who took the company's helm in November 2021 and has served as an executive at Levi Strauss and Walmart , is renewing the chain's focus on its core middle-income shoppers with affordable fashion and housewares.

"Now is the time more than ever to lean into that and make sure that we're delivering that experience for our customer," Rosen said in an interview with The Associated Press. That's a change of tactics from previous management teams that pursued wealthier shoppers with offers of trendy items and major appliances.

As part of the plans unveiled Thursday, check-out stations that had been located throughout JCPenney's stores will be replaced with a single area of cashiers. Shoppers will also see brighter lighting and a fresh coat of paint. Store employees will be equipped with mobile devices to scan inventory and ring up shoppers' purchases. And the chain is making upgrades to its Wi-Fi networks to speed up in-store connections.

But JCPenney is playing catch-up with its competitors — from discounters to department stores like Macy's and Walmart — that have been upgrading their stores and online businesses, underscoring the challenges faced by the retailer based in Plano, Texas.

JCPenney, which emerged from Chapter 11 reorganization in December 2020 with new owners, not only has grappled with years of internal issues but also faces an uncertain economy that has challenged healthier department stores.

The chain's core customers are budget-conscious families, whose median income ranges from $50,000 to $75,000. They've been particularly hit hard by higher costs basic items and high interest rates, making borrowing on credit cards and taking out a mortgage more expensive.

Rosen said JCPenney's customers are spending $700 more per month than two years ago just for basic necessities, like rent, gas and food. He noted they're seeking competitive prices as well as a good shopping experience.

But in this tough economy, JCPenney has a role, Rosen said. He believes shoppers are finding other department stores too expensive, while online retailers and off-price stores don't give them the customer service JCPenney shoppers are looking for.

The company filed for bankruptcy reorganization in May 2020 after the pandemic-induced temporary closing of stores put the already struggling retailer deeper in peril.

Under new owners — mall companies Simon Property Group Inc. and Brookfield Property Partners LP — JCPenney shuttered nearly a quarter of its 850 stores. It now has roughly 650 stores. It has less than $500 million in debt, down from nearly $5 billion at the time of its bankruptcy filing, Rosen said.

As part of the latest remodeling push, Rosen said 100 stores have been refurbished. The plan is to remodel anywhere from 50 to 100 per year, he said.

The retailer has been rebuilding its beauty business after Sephora announced a deal to leave the chain for rival Kohl's three years ago. As part of its overhaul, it has been highlighting beauty products that cover a wider range of skin tones. One third of its customers are of color. The company said that more than 50% of its beauty brands are either owned by females or people of color.

The retailer launched new store label brands like Mutual Weave men's clothing and reintroduced some national brands like Adidas. It launched national labels such as Forever 21, owned by Authentic Brands Group LLC, which has a minority stake in JCPenney. It also teamed up with celebrity stylist Jason Bolden to recreate collections for two of its store label brands, J. Ferrar and Worthington, a long-time brand it brought back.

Most importantly, Rosen said JCPenney has worked hard to keep the basics like jeans, white-T-shirts, and sheet sets in stock with the full size range or full color assortment, a problem that has plagued the chain and frustrated shoppers.

Rosen said the changes have helped increase the number of repeat visits of existing customers to both stores and online. More than 50 million customers have visited JCPenney in the past three years, he said. After about five years of declines, it's now seeing customers coming to JCPenney more frequently — a 5% increase. As for its beauty departments,25% are new customers, he noted.

"That's showing us that if we get the basic relevant experience right, then they're going to come to us more frequently because they know the brand, they're shopping us already and they're now starting to shop across more areas of the store and come more frequently, " he said.

Placer.ai, which tracks people's movements via cellphone usage, show that visits for JCPenney stores are down 24% compared with the year-ago period.

Rosen arrived at JCPenney when its annual revenue ranged between $8 billion and $9 billion and that number was unchanged last year. He expects it could decline slightly this year because of all the economic uncertainty. It had annual sales of roughly $11.2 billion when it filed for bankruptcy, but also ran more stores back then.

Neil Saunders, managing director of GlobalData Retail, said he was recently at a JCPenney store in Phoenix, and the stores looked messy, and there were gaps on shelves. But he did praise the beauty area.

"They may have steadied the ship, but they have not revived the brand," he said.

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May 31, 2021

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