Big Profits in Home Inventories
A home inventory service business is not a brand new idea but is now gaining firm ground in the services industry as the public is clearly beginning to understand the value of documenting their assets. Just as the practice of home inspection has become standard before purchasing a home, it won’t be long before every home and small business owner has a complete inventory of their assets.
Recent natural disasters and media attention has made home and small business owners realize how important it is to document assets to maximize and simplify insurance claims. It’s unfortunate that it took an event like Katrina to make people realize how important it is to have adequate insurance. In addition, with 1.6 million fires reported in the US last year (according to the US Fire Administration), property loss is an unfortunate reality. Even if a home or business owner has insurance, often times there will be a dispute with the insurance company over the amount of compensation for the loss which can result in delays and unfair compensation.
Insurance agents and financial planners recommend keeping a detailed inventory of everything in the home or small business to help protect their clients. It serves a dual purpose, first to ensure that adequate coverage exists and second to ensure a fair, accurate and timely insurance claim. Entrepreneurs across the US and Canada have quickly realized the opportunity to offer this valuable and profitable service in their local communities.
The great thing about this business is that anyone can do it and become successful. All it takes is someone who is well organized, can manage a digital camera and laptop computer and likes to work with people. People of all backgrounds are being drawn to this business as they realize the huge market potential and flexible work schedule. People who have started a home inventory service either part of full-time include:
• People seeking a career change
• Stay at Home Moms/Dads
• Displaced workers
• Retired individuals
• Insurance agents
• Real Estate agents
• Police officers
• Insurance Adjusters
Many people ask if you need any special training or certification to operate this business, the answer is no. It is simply a documentation service that is being provided based on information from the client so no special certifications are required. If you are organized, energetic and would like to make your own hours then this business may be right for you.
As with any new business venture, people interested in this business opportunity can be a bit apprehensive because they are unfamiliar with starting a new business. The good news is that it’s really not very difficult. Most states have a small business office specifically set up to make it easy for entrepreneurs to start a new business. It is really not more complicated than performing a name search for your new business name to ensure it is not currently used and filing the necessary paperwork. In addition, if you start out as a Sole Proprietor you only need to file one additional tax form called a Schedule C at the end of the year. Once you are registered, you can meet with your local insurance agent to get the appropriate business insurance and many now bundle a homeowner policy with a home based business to make it easy and cost effective.
In order to be successful at this business you’ll need to make some small investments in software and equipment. A core part of your business will be having a comprehensive software package that allows you to easily manage your client’s home inventory and create professional looking reports. If you’re serious about starting this business, you won’t want to collect your client’s inventory data and produce reports manually because it would be too time consuming. Just do a Google search on ‘Home Inventory Business Software’ and check out your options. In addition to a core software package, some other productivity software such as Microsoft Office and Microsoft Money or Quicken would be very helpful to run your business.
In addition to software, you’ll also need a basic laptop computer, digital camera and color printer. You likely own some of these items already but can either purchase or upgrade these items for a very reasonable price either online or at your local electronics store.
A large demand still exists in communities across the country for home inventory services. If you would like to be your own boss, make your own hours and enjoy substantial profits then this business may be right for you. Service prices typically range from $350 to $650 for a three to five hour inventory. As you can see, the profits can really add up, especially if you expand by adding additional staff to meet the demand of your community.
Everyone has heard the expression “timing is everything”, which in my opinion is very true about the home inventory service industry. The market for this business is currently not saturated and it remains an excellent time for the new entrepreneur to take that first step.
Innovative Software, LLC is a leading provider of business software & complete business startup kits for the home inventory service industry. Visit their website for complete details: www.HomeJournalBusiness.com