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Making renovations or updates to your home is one of the best ways to improve your equity. But, there are other ways to make money off of your home improvement projects. If you are good at what you do, don’t mind being in the public eye, and can devote some time to building a following, you may become the next design influencer. Here are some tips from the Michelle Thomas team on how to get started.
Know your agent
Unless you plan to stay in your house for many years to come, one of the only reasons you’d be updating significantly is to increase your home’s value for the future. Make sure that you choose a knowledgeable and capable Realtor to help you sell, buy, or list your house. Your agent will work in your best interest to ensure that you get every penny you deserve out of your investment.
Invest in a good camera
Speaking of investments, if you want people to watch what you’re doing, you have to have exceedingly good photos. Many smartphones these days are great for taking pictures, but if you are serious about showcasing your work, invest in a good camera, and learn how to take a proper photo. Expert Photography explains that a wide-angle lens, tripod, remote trigger, and flash are all essential equipment.
Get your money straight
Home remodeling isn’t cheap. Make sure that you can afford all of your endeavors by first checking your savings and then deciding how much equity you have in your house. Your equity is simply the difference between the value of your home and how much you still owe the bank for it. You can either take out a home equity loan or refinance for cash out; knowing your equity gives you an idea of how much cash you have to work with.
Decide on a platform and brand
Another decision that you’ll need to make is to decide which social media platforms you will use to build a following. For most influencers, this starts with Instagram and Facebook. These are two of the most popular social media platforms today, with more than 1 billion monthly active users each — Facebook has approximately 2.38 billion. While you can use both, it might be best to start small with just one account until you get the hang of it. Keep in mind that Facebook’s demographic tends to lean older, and most users on Instagram are 30 or younger.
Kantaloupe marketing agency explains that the best way to build a following is to stay consistent, post unique content on each platform, and remember to stay engaged with those who put their time into engaging with you. If you’re posting regularly, you’ll want to develop a personal brand, including graphics, a color scheme, and a logo. While it can be tempting to immediately hire a marketing professional, there are free tools available to help you out. For example, you can use a banner maker from dozens of templates. You can even swap out graphics, text, and colors until you’ve created something that reflects your personality. You can then put the banner on your website, Facebook, Twitter feed, or YouTube channel.
Launch legally
As you begin to build a following, you’ll be able to monetize by charging access to premium content, via affiliate marketing, or through ad revenue. Whichever route you go, make sure that you go ahead and form an LLC or other business entity before you start making money. This is crucial if you want to protect the assets that you showcase to your fans. Forming an LLC is simple and fast, and it gives you lots of leeway if you want to expand on your brand later. You won’t have to do a ton of paperwork, and you might find that you save money come tax time.
If you want to join the ranks of Nick Olson, Lauren Shaver, or Jami Ray, you have to put the work into both your home and building your following. It’s not particularly difficult, but make sure that you have a great agent like Michelle Thomas on your side, that you know how you will pay for your home improvements, and that you gain a following by deciding on your platform and using tools like a banner maker. Most importantly: have fun!
Article provided by Ted James; tjames@tedknowsmoney.com