Photo - SayHomee Inc
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SayHomee Inc

Game-changing kitchen remodeling experience

USA, California
Market: Building, Virtual and Augmented Reality
Stage of the project: Prototype or product is ready

Date of last change: 19.06.2020
Min investment
$  500.000
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Total required
$ 2.000.000
Rating
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Idea

Our mission is to deliver game-changing kitchen remodeling experiences to homeowners. We offer a one-stop renovation solution, where we leverage 3D scanning and visualization technology to allow customers to see what their home renovation will look like, and have in-house project managers and designers to help. In addition, we also offer an online home renovation marketplace for homeowners to find contractors for smaller jobs, which they can manage themselves.

Current Status

Our company is at the pre-seed stage, we have already built an initial online marketplace and wechat mini-program. We have onboarded over 50 contractors onto our website, have over 10 material supplier partnerships. We are currently making $2000/month from contractor subscriptions. Also, we have received over 40 home renovation job requests through our website each month, estimating a total order value of $3M+. We are planning to monetize on the job requests by offering kitchen designs services and selling kitchen cabinets.

Market

We are primarily targeting Millennial homeowners who are buying their first home or are renovating several years after they moved in, in the US market. Most homeowners renovate because they finally have the means to do so, to improve their at-home lifestyle. A medium-sized residential remodeling project average around $80k in the bay area including material and labor, with kitchen and bathroom components. Home improvement sales for the resident marketplace are valued at approximately $450B, and we are targeting the kitchen cabinet sales market and are expecting a market size of $38B in the US. If we can capture 50% of the kitchen sales market, we are expecting a profit of $3.85B. We are expecting home improvement market to continue to expand, as more Millennials enter into homeownership and as Baby Boomers renovate to add-on accessibility features.

Problem or Opportunity

Home remodeling is difficult. According to Houzz reports and our experience, the biggest challenge is finding the right service provider and managing design/budget. Manage homeowners struggle to complete their home renovation projects, and customer complaints are very common. We are confident a solution is needed, to automate the design/budgeting process, and allow homeowners to deal with contractors in a standardized process. There are hundreds of premium home construction companies on Houzz, who provide an awesome experience, but most homeowners we encountered can't afford it. We are here to fill the gap by providing high value and affordable home renovation solutions to homeowners.

Solution (product or service)

For customers who are busy and are looking for a one-stop solution, we have built an in-house team to offer a one-stop kitchen remodeling service, where we handle all the design, permitting, and project management work, so the homeowner can sit back and relax, and just focus the outcome.

For customers who have smaller projects and are looking to contact contractors directly, we operate an online service marketplace with reviews so customers can find the resource they need themselves.

Competitors

Our biggest competitors are Houzz, HomeAdvisor, Thumbtack, and Renocompass. They operate an online service marketplace and make money by selling ads and leads, and they occupy most of the market shares. Some of the new competitors we are keeping an eye out for are Made Renovation and Eanovation. They offer a one-stop solution for home remodeling projects.

Advantages or differentiators

Because we operate an online service marketplace, we are able to scale our brand quickly and get access to many home renovation job requests and promote to customers proactively. We are quickly partnering up with manufacturers and suppliers to get discounted kitchen cabinets, floors, and tiles, to reduce material costs. We are building software and leveraging 3rd party platforms to help the user visualize kitchen design, and automate the permitting process.

Finance

We are expecting to make money from our "One-Stop Service", "Kitchen Cabinet Sales", and our "Online marketplace ads". By the end of 2020, we are expecting to hit the following goals:
1) 40 paying subscription contractors ($12k profit/month)
2) 10 Kitchen Cabinet Sales per month ($100k sales/month)
3) 10 one-stop service customers contract signed per month ($400k labor fee/month)

Business model

We operate an online marketplace for homeowners to find contractors themselves and be able to leave reviews. By leveraging our online marketplace, we can quickly find undervalued high-quality contractors, and build a trusted brand. We fund our online contractor marketplace using contractor ad subscriptions, and thus, we are able to scale quickly. By rebranding and leveraging undervalued contractors, we also provide a one-stop kitchen remodeling service, including design and permitting services.

Money will be spent on

We will be primarily spending 60% of the money on expanding our software development team to build out our kitchen design and permitting software, while continue to improve our online marketplace. Also, we are planning to spend 30% of the money on growth, to expand to LA, New York, Vancouver, and Toronto. The last 10% of the money, we plan on using it to increase the amount of in-house content for our website, by writing more articles and filming more videos.

Offer for investor

We are offering 20% of the company for $2M investment.

Team or Management

Risks

One of the biggest risks we see is that there are often disputes between contractors and homeowners towards the end of a project. Many of the times, it is because the result does not align with homeowners' expectations, it might be related to costs, scheduling, or quality. We want to make sure we don't get stuck with unhappy customers that don't pay and make sure our homeowners know exactly what they are getting and being super transparent upfront.

There are two possible reasons why our business may not work out. First of all, if big companies like Houzz start to partner with offline material suppliers, and cutting our suppliers off from us, it would be difficult for us to make money from material sales and reducing our margin dramatically. Second of all, if Houzz or Kujiale is able to automate the kitchen design process and get a step ahead of the game in selling kitchen cabinets, we would lose a big chunk of the market share.

Incubation/Acceleration programs accomplishment

N/A

Won the competition and other awards

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
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Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
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