Whether you help with remodels, renovations, landscaping, extensions or any other big home improvement project, there are a few traits that everyone in that diverse and complex industry needs to have. Here, we’re going to look at the individual bricks that build a solid foundation for the business and why it all comes crumbling down if they’re not put properly in place.
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The brand
Every business needs something of a reputation but in-home development, it is crucial. People are making investments into what is often the most valuable asset they own. They need to ensure it’s in trusted hands. You might like to hope your work stands on its own merit, but without taking the step of making your company look more professional and established, you are going to be side-stepped for a competitor that knows how to better present themselves. A top-quality website, a clear display of your qualifications and certifications and a focus on collecting and displaying positive feedback are all essential ingredients of a good brand.
The supply
The profitability of the jobs you take on depends not only on how well you can do the work and how well you can pick the jobs with the best chance of high returns. It also depends on how you can manage the costs in those jobs. Your supplies are going to be some of your most recurring overheads. Without partnerships with high-quality suppliers, you will end up paying more than you should. You can find quality steel piping here rather than in your average hardware store, for instance, building a one-to-one relationship with a supplier that can let you know when new used hardware arrives or might offer discounts to particularly loyal partners. Keep sourcing from the same broad businesses and you’ll keep paying retail price.
A home improvement expert has to have friends, too. Particularly, you need to network within the industry. Subcontractors, designers, equipment leasing businesses. They all have talents independent of yours. But if you make use of those talents and hire them as part of your team temporarily (or lease equipment) you can offer a broader scope of services to your customers. That means you can take on more work and more kinds of work.
The leads
That work isn’t just going to fall in your lap. Your brand might help grow organic conversions, referrals, and can be used as a reference for interested parties to see that you’re legit. But lead nurturing must be an active part of the business. Network not only with your contemporaries but the development companies and real estate developers who are most likely to make repeated use of your business. Use job bidding sites to tap into the market at its most active. Follow up on conversations with everyone you meet that shows an interest in your services. Give leads the time they deserve and see where they lead you.
Without the key factors considered in the plan and the day-to-day running of the business, you leave the business with huge weaknesses easily exploited. You might lack the resources or the skills for jobs that could otherwise prove tremendously profitable or you simply might never find those jobs in the first place.