Owning a construction business is a dream for many with the skills and natural talent perfect for the trade. But for those who’ve already begun their business endeavor, expansion is the next logical step.
Ask any business owner in any industry and they’ll tell you, once you get too comfortable, it’s a sign that you need to start expanding.
It’s easy to get comfortable with a set schedule, or with a certain amount of work to do in a given week. But, comfort in the business world often leads to complacency, and this isn’t the place you want to be.
Successful businesses grow organically, meaning that once you reach a certain goal, adjustments should be made in order to reach greater goals in order to secure your future.
Growing your business doesn’t have to be difficult. In fact, with a few tips, you’ll be well on your way to expanding your construction business and making even more money.
It’s an age-old question. Where do you start? Well, the short answer is, anywhere is better than nowhere. But if you want to get specific, it all starts with marketing and reaching out.
You have to learn how to find leads within your existing customer base, and explore options on how to gain more exposure. So how do you gain more exposure? In a word: marketing.
Marketing might seem like it doesn’t belong in the construction business, but truly, marketing is a part of any business, and it’s a critical part of any successful business. This is because without a marketing plan, you won’t be able to grow. And zero growth means zero revenue beyond what you’re currently seeing.
Once you formalize a marketing strategy, then it’s time to take a look at how far you want to take it. Basically, decide how big you want your business to become, then make steps to get there.
Sometimes before we’re able to truly grow, we have to make a few financial sacrifices. And in the construction business, this will probably mean purchasing large equipment for the bigger jobs that you want to land.
If you’ve ever priced a new backhoe, you probably know that these machines cost anywhere between $70,000 and $90,000 brand new. And some are even more expensive. On the same line, equipment such as flatbed trucks and trailers aren’t cheap either. But the time may come where you need this equipment in order to meet contract demands.
For example, if a job calls for you to have a flatbed truck or trailer, you can rent a flatbed truck for pennies instead of dollars. Not literally, unfortunately. But you get the idea. Renting to get the job done will be far more cost-effective than purchasing a flatbed truck brand new, or even used.
Perhaps the best assets that you can call on when it’s time to expand are your previous business relationships.
Chances are you’ve worked with other contractors in the past. And though you may look at some of these individuals as your competition, they don’t have to be if you can work out an arrangement.
Money talks when it comes to business, and if you’re talking big dollars and you want to bring in the assistance of others to grab a piece of the pie, they’ll probably stop being your competition and start being your comrade.
Even other professionals outside of your specialty might be of assistance as well. Professionals such as plumbers, electricians, framers, and the like can all be viable assets when you want to expand your business. So don’t be afraid to reach out.
Growing a business doesn’t have to be a gut-wrenching process. It can be simplified and acted upon accordingly. And with a sound strategy in place and a knowledge of available resources, you’ll be growing your business and landing big contracts in no time.