Working as a general contractor can be a profitable business. However, as with any business, you may notice lulls in demand, which can impact your bottom line. Check out these unique tips and strategies to boost sales and make your home repair business more profitable. We’ll also review a few tips for improving customer satisfaction, which should also help with earning more customers.
Expand Your Skills
General contractors work on a wide variety of home projects. Expanding your skills means you can offer more services, thus earning more money. Project management is an extremely important skill for general contractors. Identifying ways to improve your skills can help you manage your time more efficiently and earn more. Other skills to consider include accounting and finance. Don’t forget about the project-specific skills which allow you to accept more jobs. Expand your knowledge of common electrical, plumbing, and HVAC needs.
Focus on the Most Profitable Jobs
Some jobs are more profitable, and prioritizing these can help you earn more. While it may be tempting to accept low-paying jobs to fill your schedule, make sure you understand the opportunity cost. By accepting lower-paying jobs, you’re unable to put the time and money into marketing and reaching higher–paying clients. If certain jobs tend to be a waste of time and money, consider dropping them from your offerings.
Choose Continuing Education Topics Carefully
Most states require general contractors to complete continuing education yearly. North Carolina requires all general contractor licensees to complete at least eight hours of continuing education by November 30th of each year. The first two credits are a course created by the board that all license holders must complete. The additional six hours are electives, meaning you can choose the ones most relevant to your career.
Carefully choosing the North Carolina contractor continuing education courses for your employees is one of the best strategies for boosting income. You can use these classes to set your business apart from your competitors. A few topics you might choose from include mandatory laws, building code updates, residential code updates, or blueprint reading. The good news is that you can complete your North Carolina continuing education requirements online.
Prioritize Customer Service
Good customer service can do wonders for your business. The general contracting business is largely dependent on word of mouth. By prioritizing customer service, you can better meet your customer’s needs. These people are more likely to refer you to their friends, family, and coworkers. A few customer service skills to focus on include communication, problem-solving, time management, and patience. Try to take the time to truly understand your client’s goals or problems, so you can make the best recommendations for them while sticking within their budgets.
Learn to Multitask
Multi-tasking allows you to earn more without having to work extra hours. Going hands-free, for example, means you can answer phone calls and schedule appointments while driving or working with your hands on job sites. You can also stream educational videos from YouTube or other sites while driving or working on projects to further your skills even more.
Know When to Outsource
Knowing when to outsource is an important part of being a business owner. If you find that your administrative tasks cut into your job time, for example, consider outsourcing. Some contractors may be hesitant to hire a receptionist because it cuts into their revenue, but doing so opens up more hours for you to complete more jobs.
Track Expenses Carefully
If you feel like you’re already maxed out in revenue, you might need to cut expenses. Consider how much you’re paying for equipment or tools each month. Keep your receipts for all materials to better understand how much you’re actually earning. Keeping track of this information now will also make it easier to file taxes. Try to purchase supplies in bulk, which will also make it easier to keep track of your expenses.
Learning to automate certain work tasks can give you more time in the day, which you can then use to market for further business or to complete more jobs. For example, you can automate follow-up calls and invoicing. You can also automate requests for customers to leave a review, which helps create a positive brand reputation.
Invest in a Scheduling Software
A scheduling software program can organize your potential customers and their information. You can better track what customers are waiting for a phone call, plus those who may require a follow-up call. Good scheduling software that syncs with your smartphone also gives you better control over your schedules, so you can fit more clients in.
Multi-tasking, adding to your services, and carefully choosing your continuing education topics are all strategies that you can use to boost revenue. Focusing on customer service and overall satisfaction also boosts the number of clients interested in your services.