It might surprise you to know as a building contractor that only 36.4% survive 5 years or more.
Things are no different now than in the 2010 US Census Bureau’s information that it’s taken from. So how can you run a successful building contractor business in 2021 and beyond?
We have five great tips to help you run your construction business well. Are you ready to find out how it’s done?
In that case, keep scrolling.
- Treat Your Customers Right
Being a building contractor means your customer has high expectations of the work you do — every time. Service with a smile isn’t just a gimmick, but it will grow your brand and make it well known as easy to work with.
Be known as an active and respectful communicator, as far as it depends on you. That doesn’t mean you need to cater to every request, especially unreasonable ones. Don’t get fed up and let your emotions get the better of you — be the professional you say you are.
- Investing Yourself in Your Company
If you need marketing, or you need a certain high-ticket item to do a job, you’re too late in getting it. Proactive contractor internet marketing can stave off those feast-or-famine waves that come seasonally in most locations.
It always seems to take money for a building contractor to invest, but the best investment could be your time. Spend time learning your employees’ strengths and weaknesses and cultivating their growth.
Investing in equipment, marketing, and your employees (skilled and unskilled laborers alike) will skyrocket your business as you become known as a contractor who’s always prepared.
- Networking, For the Win
Along with your marketing efforts, networking provides the one-two punch combo that can’t be beaten. It generates leads, brand awareness, and creates profitable ongoing relationships in your industry.
If someone else is too timid to take a job or it’s too much for them right now due to other obligations, they’re likely to recommend someone they trust.
- Don’t Accept Jobs You Can’t Fullfill
You may run into two situations. You have a juicy job that looks like it’s more technical or involved than anything you’ve dealt with in the past. You could also have too much work and this last job would stretch your resources (and manpower) too thin to give proper attention to other jobs.
Don’t fall prey to either trap.
First, sit down and count the cost — otherwise, you could start to build and not be able to finish. What a catastrophe that would be for your business!
Make sure of the economic and emotional cost, and use common sense. Don’t commit to something you’re unsure of. If you don’t finish or do it wrong it’ll ruin all the good branding work and reputation-building you’ve done.
- Go the Distance
If you haven’t listened to tip four and you do find yourself in a pickle, the only thing you can do is finish but finish it right. There are no shortcuts in life, and especially in contracting. There are countless stories about how shoddy construction has cost people life or limb.
Don’t let it happen to you.
If you need help with finishing a job, use your network to get the help you need. Chances are, someone’s been in your shoes before and will help out.
How to Be a Successful Construction Contractor
As you have seen, it takes real work to make being a building contractor a success. There are no shortcuts or get-rich-quick methods to make it a real success. Just hard work, determination, using your energies wisely, and treating people right.
Did you like this guide on being a success?
To see more guides and tips like this, keep browsing on Investing BB!