Good contractors know that having the right tools makes the job easier.
The same applies to growing your small home improvement business.
If you’ve just launched your business, one thing you need to understand is that the client is at the center of your business’s success.
Once you know this, the next step is developing strategies to get new customers and keep the old ones satisfied so your business grows.
Running a successful home improvement business can be daunting, but the right strategies can help you realize growth effectively.
This article discusses some brilliant tips for growing your small business and capturing a broader clientele base.
1. Find a Niche
While finding a niche is crucial for any business, it is imperative in home services businesses as homeowners are more comfortable working with specialists in the work they need help with.
By curving a niche for yourself, you position your business as the expert in the field and become a customer magnet.
Need help finding a niche?
Here are some helpful tips:
- Consider Your Interests and Expertise. What do you enjoy doing? Are you good at it? For instance, a painting business would be a great place to start if you are passionate about interior decoration. Also, if you enjoy tending to your hedges and garden, you might want to start a landscaping business.
- Conduct Market Research. After you have listed potential niches, the next action would be to research the market to identify gaps.
- Interact With Customers. Learn about what they need so you can develop ways to improve existing services.
Once you’ve settled on a particular niche, focus on gaining expertise.
Here are some niches in the home improvement industry worth exploring:
- HVAC Installation
- Garage Door Installation
- Window Making and Installation
- Concrete Business
2. Manage Your Cashflow
One of the major small business challenges is lagging behind job competition.
Your costs, however, may keep piling, and you might need cash to buy new materials, expand your workforce, or take on new assignments.
You need to become a cash flow expert to manage all these and grow your business.
Your first step would be collaborating with your accountant to create a real-time view of your cash flow. Accounting software will help record account expenses, accounts receivable, and accounts payable, informing your financial decisions.
3. Focus On Offering Top-Notch Services
Return customers are the primary drivers of most businesses.
Look at it this way: if customers are impressed by the quality of your services, they are likely to return and even refer their friends and family. The same, however, cannot be said for when your customers receive poor services.
As a professional, you have to respect your clients, listen to what they want, and exceed their expectations if you’re going to grow your small business.
4. Develop Great Marketing Strategies
One reliable marketing strategy is optimizing your website for local searches.
In the modern age, more and more people are leaning towards search engines like Google to find the services they need. Typically, when searching for home improvement businesses on these search engines, users usually take a local approach.
Searches containing phrases like ‘HVAC specialist near me’ or ‘landscaping services near me’ are common. After all, hiring a landscaper six cities away makes no sense.
Home service specialists should ensure their websites are optimized for local searches by including their service area, contact information, and operation hours.
Another strategy you can implement is paid search.
Paid ads target the specific demographics your market research reveals. Pay-per-click (PPC) is a recommended way to scale your online presence and drive more visitors to your website. You can also use paid ads on social media platforms like Instagram and Facebook.
Lastly, you can grow your home services business by networking through interactive social media posts. You can also blog on your website and attend industry events to connect with like-minded individuals.
5. Offer Competitive Pricing
Many businesses spiral because they are unable to price their services correctly.
They either set low prices to attract potential customers or offer their services at ridiculously high prices to maintain a profit margin.
Most of these business owners are yet to learn the ropes of the home improvement industry and, as such, often resort to copying their competitors.
Unbeknownst to most, businesses charge different rates, and you need to figure out the price that best suits your venture. Your prices will vary depending on your location and specialization, amongst other factors.
Keep the following in mind as you price your home improvement services:
- Incorporate overhead costs, labour, material, and associated costs in your pricing. Ensure you charge enough to cover for these and still reap profits.
- Consider your potential market’s purchasing power. There is no point in selling your services at a price that is too high for your customers.
6. Invest in a Reliable Workforce
Qualified, hardworking, and motivated employees are the driving factor of any successful venture, so you need a strong team rallying behind you.
The team will ensure that the day-to-day operations of your business run smoothly, even in your absence.
But how do you go about creating the winning team?
- Hire individuals that best suit the role, whether you are looking for a salesperson or manager. Competency is key and will save your business money in the long run.
- Invest in rigorous employee training. Employees trained in the latest industry techniques and standards will likely offer high-quality services. In addition to this, regular training can also help improve employee satisfaction, and the result is better performance and lower turnover rates.
- Offer your workforce as many benefits as possible, starting from solid health and retirement plans. The more you offer potential employees, the better employees your business will attract.
And what do you get from all these?
Well, that is easy.
A healthy working environment and a happy, satisfied, and motivated workforce that serves your clientele base exceptionally well.
7. Offer Promotions and Incentives
It doesn’t hurt to have sales from time to time.
Offering your clients discounts and promotions on certain services is another way to expand your horizons. Besides attracting new customers and retaining old ones, these offers also help scale your sales and profits.
But how do you ensure you do not cross the thin line between offering discounts and making losses?
Here are some tips to consider as you create enticing incentives:
- Your pricing should still be competitive.
- Your incentives should be relevant to your business. For instance, if you run an HVAC installation business, you could offer discounts during winter and summer.
- Promote your discounts and promotions so the message reaches a broader audience. You could utilize your social media pages and website or email marketing.
8. Get New Equipment
Investing in new cutting-edge equipment is another way to ensure your HVAC, painting, garage door, concrete business, etc., can move to the next level.
With the right building and construction tools, for instance, you can move from building only residential homes to working on commercial projects.
While this move will require substantial financial commitments, the investment will be worth it in the long run.
n addition to the above-mentioned general tips, some strategies could help you grow your business in specific industries. Have a look.
Are you thinking of turning your painting hobby into a business?
Here is how to get started:
- Focus on industrial and commercial painting, as this market is more lucrative than residential. It also offers more stability.
- Invest in top-quality equipment and supplies for faster job completion and professional-looking results.
- Diversify your services – you could offer interior and exterior painting, refinishing, and staining. This way, you appeal to a broader demographic.
- Create partnerships with remodeling companies and general contractors to generate job opportunities.
Here are some tips on how to grow your HVAC business
- Obtain HVAC installation and repair certification to showcase your knowledge and qualifications to potential customers.
- Offer HVAC installation, maintenance, and repair to get more customers.
- Invest in energy-efficient HVAC systems that will save your customers on energy bills.
Here is how you can start and grow your own landscaping business
- Consider commercial landscaping as it has better pay.
- Offer services such as lawn mowing, irrigation installation, garden design, and tree trimming, among others, to appeal to more customers
Consider the following if you are thinking of starting a cabinet-making business:
- Select a cabinetry specialization such as bedroom wardrobes, bathroom cabinets, etc.
- Utilize the latest construction techniques and high-quality materials.
- Diversify your cabinet styles and finishes.
- Get a CNC router to make production of custom cabinets more efficient
Garage Door Companies
If you are wondering how to start a garage door business, here is how:
- Offer a wide range of door styles and materials so customers can have their pick based on their preferences
- Offer both garage door and installation services.
- Partner with home improvement stores
How Pinpoint Management Guides Your Business Journey
Growing your home services business demands a strategic, data-driven approach, and this is precisely where Pinpoint Management excels.
Pinpoint Management gives you access to tailored strategies, cutting-edge tools, and industry knowledge.
Whether you’re looking to expand into new markets, streamline your processes, or simply make more informed decisions, their approach is designed to guide you every step of the way.
So, if you’re ready to transform your home services business to new heights, consider partnering with Pinpoint Management.
Their proven track record and innovative methods could be the catalyst to achieve sustained growth and success in today’s competitive landscape.