By: Rita Melkonian, Marketing Content Specialist at 2020
A remodeling business can be extremely lucrative if all the necessary steps are taken to nurture it. Although the competition is very steep, you need to find ways to stand out from the crowd. You need to put in the extra effort to prove to your clients that the quality of the products and services you offer are well worth the cost.
If you want to learn how to grow your remodeling business and increase profitability, you need to re-evaluate your business strategy. You need to measure risks, track results, define a profit margin, and market your services to increase leads.
1. Revamping your business strategy
Assuming you had created a business strategy when you first started your business, it is now time to revisit it. You need to make sure your business strategy includes research on your target audience, your pricing and rates, your desired profit margin, and a financial plan that takes into consideration all your income sources, fixed costs, variable expenses, invoicing, taxes, payroll, design software, etc.
If you want to grow your remodeling business, having a solid business plan is an absolute must. Your business won’t be able to flourish if extensive research hasn’t been initially made. If you’re not comfortable crunching numbers or you don’t have enough time to manage your company’s finances, you should consider hiring an accountant. It will save you time and money in the long run.
2. Marketing your business
Another great way to grow your remodeling business is to promote your services and focus on branding. Digital marketing plays a huge role in lead generation, so do not try to sidestep it. But even before you invest your time and money into marketing, you need to define your target audience, research your competitors, and create a business website.
Once that’s done, you’ll have to create social media accounts and post updates about your business regularly. Each platform requires a slightly different approach, so make sure you’re posting the right kind of content on each. You should also create a pro Houzz profile to show off your portfolio and your past projects, and if you have time, you should even consider blogging to drive organic traffic to your website.
3. Networking & referrals
Networking is all about meeting people within the same industry and building connections with them. By attending industry events, you might discover things that will help grow your remodeling business. Networking will allow you to learn from peers, discuss industry trends, build relationships, build brand awareness, and even find vendors. Although attendees won’t be divulging their trade secrets, it can’t hurt to be involved in the remodeling community and meet new people in the industry.
In terms of referrals, it is one of the best ways to get new leads and increase sales. If your customers are happy with your work, chances are they will refer you to family and friends. To help customers remember your business, you can send them promotional emails once in a while, holiday greetings, or simply a follow-up email several months down the line.
If you want to learn more about how to grow your remodeling business, check out 2020.’s free eBook.
ABOUT THE AUTHOR
Rita Melkonian is a marketing content specialist at 2020, provider of interior design and space planning applications, where she researches and writes content related to the world of interior design. She graduated from Concordia University with a bachelor’s degree in English Literature in 2012 and has been a professional writer for the past five years. She’s passionate about interior design and has a blog where she shares tips and tricks on how to live big in a small space.