Is Your Home Improvement Business Making One of These Major Mistakes?
If you speak with any experienced business owner, they will tell you that there is no way to avoid all mistakes. However, what you can do is take proactive measures to limit the number of major mistakes you make. Taking the proper measures when it comes to your budget, safety protocols and the overall experience of your clients can really help your home-improvement company for years to come. The following list includes some of the major mistakes home-improvement businesses tend to make.
When it comes to any type of home-improvement construction, accidents can happen. It’s simply the risk that you take working with heavy objects, power tools and heights. However, it is the business leader’s responsibility to make sure that all Occupational Safety and Health Administration rules are being followed. Not following proper OSHA safety procedures can put you and your company in hot legal water. Not only will this hurt your reputation, but it could also force your business to shut down completely.
Limiting Your Services
Did you know that 50% of all home improvements over $5,000 are financed? This means that half of the people having home improvement projects going on can afford to buy added services. Therefore, as a businessperson, you should never limit your services. Contrary to widespread belief, focusing on a very narrow niche should not be a strategy to follow in the home-improvement industry. It is recommended to seek professionals to expand your services, such as offering to have electrical work done while the walls are opened or conducting an audit of a home’s pipes. Offering additional services on top of your initial contract can provide you with the opportunity to maximize profits.
Hiring or Assigning the Wrong Workers
The staff you hire to work on home-improvement projects can greatly affect the end results. It is incredibly important to properly vet these employees before assigning them to certain projects. This is because a high turnover rate can slow down projects and paint you in a bad light with clients. In addition, losing employees will no doubt cause a decrease in the number of projects you can take on per month. No projects equal no revenue. Running your own home-improvement business can be a very complex process, but it is also one of the most profitable. To keep your business from making too many mistakes, keep the above tips in mind.
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