Whether you are a freelance DIY expert or a professional renovation contractor who specializes in home improvement, growing a home remodeling business is one big challenging task.
But not anymore, we will help you with home improvement business growth ideas to keep your business rising!
The home improvement business sector has been growing at a fast pace for the past few years. As per different predictions, it will continue to rise in the coming years. One such prediction of Statista is that the home improvement business will grow unexpectedly from $538 million in 2012 to $620 billion in 2025 in the US.
If you already own a home renovation business or are thinking of opening one, there is a vast growth opportunity waiting for you. The coming years will be very busy for home improvement businesses as there is a trend of real-estate projects going on. The success behind such a business is its suitability for women too being one of the best business ideas for women.
Having the audacity to stand out from the crowd, you should know about home repair business growth ideas. Excited to know?
Let’s read out a special take on home improvement business growth ideas!
Table of Contents
Home Improvement Business Growth Ideas to beat the competition
Do a thorough competitor analysis
The best place to improve your business and look for opportunities is to have a close look at what your competitors are doing. Place yourself in the mind of your customers and consider which of your competitors the customers like. What kind of websites, advertisements, and offers your competitors are focusing on?
Copying all this is not the right path, but having a thorough understanding of what makes them appealing enough. With all this data, you will be able to find the gaps where your current business strategy is lacking.
But before doing all this, the basic thing is to know who your competitors are if you don’t know. There are many digital tools available for this. Taking the first step with Google search will be your best bet to find local contractors for home remodeling in your nearby areas. You can also check their online reviews to measure their hold and value in the market.
Maintain a good online presence
If you are still lacking in maintaining a business website and a social media presence, then buck up soon. Because it is crucial to survive in this competitive world. Managing a great website helps to present your business information globally, like your store information, your products or services, pricing, etc. You can also add photos of your projects.
The more you can do is maintain user accounts for your customers if they want to manage their contracts and set up payments. Having a professional website helps to maintain your brand value and reputation. It also makes your brand more authentic and creates more awareness.
If you don’t have enough budget to spend on maintaining an online presence, you can go for a microsite and make self-efforts to maintain social media channels.
Your online presence should maintain two basic things related to your brand, one of the contact numbers and the other is an email address. The more you can add is a contact form to gather visitors’ information. You should maintain web pages with no broken links. You can also provide links to your different social media handles to expand your reach.
Quicker replies to leads
Leads are the same as the customers standing in a queue outside your store and waiting for their turn. This is not the way that customers want to be treated. To make your potential customers wait is the worst you can do with them.
A faster response to leads is necessary to convert prospects into customers and responding via computer is much easier than personal meetings. It is also necessary not to miss any calls or emails while operating an online business. You can add different plugins to your website to allow customers to email directly to your website.
However, gathering such home improvement leads is not enough. You should make them qualify to generate sales. Any interested lead will incline towards the one who responds to them quicker.
Make a goal-specific strategy
Most businesses have a general idea of the goals they want to focus on. Some want to earn a good living, and some work harder. However, not everyone spends time making a detailed plan with evaluated objectives and predictions.
So, if you want to grow your home improvement business, you should thoroughly understand your business, its strengths and weaknesses. Also, try to look at the current scenario of the remodeling market near your place. With all such information in hand, you can create a goal-specific plan.
If you are not capable of creating a detailed strategy by analyzing the information and data, you can always take professional advice.
Get more and more positive reviews
One of the powerful marketing tools is word-of-mouth publicity, but most people will head towards online platforms before tying up with new business. As per stats, 90-95% of customers read online reviews before purchasing any product or service.
A four or five-star rating on Google gives so much space to interested customers to think about your business. As a home improvement, business is one of the expensive ones, leads don’t waste their time on bad contractors or freelancers. Apart from generating leads, having your business identity on multiple platforms is good for the SEO side too.
But is it easy to get positive reviews?
Yes, it is. Here’s how?
- Ask the clients to leave a review on all your business links like Google Maps, and other social media handles.
- You can ask your customers to share the suggestions to improve the business services.
- Don’t get disheartened if anybody gives negative feedback, instead try to improvise.
Solving the negative feedback can help you to maintain your business’s credibility as only 5-star reviews can leave a question mark (of purchasing reviews).
Manage the monetary flow
In any home remodel business, cash and time are the most important concerns that should be taken care of. Whether you are successful in growing your home improvement business or struggling to do so, depends mainly on how you manage the cash flow.
The two basic things in any renovation business are labor cost and material cost. And you might get stuck in between any project if you don’t have enough cash to buy materials or to pay the daily wages.
Try to figure out the start-up cost and how your clients will pay you. You should be prepared for the whole plan if any monetary problem comes up while running the project. To manage the monetary flow, you can opt for various financing tools and invest in invoicing, etc.
Keep growing by leveling up your skills
As the years pass while operating your business, you can hire more assistants or helpers. You can also work on different certifications to lure your clients. To stand out from the crowd, you should focus on niche market trends that can fulfill the residential renovation needs nearby. For example, if you work near any rural areas, you should focus on large space designs, and for urban areas, work on home improvement ideas for small spaces. After completing some home improvement projects, you can gain another income stream by opting for maintenance services that include regular inspection.
Get insured and licensed
If you want to operate a home improvement business, you will likely need a license and proper insurance coverage as per your State’s general license requirements. To grow your business in the right direction, it is necessary to have the right general insurance.
If you don’t protect your business, you may lose your hard-earned money on unnecessary things that may hinder your business growth. The correct type of insurance coverage can give you financial protection if anything goes wrong. Getting insured and licensed is one such thing that teaches how to save money for your business.
Enable customer conversation
If you don’t want to lose your customer opportunity, you should reach out to your customer within 24-48 hours. Once your customer passes this threshold, you can define them as a repeated opportunity in your business CRM.
Most home improvement companies use phone calls as a means to engage with customers. But today in this era of fake calls or robocalls, this method is not so effective.
Instead of eliminating the phone calling method, make it a secondary option to enable customer conversation. You can use business texting with this option.
If you still haven’t implemented a texting strategy for sales, it is time to do so to stay ahead of the curve. This is because customers prefer informal messages while communicating with companies.
Follow marketing tactics
Last but not least, home improvement ideas’ growth is to follow the right marketing strategies. Growth of any means of business finding new clients and new opportunities and marketing is one of the best ways to make this possible for you.
As per traditional methods, marketing means relying on referrals. But solely depending on such referrals is not enough to have fast-track growth. With more and more companies opting for marketing, it’s not difficult to get lost in the dust. So, you need to evaluate all the marketing tactics.
Here are some of the basic marketing tactics that every home improvement contractor should follow:
- You can launch a Google ads campaign.
- Try to optimize your Google My Business profile.
- You can sell projects with photorealistic designs.
- You can share photos and videos on social media.
- Answer buyer’s questions by using blog content.
- You can launch a referral program.
- Email marketing can help you to nurture leads.
The Closure: Grow your Home Improvement Business
So, this is our take on home improvement services growth ideas. Following the ideas given in the article can help you to save your time and effort that too with growing business.
Although there is no one-size-fits-all answer to this question, all the given tactics are hard to ignore. Apart from this, you can focus on the given:
- You should map out your whole customer journey from beginning to end. It’s about how your customers are experiencing your business.
- You should change your mindset for leadership. Business processes keep changing with time and advancements, so the leaders of the business should explore new techniques and strategies.
- Always try to focus on the sales close rate. If you focus on the customers showing interest in your services or products, your sales will definitely increase.
- Apart from Google searches and door-to-door lead generation, one can focus on SaaS sales software solutions to grow the business.
- If you have less time, you can use task management tools. If you are not available in town and still need to handle your business operations, you can use remote desktop management software.
A home renovation business is an excellent venture because of its vast demand these days. Not only the demand for home repair handyman services but also the profits that one can make from it being one of the most profitable business ideas for startups these days.
Hope you got all the answers you were looking for!
Still, have queries to grow your home improvement business opportunities?
You can get in touch with us anytime!
Till then…. keep growing!