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Author: Pam Newman Article source: http://www.midwestconstructionlaw.com/. Used with author's permission.
5 Simple Ways to Double Your Income Immediately
So you think that you are just like your competition? Well, then it is time to differentiate yourself. As a contractor, you probably use the same types of materials as your competitors do…so how can you differentiate yourself? Service! Build it better and serve your clients better. You will come out on top. This may seem so simple, yet very few contractors really do things better than their competitors.
So what are 5 simple ways that can double your income? Here they are…
1. Use only high quality subcontractors. It costs you less in time and rework costs to use quality subcontractors the first time. You may think you are going to save a few dollars by hiring the cheapest one, but in the end we all know it doesn't work out that way. We pay for what we get. What's quality service and product worth to your reputation? Priceless!
2. Implement a service mentality. Everything you do is for the benefit of your homebuyers. Don't keep it to yourself…tell everyone you know about the way you build your houses and the benefits that you provide to your homebuyers.
a. Don't think there are benefits?? Think again…everything that you do in the construction of your homes can be portrayed as a benefit to your homebuyers. All it takes is a little creative communication.
3. Offer a referral program. People buy from people they know. How do you incentivize your homeowners to tell others? The first way is to build an awesome house and that will speak for itself…but add some icing to that cake by rewarding your homebuyers for their efforts to grow your business. It can be simple things like gift certificates, lawn services for a month, extended warranties, or other motivational offerings. It's cheaper to reward your customers for promoting you than advertising to the general public!
4. Market your business consistently. Everyone expects you to have a website…so don't let them down. You can have a GREAT website designed and hosted for a nominal amount that will bring great returns to you on recognition and sales within your community. Show the quality that you build into your homes and stress the benefits to your potential buyers in the most cost-effective medium available, the World Wide Web.
5. Network, Network, Network! Don't keep your great offerings to yourself. Get out there and build relationships with those who can promote your homes! You can't be everything to your business. So look at those you do business with (vendors, subcontractors, real estate professionals, etc) and see how you can build referral networks. This is the best way to cost-effectively cross-promote your businesses. Plus people trust referrals from others higher than self-promotion, so it is a win-win opportunity.
The returns that your business will get on these 5 tips will more than double your income if implemented correctly. You can't sit back and hope that your business grows. You've got to make it happen! Success happens because of a well-constructed plan…not by chance. It's a choice…you choose to make it happen, or not. What's your choice? Go out and double your income now!
Copyright 2005 Pam Newman Pam Newman is a Certified Management Accountant, Certified QuickBooks ProAdvisor, Author and Speaker. She enjoys the opportunity to share her knowledge and passion with other entrepreneurs. You can visit her website at http://www.rppc.net or call 816.304.4398.
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