9 Tips to build a multi-million dollar contracting business in greater Cincinnati - PowerPoint PPT Presentation

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9 Tips to build a multi-million dollar contracting business in greater Cincinnati


Here are 9 tips to help you successfully build a multi-million dollar home renovation contracting business: – PowerPoint PPT presentation

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Title: 9 Tips to build a multi-million dollar contracting business in greater Cincinnati

9 Tips to build a multi-million dollar
contracting business in greater cincinnati
  • Its still a great time to grow your contracting
    business in Cincinnati Ohio for investment
    property renovation projects. Real estate
    investors in Cincinnati have been investing at a
    great pace to renovate rehab homes such as
    bathroom and kitchen renovations. This means more
    opportunity for independent and general
    contractors to grow their business.
  • Here are 9 tips to help you successfully build a
    multi-million dollar home renovation contracting

1) Plan
  • Planning is probably the most important step that
    youre going to take when building a successful
    contracting business. Plan to grow your business
    for the long haul. Youll first want to decide on
    what type of renovation or repair trade that you
    enjoy doing the most and identify if its a
    current need and if its profitable. Starting
    out, you may decide on simply focusing on
    bathroom remodel projects in Cincinnati.

  • Once youve identified what it is that you enjoy
    doing the most that are also profitable, you may
    want to go further in deciding which kinds of
    property renovation that you want to brand your
    business in. This could be single and
    multi-family homes, apartments, rehabs, and
    commercial properties.
  • In the planning phase, youre also going to
    determine how much profit you will need to make
    from every job to grow your business.

2) Make sure youre licensed and insured
  • Some states may require it but make sure that
    youre licensed and insured. Being licensed and
    insured not only protects you from anything bad
    that may happen on the job but it also provides
    you with a competitive advantage, opening up more
    bid opportunities. Also, having the proper
    license and insurance is a great way to portray
    trust and responsibility with your customers.

3) Figure out how much profit you need to make
  • Be sure to know how much money you need to make
    every month to keep your business running.
    Contractors are often so caught up in working and
    winning more business that they forget about the
    basics of knowing their business profitability.
    Its not a good scenario if youre winning a lot
    of jobs but those jobs arent leading to
    profitability. After figuring out how much profit
    you need to make. You may decide that you need to
    work larger home renovation projects in
    Cincinnati in order to remain or become

4) Figure out what youre going to charge for
your services
  • Youre going to want to become very knowledgeable
    when it comes to pricing for your services. First
    and foremost, always price to be profitable.
    Never underbid your services to win home
    renovation jobs in Cincinnati. Be very selective
    in the kinds of investment property renovation
    projects that you take. If youre an experienced
    contractor, you probably already know what to

  • However, if youre just starting your home
    renovation contracting business, you may have no
    idea what you can or should charge. If youre in
    this boat, there are multiple sources from where
    you can obtain information about what your
    pricing should be for the kinds of services that
    you are offering. A great resource for pricing
    your services is the Renozee App which enables
    you to submit a bid, see other contractors bid,
    and resubmit a more competitive bid to win jobs.

5) Figure out your brand and what makes you unique
  • Since youre going to be submitting competing
    bids and competing against other home renovation
    and repair companies, now is a good time to come
    up with a way of standing out from the crowd. For
    example, you could brand your contracting
    business around quality craftmanship, always
    completing your renovations on time, being
    experienced specifically in investment property
    renovation projects.

6) Figure out your sales process
  • The first thing that youre going to want to
    learn is how to provide clear scopes of work,
    promptly. Know how to layout in plain terms of
    how youre going to complete the job and be able
    to communicate this to the customer. This will be
    a crucial part of your sales process. Also,
    develop a process where you can provide bids and
    scopes of works quickly. The average amount of
    time it takes for contractors to submit detailed
    scopes of work is two to three days.

  • To have a competitive advantage, ensure that
    youre submitting your scope of work before or
    within the same time frame as your competitors.
    Follow-up within 24 hours of submitting your
    scope of work to answer any questions the
    customer may have.
  • Offer your customers multiple ways of paying for
    your services. Bigger jobs will require larger
    sums of money to be paid out.

  • Offering multiple ways that your customers can
    pay you will ease the burden on them and allow
    you to win larger jobs. The bidding app Renozee
    enables you to receive customer credit cards and
    check payments quickly directly to your checking
  • Figure out how youre going to track your leads
    and bid submittals. In the home renovation
    contracting business, leads can come from
    anywhere and at any time.

  • Without a clear way of tracking leads and staying
    organized, you may miss out on opportunities for
    submitting prompt bids on high-profit jobs.
    Another reason youre going to want to become
    efficient at tracking leads is for you to
    identify where your good quality leads are coming
    from. Some lead sources may work better than
    others. The lead sources that arent working out
    so well may not be time-consuming and not worth
    your time and costs.

  • Be sure that youre keeping track of all your
    bids submittals. With so many texts, emails, and
    back and forth customer phone calls, its easy to
    lose track of when and where youve placed bids.
    The Renozee app organizes your bid submittals by
    bids placed, job payout size, and jobs awarded.

7) Create a schedule for days that you dont have
any jobs
  • During days that you dont have any working jobs,
    it would be a great time to reach back out to
    past customers to see if they have any available
    or upcoming opportunities. A good way of
    approaching the conversation is to mention that
    youre following up to verify that theyre still
    satisfied with any previous work that youve done
    for them. Lastly, be sure to end the conversation
    by asking who do you know that could also
    benefit my contracting services?

8) Promote your business
  • To become a multi-million dollar home renovation
    contracting business, you have to promote your
    business relentlessly. At every stage of your
    customer interaction, you should always be
    promoting your business. Relying simply on word
    of mouth wont be good enough. Even if youre
    currently getting a lot of business, make time to
    promote your business. As your business becomes
    more profitable, you will become even busier, and
    your efforts in promoting your business may

  • While youre out in the field, the Renozee App
    enables you to receive jobs matching your
    business services and enables you to promote and
    bid on jobs for free, saving you time and money.

9) Hire the best sub-contractors
  • As you make your way to becoming a multi-million
    dollar home renovation contracting company, you
    must hire the best sub-contractors. Your
    companys reputation is on the line and one bad
    review could cost you thousands in lost business.
    Hire subcontractors that are genuine and
    passionate about their work. Take the time to
    look into your subcontractors previous work
    history and verify that theyre reliable and do
    quality work.
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