Although the goal of any company is to generate revenue, many construction companies are afraid of taking risks or exploring new streams of revenue. However, in order to grow your business, you need to implement some strategies that can lead to long-term success and growth.
With that in mind, let’s take a look at 3 of the best ways you can increase revenue on a renovation project.
Carefully plan the finances
Revenue and profits are all about margins, so it is of vital importance that you carefully plan the financial side of the project to make sure you’re making money. That means ensuring that you understand all of the costs of the project so you can work out where you can add and sustain the best margins.
Produce high-quality work
If you want to ensure repeat business and to charge more for your work, you need to make sure that every renovation you do is of the highest quality. It might mean spending more time on the finer details, but it will be incredibly rewarding.
If you produce exactly what was requested and do so on time, you will likely have repeated business and may even get referrals from happy customers.
Offer more services
One of the best ways to increase revenue on a renovation project is to diversify your renovation speciality. If you just work on kitchens, consider expanding your knowledge to help customers redesign their bathroom or offer to complete minor renovations.
You could also offer to help them upgrade their garage with resin garage flooring so that they have more space. Our own Garagetuff MMA resin is an excellent choice for this. With very strong resistances to spills, temperature and durability – as well as the fact that installation can be completed in a single day – it’s the ideal choice of garage flooring to use as the baseline for any form of garage renovation.
Another easy way to increase revenue on your renovation project is to upsell. If you are only working on a small renovation, consider offering them discounts if you complete more work for them.
You should also consider using higher quality materials to increase your profit margins. For example, if you’re renovating a garage, consider using resin garage flooring over paint or epoxy flooring. Not only will this last longer, but it will also give our renovation a much higher level of finish.
We at Fusion Coatings do installations across all of the UK. If you’d like to arrange a quote, get in touch with us and our friendly team will be happy to assist you.