Remodeling is a multi-billion dollar industry. To maximize your revenues as a remodeling contractor, it is important to create a variety of streams of income. Rather than specialize in doing just one thing, you should make the effort to gain the knowledge and experience to do a variety of things and excel in them. Know that hiring experts will increase your revenues as you will become invaluable to customers who need more than just one thing done. Those customers also can refer you to neighbors who need exactly what you offer. Expanding your experience and knowledge provides more steady work rather than having busy and dry periods.
For example, while some remodeling contractors specialize in window installation Indianapolis IN, you can specialize in this but have employees who specialize in other aspects of remodeling. Window installation is big business as there is always a need for this service whether the windows simply are duds, were broken, or are so old that they need to be replaced. Window installation is a good stream of income but it should not be the only service that you offer as a remodeling contractor.
Flooring is an important income stream for remodeling companies as it can be quickly done and the profit margins are reasonable in most cases if not good. Whether you will be working with carpet, wood, laminate, tile, solid surface flooring, resilient flooring, or stone, you will need to learn the ins and outs of each flooring surface and be able to quote it accurately to add this stream of income to your remodeling business. Measuring and accurate ordering this product are just as important as with any other aspect of your remodeling business.
Kitchen remodeling is a popular and booming business. Here you may be responsible for everything from minor cosmetic changes to completely gutting a kitchen. Experience and knowledge of drywall, flooring, cabinetry, countertop installation, demolition, plumbing, etc. is very important as is an eye for detail and accuracy. Certain mistakes can end up costing you thousands in this niche if not caught early so it is very important that you become a true expert or hire true experts if you want to expand your remodeling company to kitchen remodeling. Kitchen remodeling is a highly valuable income stream as even the lowest priced projects can easily add 5 figures of revenue to your business.
There are some remodeling companies that specialize in bathroom remodeling. Those who do can have a easier time of expanding into kitchen remodeling and vice versa. Bathroom remodeling requires a knowledge and expertise in plumbing, cabinetry, flooring, and other aspects of remodeling a bathroom and you should be able to effectively communicate your ideas to your customer and integrate their ideas into the design.
Those who go into the vinyl siding niche of remodeling often can get a significant addition to their revenues and profits with each remodeling job. The markups for these types of jobs can be significant due to the intricacy of certain installations and various hazards you may encounter as a remodeler. There are many reasons to expand your streams of income as a remodeling contractor.