Have you been in the contracting game for a while? You probably know your current market like the inside of your toolbox. But, what happens when you expand or move your general contracting business to a new area? It’s actually easy for contractors to research your new local market, and, in turn, fuel a successful general contracting business!
Why is local market research important?
Building a contracting business is more than knowing the job — it’s knowing the people. Learning your new local market helps you when you’re planning for budget support, needing to know which products are popular in the area, and more. It allows you to tailor your services to the community in a way that makes you successful, and brings your clientele more of what they need, and less of what they don’t.
What are you looking for?
While there are several things to look for during your research process, one of the main things you should ask about is what the potential market is? Is your new area booming with new neighborhoods? What is the potential for more commercial work, such as school or commercial construction? Or, perhaps the community is looking more for renovation and repair. Try to look for areas that have the most potential, long-term growth opportunities.
It’s also wise to look into the major players that have already established their construction companies. What does the competition do? How can you offer something different, while still meeting the needs of the community?
Consider Expanding Your Team
Taking the time to research your new local market can take valuable time away from other aspects of your general contracting business. If you are able to assign some team members to collect this data for you, that’s great! However, if you find that research is taking up too much of your staff’s time, or they are untrained in the assignments you give them, it may be time to bring on a third party to help. For instance, if you’re choosing to do the bulk of your market research online, you’ll need someone efficient in computers. If talking to city officials is how you approach this project, then you’ll need someone with clear communication skills.
Bring it All Together
Once you’ve reached your research goal, it’s time to put that data to use! Did you find that there are plans for a new residential subdivision? Have you found what your competitors offer, so you can bring something new? Take everything you’ve learned about your new contracting market, and develop a strategy for success to use for years to come!
Partner with HFS Financial and Offer More for Your New Local Market
When you partner with HFS Financial, you can offer your new community something special — the financing options they need for their home improvement projects. All your clients have to do is take 60 seconds to fill out an application, and we’ll do the rest! We’ve got the BEST platform to get them the funding options they need to make their dreams a reality. You’ll get paid on time, and you won’t even need to lift a finger for contractor financing. Contact us today at 1-800-254-9560 to get started! “You Dream It, We Finance It.”