You’ve seen other businesses take the route of specializing in one particular area. They have a niche. But is it really beneficial? Wouldn’t you be more profitable if you did a little of everything? Not necessarily. Let’s break it down. Should you pick a niche for your contracting business?
Expertise
One reason you could decide to pick a niche for your contracting business would be the sheer expertise you could offer you client base. When you choose to focus your efforts in one specialized area of building, construction, or repair, you learn exponentially. Then you can market that learning for your benefit and the benefit of your client.
Let’s say you’ve built a lot of decks. You’ll know all the ins and outs of deck building, the best materials, and the potential hang ups. You’ll build decks better, faster, and stronger than someone who just hasn’t built that many decks, and your work will speak for itself. These are all selling points to clients and leads that come from picking a niche for your contracting business.
Equipment
If you decide to become a niche contractor then you can really delve into the special equipment you would need for that niche. If you’re a contractor who “does it all,” you’ll also need all of the equipment. That just isn’t cost effective. By choosing a niche, you can invest in the best equipment there is for the jobs you do well. Then you can really focus on delivering the best product and work to your client.
Enjoyment
This is one really great benefit for you, personally and professionally. If you are considering choosing a niche, you can think about focusing your time and attention toward something you’re really good at doing and that you enjoy. Is there something you do well that lots of other contractors hate doing and don’t do well? That’s your niche.
It’s not always that easy to determine if you should pick a niche for your contracting business, but sometimes it is that simple. Look for these special areas where you excel and others may not.
Considerations
There are a few things you should consider before diving into a specific niche:
- Make sure your chosen niche is profitable. You don’t want to specialize in building baby bunny shelters if no one in your town has baby bunnies. It’s not profitable.
- Make sure there aren’t twenty-seven other contractors in your area who also specialize in your chosen niche. If everyone is special, no one is special.
- Make sure you stay marketable. You don’t want to sell yourself short. Make sure your client knows you’re able and willing to work with them on their project. Communication is key.
While you’re busy picking the perfect niche for your contracting business, let HSF Financial help you learn how to offer financing as a contractor. We’ll help you add our 60-second loan application to your very own website, so your clients can find the perfecting funding for their next renovation or backyard build. At HFS Financial, “You Dream It, We Finance It.”