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5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
5 Ways to Prepare for Growth in Your Home Improvement Business
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5 Ways to Prepare for Growth in Your Home Improvement Business

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5 Ways to Prepare for Growth in Your Home Improvement Business - Transcript

5 Ways to Prepare for Growth in Your Home Improvement Business - Transcript

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  • 1. 5 Ways to Prepare for Growth in Your HomeImprovement BusinessHey Everyone. This is Ryan Paul Adams here.Give us a few seconds while we wait for a few more people who are getting on thewebinar.We’ve got quite a few people on the list tonight so it’s great. I really appreciateeverybody getting on here. A few strugglers as well. They can catch up as we go.Also at the end of this, I will make this webinar recording available online directly onthe PME360.com website.So without anymore delay, let’s get right into it. So today’s topic is the FIVE THINGSYOU NEED TO DO TO PREPARE FOR GROWTH IN YOUR HOME IMPROVEMENTBUSINESS.The strategies I’m about to share with you are just at the mindset behind gettingready to grow. This is not necessarily the webinar about the actual strategies thatwill get that growth but the preparations on the mindset. So keep that in mind as Igo through the slides.Just a little background on me. I’m the CEO of PME360. We’ve been poweringgrowth online for small to medium sized business for over 5 years. I’ve beenpersonally working on growing businesses since 2005. I’ve been in the InternetMarketing world for over 8 years with 3 to 4 of those years spent directly on thehome improvement market.I’ve successfully also launched 4 other companies in a variety of niche markets. Butwhat I’m most proud about is I’ve been able to help small business owners generateadditional revenues using Internet Marketing.I think Internet Marketing is one of the most powerful sources to grow in today’ssociety. It’s just incredible what you can do especially local companies – sky’s thelimits, it’s wide open. You can see some of my credentials.And what I’m most proud of I guess is that I really invested a lot of time and moneyto get to where I am right now. And the knowledge that I have acquired so hopefully Powering Growth Online for Local Businesses http://www.PME360.com
  • 2. it comes through in some of the things I’ll talk about. And if you ever have aconversation with me, hopefully this amount of effort I put into this comes through.So preparing for growth in your home improvement business, the top 5 ways thatwe’re going to talk about tonight are: 1. is focus on one thing at a time 2. is know what is good enough 3. is become the go-to industry expert 4. is put on a show 5. is create systemsBut before I get into those 5 key strategies I want to tell you why I love the homeimprovement market and why I’ve always been a big fan, why I’ve always beeninvolved in this market ever since my professional career.Remodeling and home improvement spending is on the verge of taking off. I know alot of you will say that we’ve been into a recession. I understand that but the guysand gals who have been doing this and had great positioning and marketing all alonghave not noticed a big hit in this recession as some of you might have felt.You know an estimated 21 million homeowners want to take about 30.7 millionhome repairs and remodeling projects in 2011 spending $185 billion in the process.It’s a big market. So if you’re in the home improvement, remodeling market, I feelyou’re really in the right place.And if you’re struggling, not generating the kind of revenue that you hope togenerate, there are things you can do to capture more market share. I think that’sprobably what it will come down to as your marketing is probably a little off.You’re probably a little bit scattered and you don’t have the system to scale andgrow your home improvement company so again I really think when you’re in thisindustry, you’re really in the right place.The value of the products and services in this industry is another reason why I lovethis. If you’re in the right remodeling segment, home improvement segments, you’retalking about high ticket average cost per transaction.These aren’t $5 widgets that you’re selling or $50 pins that rely on a ton of volume.You’re in a business that your average ticket price is pretty good. You should be ableto be making money and doing very well in remodeling markets.And what I’m finding is that the high ticket sales in these growing markets, with veryfew competitors doing the right things to grow. I know a lot of you feel that there is Powering Growth Online for Local Businesses http://www.PME360.com
  • 3. lot of competition but when I really look at what the great companies are doing,there isn’t any competition.I know it may sound insensitive but if you really do the things that we talk abouthere, you should find that you have plenty of leads, you’re generating more revenue.Probably, more than what you can handle.Again, home improvement activity is highest in 7 years. And according to consumerreport articles, recently (2nd November), homeowners are becoming more confidentin their housing investments.You know, the new home market is not that strong, although I feel it’s picking uptoo. But most people are sticking around. They need to get their kitchen updated,new flooring, siding windows, whatever it maybe.The confidence is improving and they are willing to take the equity that they gainedor money that they’ve been saving to reinvest in their homes. And this growth hasbeen seen as great indicators of market conditions.The projects that cost $25,000 or more are still lagging behind smaller renovationsand repairs. But they’re still showing strength and those will continue to grow aswell. So what you see is a lot of stats, that’s all. But what does it really mean for you?And what I’m seeing, you’ve got growing market conditions in the homeimprovement space and if you have a great campaign to capture that market share,there’s a lot of wealth creation that you’ll have here.And if you have the ability to focus, market, scale and deliver, you can capture thisgrowth. And you should be able to do this extremely well.And the opportunity is there to make lots of money and build a business but you’reprobably sitting on the bench for a while with a couple of different things you needto do. Maybe they’ll have the money. Maybe they’ll have the conviction.But money loves speed. That means, the faster you cam implement things and getgoing, the quicker you’ll get generating wealth and building a business that hasvalue. It’s extremely important to recognize the longer that you wait to implementthese things the longer it takes to get to where you want to go.So focus on one thing at a time. Maybe this looks like what you’ve been doingalready. But know that I’ve been there. I know what it feels like. You’re the person.You’re the go-to person in your company. Powering Growth Online for Local Businesses http://www.PME360.com
  • 4. You’re responsible for just about everything. It’s the lack of direction or focus and it’sreally hard to delegate. You have passion for your business but maybe it’s lost ormisplaced. At the moment, you’re a little bit drained, overworked, overwhelmed.It’s totally normal. We all go through this as business owners. This is totally normal.You go through periods of feeling great at what you’ve been doing. Other times youjust want to give up.Don’t feel like you’re alone here. This is the nature of what it is if you are involved inthis vicious cycle. Most of the time, what I’m seeing in the home improvementmarket is that, you probably have a poor business model.You’re probably trying to do too much and have not created or documented systemsaround what you’re doing: marketing all the way to production of services thatyou’re offering, as well as how you hire.There are lots of things you need to do as a business owner. What you should befocusing is probably not what you should be doing right now. So stop multitaskingand trying to do everything.It’s not helping. You have to focus on a single task at a time. Eliminate alldistractions. I see this all the time. In the home improvement businesses I talk to…Italk to them on the phone but I hear another phone ringing in the background. Theyhonestly couldn’t feel that they can let that phone call go to voicemail.Here they are trying to focus on me and power through some sessions and developsome strategies and they feel that they have to answer the phone. It’s super cheapand easy to hire an outsource center to field your incoming calls.Don’t answer your phone. It’s really a huge distraction. And it’s pulling you in toomany directions. The other thing is answering email in real time. This is crazy.Just because you have email on your phone and you have those little desktop alertscoming up every time a mail comes up alerting you have a new mail, doesn’t meanyou have to respond to that mail when it comes in.There’s nobody in this planet expecting you to do that. So stop the madness, stopthe insanity. Schedule one or two times per day that you check email. And do it inyour computer. Don’t answer or respond to emails on your phone. This is completelyinefficient and unproductive.So for me, personally, at 11 o’clock everyday I check email for about 20 minutes,power through and get that done. At 4 o’clock before I shut down from the day, Icheck my email one more time just to see what’s going on and get that off my plate. Powering Growth Online for Local Businesses http://www.PME360.com
  • 5. And also, do what I can possibly can to eliminate email altogether, to set up systemsto route emails to other people to get less email. Focus on doing one task until 100%complete.That is what most people do. I actually suggest 80% is usually good enough. Get it offyour plate and move on. Don’t expect perfection.As a business owner, it is our brand on the line, we expect everything to be done inperfection, it’s not necessary. If you have ideas, systems that you want to try and getout there, bang them out and move on. Test it, don’t spend too much time andperfect it at that point. You can always go back and perfect it. Get the system,marketing strategies, whatever it is in place and stop wasting time.Know when something is good enough. Perfection is time consuming and is oftenunattainable. 80% to 90% perfect is good enough and the cost-benefit analysis ofperfection versus time wasted – you have to know what that is.And say it, perfection does really count so if there is something super high level thatonly you can do, that really needs to be done well, you know maybe that’s a type oftask that needs time, you need to zone in on and get done, get off your plate.But even those, I really think that you can get it far along enough to maybe pass offto someone else to fill in the gaps or test it out and then go back and perfect it.Crucial piece of preparing for growth is becoming an expert in your field. You have tobe known as the guy or gal in your market for the service you are providing and it’sreally hard to become an expert in your field if you are doing too many things.So focus in, become the expert on one thing.To become the expert, it’s all about position. You have the importance of creatingconsistent quality content online and throughout your marketing.You’ve got to have it. You’ve got to be doing it. Writing a book or what they call ashort book (shook) or an online ebook. Positioning yourself as somebody who knowswhat you’re talking about in your industry.And after this offer it as a free giveaway on your website or have it in your tablewhen people come in to talk to you or give it away on your sales presentation. Youknow the top things to know before you hire at whatever your industry is, that couldbe a good book. You got to have something. You got to have the content to positionyourself as an expert in the market. Powering Growth Online for Local Businesses http://www.PME360.com
  • 6. This is not easy to do but it is a necessity as you try to prepare to grow. Leveragesocial media channels. I’m not going to get into a lot of social media marketing rightnow but it’s extremely important as well as reputation marketing.We’ll be doing another 11 hours just for reputation marketing and social media. It’sextremely important. I mean everybody who is looking for remodeling contractors,home improvement, HVAC guy, plumber. Where are they going? They are goingonline. Every single one of them.Whether they are referred to you or not, they’re doing research about you. And ifyou don’t have enough information or enough good reviews, you’re not going to getthat business. It’d be extremely hard. Your competitors are going to start doing this ifthey haven’t already.It’s only going to be a matter of time before they get a jump on you, so get going.Start doing this stuff. Learn have to do it or hire somebody that knows how to do itfor you.Traditionally, marketing is one of the easiest things to outsource. So if you areoverwhelmed with having to create a website or making a website better, with SEO,local SEO, link building citations, video marketing, social media, Facebook, all ofthese stuff it can be overwhelming.But it is one of the easiest things to outsource to somebody else. I’m not trying tosell my company here but I just want to show that a lot of people do this stuff verywell.Although I think we’re ahead of the curb with a lot this stuff. We can take a market,say it’s plumbing in Chicago. That’s what our client wants to gain traction in. Within afew hours, we have that market nailed down. We know exactly how to go about it.Because we’ve done it before in other markets.And we can just go and do it. We can create great content for you, videos, backendannotation panels for email marketing, social post. We can go take it off your plate.You don’t even need to get involved.So really think about being involved in a high level in your marketing but not the guywho does, well, all this stuff because the only value you’re going to bring here is inthe content. You can record it through your iPhone, or on your computer orwhatever and hand it off to somebody else to create all the content and distribute it.You know you can be the one doing that but it’s going to be a waste of time if you tryto become the expert at Internet Marketing. But you need to be creating somecontent. You need to be involved in some level. Powering Growth Online for Local Businesses http://www.PME360.com
  • 7. And you’re thinking outside the box, there’s a bunch of different ways: podcasts,webinars, how to videos.Get an Iphone and every job you go into whether by a previous contractor orsomething you’re running into. Take out you phone and have someone to shoot youtalking about the problem. Post it in Youtube and we can market that and positionyou in the market as person who knows what he’s talking about.Another great way to position yourself as an expert is starting a radio show. I know itmay sound a little bit crazy but the radio show isn’t necessarily getting 10,000listeners every time you put the show on. It’s really about positioning.Think about the power of telling somebody that you have a radio show. You know,you’re a roofing guy in Cincinnati and you have a radio show. You can talk aboutissues about remodeling and how to tip on how to fix your radiator, whatever it is.Think about positioning, there’s a bunch of ways you can do that. I think radio is agood way and you’ll be the only person in the whole state that has his radio show.Then dominate the knowledge base in your industry and there’s a lot of ways to dothat. There’s a lot of industry forum or associations.Get involved. Get some content up there. And again an assistant or an outsourcedmarketing agency can do this for you.Putting on a show you are selling high ticket items – most of you and even if you’renot, you still want to put on a show to really differentiate yourself from yourcompetitors.And to be able to put on that show, you really have to know the people you want totalk to. So really know your demographic data and get that throughout yourmarketing so you’re really talking to one person versus 20 different groups ofpeople.Sell the lifestyle and be memorable. I think you can do that by selling a lifestyle. I’mtalking about put on a good presentation when you want to sell something. Don’tjust assume that you have the business.Have some promotional marketing stuff with you. Nice looking brochures. Really bethe person you’re marketing at. The other guys aren’t going to do this. So if you cansell that lifestyle and be memorable, you’ve got a huge advantage over yourcompetition.You know in putting on a show, there’s a couple of things you can do. It’s not justgetting the sale. It’s what you do after, too. Send them a box of fresh baked cookiesfrom your local baker. Send them a thank you letter – handwritten. Powering Growth Online for Local Businesses http://www.PME360.com
  • 8. Things like these go a long way to show appreciation. And every single consumer andcustomer that you have wants to feel appreciated.Don’t assume that because you do the work and they give you money that’s the endof it. And the relationship is over. Take that extra step and really show them that youappreciated that they gave you their hard earned money to do what you just did.Create and improve system. This is the one that I feel like contractors, homeimprovement businesses and remodeling companies struggle with the most is howto create and improve systems.It might not be something that you’ve thought about yet. You know, you’ve been inthis business for awhile. You’ve been getting jobs. You’ve been doing okay.But the only way to grow beyond this point. You’re probably at that point now thatyou’re not quite sure “how do I take this thing to the next level?” you know you’rekind of pacing along and not really sure if you could have a business that has a value.The only way to create value is to take your brand and wrap a nice tight systemaround it. And make a list of everything you do and how you do it.Then together with your team, poke holes in it. So you’re creating systems and thenyou can go through with some of your team members: production team, in-houseoffice staff and see if you miss anything.You should have systems for your sales, marketing, production, in-house contracts.Everything bound with your business should have a checklist around it. Test everything, refine it and repeat.That’s how you create systems. You should be dedicating a good amount of timeevery week on this system and improving it. Don’t just assume that you havesystems now, it’s the right way to do it.Look at incorporating technology to make systems better. If every thing’s right now,you just repeat the checklist, maybe it’s time to look at getting better systems thatyou can scale and grow.And finally, the mentality for growth, you have to have it. You have to want to grow.Staying where you are is not good. Okay. And this is really important to understand.If you are pacing along and you’re generating the same amount of sales you did lastyear or a little better –whatever, you’re basically pretty flat in your growth curve. Powering Growth Online for Local Businesses http://www.PME360.com
  • 9. You better believe that there is a competitor in your market that is not happy wherethey are. They’re going to want to grow. They’re going to want to implement all thethings I’ve just talked about.So if you’re staying where you are and if you have that mentality, those competitorsthat will gain market share will push so hard that your sales right now withoutcompetitor incursion. Their sales will grow. And it could happen over night. It couldhappen a couple of years. Whatever it is, it will happen.So being happy with the status quo is not good. If you honestly believe that you canstay where you are and be fine, you might want to think about you’re not necessarilyhave a business that you can sell because if you have sales that are constantly flat,you can’t ever get.You can’t present that to somebody who is interested in buying your business. If youhave flat sales year after year, you’re not implementing any new ideas, services,systems. It’s not something that anybody else would really ever want.The other thing is, get out of the chaos and craziness by growing. And this sounds alittle bit strange to a lot of you but the only way to get out of the craziness of yourbusiness.If we go back to the slide where we showed the cycle of the madness that you’reinvolved with right now. The only way to get out of that is by growing.When you grow what happens, you get more money. There’s more cash coming ifyou’re placing products and services correctly.There should be more money coming in, which allows you to do what, allows you tohire, allows you to get more stuff off of your plate. Reinvest in your products andprocesses and achieve your big dreams. Whatever those are.And no business is static. It’s dynamic. It’s constantly changing. Your industry’schanging. Marketing is changing. Your sales are changing.And if it is flat and static, there is something wrong. So you want to be a marketleader. You want to be constantly looking “what’s the next thing down the road”,“what are people going to want”, “what would my customers want down the road”,“how do I deliver them a better service and better products within that service”.If you’re not thinking like this, you don’t have the mentality for growth. I really feelyou’re in lot of trouble if that’s the case. And whether you’re burned out or not,that’s another issue. Powering Growth Online for Local Businesses http://www.PME360.com
  • 10. And maybe it’s time to really consider that maybe owning your own business is notthe best thing. If you can’t bring in the right people and grow, you’ll going to end upwhere you are right now and maybe it would be better for you to do something elseor go work for another company because you’ll just end up getting disappointedsomewhere along the line here – especially if you’re thinking that you’re building abusiness when really your business is disguised as a job. And a job that is much morecomplicated than working for somebody else.And again you know your competitors will, I think you really need to understand this,because in any market I look at it’s getting more competitive. But not for the guysand gals who do all these. It really isn’t.The people that really implement all this stuff and really want grow and do the thingright, competition doesn’t really exist for them you know. And I don’t think it willever will. To be honest with you. But the people that are kind of floating along here,that’s where competition problems come to life.Before I lead you guys into this last thing, I just wanted to take a few minutes toanswer any questions. I know I went through all these a bit fast. I want to apologize.If any of you miss this, again this will be put in the website as well. I’ll post it intosocial media.So here’s a question that came in here.Let’s see. Let’s take this first one.Dave asks, you mentioned focusing but right now, I am out on a job as well as sellingand running a company, what do you suggest I do?Oh this is typical. I mean most home improvement companies especially on thesmaller side. Small businesses are running the same thing. What they’re doing,they’re doing everything. What I suggest probably the easiest thing to outsource tosomebody else or hire someone else to do within your company.And this really depends on what you’re doing. You’re really the face of your companyso the selling if you’re really going to do anything, that’s probably the thing that youshould be doing as to the guy meeting people and getting it…you could probably getthe estimates off your plate or if you have a good system, you should do theassessments very quickly.But I would say don’t stop selling. Be that guy for now. Look at getting somebodyelse involved that can do your internal management. An office person (you know). Powering Growth Online for Local Businesses http://www.PME360.com
  • 11. For $20 an hour, you can get someone really good. Really know who you want tohire here because that’s really important. You can probably even hire a person that’snot on payroll – through another staffing company or whatever.Temporarily find somebody that’s really hungry and wants to learn what you do. Sothat’s my suggestion is, if you’re in the smaller side and doing the stuff you sayyou’re doing.Focus on selling because that’s what’s going to keep the money coming in – youneed to be that guy and get somebody else to do the other stuff.Carol has question. Are you suggesting we put our average stuff and you’ve got anupside?Okay Carol I know what you’re asking here.It’s a tough one.What I’m saying is, when it comes to your marketing. If you are going to put upterrible stuff, it’s not going to work. But most of you are very smart. You can put outsome good content.And it shouldn’t take you that long once you get good at it. Or again, you can hiresomeone else that is an expert who can do it for you making it look good. You’regood enough stuff.I’m talking about if you have no system now, if you have no web presence, if youhave no sales strategy, it’s just getting something in place. You can probably do a lotof this stuff in a couple of hours getting foundation written out.You know the process of how you deal with every single lead, prospects, clientmeetings. And follow that process through and get the stuff documented that wouldhelp done just getting off your plate.And then test it, go back and you can work on it but waiting and not doing it becauseyou’re overwhelmed because there is so much to do is not an answer. I think that’sthe point.Most of you, like, I deal with the same thing that you need to do because never everstops. You always need to be working on developing new stuff. So I would justsuggest setting aside uninterrupted times, shut everything off just power in. Startbuilding your system, the documenting whatever it is you’re doing. Powering Growth Online for Local Businesses http://www.PME360.com
  • 12. Jake asks, how do I possibly have the time to do everything you said. I work 6 days asit is. I don’t have time to make content, do any social media stuff nor do I have timeto learn what you recommend?Well, you have a major problem here. First of all, if you work 6 days a week, it’s anunsustainable model. You’re going to burn out.And you must recognize that you really need to take a whole 2 days off every week.To be reenergized and be great at what you do.Personally, I don’t answer email, I don’t answer the phone from Friday 4pm tillMonday at 9am. It’s just non-negotiable. I’m not willing to sacrifice my family and myown health for the sake of clients or my business. It’s not worth it. I’ve done it. It’snot fun. It’s not worth doing.So you’re got to make changes in your work and in your life to get some of this stuffoff your plate and don’t do it. But you can’t work 6 or 7 days a week. That’s justcrazy.But what you have to figure out is what are the things in your business that you cangive to somebody else. You have to able to trust somebody to do something. Youknow whether it’s initially you know spouse, or your kids, or neighbor. Whatever itis.There are all kinds of people out there looking for work. If you can outsource 10hours whatever it is to somebody else there’s your weekend. That 6 days week youtalked about, you just got it back.And the 10 hours a week you can give to somebody else. That’s not a lot of time, youcan give that and another 10 here, another 10 there and pretty soon you will be ableto grow and you’ve got people employed.For as what I recommend as far as to how to make contents or social media. Thereare tons and tons of resources out there and taped resources and stuff.It is good place to start learning Internet marketing. Sempo is an organisation thatputs out a lot of great content of webinar around Intenet Marketing. There’s a ton ofthem. Let me just start taking a little bit of time researching the definition you needand you’ll find an expert that can help you. We can also help you.We offer a 30 minute free strategy for a small to medium size business owner. So ifyou’re interested, I don’t know how long I’m going to offer this honestly because itdepends on how many people I’ve put already and few in the pipeline. Powering Growth Online for Local Businesses http://www.PME360.com
  • 13. Email me at radams@pme360 if you just want to talk or something. I’m more thanhappy to do that. It’s 100% complimentary. I don’t expect anything in return. I just, ifyou need some help we can certainly help you there.Systems – This question comes in from. We’ve got no name for this one. Do you haveany new courses or books on developing the one book recommended everybodychecks out is the Checklist Manifesto – can’t remember the author. I should’ve thatprepared but checklist manifesto. You can go to Amazon. You can get the Kindleversion or buy the real book.It’s really good at developing systems. Let’s see what else do I have for systems E-myth. You got to read the E-myth by Michael Gerber. If you haven’t read that bookas a small business owner, you’re missing out.There’s an incredible amount of resources in there. And I think these are the twobooks I recommended right now. Checklist Manifesto and E-myth. There’s a lot ofbooks out there that you can. Maybe we should create a list but that’s all.That’s about all that I have for today. I really appreciate everybody that jumping onthe line. Hopefully I’ve provided some value here.And again if you want to talk and ran through our free strategy session just shoot meam email and I’ll put you on the schedule. I look forward to talking to some of you.Have a great day and we’ll talk later. Bye. Powering Growth Online for Local Businesses http://www.PME360.com

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