September 21

Garage Storage & Flooring Contractors Growth in Any Economy

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I promise to explain my 9 simple ways to beat the economic downturn as a garage storage or flooring contractor. But first, let's understand what experts actually think is likely to happen in this coming economic downturn, it’s not as bad as you may have thought.

Harvard put out a study on what happened to the remodeling industry during the last two economic downturns. Here is what they found that I believe applies to you.

  • The top 20% of income earners account for 40% fairly consistently of total remodeling purchases. So keep marketing to the wealthy.
  • “Older households are much less likely to undertake DIY projects, so the growth in older owners has tempered DIY growth.” So keep marketing to those older, they will still buy from you.
  • Average project value will likely fall. So you will need to do more smaller jobs to make up the loss per job and learn to upsell like a champ. 
  • Only a 10-15% drop in the overall market seems likely. So stop blowing that out of proportion and letting that paralyze you from moving forward.

“How this recession is expected to affect home improvement spending” - Link

Lucky for you, I know how to make up that potential drop and even take market share from your competitors. Here are the best yet, beautifully simple options to grow even in a down economy.

Watch the video for how to do these things.

  1. Market to the rich and older households

  2. Plug holes in your lead scheduling and sales

  3. Open a new market or expand your existing market

  4. Steal customers away from your competitors by marketing

  5. Only advertise your most profitable products

  6. Upsell smaller average jobs

  7. Waist no chance to look better than your competitors

  8. Cut the fat in your marketing

  9. Stop bleeding money in your remodeling business

Was this helpful, be sure to reach out for a free strategy call to talk through how to apply these strategies into your business.

Here is a great introductory to "The Profit Bleed" here.

I also have some more resources I put together on knowing your business numbers. Contact me to send you the resources.


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