Tip #1: Don’t get stuck doing it all
Did you know that most contractors are giving up $200k/mo in project contracts?
The reason is because of TIME
Before you start your construction business, you have to remember that a business owner works ON the business, not IN the business.
Nonetheless, most contractors don’t understand this fact and they give up thousands of dollars in missed contracts because they don’t put in enough time in managing their sales (bidding jobs, visiting clients, etc.)
The one thing that will set you MILES ahead from your competitors is if you avoid getting stuck at the jobsite and focus on expanding your business through landing as many jobs as possible.
Business expert Michael Masterson recommends that business owners invest 80% of their time in sales and 20% of their time in operations. The principle here is that your business stands to benefit more if you focus most of your efforts on increasing its earning potential.
Tip #2: Delegate as soon as possible
When you first start your business, you’ll probably be doing most of the work yourself at first.
What many contractors tend to neglect, however, is that business owners should slowly delegate all the processes of their business from the start, so that they can focus on more creative tasks.
Obviously, for those who are just starting out in construction, they’re probably working as a one-man army, but the goal is to change this as soon as possible.
As you start to bid and win more jobs, slowly replace yourself with employees that can take care of the straightforward tasks, such as project management, estimating, accounting, etc.
In construction there is a rule known as the Law of Large Numbers, which basically states that the more you bid, the higher percentage you win. Because of this, your business’s growth depends on how much you bid. If you need help getting bids out faster, consider outsourcing your estimating
Tip #3: Get leads before you start estimating
As any GC or sub will tell you, a consistent flow of leads is one of the most important parts to growing your construction business.
Luckily, getting leads isn’t as hard as you might think.
We have written many articles on lead generation, but one of the main takeaways is that the easiest way to keep leads coming is by using lead generation platforms. Some great ones that we prefer here at I Am Builders are Dodge and the Blue Book.
By using these platforms, you can have dozens of bid invites in your inbox every week, basically guaranteeing you unlimited leads.
From there, all you need to do is bid for as many jobs as you can (either on your own or with the help of an estimating service) and you can rest assured that your business won’t stagnate, setting you up in a better position than most other contractors.
The Secret to 10X your Construction Business
If you are interested in growing your construction business, I’ve prepared a short training video for you that you can watch for FREE: