Posts

How To Build A Reputable Contractor Business

/in /by

StrategyDriven Starting Your Business Article | Entrepreneurship | How To Build A Reputable Contractor Business

Working in the construction industry is a competitive landscape but can also be a rewarding career. It’s up to you to win over new clients and build a book of customers who will use and recommend your services.

As a contractor, your reputation matters and the word will spread quickly about whether or not you know how to do your job. It’s up to you to impress clients and produce quality work, so know there will be a lot of pressure on your shoulders on any given day. Use the following advice to help you build a reputable and successful contractor business, so your company is around for years to come.

Present Ideas & Solutions

As the contractor, it’s your job to come to client meetings prepared to share your knowledge and expertise. Offer up ideas and solutions that your customers will find useful and will help them to achieve their project goals. For example, incorporate the advancements in technology such as https://www.sgspecialties.com/products/contractor-solutions/expansion-joints to help protect and prevent the buildings you create from experiencing any fire or earthquake damages. These are solutions that your customers may not be aware of, and that will help you to construct a better building.

Collect Testimonials

You need to have a solid reputation if you’re going to make it long-term in the construction business. Therefore, collect testimonials from your customers so that others can see the benefits of working with you. People who are interested in hiring you will want to hear what you’re like to work with from other clients and not necessarily from you. The better reviews you have, the more likely it is that you’ll begin to receive more work orders. Use these testimonials as a marketing tool to show potential customers that you’re the best person for the job.

Be Responsive

Although you’re in the business of building and constructing, you’re also in the business of working with people. Your clients should be your number one priority, and you should do whatever’s in your power to keep them happy if you want to succeed. Improve your reputation by being personable and friendly in your interactions and responsive to questions or inquiries that arise. Disappearing for days at a time or not being available to address concerns will make you look bad, and your reputation may take a hit for your actions.

Perfect Your Skill

Another way to build a reputable contractor business is to let your work speak for itself. Perfect your skill by learning from others and your mistakes. Use your free time to practice in areas that are giving you trouble or to take a class and advance your education. You’re going to want to make sure you know what you’re doing and can produce results worth talking about for your customers. If you’re continuously committing errors or not delivering on your promise, then you risk people going elsewhere for these types of services. Be organized and avoid cutting corners or having hidden fees if you want to build an excellent reputation for yourself and your business.

5 Ways to Convert Your Garage Into a Home Office

/in /by

StrategyDriven Starting Your Business Article | 5 Ways to Convert Your Garage Into a Home Office

If you work from home or if run your own business, a garage conversion could be a great way to add a home office to your property, saving yourself the added expenses of rent or overhead.

Garages are enclosed spaces where cars or other items are stored, so they can be ideally repurposed for other uses. And because you are not actually building from scratch, you may not need to apply for planning permission, but you should confirm with your local council to be safe.

Below are some important tips to keep in mind when creating a home office out of your garage.

1. Clear the space

To create your dream office, clean and remove everything you currently have in the garage.

Find new storage options for bicycles, garden tools, car accessories, and Christmas decorations, or store them carefully in boxes that you can discreetly store elsewhere.

You should also thoroughly clean the garage before you do anything else. Make sure that there are no cobwebs or car lubricants left when setting up your new office space.

Part of clearing the space may include clearing land. You may be surprised at how much room you have in your backyard when you use a Forestry Mulching service. You may even find that you have the space to install an outbuilding for your office space. 

2. Be creative with lighting

When you change your garage space into a home office, you should be as creative as possible. Consider your garage a blank canvas to repurpose it as best as possible.

Garages are typically have the worst lighting, so make sure that your new home office is well lit.

I strongly recommend buying inexpensive lighting fixtures if your garage is not exposed to direct sunlight during business hours.

A creative way to add light into your office is to paint it with bright colours and/or use creative bright patterns. This alone gives the office a colourful and uplifting mood.

3. Make it comfortable and secure

As you are repurposing your garage into a home office, remember to make it as comfortable and as secure as possible. This means making it less susceptible to outside weather conditions. For example, you may want to replace the existing garage door with a modern insulated garage door, so that your office remains warm and cosy during cold months.

As an added advantage, a modern insulated garage door will provide extra security for your tools and equipment when you are not at the office. On the plus side, this type of door will be a strong deterrent to thieves.

Finally, you should also invest in a good heater and fan to be comfortable during all seasons.

4. Design your new space

Even though one of the reasons for repurposing a garage into a home office is to reduce the cost of overhead and rent, you still want your new office to be a great space to work in, and to reflect your personal taste.

Of course, you can simply invest in an ergonomic chair and desk, but why not take the opportunity to design a really nice home office?

Personalise your new workspace with a workstation, relaxation sofa, and an entertainment system. You can also add some practical details such as rugs, framed pictures, and throw pillows.

5. Setup and work

Make sure you have reliable and effective technologies that will make it easy to do your work.

Many households now have wireless networks, but often the wireless signal is weak or absent. To solve this problem, buy additional routers or wireless signal amplifiers to boost the network environment in your new home office.

If necessary, invest in higher-quality data storage, processing and printing technologies.

Furthermore, wire everything to keep cables clean and to have minimal interference.

Finally, converting your garage into a home office is both doable and easy. Try the tips in the article and see if you can put your garage to good use.

What to Consider When Buying a New Commercial Property

/in /by

StrategyDriven Starting Your Business Article | Entrepreneurship | What to Consider When Buying a New Commercial PropertyLeasing a commercial property isn’t the best option for a lot of businesses. Therefore, if you have made the choice to buy your next business property, you are opening yourself up to more flexibility and more freedom to allow your business to grow.

That said, there are a lot of important areas to take into account when searching for the ideal commercial property.

The Maintenance Costs

Alongside your fixed monthly outgoings, you’re going to have to prepare for maintenance costs over time, and any unexpected issues that may arise. This means you should consider any commercial property that you view with the expected maintenance costs in mind.

For example, are there any structural features of the building which you see as having a high maintenance bill? Does the sheer size mean more maintenance should be expected?

Maintenance is always a must, no matter the building, so budgeting for it is essential. You should also seek out a dependable maintenance service such as urban-propertymaintenance.com.

The Need for a Survey

Having any new potential business property professionally surveyed is a must. You shouldn’t elect for the cheapest and quickest option, either. Although it’s preferable to save money, you will lose money in the long run if you fail to have a property survey in the first instance, resulting in your property running into problems further down the line. Ensure that you have a thorough survey carried out, which is specifically tailored for commercial properties.

The Location

Your location needs will vary depending on what your business entails, so you’ll need to think carefully about yours. Location can be a crucial factor in the successful running of your business.

Consider the following:

  • Do you have clients regularly visiting your business premises? If so, the property will need to be in an easily accessible location, and close to your main clients.
  • Do you have a large team of staff who will work on site? If so, the property will need to be easily accessible for them, and not difficult to travel to.

Also think about the impression that you want to give of your business; you need the property and location to reflect this in a positive light if you are going to have external individuals and clients visiting the commercial property on a regular basis.

Transport Links

This is an imperative consideration if you have people traveling to the premises on a daily basis, whether they are staff or clients. If your new commercial property is near plenty of public transport links, such as train stations and bus stops, then this is a huge positive.

If you can’t find a property which is close to public transport links, or if your commercial premises is in a very remote location, then you need to ensure that there is at least a car park for staff and visitors.

A commercial property in a remote location, without a car park, and far away from any public transport links, will be very problematic and may be seen as unprofessional if you are failing to provide these needs.

Things you have to know before you start your coworking marketplace

/in /by

StrategyDriven Starting Your Business Article | Coworking Marketplace | Entrepreneurship | Things you have to know before you start your coworking marketplaceCoworking is a new concept of an open working environment that allows several unrelated companies to share office space and work together. According to Statista, there were around 22,4000 coworking spaces worldwide by the end of 2019. With the rising popularity of shared workspaces, more and more businesses are launching coworking marketplaces. In other words, they are just like Airbnb.

When Airbnb offers vacation rentals with homely amenities, a coworking space marketplace offers office spaces with unique amenities for individuals and businesses. The coworking marketplace efficiently connects coworking space owners looking to rent out their unused office space with individuals and businesses looking for vacant shared work spaces.

In the coming years, we will be seeing tremendous innovation in the field of building and running coworking rental marketplaces. There is no better time to launch your coworking space business. Before we start, let me establish this- There are no easy ways to launch a coworking marketplace and make it successful. Following a sound business strategy and understanding, best practices are important.

Things to consider before starting an Airbnb for coworking

The whole world has been taken aback by the potential of coworking space marketplaces and you are on the right track with launching a coworking rental platform. But running a successful Airbnb for coworking requires a lot of planning and effort. Here are some of the core things to consider before starting your own coworking marketplace that helps you to take your business to new heights.

Research your target market

Whether you are creating a coworking space platform from scratch or using a white label solution, there is no way around doing thorough market research. According to studies, lack of market research is one of the major reasons why startups fail.

To build a viable coworking space rental marketplace, you need to have a clear understanding of the market, how the industry looks like, your target users, their requirement, and the solution they are looking for. Pay attention to market trends as well to spot any big changes like technology breakthroughs so that you can use it for your business advantage.

Choose the right business model

It is a great idea to design a viable business model even before starting your coworking marketplace. Now, the exact way your coworking space rental platform makes money will depend on a lot of factors. However, there are some common business models to consider.

Service fee

It’s a great monetization strategy of any peer-peer marketplaces to charge service providers a service fee each time they receive and process a new booking on your platform. The more transactions your marketplace makes-the more revenue you get. The host service fee can be 3% or more and can vary with different countries. You can also incur service free from guests which can range up to 20% of the booking subtotal. For example, Airbnb takes a 20% service fee from guests and a 3$ from the hosts.

Listing fee

Your coworking marketplace can collect listing fees from coworking space owners when they list their space on your platform. It can be a flat fee or vary based on the total reservation made or any other parameters. To reduce friction, you can consider collecting the fee once the transaction is completed instead of doing it at the time of listing. Airbnb charges a 14% host-fee from property owners according to its new policies.

While these are the common business models- You can add more than that including the following.

  • Adding premium subscriptions
  • Collect payment processing fee
  • Promote sponsored listings
  • Setting your own ad system

Carefully plan your operations

Creating a coworking space management tool is one thing and successfully running is something completely different. As you have to manage two user types, bookings and scheduling, payment processing, and a lot of other functions together, the operations can get a bit complex. Hence, it is important for your rental marketplace to have all essential features that support the operations carried out on your platform.

You will need specialized marketplace payment gateways that allow users to book coworking spaces and pay effortlessly. Implementing an in-app communication system is also essential to set a channel for all your users to communicate regarding scheduling, booking, and cancellation.

Optimize your platform’s search to deliver high performance

Search is one of the most critical interfaces of your coworking office space rental marketplace users leverage these features to interact with your platform. Significant engineering goes behind a smart and intuitive search that performs well. If you take the example of Airbnb, the smart search is one of the most powerful features of this peer-peer vacation rental marketplace.

A typical search for any coworking marketplace should support the following search features.

  • Location
  • Coworking space type
  • Price range
  • Availability
  • Amenities
  • Capacity
  • Meeting rooms
  • And more

Improve the booking flow and experience

To deliver a great user experience to all user groups, your coworking space platform must have a seamless booking feature. When a coworking space owner registers in your platform and activates his listings, the people who are looking for rental office spaces must be able to view and book the space.

Consider instant booking as opposed to normal booking feature as it is the preferred way for hosts to rent out their properties. With proper identification verification services, you can allow service providers to reliably list their coworking space for instant booking option so that users can make instant bookings.

Dealing with Last minute cancellations

Building and running a successful peer-peer coworking management software requires you to think from a user perspective. For example, Airbnb allows hosts to cancel the booking at the 11th hour. When thinking from a host’s perspective, this is an absolutely great feature, but if you think from a guest perspective, this might not be a pleasing feature. Hence, your marketplace must have smart ways to deal with last-minute cancellations considering the interests of both user groups. To reduce last-minute cancellations, you can add a cancelation fee and block booking dates. Another great alternative would be to reallocate another similar coworking space to the user in case a service provider cancels the last minute.

Conclusion

Building an Airbnb for coworking is a different thing and scaling it to millions of users like the real Airbnb does is another thing. Implementing the above-discussed things will help you to run your peer-peer coworking marketplace successfully and gain a competitive advantage in the industry. Happy Coworking!

About the Author

StrategyDriven Expert Contributor | Shirley C. StewartShirley C. Stewart is Business Consultant and Marketing Head at RentCubo. She helps brands to build their web products that people love using. Shirley has a passion for growth hacking and startups.

4 tips for starting a business in a poor economy

/in /by

At one point in our life, we’ve probably all been there. The economy is like a rollercoaster, and from time to time you do reach new lows.

Quite often, these lows give some people a new lease of life. Companies are forced to offload employees, and this means that an increased number of people are without work and ultimately asking, “what’s next?”.

Well, for many of these, a new business is one solution. The economy doesn’t make it easy, but it shouldn’t be a direct obstacle that tells you to turn around and do something else.

If you are considering starting a business in this sort of climate, it’s time to read on and find out our four most recommended tips for doing so.

The location is crucial

Without trying to be patronizing, we really can’t emphasize the importance of location, location, location. It’s something that can make or break your business in these tough times, and this infographic perhaps describes it in the best detail:

StrategyDriven Starting Your Business Article | Entrepreneurship | 4 tips for starting a business in a poor economy

No, you shouldn’t be targeting those locations which are faring the best during these tough times, but you need to be shrewd about how your potential market is going to react. If you are selling high-end products, you need to assess whether the area you are about to venture into is ready for these, and vice versa.

Use the economy to your advantage

There are a lot of ways that the economy is going to hurt you during these times, so you should be trying to take advantage wherever possible.

Lowering costs is one of these and whilst negotiating with suppliers, understand that you probably hold the upper hand. They will be feeling the pinch as well, so use the economy as an excuse to get even better deals. Whether it’s rents, products or equipment, this is something that you must use to your advantage to drive those margins up.

Start as small as can be

Of course, if you have major backing behind you, this next point might be invalid.

For everyone else, starting small is crucial advice. If you don’t necessarily need office space, don’t hire it. The same rules apply to employees, as both of these elements are fixed costs that are going to heap pressure onto your business.

Start as small as you can, and scale up when the market signals that it is time to do so.

Watch the competition closely

The competition is going to be an excellent signal on just how you are going to perform in this market. It will indicate just how flat the market is, and provide you any ideas on how you can treat it differently.

Sometimes, it might suggest that the market has become extremely price sensitive – and this might not fit within your business plan. Or, it might suggest the otherwise, and a creative marketing plan is all you need. Analyze the competition and then plan your strategy accordingly.