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

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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.Weve got quite a few people on the list tonight so its 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, lets get right into it. So todays topic is the FIVE THINGSYOU NEED TO DO TO PREPARE FOR GROWTH IN YOUR HOME IMPROVEMENTBUSINESS.The strategies Im 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. Im the CEO of PME360. Weve been poweringgrowth online for small to medium sized business for over 5 years. Ive beenpersonally working on growing businesses since 2005. Ive been in the InternetMarketing world for over 8 years with 3 to 4 of those years spent directly on thehome improvement market.Ive successfully also launched 4 other companies in a variety of niche markets. Butwhat Im most proud about is Ive 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 todayssociety. Its just incredible what you can do especially local companies skys thelimits, its wide open. You can see some of my credentials.And what Im 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 hopefullyPowering Growth Online for Local Businesseshttp://www.PME360.com

2. it comes through in some of the things Ill 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 thatwere 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 Ive always been a big fan, why Ive 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 weve 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.Its a big market. So if youre in the home improvement, remodeling market, I feelyoure really in the right place.And if youre struggling, not generating the kind of revenue that you hope togenerate, there are things you can do to capture more market share. I think thatsprobably what it will come down to as your marketing is probably a little off.Youre probably a little bit scattered and you dont have the system to scale andgrow your home improvement company so again I really think when youre in thisindustry, youre really in the right place.The value of the products and services in this industry is another reason why I lovethis. If youre in the right remodeling segment, home improvement segments, youretalking about high ticket average cost per transaction.These arent $5 widgets that youre selling or $50 pins that rely on a ton of volume.Youre 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 Im 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 isPowering Growth Online for Local Businesseshttp://www.PME360.com 3. lot of competition but when I really look at what the great companies are doing,there isnt 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, youre 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 its 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 theyve 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 theyre still showing strength and those will continue to grow aswell. So what you see is a lot of stats, thats all. But what does it really mean for you?And what Im seeing, youve got growing market conditions in the homeimprovement space and if you have a great campaign to capture that market share,theres a lot of wealth creation that youll 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 youreprobably sitting on the bench for a while with a couple of different things you needto do. Maybe theyll have the money. Maybe theyll have the conviction.But money loves speed. That means, the faster you cam implement things and getgoing, the quicker youll get generating wealth and building a business that hasvalue. Its 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 youve been doingalready. But know that Ive been there. I know what it feels like. Youre the person.Youre the go-to person in your company.Powering Growth Online for Local Businesseshttp://www.PME360.com 4. Youre responsible for just about everything. Its the lack of direction or focus and itsreally hard to delegate. You have passion for your business but maybe its lost ormisplaced. At the moment, youre a little bit drained, overworked, overwhelmed.Its totally normal. We all go through this as business owners. This is totally normal.You go through periods of feeling great at what youve been doing. Other times youjust want to give up.Dont feel like youre alone here. This is the nature of what it is if you are involved inthis vicious cycle. Most of the time, what Im seeing in the home improvementmarket is that, you probably have a poor business model.Youre probably trying to do too much and have not created or documented systemsaround what youre doing: marketing all the way to production of services thatyoure 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.Its 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 toItalk to them on the phone but I hear another phone ringing in the background. Theyhonestly couldnt 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. Its super cheapand easy to hire an outsource center to field your incoming calls.Dont answer your phone. Its really a huge distraction. And its 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, doesnt meanyou have to respond to that mail when it comes in.Theres 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. Dont answer or respond to emails on your phone. This is completelyinefficient and unproductive.So for me, personally, at 11 oclock everyday I check email for about 20 minutes,power through and get that done. At 4 oclock before I shut down from the day, Icheck my email one more time just to see whats going on and get that off my plate.Powering Growth Online for Local Businesseshttp://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. Dont expect perfection.As a business owner, it is our brand on the line, we expect everything to be done inperfection, its not necessary. If you have ideas, systems that you want to try and getout there, bang them out and move on. Test it, dont 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 hav