These days, even though the economy looks like it is making a comeback, a lot of businesses are still struggling. And because the economy isn’t completely back on its feet, people are refraining from starting major building projects. These people include developers, homeowners and other individuals interested in investing in real estate. So, as a small construction business, where does the state of the economy leave your company? How do you thrive in a down market? First off, you have to get into the entrepreneurial spirit and you have to get resourceful. Desperate times call for desperate measures. Here are five ways to keep business booming for your construction business.
- Advertise. If you are having trouble sealing new clients and signing new contracts, you may want to create a small advertising campaign. One idea is to go the old fashioned route and purchase airtime on local television. This method is quite unorthodox for a construction business, but can be incredibly effective. Another idea is to start an online marketing campaign by reaching out to your immediate network and email contacts. Somebody that knows somebody is always looking for a construction company to complete a certain project – if you get yourself out there, you could be that company.
- Innovate. It is also important to start innovating. Perhaps you want to start investing in new equipment and machinery and find a way to set yourself apart from other construction companies. Perhaps you want to offer a service that other construction companies don’t offer. So, it may be wise to invest some of your remaining cash flow and extra time to brainstorming. There is a good chance that you and your partners can think of a few ways to break out of the box.
- Elaborate. It may also be important to start elaborating upon the services that you do offer. If you are primarily a home construction business, perhaps you should be focusing on other modes of construction. Right now, there are a lot of industries that are booming, like the oil industry. Have you thought of investing some of your energy to promote your business to the oil industry? You could be helping build derricks, field offices and even oilfield tanks.
- Go niche. Another option is to go completely niche. Perhaps you want to switch out of being a more broad-minded service company and hone in on one particular niche. Maybe your construction company only focuses on the oil industry. Maybe your construction company only focuses on the construction of churches or office buildings. If you streamline your services, you could notice a big boost.
- Invest. Another interesting way keep business booming is to get into the real estate game. Perhaps your construction company can invest in real estate. Not only will this put money into the economy, but also it could create a new environment for investors who may feel more comfortable about putting their money into certain projects. In the end, sometimes you have to pay to play.