Lessons on Running a Thriving Construction Business
To run a great construction business, you need more than just technical know-how. You also need to be able to lead well, plan strategically, and be able to adapt to changes in the industry. A lot of contractors have problems with common problems like operations that aren't working well, wrong pricing, and bad contact with clients, all of which can slow down growth and profits.
Here are the main points from their conversation, along with actionable steps for aspiring entrepreneurs.
Key Takeaways
1. Embrace Opportunities and Adapt
Nikita's journey began when he immigrated to the U.S. from Kazakhstan in 2011. Starting with basic lawn care, he gradually moved into landscaping and eventually high-end hardscaping and pool construction. His ability to adapt and seize opportunities, even during challenging times like the COVID-19 pandemic, played a crucial role in his success.
2. Invest in Learning and Skill Development
Despite initial setbacks, such as struggling with new equipment and unfamiliar tasks, Nikita invested time in learning and improving his skills. He watched YouTube tutorials, sought advice from industry acquaintances, and continuously refined his craft. This commitment to learning enabled him to take on more complex projects and deliver high-quality results.
3. Leverage Social Media and Paid Advertising
Nikita effectively used social media platforms like Instagram and Facebook to showcase his work and attract clients. By posting regularly and engaging with his audience, he was able to secure significant projects. Additionally, he emphasized the importance of paid advertising, particularly Facebook ads, to maintain a steady flow of leads and grow his business.
4. Charge for Consultations and Designs
Transitioning to charging for designs was a game-changer for Nikita's business. It not only filtered out non-serious inquiries but also allowed him to provide a higher level of service to paying clients. This approach helped him attract higher-quality clients who valued his expertise and were willing to invest in premium services.
5. Build a Strong Team and Delegate
Nikita credits much of his success to his fiancée, Hannah, who handles the design aspect of their projects. By leveraging her strengths and focusing on his own, Nikita was able to offer comprehensive services to his clients. He also transitioned to a design-manage model, subcontracting various tasks to specialized teams, which allowed him to scale his business efficiently.
Action Steps
1. Identify and Seize Opportunities
Look for opportunities in your industry where you can add value. Whether it's a new service, a niche market, or an emerging trend, being proactive and adaptable can set you apart from the competition.
2. Invest in Continuous Learning
Never stop learning. Whether it's through online tutorials, industry workshops, or networking with peers, continuously improving your skills and knowledge will help you stay ahead in your field.
3. Utilize Social Media and Paid Advertising
Start leveraging social media to showcase your work and connect with potential clients. Consistent posting and engagement can build your brand and attract leads. Additionally, consider investing in paid advertising to control your lead flow and target specific services or markets.
4. Charge for Your Expertise
Don't be afraid to charge for consultations and designs. This not only helps you filter out non-serious inquiries but also positions you as a professional who values their time and expertise.
5. Build a Strong Team and Delegate
Identify your strengths and focus on them. Delegate other tasks to team members or subcontractors who excel in those areas. This will allow you to offer comprehensive services without spreading yourself too thin.
Nikita Petrov's journey is a testament to the power of hard work, adaptability, and strategic thinking. By following these action steps, you can set yourself on a path to success in your own entrepreneurial endeavors.
Resources
Grab Brad's tell-all book: The Contractor Profit Blueprint
