Contributor

Mark Richardson, CR, is an author, columnist, and business growth strategist. He authored the best-selling book, How Fit Is Your Business? as well as his latest book, Fit to Grow. He can be reached at mrichardson@mgrichardson.com or 301.275.0208.

Why Remodeling?

When times get tough, it helps to remember what’s good about the industry

March 19, 2019
remembering what's good in remodeling

Very few industries have the advantages of remodeling. A low barrier to entry, level playing field, and high potential for growth make it almost unique in today’s business landscape.

Remodeling is a great field but when things get tough, it’s easy to dwell on the downsides and forget all of the advantages. These slumps are unavoidable, but the good news is you can prepare. By making a list of the reasons you enjoy working in the remodeling industry, you can gain the conviction needed to push through hard times. To help you get started, here are seven reasons being a remodeler is worth it.

1. The work is meaningful. A well-executed project creates joy and relaxation in homeowners’ lives. It can also enhance family relationships, help aging adults remain at home, and save energy and other resources.

2. There’s always a fresh challenge. Every project presents an opportunity to learn. It’s also mentally stimulating to stay on top of new marketing techniques, create the right workplace culture, and hone company best practices. A good remodeler is never bored. 

3. It’s here to stay. Spending on remodeling may fluctuate with the economy, but people will continue to live in homes and want to improve them. Construction expertise will always be in demand. 

4. The industry is fragmented. The nation’s largest remodelers still hold only a fraction of the market share. It’s unlikely you’ll ever be up against a Home Depot-type competitor—a remodeler so big that they win business based on size alone. The number of small players, combined with a low barrier to entry, means that most people joining the industry get a fair shot. Remodeling is also highly profitable for any company owner who takes the time to learn best business practices and continue to improve his or her craft. 

5. Great relationships abound. I have never met a better group of people than my industry colleagues. Whether they are your own team members (from field to office) or strategic alliances (trade contractors to suppliers), you make long-lasting friendships in the remodeling world.

6. The industry fuels growth opportunities. Growth can be defined in many ways. It can be about increasing profitability, creating more professional opportunities for you and your team, and developing as a person. The remodeling business can serve as an engine for these growth opportunities.

7. There are ways to exit. While it’s not easy to sell a remodeling company to an outside buyer, with the right preparation there are many ways to create a successful exit strategy. You can transition the business to someone in your family or a member of your staff. You can structure this exit for a complete separation or a soft transition. The key is beginning to plan for your exit three to seven years before it needs to happen. 

Adding together all of the remodeling industry’s upsides will help you get your head around why you do what you do. While most of this list is pretty simple, I am not saying the business itself is easy and all you need to do is log on to your bank account and watch the money pour in. What I am saying is that residential remodeling is a wonderful industry, and if you invest the time to learn it, you will be successful.

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