Successful business owners are always looking for ways to grow and boost revenue. One of the fastest and most effective methods to do that is by bringing on a new product or service that you can sell to your existing base of customers. Accountants call that a marginal sale, and we all know it when we hear, “Would you like to make that a combo?” at the drive-through. So, how do you add complementary services to your contracting business?
How To Pick a New Service For Your Contracting Business
There’s a good chance that your customers have already been asking you for this new service. While you’re out at their home or business, they have been asking for referrals for other services, asking if you know somebody, or even asking you if you do this other work. That is a great sign that new revenue awaits.
Here is how you can go about selecting that new service:
- Identify your goals. The last thing you want is to go off on a tangent and hurt your core business. Set clear goals upfront so that you stay focused and within your wheelhouse.
- Identify the needs and challenges of your existing customers. Think about all the time you spent at their location. What else do they need that you could offer?
- Find solutions that fit your customers’ needs as well as your skillset and expertise. Look for a product or service that doesn’t require intensive training, that has its own support, and carries a good profit margin. Read more on this below.
- Select your new service offering. From available options, choose the one that has the best upside, from new revenue to support and training.
- Market this new opportunity to your customers. Let your customers know that they can get this new service from you. Use all of our marketing channels to get the word out.
- Book a cruise. What else are you going to do with all of this new money?
Choosing The Best Add-on Service
It’s important to choose your new product or service carefully. Adding this revenue should not disturb your core business. It should complement it in a natural way. As you choose a new service, consider the following:
- Support. This is new to you, so you want a company that stands with you in helping you get up and running. They also need to be there should anything go wrong.
- Warranties. Read the fine print carefully on warranties. A company that truly believes in its products is the kind of company you want to represent.
- History. Work with a manufacturer that has been around a while, whose product is proven. You don’t have time for their growing pains.
- Margins. The whole point is to add new revenue and profits. Make sure the margins are healthy enough that you make good returns on this new product.
- Partnership. Whichever product you choose, you want to choose a company that sees you as a partner. They should send you leads, keep you updated, and support your business the way you take care of your customers.
Become A Dealer With Cool My Garage
You guessed it. We are that company. We offer great support, marketing leads, a strong warranty, and a proven product — No. 1 in America 10 years running. If your business is already out there working in or around garages and attics, then these products may be just the added service your business needs.