When you’re establishing a concrete floor coatings business, there are numerous factors to take into account. Your focus might revolve around identifying a reliable supplier, acquiring the necessary equipment and tools, and determining your pricing structure. However, before delving too deeply into these aspects, it’s crucial to ensure that you have a well-rounded and manageable range of services to offer to your prospective customers.
Maintaining simplicity in your service offering is crucial for effectively managing and growing your business. One of your first objectives in developing your business plan should be to carefully select a target market and specific product offerings and concentrate all your resources and efforts in that direction. By doing so, you can channel your focus and expertise, optimizing your business processes and strategies to cater to the needs and demands of your chosen market. Simply put, you can’t be everything to everyone. It’s better to be a master of one particular area than provide mediocre or subpar services across the board.
Although it may be tempting to provide a broad offering that will appeal to a large target market, attempting to serve too many markets can have a detrimental effect on your growth trajectory. The inherent complexity of managing a wide range of applications in different markets can potentially slow down your business’s expansion. Moreover, training installers becomes a more intricate and resource-consuming task when dealing with a broad range of applications and market dynamics. Minimize the number of flooring systems and potential options you will offer and be sure to have suppliers setup that can quickly provide materials for your projects.
By adhering to a focused approach and specializing in a specific market and product offering, you position your business for more efficient growth and operational excellence while ensuring that your team of installers can be effectively trained and proficient in delivering high-quality services.
So, now that you understand why it is important to focus your service offering, what does that look like? There are quite a few areas that you can choose to build from so we’ve put together a quick graphic to show you the six main areas of focus.
Residential Garage Flooring:
• Color Chip Flooring; 2-Day and 1-Day systems
• Solid Color Systems
• Metallic Flooring
Residential Exteriors:
• Driveways
• Patios
• Color Chip Flooring
• Solid Colors Systems
• Stains & Clear Sealer Systems
Pool Decks & Exteriors:
• Deck Repair and Restoration
• Installation of New Pool Deck Systems
• IE Knock-Down Texture
• Faux Flagstone Overlay
• ECT
Residential Interiors:
• Concrete Polishing
• Stains & Clear Sealer Systems
• Grind and Seal Systems
• Metallic Flooring.
Commercial Flooring:
• Concrete Polishing
• Concrete Sealer Systems
• Grind and Seal Applications
• Thin-Film Epoxy Coatings
• Color Chip Flooring Systems
• Metallic Flooring
• High-Build Systems
• Epoxy Broadcast Systems
• Urethane Cement
Industrial Flooring:
• Thin-Film Epoxy Coatings
• High-Build Epoxy Broadcast Systems
• Urethane Cement
• Concrete Repair
NARROWING IT DOWN: QUALIFYING QUESTIONS TO ASK
When you’re looking at these potential service offering categories, you’ll want to consider some qualifying aspects that will ultimately help you land on the best offering for your company.
1. Expertise & Experience: Do you have an area of expertise or extensive experience? If so, this is a great place to start. For example, if you’ve been installing epoxy color chip garage floors for years, you might look closer at garage flooring, residential flooring or commercial flooring. If your experience falls within multiple categories, you should next determine if you are able to provide the full range of installations within that area.
2. Education & Training: Do you require training and education before you can confidently provide quality services within a specific offering? If you simply need to round out your training on one or two systems types, that may be attainable but be sure that you have the time and resources to commit.
3. Installers & Labor: Do you have access to qualified installers and labor for the service area that you are interested in or will you be working solo? If you are working alone, it’s important to develop an offering that you can confidently manage on your own. Taking on too much can cause quality and efficiency to suffer and creates trust and credibility issues for your business. If you need to hire installers and labor to carry out your installations, it’s important that you have access to industry networks that help to facilitate job searches and hiring.
4. Training: What’s necessary for the training of new employees? Establishing a training program for new recruits is advantageous for all businesses. The primary aim is to create uniformity, quality, and efficiency across all of your installations. If your goal is for your business to operate seamlessly, it’s imperative to onboard each employee, providing them with the knowledge of installation procedures and the company’s expectations. The greater the number of systems and system options you provide, the more time and resources will be demanded for employee training. This can also make it more challenging to sustain consistency across all tasks, ensuring that every job is executed correctly. Keep this in mind as you develop your service offering.
5. Colors, Options & System Options: What colors, options, and system types will you offer to your customers? Within each service offering, there exists a multitude of system types and options, each offering a range of colors and choices, including the possibility of custom orders. If your aim is to streamline and simplify your offering, it may be wise to limit the number of systems, colors, and options you provide. Not only does this make the decision process easier for customers, but it also grants you greater control over your business operations, ensuring efficiency and coherence in your services. By carefully curating your selection, you can tailor your offerings to meet specific customer needs while maintaining a manageable and profitable business model.
6. Target Audience: Do you have a clear understanding of your target audience? If not, conducting research on this specific demographic is paramount. Understanding their purchasing behaviors, income levels, influential factors, and general demographics can help you fine-tune your communication and marketing strategies. When your messaging and product offerings align with the values and needs of your audience, it increases the likelihood of creating strong and enduring relationships with your customers. This, in turn, fosters brand loyalty and encourages repeat business. Furthermore, audience research can provide valuable insights into new opportunities for products or services, as well as potential enhancements to your existing offerings, promoting innovation and ultimately leading to higher customer satisfaction.
7. Supplier: Do you have a supplier that stocks the materials, tools and products that you will need for your service offering? You want to ensure that you’ve got a good working relationship with a supplier that stocks materials that align with your needs. For example, if the majority of your systems will be epoxy or polyurethane based coatings, be sure to choose a supplier that stocks a robust line of these materials and the tools to work with them. Ideally your supplier will also provide field support and training in the areas specific to your service offering.
Dedicate time to address each of these questions in order to construct an overview of your service offerings. Subsequently, you can further fine-tune and enhance them. The primary objective is to simplify and guarantee the manageability and sustainability of your business. Once your business experiences growth and operates smoothly, you can contemplate expansion when you’re confident and prepared to do so.
NOTE: Last month, we posted an article called “10 Tips for New Concrete Coatings Contractors” that outlines important factors that can set you on the right track to ensure a strong start in the industry. This article provides a fundamental framework for your business development. If you missed it, pop over and give it a read.
Starting your journey as a concrete coatings contractor? It’s important that as you begin, you’re working with guidelines that are based on contractor experience and rooted in sound business practices so you can avoid common pitfalls and start out right. In this article we explore the 10 tips for New Concrete Coatings Contractors that will save you trouble and ensure a strong start in the industry.
Maintaining simplicity in your service offerings is crucial for effectively managing and growing your business. One of your first objectives in developing your business plan should be to carefully select a target market and specific product offerings and concentrate all your resources and efforts in that direction. By doing so, you can channel your focus and expertise, optimizing your business processes and strategies to cater to the needs and demands of your chosen market.
Although it may be tempting to provide a broad offering that will appeal to a large target market, attempting to serve too many markets can have a detrimental effect on your growth trajectory. The inherent complexity of managing a wide range of applications in different markets can potentially slow down your business’s expansion. Moreover, training installers becomes a more intricate and resource-consuming task when dealing with a broad range of applications and market dynamics. Minimize the number of flooring systems and potential options you will offer and be sure to have suppliers setup that can quickly provide materials for your projects.
By adhering to a focused approach and specializing in a specific market and product offering, you position your business for more efficient growth and operational excellence while ensuring that your team of installers can be effectively trained and proficient in delivering high-quality services.
A sales and marketing plan is a foundational tool that guides your business towards achieving its sales targets, reaching potential customers effectively, and building a strong brand presence in the market. It provides a clear roadmap for your sales and marketing efforts, aligning them with your overall business objectives.
As you go through the process of developing your plan, you will gain a clear understanding of your company’s brand personality, intended customers, how you want to position your business in relation to the competition and understand the value that you’re offering.
Ultimately, this plan should be a reference document that is used by salespeople, management, marketing and design professionals within your organization to inform business decisions. A solid plan should include guidelines on the following:
It’s advisable to work with a professional agency or marketing professional to help create a well-rounded marketing plan. They can also help to develop your logo and design guidelines for your business.
Establish a vital partnership with a reliable supply partner who can bolster your business operations. Seek out a partner willing to provide comprehensive support, including essential elements such as training programs, sales tools, and valuable field support. A supportive supply partner can play a pivotal role in equipping your team with the necessary knowledge and skills, empowering them in the sales process and on jobsite installations. Moreover, they can offer valuable insights and hands-on assistance in navigating the field, addressing challenges, and optimizing your business strategies. This collaboration ensures that your business has the right resources and expertise to succeed and thrive in the competitive market landscape. with training, sales tools and field support.
Finding a mentor in your field can significantly impact your business success by providing invaluable guidance, support, and a wealth of experience to draw from. It can accelerate your learning curve and improve your decision-making, ultimately contributing to the growth and sustainability of your business. This can be someone in your market or another successful contractor in another state, a supplier or salesperson.
A mentor can work to guide you as you find your footing in the industry. They can help you mitigate costly mistakes as they draw from their own experiences. Additionally, mentors usually have an extensive network within the industry. Through your mentor, you can gain access to valuable contacts, partnerships, and potential clients that can help your business grow.
Implementing an accounting system is essential for maintaining financial order, compliance with regulations, strategic planning, and ultimately ensuring the success and growth of your new business. It allows you get the full picture of your business’s financial health regarding business performance, job profitability, overhead expenditures and cash flow. Having a good accounting system also makes the management of invoices and payment of vendors a much less arduous task. It’s also important to note that lenders and financial institutions may require detailed financial records to approve loans or funding. An accounting system provides the necessary documentation to support the loan application process.
Investing in high-quality equipment for a concrete coatings business is paramount for several reasons. First and foremost, having quality equipment ensures efficiency. High-performance tools and machinery are designed to handle the demands of the job effectively, leading to increased productivity and reduced downtime.
Additionally, durable and reliable equipment tends to last longer, reducing the frequency of replacements and repairs. This, in turn, lowers maintenance costs and enhances overall cost-effectiveness.
Furthermore, specialized high-quality equipment can offer advanced features and capabilities that may be necessary for complex projects, enabling the business to take on a broader range of jobs and meet varying client requirements. Ultimately, investing in top-tier equipment is an investment in the success, efficiency, and reputation of the concrete coatings business.
Clients often associate well-maintained, high-quality tools with a professional and trustworthy service, contributing to a positive reputation for the business. Be sure to research the type of equipment you’ll need to address your various project needs. Choose high-quality brands and create a proper maintenance program to ensure longevity of your equipment.
Developing an employee training plan offers numerous benefits for both employees and the overall health of your business. Standardized training equips employees with the necessary skills, knowledge, and tools to perform their jobs more effectively and efficiently, leading to improved job performance. It also creates consistency, increases productivity and enhances employees moral and satisfaction. This in turn, reduces turnover, which can be a costly issue for any business owner.
Although there is an initial investment in training, it can lead to cost savings in the long run by reducing errors, minimizing downtime, and improving operational efficiency, so be sure not to skip this step.
In a previous post, we discuss “The Top 3 Tradeshows for Concrete Coatings Contractors” and the benefits of attending these events. Attending events and being a member of trade associations in the industry offers a variety of benefits for individuals and businesses. These include networking opportunities, market research, partnership opportunities and learning and education. Industry focused trade publications, newsletters and shows can help you keep a pulse on trends, expand your connections and knowledge and gain an edge over competition.
Most materials suppliers in the industry offer regular trainings on the materials that they sell. During these trainings, they demonstrate proper mixing and installation techniques, give you tips to use on jobsites and troubleshooting information that may come in handy when issues arise. Trainers will also discuss new trends in the industry so you can stay current. These trainings are often free, and they are a great way to network. Sending your crew to regular trainings is a great way to continue educating and can be a valuable part of your employee training program. See DPF’s Training Calendar.
Far too frequently, new contractors underbid projects to secure a portfolio of projects. While this tactic may yield some benefits initially, it can prove detrimental in the long term. Low bidding on projects attracts customers who prioritize cost over quality, potentially leading to dissatisfaction and strained relationships. Moreover, continuously accepting low-budget projects can undermine the financial health and sustainability of the business, hindering growth and limiting the ability to invest in quality resources and skilled labor. It’s crucial to strike a balance between building a portfolio and establishing fair pricing that aligns with the true value of the services provided, ensuring a prosperous and sustainable future for the contracting business.
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Palm Desert, CA 92211
877-376-9994
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Tempe, AZ 85284
877-376-9994
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877-376-9994
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877-376-9994
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