5 Tips for Growing Your Refinishing Business
On our NAPCO blog, we talk a lot about how refinishers can use our products and services to start their own refinishing business. But what do you do when your company is already established? As a small business owner, it can be tough to know where to invest your time and money in order to take things to the next level. The first step to growing your small business is to increase your overall revenue. For refinishers, the easiest way to do this is to get more customers. Below are five proven strategies you can make use of to grow your refinishing business:
Grow Your Customer Base Through Referrals
Instead of using your budget on marketing strategies like direct mail or online advertising (though these can be valuable tools as well), try attracting new customers to your business through existing customers. Though your excellent refinishing work and customer service will speak for itself, you should be actively seeking referrals after every job. This means asking the customer if they know of anyone else that could use your services and requesting they put them in contact with you. You could even set up a referral program with bonuses or discounts for friends and family!
Extend Your Reach
To attract new customers, you may have to go to them. Though opening a new branch can be a daunting process, it can pay off in the end by allowing you to serve a much greater range of new customers. If you don’t feel ready to operate a multi-location business, you could also start by extending your reach online. Launching a website for your business is another great way to reach new customers, as you can take advantage of new channels of communication such as social media and email newsletters.
Diversify Your Services
If you want to appeal to more customers, you’re going to have to offer them more. After all, one bathtub refinishing customer should be set for another 5 years at least! However, past customers will likely remember your good work and be interested when they learn that you offer new services like kitchen cabinet and countertop refinishing. Not only do diverse service offerings allow you to appeal to past customers, but they can bring your business to the attention of new customers who may be only looking for kitchen refinishing.
Keep a Handle on Costs
This one comes as no surprise, but in order to grow your refinishing business you’re going to need to make some tough decisions when it comes to spending. If there is a certain product, service, marketing initiative, or, sadly, employee that doesn’t seem to be worth the cost, you will likely need to let them go. However, don’t be overly quick to pull the trigger on certain expenditures. Some programs may take weeks or even months to bring value but are worth it in the long run.
Get Yourself Out There
Be it local advertising, paid social media campaigns, a new website launch, or attending trade shows, the most important thing to do in order to grow your refinishing business is to get it out in front of people. Participating in targeted marketing strategies ensures that you are reaching the right people in the right area who could benefit most from your services.
If you would like further advice on how to expand your refinishing business, get in touch with our customer service team at 800-888-1081. We’d be happy to talk to you about growth strategies and share our training manual with you!