5 Ways to Take Advantage of a Hot Market

5 Ways to Take Advantage of a Hot Market

The housing market is moving right along, which means there’s work for everyone. It also means it’s a good time to expand into areas where you’ve never been competitive. If you’ve wanted to expand your contracting business but wasn’t sure in which direction to go, here are a few options to consider.

New Construction

If you made your mark as a general contractor who does renovations, breaking into new construction could open up more work that you might imagine. When the market is up, not only do people renovate their existing homes, they build new ones. Investors also take advantage of a robust market and build new apartment and condo units. If you’ve got all the licenses and permits, you can get in on this market too.

Senior Housing

It’s not just young couples looking to upgrade or others ready to build their dream homes that are driving the market. A whole other demographic – seniors – need affordable housing. But not only does it need to be affordable, but it also has to meet certain criteria. For instance, a bathroom in senior housing differs from a traditional bathroom. There might be a walk-in shower and tub, a seat in the shower and an extensive railing system. Handicapped accessibility is another issue and these features are found throughout the home. If this is an area you are interested in expanding into, it can also add some additional customers to your portfolio. This construction falls into both the new construction and renovation areas.

Expand Overseas

Ever wanted to work on a Spanish villa…in Spain? Or a Swiss chalet in Switzerland? Here’s your chance. Construction is expanding globally, and that means there are opportunities to go overseas and find work. Provided you are up on the metric system (which we assume you are), and don’t mind driving on the other side of the road, you could be up for the adventure of a lifetime.

Find a New Niche

Do you work on a lot of kitchens but would love to work on outdoor living spaces? Are you the master of rec rooms but would like to try your hand in creating an efficiency over a garage? When the market is good, that’s a great time to expand on your knowledge and take on new projects. Once you have a couple of new projects under your belt to show in your portfolio, you can include them as services you offer. You can also take the opportunity to expand your horizons even more.

Or Just Keep Doin’ What You’re Doing

Maybe you’re happy with your current niche and don’t want to make any sweeping changes. That’s fine. As long as the work is steady, you’re adding to your portfolio and your word-of-mouth advertising is good, there’s no reason why you can’t keep riding the wave you’re currently on.

It’s never a bad idea to learn new things. When the market’s good, that’s the best time to do it. You’re not expanding out of desperation, you’re doing it because you have the resources and you’re curious. So, consider adding some new skills to your resume and before you know it, you’ll have new projects for your portfolio and additional happy customers to sing your praises to anyone who will listen.