Key Considerations for Small Builders in London
London is notorious for its high cost of living, premium house prices, and competitive business market. But, among the challenges faced by small builders looking to make a profit in the capital, there are also plenty of opportunities.
We’ll take a look at why London is seeing an increase in home renovation and how small builders in the region can capitalise on this market.
A hotbed for home renovation
While house prices in London have always been above the national average, values have recently begun to drop, or, at least, remained stagnant in some of the more affluent areas. This is due to various factors such as the increased cost of general living, high interest rates and difficulty securing a mortgage.
Instead of moving, many homeowners are instead choosing to ride out the storm and are opting to renovate. With the ‘improve rather than move’ mindset becoming popular once again, small builders are able to take advantage of a lucrative market.
But, if you’re managing a small building company, what aspects need to be considered to make sure you can take advantage of the best opportunities?
There are likely hundreds of small building companies in the capital that focus on home renovations so it’s a good idea to find your niche to make you stand out from the crowd. This could be by offering luxury materials, contemporary designs or specialising in one aspect such as kitchens or bathrooms.
You’ll need to make homeowners aware of your business offerings so ensure your marketing campaign targets the right audience. This could be homeowners in a certain area or those with particularly high-value houses.
Make sure you have access to skilled workers to enable you to fulfil projects in a timely manner. Create a fair and ethical work environment and ensure you have the correct risk management protocols in place. You might also want to consider taking out appropriate builders’ insurance for your small business.
It’s a good idea to register your business with a registered body to demonstrate your professionalism. It’s also crucial that you and your employees are up to date with building regulations and legislation.
Whatever project you’re working on, a high standard of customer service is essential. Great reviews will increase the chance of new and repeat business and help build up your reputation within the industry.
Finally, don’t over promise on anything that you’re unlikely to be able to deliver. Communicate any issues to your clients, whether that’s a delay in materials, an unexpected challenge or weather problems. Keep them informed of the building process at every stage to help build a great relationship.