Friday, September 12, 2014

How to Know When You are a Successful Modular Home Builder

We all know when we are successful the same way we know we failed. Our gut tells us. But have you ever wondered what goes into being a successful modular home builder? Wonder no longer.

Your company earns money while you're on vacation

Going on vacation and earning money at the same time means you have built a company, not just a job. You started your modular home business without giving much thought to vacations or free time. During the first few years you still didn’t think you could take time off but a successful owner will soon realize that time away from the company they started is even sweeter when the money continues to come in even though they are on a long vacation, you are successful.

You change a customer’s life

Most modular home builders seek to make a difference in the world through their businesses. When a customer writes to tell you the difference you have made in their life, it's one of those moments. If you open your mail and find a handwritten letter from a customer that just moved into their new home telling you all the joy they are experiencing in their home, you are successful.

Clients find you

People you do not know and never contacted you before are now asking you to quote a price on their new home. It is such a great feeling the first time someone calls without you having to go after them, you are successful.

Customers refer you

The highest compliment is when one of your customers refers another person to your business. Stop and think about this for a second. Not only did you build a great home for someone, they thought enough of your business ethics and quality construction to recommend you to one of their friends. That is the ultimate compliment and you are successful.

You bounce back

When you go through bad times and you are able to bounce back to success. Losing money on a house, having your employees defect to another builder, loss of a business partner and other problems are always jumping into your path to success. How you handle them is what makes the difference between success and ruin. Bouncing back from any of these and continuing to grow your business means that you are successful.

News media takes notice

A news article helps to get the word out, and it flushes out other “believers” to your company. The next time you set a modular house invite the press. They are always looking for something new even in areas that are experiencing a lot of new home growth. Not only will they send someone to talk to you and take video or pictures for their evening news, they will post it online where you and your business will continue to be seen long after that day. Using the media and working it to help your business means that you are successful.

You fire customers

When your business is successful enough, it can let go of customers that are unprofitable for your business. There was a day when you had to quote just about anyone that wanted a new home whether they were qualified or not. You had more than your share of pain in the a** customers that looking back on you knew they would be from the moment you met them. When those types of prospects are in your rearview mirror, you are successful.

You achieve positive cash-flow

This holy grail gives the business the time to succeed and reinvest its profits for future growth.  If you have cash in the bank after ALL your bills are paid, you are successful. Don’t go out and spend right away however. All it takes is something to go wrong and that cash will disappear quicker than snow in Panama.

You get that first signed contract

When someone signs a contract with you to build their new home, there is nothing like it. I remember the very first home sale I made when I was a Realtor, the first house I built as a site builder, the first house I sold as a modular home factory rep and the first ad I sold on this blog. Success starts with the first contract. Write a lot of them, make a profit, take a vacation, have cash in the bank and get referrals and you are successful.

1 comment:

Unknown said...

My brother in law and brother are in the construction business. They are looking into opening a business together. It is good to know that there are indicators so they can be better prepared to start their business. Thanks for the info.