How to Diversify Your Carpentry Business!

Carpentry

Successful businesses need to stay ahead of the game if they want to grow and expand. In many markets, this can be a challenge, especially when there is lots of competition, often from larger companies. 

At the beginning of 2022, there were 5.5 million registered businesses in the UK, of which 5.47 million were classed as small. So, it makes to stand out from the crowd if you want your business to be successful. 

Carpentry is a sought-after and highly skilled trade and, according to Rated People, it features at number six in the top ten trades that are likely to be in demand in 2023.

So, if you’re in the carpentry industry, there are clearly plenty of opportunities to increase your ROI.  We’ll take a look at ways in which you can diversify to take advantage of the market this year.

Research

This should be the first step when considering how to expand. Look into current and emerging trends, gaps in the market and where customer needs might not be being met. 

If you own a local business, check out the nearby competition to find out what other companies are offering and where there might be other opportunities. 

If you provide domestic services, make use of online home interior publications to discover unique furniture and building ideas. 

Create a strategy 

Any successful business needs to have a plan in place before expanding, to ensure budgets are kept to and there’s enough supply to fulfil potential demand. For those in carpentry, being aware of advancements like the latest lathes could be essential for your strategy. Create a timeline to work towards and keep goals measurable and achievable.

Create a timeline to work towards and keep goals measurable and achievable, ensuring that you continue to assess their success along the way. 

Invest in new products or services 

Once you’ve got a plan in place, you can look to begin incorporating your ideas into your work. This might include new services such as offering bespoke items or launching a range of products created from reclaimed or recycled materials. 

Ensuring you have the right tools for the job is a must. Invest in quality carpentry tools and upgrade any equipment which is not fit for purpose. This will help you deliver a high standard of work to your customers, which is vital for maintaining a good reputation, especially when diversifying. 

Marketing

Promoting your new services or products is essential, otherwise your customers won’t know that you’re offering them. 

If you already have a website, be sure to update it to include your new elements. Social media is also a vital component to any marketing strategy and is a great way to show off photos of completed work to highlight your skills. 

Finally, considering offering discounts on the new line, a reduction for new customers or a free product when buying a service to help attract clients.

Carpentry article and permission to publish here provided by Rank Castle. Originally written for Supply Chain Game Changer and published on March 25, 2023.