Earning a high general contractor salary in today’s economic climate takes some adaption & evolution. Learn how to increase your contractor’s salary today!
You can’t expect to run your remodeling business the way you did before the real estate meltdown of 2007 and the recent recession–you need to make some changes in order to keep earning the big bucks.
With the help of the Home Asset Management Plan, it’s even possible to make those big bucks even bigger…in just 30 days.
Your general contractor salary isn’t a fixed number. It can shrink with neglect, stay constant with hard work, or grow with some creative business restructuring. Now which of those three sounds best to you?
General Contractor Salary | What to Expect
Even though times have been particularly tough for construction and remodeling business in the last several years, today’s general contractor still earns a salary considered to be above average.
According to several sources (including SimplyHired and EHow), the median salary for a general contractor is right about $58,000. For hourly workers, this translates to approximately $28 an hour. Of course there are contractors who make much more than this…and much less.
In order to ensure that you stay on the positive side of the pay scale, you should think about:
- Getting a higher education
- Working in a region with a higher average–like California or New Jersey
- Earning as much job experience as you possibly can
Of course there are other ways to increase your salary…and in just 1 month, at that.
General Contractor Salary | Maximizing Income in 30 Short Days
It is possible to turn your residential remodeling business in a new, more profitable direction without overhauling your staff, location, or other semi-permanent fixtures of your company.
First you need to recognize the need for a new philosophy and business model. Then you need to reorganize your schedule. If you do these things in the ways outlined by the Home Asset Management Plan, then you’ll be well on your way to increasing your profits dramatically in a very short amount of time.
The Relationship-Driven Model
Most general contractors used to work with a project-driven model, waiting by their phones for folks to call up with huge remodeling, renovating, or repairing jobs. Well, the money has dried up and these projects are limited now. So you need to change your model and business philosophy to focus more on the client. Develop close working relationships with your clients and you’ll find that the work is still out there and still needs to be done. If they trust you to care for their household needs, you clients will give you projects, no matter how dry the economy may be.
The Management Plan
As a general contractor, it’s your job to assess a situation and make sure it gets taken care of. In the past, this might have meant hiring electricians, plumbers, and engineers to build guest houses, second story additions, or attic apartments. Not you expertise is needed for much smaller projects. By becoming a client’s home asset manager, you can become involved in every facet of a home’s upkeep, allowing you to stay in work and keep a constant cash flow.
By making these major changes, you’ll discover a new, positive outlook on your business’s profitability.
General Contractor Salary | Looking at the Long-Term
In order to use this new relationship-driven model as outlined by the Home Asset Management Plan, you need to always be thinking about the long-term.
When you become a client’s home asset manager, you take on a lot of small projects with a few bigger ones lined up in the future (after a client has had the time to put some money away). By parceling out the work like this, you earn your client’s trust that you aren’t just in this for a quick buck, and you also create a good deal of job security for yourself.
Do this with several of your clients–they don’t even have to be new ones–and you can begin to see how the small work can add up to big bucks.
Your general contractor salary isn’t a fixed number–with some adapting, evolving, and reorganizing you can create enough work to keep you busy for a long time to come at a rate of pay higher than you thought possible in today’s economic climate.
For more information about the average general contractor salary or how you can go about raising yours in 30 days or less, contact us with your questions–we’re happy to answer them for you!