4 Things to Consider Before Adding a New Service to Your Company Offerings – ForConstructionPros.com

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If there was one common question I receive it's, "Brad, how do you know when to add another service?" This question, or some form of it, came from young business owners, desperate to find another income stream, and from seasoned owners realizing that to become a bona fide pavement maintenance "specialist" they would need to expand their vocabulary and offerings to customers.

This topic seemed to be on the minds of many contractors, so let me share a few thoughts and observations that I've made over the past 20 years that might aid you in your own evaluation of growing your business.

Now, there are certainly more reasons why you might want to think twice before adding new services but let me provide you some proactive, positive reasons to add new services.

Certainly one or more of these four criteria should be in place before you expand. It is important to also note that if you are seriously looking at adding a new service, develop a business plan addressing such topics as: market needs, competitors, cost of needed equipment, suppliers and their locations, and type of customers, to name just a few areas.

Adding a new service will require that you have the proper attitude and mindset - it will renew your commitment to be patient and consistent. Plus, prepare to have the capital needed to keep the new service moving ahead while you and your workers are learning the new business.

Adding a new service should be a positive and profitable experience. If you've never added a new service you are in for a real challenge to your old policies and approaches. Be open to new lessons and best practices that you can learn and even pass on to your existing services. You might just end up adding a service that becomes the new profit leader for your company in the future.

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4 Things to Consider Before Adding a New Service to Your Company Offerings - ForConstructionPros.com