Contractor Growth Strategies: Navigating Financing Plans to Boost Your Business and Delight Homeowners
Contractor Growth Strategies: Navigating Financing Plans to Boost Your Business and Delight Homeowners
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Are you looking for a competitive edge over a crowded marketplace in your region? Your contracting business can gain a competitive advantage and enhance customer satisfaction by offering financing options through Fund My Contract.
How many times have you been approached by a client who wants to start a home improvement project but once you submit the estimate, and the customer finds it fair and affordable, they are unable to commit to moving forward with the project? They need time to “think about it” or they want to get a few more estimates first before making a decision.
Unfortunately, there is no guarantee they will ever hire your services even though your bid is the most affordable and your skills come highly recommended by others. Project delays such as these can prevent business growth as you fail to generate revenue because you’re waiting for potential customers to “think about it”.
Financial Barriers and Business Goals
Any contracting business must contend with these two challenges in equal measure. You work hard at providing customers with top quality craftsmanship and attention to detail while making your estimates affordable without cutting into your bottom line and growing your business.
But in most cases, potential clients don’t have enough cash on hand to pay for the job in one lump sum. The customer’s financial situation gets in the way, he or she is unable to proceed with the work because the cost of the project doesn’t fit in with that month’s budget. The result is a job being put off to some other time in the future that may or may not ever come.
This financial barrier is difficult for the client to navigate and potentially devastating to your contracting business. Your business only makes money when you are converting more sales and performing more home improvement projects. When you are waiting for the customer to decide to hire you, you are waiting to grow your business.
The most common financial barrier for customers is their ability to pay for the work they need. So why not help them overcome this barrier by giving customers a choice of financing options to make it easier for them to give your estimate the greenlight and hire your services.
Home Improvement Financing Benefits Customers and Contractors
Every contractor wants higher conversion rates to help their business succeed. Customers want more choices when it comes to paying for the home improvement projects they need. By providing financing options through Fund My Contract, you can increase sales and put more revenue into your business and increase customer satisfaction by increasing their spending power.
Our network of third-party lenders are ready to work with contracting companies just like yours to help you offer contractor financing programs that can fit all of your customers’ needs. We can help you provide some of the most innovative financing solutions in the industry today, programs that offer flexible payment options with low monthly installments, competitive interest rates, and more time to reimburse the lender in full.
When you can offer financing options to your customers at the time you present the estimate for the work that is needed, you are able to increase conversion rates and decrease indecision and reluctance on the part of the client who can afford to pay for the work just not all at one time.
But financing solutions through Fund My Contract can give the customer more opportunities to hire your services and give your business more opportunities for expansion and growth.
Fund My Contract Simplifies the Financing Process
When you work with Fund My Contract’s network of third party lenders, you have a powerful ally on your side for increasing sales and generating revenue. We make the financing process simple by streamlining the application with our exclusive online portal. When a customer wants to apply for one of the financing programs you offer, he or she simply fills in some basic pertinent information and a soft pull of his or her credit history is made to determine which programs that customer is eligible for approval.
From there, the approval process takes a variety of criteria into consideration. FICO score is only one part of a broader picture that helps our third-party lenders approve the customer for financing. Employment history, debt-to-income ratio, and the amount requested for financing are also important components of the approval process and these factors allow for faster, higher approval rates of your customers, so more sales and jobs can be yours.
The financing programs you offer may give customers the ability to pay for the work over low monthly installments that are far simpler to fit into any monthly budget. For those customers who qualify, lower interest rates or promotional rates can be accessed to make paying for the home improvement work they need more affordable. Some clients may enjoy the flexibility of the financing terms that some of our third-party lenders might extend to applicants, offering more time to pay off the financing over a longer period of time.
Quick approvals and higher approval rates can be powerful methods for driving sales and increasing more revenue to help your business succeed.
Get Paid Faster with Fund My Contract Financing Options
Once the customer’s application has been approved, the financing amount is funded. That means your business gets paid faster and in full at the time your work begins. Gone are the days of chasing after unpaid invoices and trying to collect on outstanding purchase orders from customers who keep promising that your check is in the mail.
When you work with Fund My Contract, you are ensuring that the bill for your contracting services is paid in full all at once when the payment is due.
Another advantage of working with our network of third-party lenders is that your customer can only use the money received from these financing programs with your business and your business alone. They can’t apply for financing through one of your programs, get approved, and then go spend the money with a competitor or at some other retailer or service provider. Those funds are intended for use with your contracting business and if the project falls through for whatever reason or the customer ultimately decides not to move ahead with the project, the funds are no longer applicable.
The goal is to drive sales and increase revenue with your contractor business, not someone else’s. Therefore, any contractor who works with Fund My Contract to offer financing options to their customers is assured that those funds will be applied towards hiring their services only.
Once your business is paid, the only responsibility you have left is to complete the work that you have been hired to perform. The customer is responsible for making his or her installments as per the language in the financing agreement. Should the customer pay late or miss an installment for whatever reason or default on the financing altogether, the lender is responsible for ensuring the installments are reimbursed in full. Your business is not expected to return the money that has been paid to you for the work you have performed.
Gain a Competitive Edge in the Marketplace
When you can offer financing to your customers, you are expanding your reach to more clients who may have been otherwise priced out of hiring your services for their home improvements. Fund My Contract is dedicated to helping small businesses grow and thrive in competitive markets and financing can give you a leg up on the competition.
If a customer is unable to afford to pay for the cost of your services, the best strategic move is to make it more affordable to hire you — without lowering your costs and decreasing your profit margins. Offering financing through Fund My Contract allows you to keep your profits high and make your service more affordable by giving customers the option of paying off the cost of their home improvement projects over a series of low monthly payments.
There are many contractors out there, all of them vying for the same jobs in the same market. You already know that your work is better than the other guys’, but if they are offering financing to their customers, chances are those customers are going to hire their services instead. It’s not because they do a better job, it’s because their work is more affordable.
Don’t lose business because you don’t offer financing. Work with the financing experts who have a proven track record in the home improvement industry. Fund My Contract has been working with contractors to grow their businesses and bring more customers through the door.
Call Fund My Contract Today
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