Best Paying Project Types

 
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Old 10-25-2017, 02:06 AM   #1
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Best Paying Project Types


I live and work in the north east. I'm curious what you gentlemen would consider the most lucrative project types for a small company to pursue. Most of my work is residential remodels for investors that buy and sell. I'm looking to branch out and market to diversify a bit. We can do almost everything but we're a small 2 full timers and some helpers when needed.
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Old 10-25-2017, 07:31 AM   #2
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Re: Best Paying Project Types


High end kitchen and bath remodels are generally the most lucrative in my business. The more custom the work, the less opportunity for online comparison shopping.

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Old 10-25-2017, 08:24 AM   #3
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Re: Best Paying Project Types


Cookie cutter production work which requires very little attention to detail.
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Old 10-25-2017, 08:51 AM   #4
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Re: Best Paying Project Types


Either you become the most efficient player in a rat race or you choose to run a different race altogether. I believe I have experienced a certain level of each of these. Both can be lucrative.

Putting more, lesser skilled people in your charge, to do the repetitive, production oriented work, can generate decent profit.

However, I find jobs which fall within my mastered skill set, which have a relatively low workforce to compete against, are ultimately more satisfying.

If you are really good at producing a very high end product that has a limited workforce, and you don't sell yourself short (literally), the return will be that of the better paying jobs.

While this may sound like a very vague answer to the question posed, it's not so general if you look into your own best talents and then try to apply those talents to the market you are in. Further, identifying those markets that you should be in.
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Old 10-25-2017, 09:31 AM   #5
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Re: Best Paying Project Types


Jobs that you can turn over fast.
Jobs that have big ticket material items and subcontracts where you can get the markup on top of these items, in addition to your own work.
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Old 10-25-2017, 12:35 PM   #6
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Re: Best Paying Project Types


High end resi work can pay well, but commercial, prevailing rate work, govt. jobs pay handsome.
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Old 10-25-2017, 01:36 PM   #7
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Re: Best Paying Project Types


The less custom the more in my pocket. However customs pay more per job, they take longer. Not only is labor more intensive, I'm not able to move to other jobs as fast. A double whammy.


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Old 10-25-2017, 01:53 PM   #8
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Re: Best Paying Project Types


For me it's always been:
Do one thing
Do it well
Do it fast and efficient
Do a chit load of it.
Run lean and mean


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Old 10-25-2017, 03:09 PM   #9
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Re: Best Paying Project Types


Quote:
Originally Posted by NYgutterguy View Post
For me it's always been:
Do one thing
Do it well
Do it fast and efficient
Do a chit load of it.
Run lean and mean


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That was me for many years. Two things can trip you up. Fussy clients who eat up your time changing from day-to-day the scope of the work. This kind of stuff slows you way down. The other is that as you get older you naturally get slower, which, once again, eats into your speed, cutting into profits.
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Old 10-25-2017, 03:15 PM   #10
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Re: Best Paying Project Types


I started out in new construction & subbing for GC's. It's very hard to make money as a middleman. I found that while they like my work, their bottom line was the decision maker.

Customers are my biggest money maker. Doesn't matter if it's cookie cutter or full custom. 90% of my jobs I'm the only person they are working with, they either can afford the job or not. Trust and communication will get you farther in this trade than anything else.

Also, you are only as good as your worst player. Good subs and employees are a must, they are a reflection of you. I am always complimented on my "team" when the job is done. I can make the same margin on any project, I just tend to stay with what I enjoy.

It's a great time to be a contractor, tradesmen are impossible to find. Ditch the flipping, do a great job, take care of your guys, take care of your customers. Just make sure you add a line item for another safe, the first one will be full.
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Old 10-25-2017, 03:22 PM   #11
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Re: Best Paying Project Types


Quote:
Originally Posted by Gumshoe View Post
That was me for many years. Two things can trip you up. Fussy clients who eat up your time changing from day-to-day the scope of the work. This kind of stuff slows you way down. The other is that as you get older you naturally get slower, which, once again, eats into your speed, cutting into profits.


I agree. There definitely is an expiration date with my method. Have to plan way head of time for it.


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Old 10-25-2017, 04:58 PM   #12
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Re: Best Paying Project Types


Quote:
Originally Posted by Californiadecks View Post
The less custom the more in my pocket. However customs pay more per job, they take longer. Not only is labor more intensive, I'm not able to move to other jobs as fast. A double whammy.


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Old 10-25-2017, 05:18 PM   #13
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Re: Best Paying Project Types


I can change out a perfectly good stainless steel undermount sink for an apron style in a long day by myself. It always pays well more than 1K (sink excluded) or I won't do it. There's virtually no competition and grateful customers:
http://www.countertopiq.com/2017/03/...ment-timeline/
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Old 10-25-2017, 05:38 PM   #14
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Re: Best Paying Project Types


That's a nice write-up on the sink replacement. And a nice profit. Good for you!
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Old 10-25-2017, 05:46 PM   #15
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Re: Best Paying Project Types


Quote:
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I can change out a perfectly good stainless steel undermount sink for an apron style in a long day by myself. It always pays well more than 1K (sink excluded) or I won't do it. There's virtually no competition and grateful customers:
http://www.countertopiq.com/2017/03/...ment-timeline/
Nicely done!
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Old 10-25-2017, 07:08 PM   #16
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Re: Best Paying Project Types


Quote:
Originally Posted by Californiadecks View Post
The less custom the more in my pocket. However customs pay more per job, they take longer. Not only is labor more intensive, I'm not able to move to other jobs as fast. A double whammy.


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So true Mike. The big fancy custom jobs always look good when you look at the number on the bottom of the contract when signing someone up, however it rarely does once finished.
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Old 10-25-2017, 07:41 PM   #17
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Re: Best Paying Project Types


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So true Mike. The big fancy custom jobs always look good when you look at the number on the bottom of the contract when signing someone up, however it rarely does once finished.
I don't know..I get away with higher labor and markup on a bigger custom job. Regular new construction is cut throat. Custom remodeling is the best money maker for me.
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Old 10-26-2017, 06:48 AM   #18
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Re: Best Paying Project Types


"Investors that buy and sell" is code for "Flippers." They never want to pay much. The more they pay you, the less they make. They also rarely want quality work. Bottom line and appearance are their goals.
You will make more money when you get away from them.

I also agree that narrowing your scope of work is the way to go. You say you can do everything. That is great, but that also means you have to buy tools to do everything. You have to have guys that can do everything.

I would say, figure out what you like to do and specialize in that. High end kitchens and bathrooms are a good place to start, but if you don't like dealing with that, you won't like what you do.

By narrowing your scope, you can also get much more efficient at bidding work. You and your guys will also become much more efficient at doing the work.
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Old 10-26-2017, 07:19 AM   #19
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Re: Best Paying Project Types


It all sucks..... it's the trade off for personal freedom and gratifying work.
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Old 10-28-2017, 04:09 PM   #20
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Re: Best Paying Project Types


Almost anything will be more lucrative than working for house flippers.

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