Are you a professional contractor looking to make more money? With consistent demand for new housing and commercial businesses in Tennessee, your earning potential as a contractor is endless. We have compiled a few tips to help you take your contracting career to the next level.
Start Your Own Business
Many contractors aim to make more money by starting their businesses. When you start your own contracting business, you get control over the projects you take and how much you charge. Additionally, for many years, contractors in the industry typically have the necessary skills and knowledge to succeed as business owners.
Ask for Equity
If you’re not interested in managing your own business, requesting equity through your employer may be an option. An equity agreement may be available if you have been working with your employer for many years and have proven that you’re a reliable and valuable employee. With equity, you’ll share in the business’s profits, meaning if it does well, you will, too. Working hard and helping your employer close sales and upsell services can help you increase your earnings if you have an equity deal.
Expand Your Skills
Expanding your skills allows you to complete more jobs in the construction industry. Upgrading to a commercial contractor license, for example, will enable you to work on larger construction projects, including ones that exceed four stories in height. Working toward your electrical, plumbing, or mechanical license allows you to complete more tasks. Once you achieve your specialized Tennessee contractors license, you can negotiate higher earnings from your employer.
Even business owners can benefit from additional certifications. Studying for and completing your HVAC or masonry contractor license in Tennessee means you can expand your business offerings, thus earning more money for your business.
Keep Up With Continuing Education Requirements
Tennessee requires general contractors to complete continuing education requirements every two years. Failing to meet this timeline can lead to downtime when you can’t work or earn money.
Keeping up with continuing education requirements and completing them beforehand ensures you don’t have any untimely work breaks. Set aside a few hours each weekend to complete the required eight hours total, and make sure you give yourself enough time to submit the appropriate paperwork to the state.
Change Industries
Some construction industries pay more than others. The highest-paying construction jobs typically include specialized skills or knowledge, including drilling engineers and architects.
However, even accepting more responsibility in your current position could earn you more money. Construction crew leaders or project managers tend to make more money than contractors since they’re in charge of scheduling, solving job site problems, and sometimes bidding on new jobs. Taking on a supervisory position or learning how to bid on jobs could earn you a higher salary in your existing position.
Change Your Work Status
Construction workers may be salaried, part-time, or contractual workers. Some laborers may find they can make more money as independent contractors, especially since they can pick and choose their jobs. You’ll need in-demand skills and good project management abilities to succeed as a contractor, but you can fill your schedule with the most profitable jobs with the right scheduling.
Strengthen Your Customer Service Skills
Understanding customer needs better helps improve your service and demonstrates to your employer that you’re a valuable worker. Learn to communicate with the customer so you can earn rave reviews. Expanding your customer service sales skills allows you to earn more for your money, which you can use to negotiate a higher salary. Pay attention to how successful companies handle customer service and then similarly shape your interactions.
Brush Up on Safety Rules and Regulations
Safety is a priority in the construction industry. Staying on top of the latest OSHA and Tennessee-specific safety rules and regulations shows your employer that you value your job.
Additionally, many employers may assign supervisor or team lead roles to those workers who can ensure a safe job site, which could translate to a few more dollars per hour for times you’re already working.
Take On More Work
Some construction employers offer overtime, which can be a great way to earn extra money quickly. Offer to work nontraditional hours to help your employer meet project due dates. Just make sure you’re not overworking yourself. Failing to give yourself enough time to rest between work hours can increase your risk of injury.
Your earning potential as a construction worker or laborer is endless. Expanding your skills or changing industries are just a few techniques for earning more. Some entrepreneurial construction workers may start their own business after obtaining the necessary licenses and certifications.
