Debunking the Top Myths in the Remodeling Business

Business Management

Owning a business can be very tricky, and for many talented remodelers, managing a business successfully is harder because of persistent myths in the remodeling industry.

In the latest installment of NAHB’s Remodeling Forecasts, Myths & Trends video series sponsored by Lowe’s Pro, longtime remodeler and subject matter expert Alan Hanbury, Jr., CGR, GMR, CAPS, MBA, highlights five industry myths that could be limiting some remodelers’ business potential.

By taking a deeper dive into several common misconceptions, Hanbury, in Remodeling Myths Part 1, transforms these myths into actionable tips and advice about taxes, paperwork, software, bookkeeping, advertising and more. This video will provide viewers with some key insights to help build their remodeling business, including:

  • The ability to recognize five myths about remodeling that keep firms from reaching their full potential, such as “job costing is a waste of time” and “not all reported slippage can be explained.”
  • Strategies for steering clear of these common pitfalls once you recognize them for what they are, such as ensuring that employees are accurately charging their time spent on all things job-related in their time sheets to account for any slippage.
  • A labor burden calculation spreadsheet and breakdown that you can adapt to your own remodeling business in order to implement these strategies.

To watch Part 1, subscribe to the Remodeling Forecasts, Myths & Trends video series, free to NAHB members.

You can also register for the companion Shop Talk on Wednesday, Aug. 30, at 11 a.m. ET. Hanbury, along with moderator Vince Butler, will field questions and break down the first five of 10 pervasive remodeling industry myths.

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