When you’re a cost consultant in the building construction industry, you already have a lot on your plate. However, there is no harm in wanting to earn more. Due to increasing competition, most cost consultants are unable to increase their wealth. However, with a proper understanding of some suitable measures to earn income, you can start making more money. In this post, I am suggesting ten ways to make more money while working as a cost consultant.
1. Additional Services
When you start working with a company, architect or builder, you should ensure the services agreement has a provision for other services. You can provide the client with these services at additional prices. Most cost consultants make a common mistake. They keep giving away services that could be compensated for more money.
2. Construction Services
When you are a cost consultant, almost every client would like to know if you offer construction services. A lot of clients have the perception that cost consultants also provide construction services, and always get in touch with architects, builders and other professionals from the community. It is easy and lucrative to set up your own construction business. As a cost consultant, you would already know how to come up with cost estimates.
3. Selection of Fixtures and Finishes
During the construction project, you should provide clients with a detailed shopping list. In addition to this, you should also provide them with contact information about sellers and suppliers. While clients can shop themselves, you can help them develop the overall design. You should support them at every step of the selection, design and development process. You should answer all their queries and doubts.
There are times when clients do not want to be responsible for selecting designs. This can be a good source of passive income. You can offer a pre-defined selection of finishes and fixtures. In this case, you take full responsibility for the items and charge more for the services.
It is important to understand that every client is different. While someone may be interested in choosing everything on his own, another client may be reluctant to visit markets to shop for fixtures. You can take advantage of this situation, and provide additional services at reasonable prices.
4. Purchasing and Delivery
Once all the finishes and fixtures have been identified, you can document various selections and include specifications in your construction documents. When construction begins, purchasing these items is the contractor’s responsibility. Even the owner may purchase the items himself. To increase wealth, you can offer the Purchase and Delivery service to your clients. It also allows you to build trust and rapport.
With this service, the acquisition of various items becomes your responsibility. Additional attention to detail assures your clients that the products ordered will be authentic and delivered in time. In some cases, the process takes a lot of effort and time. It’s not the responsibility of the builder or architect. When you offer this service, you’re able to earn a good amount of money.
5. Reimbursable Expenses
A lot of construction service agreements identify several out-of-pocket expenses, which are reimbursed to the architect. These expenses are separate from basic compensation. However, some designers don’t keep a record of such expenses, and thus, don’t collect the amounts owed for project-related expenditure. To earn income, you can provide a service to quantify reimbursable expenses and charge a commission to the architect.
6. Reduce Waste
This is one of the best ways to earn a passive income. You don’t need to perform any additional work for the clients. You just need to prepare a detailed evaluation of the money spent by your company. It should be categorized into “Required”, “Not Required” and “Waste”. You should spend money only when it helps your business grow. Saving money is earning money – this concept lays the foundation for every business.
7. Monetize Your Website
A cost consultant can run a website to market the architect’s or builder’s firm. This allows you to earn money online. A website can feature a discussion forum to help clients discuss construction projects.
8. Increase Volume
If you plan to reduce the fee, it’s important to increase the volume. You need to complete projects quickly. You should calculate costs on a periodic basis and measure them against profits you’ve made for the same period.
9. Raise Your Fees
If you’re unable to increase volume, this is the perfect alternative. To earn additional income, you need to raise the fees. You should spend more time on design, and serving your clients better than the competition in the market. With this business model, you’re able to devote more time to every project.
To earn profits and make money, you need to calculate the expenses, while quantifying effort and time. It’s also necessary to add an appropriate profit margin and get paid. When you’re a licensed professional, there’s no reason to hold yourself back.
Whether you’re thinking about earning money through your primary business or looking to make more wealth via passive sources, with these ten ways, you will be able to earn additional income without making a lot of effort.
10. Your turn!
I could only think of 9 ways to increase earnings as a building cost consultant. I am looking forward to seeing your comments below! Thank you for reading my post; I hope you enjoyed it!
