In a recent post about standard education for residential contractors, I spoke about the existing career path provided for students who want to become professional commercial contractors. In the current market the starting income for 4 year graduates with a degree for commercial construction can be as low as 50,000 per year.
This morning I spoke with a graduate from a local college about his new commercial construction job. He was asked what he spent on his 4 year education to get a job starting at 50K? He said $200,000!
This got me thinking about the income that many residential contractors earn without formal education, albeit they have an education from the school of hard knocks. Many contractors I know earn well in excess of 50k per year. Imagine what they would earn if they received industry specific formal education and training?
There are limited education opportunities for residential contractors in our university and college system. The Contractor Coaching Partnership is championing the cause to bring professional education for residential contractors into the mainstream. Organizations like NARI and NAHB offer industry specific courses but more is needed to prepare today's residential contractors for the changing market.
Consumers are demanding a higher standard of professionalism from today's residential industry. The lack of standard education programs presents a huge opportunity for contractor business coaches and trainers to develop curriculum designed to help new and established residential contractors meet the challenges of the new market.
For now, companies like The Contractor Coaching Partnership will continue to provide industry specific education and training to residential contractors. Although the investment or time committment does not come close to that of a 4 year college, we provide the best up to date curriculum specifically geared to construction companies who provide services to homeowners. Our "Four Legged Chair" system training covers marketing, sales, production, administration, self development, business planning and implementation of the systems into the contractor's business. Depending on the student, this training can be completed in one calendar year while still working. The income potential of residential contractor owners who invest in industry specific business education and training, ranges from high five figures and in many cases can exceed 100k.
Residential contractor education, is a worthy investment.