Rank #1: The 7 Deadly Sins of Building a Contractor Business - 01 - Letter from the Son of Contractor -
The 7 Deadly Sins of Building a Contractor Business Letter From a Contractor’s Son What makes the difference between contracting companies that thrive and those that struggle and ultimately shut their doors? What are the common mistakes made over and over again by good contractors – the things that trip them up, stall growth, and kill profits? How can a contractor who works long, hard hours every day doing quality work go from just turning a wrench, fitting a pipe, or running electrical cable to actually having a business that works without him? These are the questions that Karan Dhillon, The Contractors’ Coach, has helped so many contractors just like you answer over the last six years – answers that for many of these contractors have meant: more business, more profits, and finally getting the quality of life that owning a successful business can afford.
Rank #2: The 7 Deadly Sins of Building a Contractor Business - 02 - Introduction
Introduction Are you "living in sin" in your contracting business? No, no, not that kind of sin. I'm talking about the kind of "sin" that gets in the way of your ability to be successful in business. A sin of mindset, of the way you think. You see, small-minded thinking will keep your small business small – or kill it outright. On the other hand, if you can master the mindset of success it will become almost impossible for you to fail! The bottom line is that the way you think about your business as a contractor determines your success far more than anything you do. After all, every action is preceded by a thought – which means the idea had to have been there before the action occurred.
Rank #3: The 7 Deadly Sins of Building a Contractor Business - 03 - Sin #1 – I Am Already Out of Time; If I Grow My Business, I Will Be Even Busier!
Sin #1 – I Am Already Out of Time; If I Grow My Business, I Will Be Even Busier! If you are like most contractors I know, you are running yourself ragged. You make it to the end of one day only to collapse into bed for a few fitful hours of sleep, then get up and do it all over again – day after day. You are stressed; you are exhausted; your bank balance is not anywhere near where you would like it to be – but when someone asks you if you would like to grow your business, the first response out of your mouth is, "No way! I don't even have the time to handle the business I already have!" Working Hard or Working Smart? Fortunately, there is a better way.
Rank #4: The 7 Deadly Sins of Building a Contractor Business - 04 - Sin #2 – If I Want Something Done Right, I Have Got to Do it on My Own
Sin #2 – If I Want Something Done Right, I Have Got to Do it on My Own It is no secret that most contractors are in business because they are good at their trade. Business growth expert Michael Gerber says that most small business owners – and contractors are no exception – are frustrated technicians who became entrepreneurs on the side. In other words, chances are you became a contractor because you are good at a certain trade and decided to go into business for yourself. But being good at a trade and being good at running a business in that trade are two completely separate things! You need completely different skill-sets to be successful. So if you are a great plumber, it does not mean you will automatically be great at running a plumbing business. One of the most critical skills every business owner has to master is hiring. Listen for more!
Rank #5: The 7 Deadly Sins of Building a Contractor Business - 05 - Sin #3 – I’m the Expert and I Know What My Customers Need
Sin #3 – I’m the Expert and I Know What My Customers Need (Or as one contractor, a rather cut and dry fellow, put it, “Even if my customers had a mind, they couldn’t make it up!”) In the entire world of business there is only one way to make money: Find out what people want and sell it to them. Period. End of story. But so many contractors fall into the trap of completely bypassing what the customers want and head directly into what the contractor thinks they need! Look, your knowledge of your trade is critical, and you may offer the best option based on your informed opinion – but if you are not offering something your clients really want, they will not hire you; or worse, if they do hire you, they will not like you very much once the job is completed... and they will tell their friends! Listen for more!
Rank #6: The 7 Deadly Sins of Building a Contractor Business - 06 - Sin #4 – When Times Are Tough I Need to Hunker Down, Save Money, and Wait for the Economy to Turn
Sin #4 – When Times Are Tough I Need to Hunker Down, Save Money, and Wait for the Economy to Turn Let me introduce you to a fundamental business principle: You can never save your way into prosperity. Never. Similarly, you can't cost-cut your way to growth. Nor can you expand your business by hiding in it. Are we clear? You see, when times are tough, the business that used to come from referrals dries up, clients become more price- conscious, competition gets tighter, and margins shrink. And as a result, businesses collapse by the thousands. Do not fall into the same trap. The truth is, you can only spend your way to wealth. Now don't get me wrong: you must be smarter, more strategic, and more precise in the way you spend your resources – but if you want to survive, you absolutely must learn how to spend, and spend well. "Spend on what?" you are probably asking. Listen for more!
Rank #7: The 7 Deadly Sins of Building a Contractor Business - 07 - Sin #5 – I'm a Contractor, Not a Salesman!
Sin #5 – I'm a Contractor, Not a Salesman! Most contractors have been there: that desperate and anxious feeling that comes when it is time to close a sale. You are worried that you will not be able to say the right thing, answer the prospects' questions in a smooth and persuasive way, prevent them from saying those dreaded words that almost always mean no: "Let me think about it." In fact, you might even feel frustrated that you have to sell at all! "After all," you say to yourself, "I'm a contractor, NOT a salesman!" Of all the sins of the mind that contractors commit, this is probably the most common (not to mention the most difficult to overcome). Fortunately, I am about to help you eliminate your fear and hesitation by showing you how to think about sales in a whole new way. Listen for more!
Rank #8: The 7 Deadly Sins of Building a Contractor Business - 08 - Sin #6 – I Just Need to Sell More Jobs to Make More Money
Sin #6 – I Just Need to Sell More Jobs to Make More Money Let me ask you an important question: How much money are you actually making on each job? If you do not know the answer off the top of your head we have got a problem. You see, it is not enough just to sell more jobs. You need to sell more jobs that are more profitable. You can have all the volume in the world, but if you are earning mere pennies (or worse, are actually losing money in the process) by selling more jobs, you may be putting yourself into debt or out of business even faster! You might as well be flipping burgers – at least then you would get a free lunch every once in a while. Listen for more!
Rank #9: The 7 Deadly Sins of Building a Contractor Business - 09 - Sin #7 – If I’m Really Good at What I Do, the Business Will Come and I Will Eventually Be More Successful
Sin #7 – If I’m Really Good at What I Do, the Business Will Come and I Will Eventually Be More Successful If there is one thing I hope this book has helped you see it is this: There is a big difference between being good at your trade and being good at your business. Most contractors strike out on their own because they have good technical skills, inherited the company from their family, or wanted to fire their boss. These are all good reasons to start a business, but as you know, they are not nearly enough to create a real lifestyle business – as opposed to a never-ending job. This last sin is about letting go of the idea that "if you build it, they will come." Yes, it is critical to provide your clients with high-quality work; but if you really want the life you say you want, you have to develop your entrepreneurial skills just as much. Listen for more!
Rank #10: The 7 Deadly Sins of Building a Contractor Business - 10 - About The Contractors' Coach
About Since 2008 The Contractors Coach has been providing business coaching services to Contractors from California all the way to Sweden. We have been helping owners of construction businesses become business owners, instead of feeling like their business owns them. This includes not just developing a better business, but becoming people who think like business owners. This helps contractors develop the mindset of a successful business owner, and creates a business that is run through systems and teams. Listen for more!