The 7 Deadly Sins of Building a Contractor Business - The 7 Deadly Sins of Building a Contractor Business - 05 - Sin #3 – I’m the Expert and I Know What My Customers Need

The 7 Deadly Sins of Building a Contractor Business - 05 - Sin #3 – I’m the Expert and I Know What My Customers Need

09/17/16 • -1 min

The 7 Deadly Sins of Building a Contractor Business

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!

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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!

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undefined - 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

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!