Tom and Dan answer your questions about how to pay yourself as the owner of the company, providing your subcontractors with shirts and magnets to give them a sense of your company’s identity, how to inform your clients about hiring subcontractors, and how to get leads in winter, etc.
In this episode, we talk about…
Question1: As a result of COVID, I was unable to find good employees to work for the business that I established at the end of 2019. When should I quit my full-time job and return to my business?
- Learn how to communicate properly
- Communication is an important component of how you’re building your personal brand
- Even if you couldn’t find people to work with, don’t give up
- Be serious about building a business
Question 2: I’m structured as an escort and also work in the field for an average of 80 hours monthly. In addition to the salary, should I also pay myself an hourly wage?
- Talk to your accountant about how they want to structure the money
- It’s more important how you job-cost your time in the field rather than how you pay yourself
Question3: When I hire subcontractors, should I provide them with shirts and magnets to represent my business or not? Also, do I need to inform the homeowner that subcontractors will be doing the work? If so, how?
- You shouldn’t provide shirts and magnets because they’re a subcontractor. They have their own business.
- Subs are just glorified employees, and you’re going to get audited and screwed at some point.
- Letting the customer know or not know about hiring subs is a marketing and sales process issue
- Bring the right subs to do the job, and then set the expectation in the sales process
- Most customers don’t care who does the job. They just want to know who will do it.
Question 4: How do you get leads in winter?
- The only trades that can get constant leads are the emergency trades like electric, heating, air, plumbing, etc.
- Currently, your only option is to contact past customers. Don’t expect fast work from anyone who isn’t a past customer since you’re behind the eight ball.
- The number one job you have as a business owner is to market your business, build your brand and sell it.
- Don’t care about producing at this point—sell it first, then figure out how to produce it.
- Get fanatical about marketing and building your brand—invest a portion of your revenue into branding your business.
- Check out our Marketing Boot Camp—it will teach you how to market and build relationships, etc.
- Build relationships with influencers, interior designers, realtors, etc
- Make warranty calls—ask if anything is wrong, etc. This will differentiate you from everybody else.
- Warranty calls are one of the greatest ways to build your brand and business.
Question 5: I do bathroom models, and I have too many leads. Tell me how you recommend screening leads.
- Check the Shin-Fu process
- Be good and efficient at what you do
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