Tom and Dan answer your queries about how to incorporate contractor fight teachings into franchise rules, if you should go solo while starting a business, and how to solve cash flow issues.
In this episode, we talk about…
Question 1: How do I incorporate what you teach in TCF while abiding by franchise rules?
- Shin Fu is a pre-qualification system, so it is suitable for any sales system
- Many consumers are young and pretty uninformed — a pre-qualification will take a lot of those appointments off your schedule.
- Do what increases your sales, and ultimately the franchise should be happy.
Question 2: I am working under a general contractor and looking to start my own business. I’ve been told that you can’t make money with an employee. I would appreciate any advice on this matter and whether I should go solo or form a partnership.
- Do not bring on a partner if you don’t have clearly defined roles
- You can 100% make money with employees
- You’re going to need employees at some point in the future
- Go solo for the first couple of years — work on your skills as a business owner, and build your brand
- Multiplying your labor is a must if you want to get out of the rat race, make some serious money, and have a life
Question 3: Due to low cash flow, I am starting to dabble in robbing Peter to pay Paul, and taking money from a future job deposit to close out a prior job. How do I fix this issue?
- Figure out where you’re bleeding money
- Some people get cash flow issues because they’re not able to finish jobs quickly
- Get involved in the production
- Having a good relationship with your bank is always helpful for business owners
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