TCF825: The Secret to Gross Profit for Contractors (Pt 1)

There’s a lot of confusion out there in the contracting world about gross profit. Today Tom is clearing up this confusion and sharing his gross profit secrets. Tom also has some candid advice on the importance of focusing on gross profit over net profit when starting out and he addresses the most common questions contractors ask regarding gross profit.

Episode Highlights:

[00:00] – Intro
[00:39] – What is gross profit
[01:43] – What is net profit
[02:34] – Why focus on gross profit over net profit
[02:50] – Reason #1:GP is simple to calculate
[03:54] – Reason #2: Earn more money with less revenue
[04:45] – Reason #3: Don’t scale unprofitable business
[06:50] – What to do if you have no work lined up
[07:05] – Pricing decisions for no work
[08:07] – Marketing and brand importance
[09:22] – Why 50% GP should be the target
[11:45] – Closing remarks


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