The 7 Deadly Sins of Building a Contractor Business Karan Dhillon, The Contractors' Coach

Your Next Steps Completely change your business and your life.  Set up a business evaluation with a Master Business Coach at The Contractors' Coach. Listen for more!

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!

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!

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!

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!

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!