Nobody wants a business that's mediocre. Everybody wants a business that's successful. Don't you? Here in this video, I'm going to share with you seven things you need to know to have a successful contracting business. So stick around.
If you're curious about what the successful contracting business owners know that you don't, hint, successful versus steel trying to figure it out, then you're going to want to chime into these seven things that I'm getting ready to share with you that successful contractors are doing.
By the end of this video, you're going to have all seven for you to take and implement in your business. My clients are using these seven things today right now in their businesses to achieve the level of success that they desire. Now I want to share those same seven things with you so that you can achieve the level of success that you desire in your business. So guess what? You're up next.
Tactic number one: Stay horizontal in your business.
Too many times I have you guys come to me talking about the multitude of things that you want to do and implement. They don't connect, right? They don't go together. They don't fit together like a neat little puzzle. And you find yourself struggling, spreading your business and yourself too thin to achieve the level of success that you desire. The first thing is you have to stay horizontal in your business and then stay focused on that.
If you're not sure what that is, niche down. Niche down, stay focused. Pick one thing, one area. Now you could offer multiple things under that one area. For example, if you chose construction, you could do electrical, plumbing, just depending on your capability. So you could have multiple things, but it's under one umbrella.
IT, information technology, for example. You could install software. Maybe you know how to write programs, maybe you know how to put together the hardware. But again, it's still under one thing.
If you do a janitorial, for example, you may do make readies, maybe you do final cleans, maybe you do residential cleaning, or maybe just commercial cleaning, or deep cleans. You have deep cleans as well. Again, different things, but they all fall under the same umbrella. Niche down and stay focused on one thing.
Here's a good one. This is tactic number two. Market and sell your offer.
I can tell you from personal experience that nobody's coming to knock on your door and offer you a contract or say, "Hey, I have this work for you to do. Can you do it?" So that's why it's important that you get out and market your business and sell your offers
Whether it's a service, a product, or whatever it is, you have to market yourself, your business, and you can't stop there. You have to ask for the sale. Whether that's in the form of a contract or you just can sell a one off project or service. Whatever it looks like, you have to close the deal and you can't close it without asking for the sale.
Now I know marketing and sales can be daunting for some of you guys, so if you’d like more information about the marketing plan that I've created, reach out to my team. My clients are using it and it's to market your business as well as business development.
Yes, you need them both.
I'll share that link with you guys down in the description if you want to grab that training and the actual outline of what you should be implementing and scheduling and all that great stuff. All right. That's it for tactic number two, market and sell your offer.
Do me a favor. I want you to comment below with your one thing. I want to know what's your one thing that you do? What are you selling or offering? What's your niche? Put that in the comments below.
Not only will I see it, but everyone else in my community will see it and you just never know what may develop. And guess what? It's a way to market your business so you can check it off the list for today. All right, one down. So in the comments, what's your one thing? I'm down there waiting. I want to see it.
Tactic number three is all about building relationships.
I can't stress this enough about building relationships before you need them. Here's the thing. If you think about personal relationships, you don't meet somebody today and marry them tomorrow. Except for that show, Married At First Sight, so that doesn't count, okay? That's something totally different. But ideally, you don't meet somebody today and marry them tomorrow.
You have to build relationships. My thing is to build relationships before you need them. Build relationships before you need them. What type of relationships do you need? Well, it depends on your business, where you want to take your business, and what relationships you already have. But I can tell you there's nothing wrong with continuously building relationships even if you have a bookkeeper, for example, you may still want to build relationships with other bookkeepers. You never know what may happen.
Or if it's your banker, you may want to build relationships with other bankers as well. Build relationships, It could be with attorneys. You may need documents reviewed. Maybe you're thinking about doing a teaming arrangement down the road, so other companies that do what you do that you could possibly partner with in the future. You've got to build a relationship first before it can become fruitful. I would want to do that anyway because you need to build up that like, know, and trust factor, not just for them but for yourself.
I always like to have ... You can't see my stomach here. It's down too far. But let me see if I can show you. So down here, right in the stomach area, I'm talking about you want to have that warm and fuzzy feeling when you go into a relationship with someone and money on the table. Just a little sugar for a dime.
Tactic number four is project management.
You need to have a system in place for managing the projects, not only once the project is awarded to you, but even prior to that. What is your process for going out finding opportunities? What is your process for bidding opportunities? And then what is your process for delivering the opportunity, the project, so that you can get paid. You need to have a system in place for that.
Tactic number five is financial management.
You're in business to make money and you need to be on top of your finances to make sure that you're running a profitable business, that every project you do is profitable. Now, sometimes we might want to toe the line on that, but at the end of the day, you don't want to be losing money on projects. That will put you out of business really fast.
You definitely want to have a pulse on your finances. And let me just tell you something, If numbers are not your thing if you don't know how to do bookkeeping, it's not your thing, then hire a bookkeeper. It's well worth the investment to have a bookkeeper on your team. I'm just saying. Not only for profit reasons but also when tax time comes around.
You do know as a business owner you are required to file taxes every year. Which means again, back to what... you need to have your finances in order.
Tactic number six, and this is really important here. You need to have a mindset shift from employee to a business owner.
This is sometimes difficult for people to do. We run our business as if we're the employee and not the business owner. Now, what does that look like? That may entail a whole set of training of learning what that actually looks like. What should you be doing as a business owner?
As an employee, when you go to a job, you wait for your employer to tell you what you need to do and ideally they may tell you that when they hire you and you know at that point or just depending on your job, it may be something where it changes and they always have to tell you, "Okay, this is what we're doing this week." But again, they're providing the direction, training you may need, resources you may need, all of that great stuff.
Well, as the business owner, that's now your job to provide direction. So you need to know what that is and it begins with a mindset shift.
Tactic number seven. You need to step. Literally step into being the true visionary leader of your business.
Whether you have employees today or not, whether you're working with independent contractors or not. It could be just you. I don't care. You need to change your thinking and be that visionary leader of your business.
In my Contractors’ Edge Bootcamp, we cover that in modules one where we talk about your business preferences. That's part of being the true visionary leader of your business. You need to know what that is so that you can share that with others that are going to come work with you.
They need to know what your goals are. Where do you want to take your business in the next year, in the next three to five years? What type of projects do you want to do? What is your income goal? There's a lot of things to consider, but you have to set the framework for them all.
You have to have the vision and then you need to be able to share that vision with others so that they can then be vested in the vision and help you achieve those goals. Remember, we're talking about having contracting success. Having a successful business. It encompasses these seven things.
Let me tell you what they are again as a recap.
We talked about staying horizontal in your business, niching down, and staying focused on that one thing.
The second thing is to market and sell your offer.
Third, build key relationships.
Number four was project management.
Tactic five, financial management.
Tactic six, having that mindset shift from employee to a business owner.
Tactic number seven, being a visionary leader of your business and being able to share that so that you can get others vested in your business and achieve the level of success you desire.
There you have it. That's the seven things that you need to not only know but really you need to start implementing these things in your business today to start building up the momentum necessary to have the success that you desire.
I say this all the time.
Consistency on the right things builds momentum and then the momentum of that will build the cashflow for you.
I promise you, that is the process. It works time and time again. You just need to stay on it, work it, and make it happen. Consistency, momentum, cashflow is coming your way.
You just need to implement these seven things.
So don't forget to email my team at, if you don't know what actions you should be taking to market your business, I have a product that I'll share the link below all about the marketing activities as well as business development that you should be implementing in your business.
I'll also come back and add a link to the project management tool that I created where it has the step by step of what you should be doing from that project management role perspective in your business. You need to be doing that as well. I'll put those links below and if I think of any other useful links, I'll pop them down below in the description as well.
Let me know if this video was helpful for you, and you can just comment below with the word helpful, yes, thumbs up, show some love. Let me know I'm on the right track with the information I’m sharing here.