Nearly every single trade business starts out as a one-man band with very little complexity – just yourself, your vehicle, and some tools.
And that lack of complexity is typically evident in your pricing strategy too…
Where you probably just figured out what everyone else was charging and priced below it.
And 'ta-da', the strategy actually works!
Your low prices allow you to make some initial sales, build some momentum, and get more and more work through the door…
But this excitement is short lived when you come to realise that funding any kind of growth is becoming more and more difficult as the low margins become more and more evident, and operational costs begin to rise…
You’re having to bring on staff, purchase new equipment, take on more risk and start thinking about more things other than just yourself!
This is where profitability (or lack thereof) starts to become a real issue for you.
You start to work excessive hours and weekends…
Miss out on family events…
Become forever dependant on customers paying you on time…
Take money from your personal savings…
Work for clients that you don’t want to work for because you NEED the money…
And worst of all, despite being busy with plenty of work on, the bank account never reflects the amount of effort and hours you’re constantly putting in each week!
We call it, ‘busy and broke’.
Or even, ‘working for practice’.
And it’s all because you didn’t evolve your pricing strategy with your growing business…
If you want to build a successful and profitable trade business, then you need to evolve your pricing strategy with your evolving business.
This means, understanding your numbers, better positioning your services and mastering the ‘Holy Trinity’!
If you're an electrician, plumber, painter, carpenter, or any other trade business owner who is looking to take their business to the next level, click here to learn more about how our team can help!
