The Seven Deadly Sins of Building A Contractor Business

There are several issues that contractors face that hinder them from having a successful business. Many contractors fail in the word go because of their mindset getting in the way of future success.

this image shows a contractor while at work

Every action is presided by thoughts. When you think that an idea is unimportant, the more you will lose opportunities. The way you think of your business will determine the direction of your business. The way you see the problems in your business is the fundamental problem. As a contractor, these are the things that can hinder you from a successful business.

Time

Are you working hard or are you working smart? For you to survive in business, your time is worth infinitely more than you think. Spending time with things that drain your energy will not be saving time but rather flashing it out in other areas such as health care, relationship.

You can calculate how much income per sale against the target to know the time it would take to achieve. Know what time is realistically worth, don’t concentrate your time doing administrative work like paperwork and office manager. This will lead to robbing yourself of an income you could be creating.

Shift your mind to recognizing how much your time is worth. Make a list of things you should be doing, link them with your skills required, how much you enjoy, find quality people to outsource /lower the work. Apply your strengths and supplement your weaknesses.

Finding the right people

‘If you want something done right, do it on your own.’ This mentality has led talented contractors to fail in business. If you are a great contractor it doesn’t mean you will be a successfully running business. Thinking you have to do something for you to obtain the best results. The sooner you realize you need qualified persons to help in the business the earlier you will achieve success.

You can never save your way into tough economic times

this image shows a contractor team on the field

The only thing you need to ask yourself is, if your business will be ready when that time comes, you have to shift your mindset. During that time there is always an opportunity, you need to get out there and look for your opportunity. Don’t be scared to market yourself.

Being afraid that you will not be able to make a sale

 Being worried you will not say the right thing or answer the right questions to convince potential customers. You can even feel frustrated when it comes to pricing your services.

The theory that you need to take more jobs to make more money

 You need to know how much money you are making in each job. Taking more jobs can lead you to many debts, or getting underpaid for a complex job.

Don’t confuse the difference between what you are good at and your business

Providing quality work is one thing and being able to develop your entrepreneurial skills just as much. Be willing to learn a new skill each time, relearn what was trending then and learn something new. What worked today will not work tomorrow.

The Seven Deadly Sins of Building A Contractor Business
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