MDP Masterminds join Richard and Laura in this special Potty Talk LIVE edition to discuss understanding who their right customer really is and how that helped them become successful Million Dollar Plumbers.
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Resources
3 Masters
- Matt Delnay – Mountaineer Plumbing
- Danny Pen – New Era Plumbing
- Bo McKenzie – Full Speed Plumbing
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Show Notes
New Construction or Residential?
[13:22] Many new plumbing business owners just starting out make a majority (or all) of their business on new construction. This may seem like a great idea; lots of business, a relationship with the contractor, and being booked out for many many months.
Our Masters did this too, and it made them feel secure that they’ll have work and can start making plans for their future. But then those same contractors they had the relationships started trying to negotiate price, or not paying at all. Suddenly it was time to pay the supply house, and there was nothing to give them.
After getting into the Success Academy, they found out where the real money is: Residential. It can be a scary prospect to not have the (usually false) sense of security of being booked out for the foreseeable future, but it’s a better situation overall.
Get Paid Today
[23:22] Cash flow is so important in our business. Not only does it keep a roof over our heads, but it helps us take on more business and increase our top line. See more about that here.
Financing is not the path to take – you aren’t a bank. Like any other business, it’s vital to collect at the time of service. And to stand firm on your price. Like we talked about last week, you need to remember what you’re actually selling. Hint: it’s not plumbing.
You Can Be Picky
[41:02] Not every customer will be on board for you knowing your worth and charging for it. Our masters go over their red flags when they know a customer isn’t the right one for them, but you know yours too.
You’re allowed to pass these customers who aren’t right for you on to someone else. Now that you know your worth, you can be choosier and not take every customer that calls you. You can pick the jobs that make the most sense for your business and its future.
Richard’s Call to action
If you want to learn more about numbers that matter and how to best run your plumbing business, why not schedule a free 30-min strategy call with us? Let’s talk about your goals and where you want to be this time next year, and we’ll help you create a path to make that happen. Schedule your free strategy call here today!
