EPISODE 215: Many home improvement businesses manage to achieve high revenue but the owners are still not reaping the benefits. This happens because, more often than not, they make much lower profit margins than they COULD be making.

In an attempt to compensate for this, we end up working endless hours FOR our business each week, often sacrificing our health, mental wellbeing, and time with our family.

I know this because I’ve made these same mistakes before, and only by changing the way I worked and thought about my business was I able to turn things around.

And in this week’s episode of The Wealthy Contractor podcast, I’ve decided to share with you my 7-step guide to do the same for your business.

Tune in as I discuss how you can reverse-engineer a business model that generates wealth and freedom for you, the importance of setting up clear personal and professional goals as a business owner, the concept of “who not how”, and why you should focus on profit margins over top-line revenue.

I’ll also be talking about the importance of accountability in business, why you should work on your mindset more, and why you have to always begin with the end in mind.

Are you ready for this?

Tune in now to learn more.

Key Takeaways:

Introduction (00:00)

The industry’s dirty secret (04:16)

The seven steps to become profitable (05:41)

Clarity of outcome (06:55)

“Profitability instead of revenue” is a must! (10:30)

Convert your plan into a scorecard (14:35)

Why accountability matters (16:45)

Don’t allow others to dictate your schedule (20:48)

Focus on progress (24:57)

Eliminate roadblocks (26:36)

Never stop working on yourself (28:41)

Additional Resources:

⚡ Register for The Profit Workshop 2024: https://www.TheWealthyContractor.com/Profit

⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety

⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).

⚡ Follow us on social media:

Facebook: https://www.facebook.com/TheWealthyContractor

Instagram: https://www.instagram.com/TheWealthyContractor/

LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/

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The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 214: After working with hundreds and hundreds of home improvement businesses, from the very best to those that have struggled and failed, you realize there are a few things all the successful ones do, no matter what market they are in.

And no one knows this more than this week’s guest on The Wealthy Contractor Podcast, Dave Crowell.

Dave has a unique (and extensive) experience in the home improvement industry, having worked in dealer development, support, and training for some of the largest and most successful networks (I guarantee you’ll know them).

In this episode, I sit down with Dave to discuss why building a successful home improvement company always starts with good people, a strong culture, and effective leadership and how the people you surround yourself with can provide you with invaluable insights and support – if you’re willing to let go of some things and empower them.

We’ll also be talking about why the most successful owners leverage a network, the importance of adapting your marketing strategies to today’s market, how much effort you should put behind regular training sessions for your sales team, emerging technologies that provide opportunities unheard of a decade ago, and more.

Are you ready for this episode?

Tune in now!

Key Takeaways:

Introduction (00:00)

Why you need good people in your company (03:52)

The importance of being part of a community (07:53)

Is your marketing strategy good enough? (09:39)

Let’s talk about differentiation (15:39)

Why you should keep training your salespeople (19:25)

What makes a multi-million dollar business? (25:49)

Additional Resources:

⚡ Register for The Profit Workshop 2024: https://www.TheWealthyContractor.com/Profit

⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety

⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).

⚡ Follow us on social media:

Facebook: https://www.facebook.com/TheWealthyContractor

Instagram: https://www.instagram.com/TheWealthyContractor/

LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/

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The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 213: Are you working hard but finding yourself not making the profit you deserve? Then you might want to give this episode a listen.

No matter how much revenue you generate as a home improvement company, it might not be enough for you to really thrive in the current market.

One way to change that is to get your financial management in check and start focusing on better profitability. And that means structuring your books correctly, using your P&L to make decisions, and maintaining high gross and contribution margins.

To discuss this in more detail, I’ve invited an expert on the podcast, the brilliant Mark Curry.

Mark is from Revelare Home and he is a seasoned expert with nearly four decades of experience in the home improvement industry.

Today, Mark and I will be discussing the importance of accurate financial tracking and how high profit margins are attainable in our industry, which can provide a better life for you and your family.

We’ll also be touching on why so many P&L statements are inaccurate, the difference working smart (compared to working hard) can make in a business, the three types of decision-makers, which car we’d pick in a cross country race, and more.

Are you ready for this?

Then run, don’t walk, and listen to this episode now!

Key Takeaways:

Introduction (00:00)

Key indicators of a successful business (03:30)

How to make the right decisions (08:10)

Balance sheet vs P&L (10:29)

Is your P&L broken? (18:23)

Is your business able to survive the worst? (27:52)

P&L and margins (31:51)

Why you’re not actually making money (36:23)

Every day you’re buying your business (42:00)

Additional Resources:

⚡ Register for The Profit Workshop 2024: https://www.TheWealthyContractor.com/Profit

⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety

⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).

⚡ Follow us on social media:

Facebook: https://www.facebook.com/TheWealthyContractor

Instagram: https://www.instagram.com/TheWealthyContractor/

LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/

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The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 212: The Covid boom is officially over, and so, you might be asking yourself (and rightly so) one simple question: What now?

As an industry, we benefited from the high demand for home improvement jobs during the pandemic and immediately after, however, now that the post-Covid market is here, a few things are starting to rapidly change.

Leads are now drying up, when we were flooded with them just a few years ago, and so, it’s time for you to regroup and rethink your strategy if you want not just to survive in this market, but thrive in it.

This is why, in this special episode, I’ll be sharing with you the best ways to not only get through the next few years unscathed, but actually RULE in this new post-Covid market by seizing opportunities your complacent competition won’t.

Listen in as I discuss the importance of a diversified marketing strategy, why you should focus on efficient lead management and conversion, how to build strong customer relationships, why focusing on profitability (and not just becoming a big revenue business) is absolutely crucial if you want to succeed, and more.

Are you ready?

Tune in now!

Key Takeaways:

Introduction (00:00)

The post-Covid market is here (05:01)

Why you should focus on leads (06:39)

What about lead conversion? (11:19)

Always deliver on your promises! (17:54)

Profit vs revenue (23:20)

The framework for healthy profit (28:07)

Let’s talk gross profit margin (33:29)

Additional Resources:

⚡ List of resources from this episode: https://www.TheWealthyContractor.com/CovidIsOver

⚡ Register for The Profit Workshop 2024: https://www.TheWealthyContractor.com/Profit

⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety

⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).

⚡ Follow us on social media:

Facebook: https://www.facebook.com/TheWealthyContractor

Instagram: https://www.instagram.com/TheWealthyContractor/

LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/

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The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 211: If you feel like your business is stuck or finding it difficult to grow it past a certain point, then this is the episode for you.

You’re not alone, many home improvement business owners find themselves hitting a wall during their growth. There are key points when this happens along the journey, and it’s usually because the way owners manage their business isn’t changing — they aren’t systemizing their processes.

Defining your processes and systemizing will help you streamline your operations and will allow for specialization and efficiency, which in turn will lead to the ability to grow your team AND greater profitability.

But don’t take it from me!

Instead, take it from this week’s guest on The Wealthy Contractor podcast, Mark Lavoie.

After taking over his family business, Advanced Window Systems, Mark grew it from a small operation into a major player in the industry.

How did he manage that?

Well this is exactly the question he will be answering today, so make sure to tune in.

Listen in as Mark and I discuss the evolution of his family business, why he decided to stop manufacturing and focus on retail instead, how the development of detailed manuals and training systems helped him scale the business, and more.

Are you ready?

Let’s dive in!

Key Takeaways:

Introduction (00:00)

Mark’s backstory (02:05)

From manufacturing to retail (04:02)

How the business grew (08:00)

The importance of systemizing your processes (10:32)

From working IN the business to working ON the business (14:41)

Finding leads for new salespeople (21:44)

The “make a million dollars” philosophy (26:40)

Additional Resources:

⚡ Follow Advanced Window Systems on Facebook: https://www.facebook.com/Advancedwindowsystemsllc

⚡ Follow Advanced Window Systems on Instagram: https://www.instagram.com/aws_llc/

⚡ Follow Advanced Window Systems on X: https://twitter.com/AdWindowSystems

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⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety

⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).

⚡ Follow us on social media:

Facebook: https://www.facebook.com/TheWealthyContractor

Instagram: https://www.instagram.com/TheWealthyContractor/

LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/

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The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 210: Many professionals in the contracting industry often find themselves distracted by adding on too many types of services or accepting one-off jobs they don’t specialize in.

Instead of focusing on a few offers, they try to take on every part of the market, and end up with inefficient systems, disgruntled employees, unhappy customers, and very little profit.

They are the “Jack of all trades, master of none.”

But this doesn’t have to be the reality for you!

You can avoid all of this, and all you need to do can be summarized in one word: Specialization.

Specialization – and saying ‘no’ to non-specialist work– is the secret to a flourishing home improvement business, and no one knows this better than this week’s guest on The Wealthy Contractor Podcast, David Barnett.

David has over two decades of experience in our industry and is the owner of Barnett Roofing in Knoxville, Tennessee.

In this episode, he shares with us his entrepreneurship journey and discusses the importance of specialization, why you should say ‘no’ more often, and why generational business building matters so much.

He’ll also be breaking down his hiring strategy, the best way to ensure new hires fit into your company's culture, and his secret to employee retention.

Are you ready?

Let’s dive in!

Key Takeaways:

Introduction (00:00)

The backstory of Barnett roofing (01:10)

The importance of saying ‘no’ (03:18)

Stand in your lane! (06:05)

Why mindset is everything (10:51)

No need to reinvent the wheel (16:45)

How to hire the right people for your business (20:04)

The COVID boom is wearing off (24:21)

The future for David (29:20)

The secret to employee retention (32:00)

Additional Resources:

⚡ Learn more about David’s work: https://www.facebook.com/BarnettRoofing/

⚡ Check out their website: https://www.barnettroofingknoxville.com/

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⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety

⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).

⚡ Follow us on social media:

Facebook: https://www.facebook.com/TheWealthyContractor

Instagram: https://www.instagram.com/TheWealthyContractor/

LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/

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The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 209: Many contractors and home improvement business owners find themselves making little profit. Enough to keep the lights on, but never enough to actually thrive.

This usually happens because so many people in our industry can’t figure out HOW to increase gross profit margin, which is a key driver of profitability in our business.

One smart way to do so is product differentiation and introducing high-margin “fast to cash” products to your business.

I dive deep into all of this with this week’s guest on the podcast, the brilliant Karen Sager, a former corporate banker who is now the head of MicroMeshGutterGuards.com.

Together, we’ll be discussing the importance of efficient pricing strategies, gross margin optimization and why creating a “product system” could be one of the best decisions you make for your company’s profitability.

We’ll also touch on how building strong relationships with your customers can lead to more business, why product differentiation and telling the right story is crucial, and more.

Are you ready?

Let’s dive in.

Key Takeaways:

Introduction (00:00)

Meet Karen (00:53)

Let’s talk about gross margin (04:41)

Product differentiation (09:49)

How fast do you make money? (14:28)

The fast cash model (22:34)

The higher the gross margin the better! (28:30)

Final advice from Karen (35:22)

Additional Resources:

⚡ Learn more about Karen’s work: https://www.facebook.com/micromeshgutterguards

⚡ Check out their website: https://micromeshgutterguards.com/

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⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety

⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).

⚡ Follow us on social media:

Facebook: https://www.facebook.com/TheWealthyContractor

Instagram: https://www.instagram.com/TheWealthyContractor/

LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/

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The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

EPISODE 208: We all desperately want our home improvement business to be a huge success. But there’s only so much you can achieve by applying cutting-edge frameworks, systems, and strategies.

Today, we discuss something even more crucial:

Who do you have to become as a person to make your business a success?

The roadmap to success is as much about you developing the skills you need to become a better version of yourself as it is about ways to increase revenue or maximize profit.

And no one knows this better than the brilliant Matt Hullander. And if you recognize this name, it’s because Matt is a return guest! (Check Additional Resources below for the link.)

Matt is known for his many successful and diversified business ventures despite struggling with entrepreneurial ADHD (like so many of us).

He is not only the founder and owner of a concrete coatings contracting business but also a multitalented entrepreneur who’s made great achievements in real estate, private equity consulting, and writing.

In this episode, Matt will discuss why developing a strong vision is more effective than setting goals, learning to ask for help, how to build strategic relationships, and why you must grow if you want your business to grow as well.

Let’s dive in!

Key Takeaways:

Introduction (00:00)

Matt’s many business ventures (01:15)

Who, not how (05:07)

The daily climb (07:28)

How to think big (13:05)

Stop making business harder than it should be! (18:36)

How to work on your mindset (20:02)

The best of the 10 principles (27:19)

Additional Resources:

⚡ Check out our previous episode with Matt: https://youtu.be/N4SOlVzgBXw?si=qmeTpfegyjg-Pfuo

⚡ Order Matt’s book, The Daily Climb: https://amzn.to/43Iaiu2

⚡ Download the life happiness index: https://www.matthullander.com/

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⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety

⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping).

⚡ Follow us on social media:

Facebook: https://www.facebook.com/TheWealthyContractor

Instagram: https://www.instagram.com/TheWealthyContractor/

LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/

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The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!