EP31: Why You Need To Charge More

You know you want to - but maybe you’re afraid you’ll scare off potential customers. Listen in for the breakdown of all the reasons why you can’t underbid just to try to get the job.In this episode, we talk about…How, contrary to what you might think, undercharging is a disservice to your customer, because you’ll be a “frantic finisher” rushing to get their job done.How you need to be on your own business’s payroll and charge enough so that you’re getting paid, just like your employees.Why if your spouse is helping you out with the business, they need to be getting a salary, too!How you need to get ahead of your expenses by giving yourself an appropriate salary, so you’re not chasing credit card payments and losing money on interest.The importance of marketing, and how it takes cash to do it right!Why you need enough money to create a happy work culture (and pay your employees enough, too) and attract good people to work for you.Reasons why you should have a rainy day fund.How charging more covers you for when the job takes longer than planned (which it so often does).The importance of KPIs.Why the right customer is willing to pay double whatever you’re charging right now.Links to Resources:Take your game up five notches in the Profit Club – www.hammerandgrind.com/theprofitclub Facebook group - https://www.facebook.com/groups/thecontractorprofitgroup Facebook – https://www.facebook.com/hammerandgrindpodcast Instagram - https://www.instagram.com/hammerandgrindpodcast/ Brad Huebner’s Instagram - https://www.instagram.com/teamhandy/ Eric Triplett’s Instagram - https://www.instagram.com/theponddigger/ Website – www.hammerandgrind.com Help us get the word out to other contractors by leaving us a review or sharing our podcast! Hosted on Acast. See acast.com/privacy for more information.