Episode 31 - Service Electrician Success - Your Twin Business

One of the biggest mistakes electrical contractors and businesses experience when first starting up is having the mindset of pricing a service in the cheapest rate in order to get the maximum work that you want. Of course, we all want to stand out among other electrical companies and oftentimes, we believe that the cheapest rate is the way to go. However, this approach can be detrimental in the long run.Although this may help in the first few months, as your business grows, the need to upgrade equipment, pay for team trainings, set up an office, etc. will require you to raise the price of your services. And if you don't give the effort to make the change, your electrical business will not be able to survive.So, what steps can you take today to make tomorrow's business prosper? The big step to this is actually having a plan. A plan is important to set your business goals, and make sure you are still heading in the right direction. By having a plan, you can always look back, analyze what has been done successfully, what needs to be improved or changed, and how to better market or adjust pricing.Another key factor is knowing how to price your services accordingly and coming up with the right options to offer your client. You need to be able to come up with a solid rate and have the explanation to back it.The all star action here is to never back down on your stated prices and never settle for less than what you have offered. This will show your client that you are confident in your product and services, as well as displaying professionalism.