TCF630: Contractor Q&A - “How to Give Bonuses and Raises Without Causing Jealousy?”

Tom and Sunny address your questions about getting business capital as a new business, expanding and marketing your business, as well as giving bonuses, raises, and job evaluations without hurting or causing jealousy among other employees.   In this episode, we talk about…    Question 1: I'm planning to expand my business into five markets in 3 states over the next years. What is the best way to advertise in each market? Identify your ideal client and dial in your marketing Instead of focusing on multiple locations, concentrate on one   Question 2: How do I get business capital as a new business?  Your customer is your bank — grow and fund your business with OPM (Other People's Money)  Reinvest your profits into your business to build your brand, get equipments, etc. You are not profitable enough if you don't have the cash to reinvest into the business.    Question 3: How to implement bonuses and raises without hurting or making the other team members jealous? It depends on your company's culture Give them a raise when they meet certain criteria  If you're offering a bonus, you have to offer it to everyone   Resources:  Submit your questions to [email protected] with the subject “Podcast” and Tom and Dan will try to answer them on an upcoming show.   Visit our sponsors of this episode, NiceJob. NiceJob is Reputation Marketing software that will help your business collect 2-3 times more reviews on Google, Facebook, and the platforms that matter. Don’t forget to use code “Fight” for $50 off the first month on new accounts! https://www.TheContractorFight.com/nicejob    Are you stealing money from your family because you aren’t charging enough for your services? Discover what you SHOULD be charging. Download our 50% Gross Profit cheat sheet: https://thecontractorfight.com/50   == Join us in BATTLEGROUND == Everything your contracting business needs in one comprehensive program with three main focus areas: Leadership, Communication, and Numbers. For more info check out: https://TheContractorFight.com/Battleground    == Order your free copy of Tom’s book Winning the Contractor Fight (Just pay to ship) == https://thecontractorfight.com/book    == Grab the Gear == https://gear.thecontractorfight.com/    == Find Us on Social Media == YouTube: https://www.youtube.com/c/TomReber  Instagram: https://thecontractorfight.com/ig