TCF825: The Secret to Gross Profit for Contractors (Pt 1)

There’s a lot of confusion out there in the contracting world about gross profit. Today Tom is clearing up this confusion and sharing his gross profit secrets. Tom also has some candid advice on the importance of focusing on gross profit over net profit when starting out and he addresses the most common questions contractors ask regarding gross profit.   Episode Highlights: [00:00] - Intro [00:39] - What is gross profit [01:43] - What is net profit [02:34] - Why focus on gross profit over net profit [02:50] - Reason #1:GP is simple to calculate [03:54] - Reason #2: Earn more money with less revenue [04:45] - Reason #3: Don’t scale unprofitable business [06:50] - What to do if you have no work lined up [07:05] - Pricing decisions for no work [08:07] - Marketing and brand importance [09:22] - Why 50% GP should be the target [11:45] - Closing remarks Resources: 💰 You didn’t become a contractor to struggle financially. Download our worksheet and start calculating a 50% gross profit on every job. It’s time to get your shit together! https://thecontractorfight.com/50/  💸 Grab your copy of our FREE Contractors Guide to Spotting Cheap Prospects here: https://thecontractorfight.com/cheap  == 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  == Get your questions answered and connect with other contractors building stronger businesses in The Contractor Fight: https://thecontractorfight.com/facebook  == Grab the Gear == https://gear.thecontractorfight.com/  == Find Us on Social Media == YouTube: https://www.youtube.com/c/TomReber  Instagram: https://thecontractorfight.com/ig  == Rate the Podcast == Help your fellow contractors find the podcast! Please leave a rating/review!  Apple Podcasts   Spotify