107. 5 Ways To Increase Profits And Create Positive Cashflow In Your Trades or Construction Business
episode
Construction Industry Marketing And Business Tips For Tradesmen: Rise Of The Trades
1h 29m
1 speaker
8 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What motivated Craig to start his own trades business and what early mistakes did he make?
Welcome to the Rise of the Trades Podcast, the show dedicated to helping you to build, grow and scale your trades or construction business. All Rise for your host, Craig Wilkinson. Welcome to this week's coaching episode of the Rise of the Trades podcast, where we help trades and construction business owners to skyrocket leads, explode net profits without having to graft 60 hours a week and becoming that busy fool. In this episode, I'm going to be teaching you five ways to increase your profits and therefore gaining a positive. cash flow to help you build, grow and scale your business. But before we go there, Could I please just ask you a very quick favor? And that is whatever platform you're listening to this podcast episode on right now, could I please ask you to consider hitting either the follow or the subscribe button?
Because the more people we can get to follow and subscribe our podcast, the more the algorithm is gonna kick in and therefore push our episodes out to more tradesmen and women that need our help and support. So if you can hit the subscribe and follow button, I'd greatly appreciate it. Now let's transition over to this week's coaching episode.
When I first set up my joinery and building company way back in 1994, one of the biggest drivers and the biggest goals of me setting up my business in the first place was I wanted to earn more money. More money that I were currently earning under being employed as a joiner, a bench joiner, as I am by trade working in a joiner shop. You see. I wanted to build a better quality of life for me and my young family back then. And the way in which I saw this is I thought, right, if I go self-employed and set up my own company and I get enough work coming in, surely I can make more money working for myself than I can do working for somebody else. So one of the bigger, bigger drivers at that time was, listen, I wanted to earn more money.
I was fed up earning what I were earning on books. I was fed up of earning and making other people all the money while just being an employed member of staff. And in all honesty, I thought if I can bring enough work in, I can nail it. And I'll become a multimillionaire and I'll have all this time on my hands because you know running a business, you're all millionaires, and you've all got loads of spare time on your hands. No, that's not how it works, Craig. But I didn't know this back then. I just thought if I work for myself, I'm guaranteed to earn more. Monite. And what unfolded over the first, and I'm embarrassed to say this, twelve years. Yes, you heard me. Twelve years before I sorted myself out, I made some terrible, terrible financial mistakes that became disasters over that twelve year period.
And the sad thing is that The vast majority of trades or construction business owners and it doesn't matter whether you're a joiner like me, a plumber, plasterer, scaffolder, tiler, renderer, it doesn't matter what you do. The sad reality is that the vast majority of tradesmen and women are not making the amount of profit that they should be making in the business for all the blood, the sweat, the tears, the sacrifices, the commitment that they put into their business. In fact, if you're anything like I was, I was the last one to get paid off. On every single job. And I was struggling financially for 12 years because of these mistakes that I'd been making in the past. And having coached 30,000 trades business owners since 2012, I can tell you now, honestly, despite what you see on Facebook, despite what you see on Instagram, and all the perfect lifestyle, and look at what I've got, and look at what I'm doing, look how many vans I've got on the road, look how many staff I've got working for you.
I am telling you now, behind the scenes. There are more businesses struggling than there are actually making it financially within their business. Now you might be one of the minority and say, Craig, I'm doing incredibly well in my business. I've got high net profits. I'm making the money that I want to make.
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Chapters
8 chapters
1
What motivated Craig to start his own trades business and what early mistakes did he make?
0:00–13:05
2
What are the five deadly cash‑flow mistakes that keep tradespeople awake at night?
13:05–24:36
3
How can you identify and eliminate unprofitable services to focus on the most profitable ones?
24:36–34:12
4
Which six core numbers should every trades or construction business track to improve profitability?
34:12–44:02
5
How do you correctly calculate your hourly rate, overheads, and profit margins for each job?
44:02–55:43
6
What steps can you take to price jobs correctly and avoid under‑quoting?
55:43–1:05:52
7
How can you set payment terms that protect cash flow and shift financial risk to the client?
1:05:52–1:15:47
8
What mindset shift and branding actions are needed to confidently raise prices?
1:15:47–1:29:13
Speakers
1 identifiedMore from Construction Industry Marketing And Business Tips For Tradesmen: Rise Of The Trades
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