In this episode, Tim and Derek dive into the common pitfalls contractors face when trying to grow too quickly. Drawing from their own experiences and observations of younger entrepreneurs, they break down the key aspects of running a lean, profitable business and knowing when and how to scale. Whether you're just starting out or years into your business, this episode will push you to reflect on your goals and how to reach them without sabotaging your own success.
In this episode Tim and Derek discuss:
- Observations of young entrepreneurs thriving in mobile detailing and window tinting businesses
- The temptation to scale too quickly and how it can kill profitability
- Mistakes they made early in their own businesses by not understanding overhead
- Why knowing your numbers and calculating true costs is essential
- Building a war chest and delaying hiring until it's absolutely necessary
- The importance of knowing how much you want to make and building the business around that goal
- Choosing between being a solo operator or building a team, and the trade-offs of each path
- Developing a real business plan and vision, not just working job-to-job
- How proper scheduling based on revenue—not convenience—can boost profits
- Calculating employee burden and understanding the actual cost of hiring
- Leveraging part-time help smartly and building systems to increase efficiency
- Real-world examples of how their businesses now run like well-oiled machines thanks to planning, roles, and strategic hires
- Hiring the right people in the right roles to free yourself up and stay consistent with marketing and growth
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