James Sinclair's Business Broadcast
Fear of Growth? The £25k/Month Electrical Contractor’s Challenge with Hiring and Borrowing Money
Jan 13, 2025
Sam, the owner of Avon Electrical, lifts the curtain on his experience running a £25k/month electrical contracting business. He shares his struggles with the fears of hiring and borrowing, crucial for scaling. The conversation dives into cash flow management and strategic growth, alongside the importance of a supportive team and mentorship. Sam also reflects on the evolving solar market and the need for adaptation. This insightful discussion balances humor with powerful lessons on overcoming mental barriers and embracing calculated risks.
01:03:02
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Quick takeaways
- Sam's reluctance to borrow money stems from fear of jeopardizing financial stability, despite recognizing the potential for growth through hiring.
- His cash flow difficulties are exacerbated by reliance on a single contract, highlighting the necessity of diversifying clients to ensure profitability.
Deep dives
Facing Financial Fears
The guest, Sam from Avon Electrical, discusses his apprehension towards borrowing money to grow his business. Despite showing potential for growth, he grapples with challenges related to cash flow, which has become more pressing after losing a significant contract that had previously masked underlying financial issues. Sam is keen on scaling his business to a million-pound turnover, yet he hesitates to take on debt, fearing it could jeopardize his financial stability. He realizes that in order to hire key personnel for growth, he may need to become comfortable with the idea of financial risk.
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