Plumbing business experts Jered and Joel share valuable insights and practical advice on managing finances, marketing strategies, and navigating customers and technician challenges. Topics discussed include handling demanding customers, negotiating prices, understanding salary as a business expense, fair pricing, starting a residential service company, the relationship between location and pricing, effective business management, becoming a plumber first, the importance of charging for a second technician, hiring and payroll preparation, taking responsibility and personal growth, humility and flat rate pricing, and the importance of specializing and flat rate calculation.
Set a fair price for plumbing services based on expenses, customer experience, and profit margins.
Consider factors like pipe size and location when determining flat rate prices for specific plumbing tasks.
Specializing in service work can lead to efficiency, timely payments, and focus on excellent customer service.
Deep dives
Understanding the fair price of plumbing services
It is important for a plumbing business owner to determine a fair price for their services. A fair price should cover expenses, provide a good customer experience, provide employees with a good living, and still make a profit. This means understanding the value your business brings to the marketplace and setting prices accordingly. It's important to avoid the mindset that being expensive is equivalent to ripping off customers. Instead, focus on providing value and delivering a high-quality service that justifies the price. Additionally, if you're just starting out and looking to gain experience, consider working for a reputable plumbing company that can teach you the ins and outs of the business. This will provide valuable insights and knowledge to help you when you eventually start your own company.
Setting Flat Rate Prices
When setting flat rate prices for different plumbing tasks, it is important to consider factors such as pipe size or location. Assigning a specific amount of time and cost to each task ensures consistency and transparency with customers.
Charging $400 an Hour
Charging $400 an hour allows for covering all expenses, including vehicle charges and equipment, while still making a profit. It sets a fair value for the services provided and ensures that the business can operate successfully.
Focus on Service Work
Specializing in service work and avoiding larger projects or remodels can lead to greater efficiency and profitability. Service work allows for faster turnaround times, timely payments, and a greater focus on providing excellent customer service.
Building a Successful Business
To achieve success in the plumbing industry, it is important to focus on both the technical skills and the personal development needed to run a business. Developing discipline, strong work habits, and good business practices will set the foundation for a thriving plumbing business.
In this podcast, Jered and Joel dive into running a successful plumbing business by tackling 100 submitted questions. From managing finances and marketing strategies to navigating customers and technician challenges, they offer valuable insights and practical advice based on their extensive experience. Whether you're a seasoned plumber or a newcomer to the field, this podcast serves as a resource for anyone looking to thrive in the plumbing business. (edited)
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