KickStart: “… the inexperienced keep right on going and suffer the consequences.” (Proverbs 22: 3) If you choose to “stay small” protect yourself going forward.
I’m so very proud of you! You’ve analyzed your personality, skills, circumstances and what you (and your family) want out of life.
This honest self-appraisal may have convinced you that the inevitable stress, drama and (at times) agonizing sacrifices required to build a larger Critical Mass Business simply aren’t for you. Instead…
You’re absolutely sure your very own “Happy Place”💖 will be operating your very own “Lone Wolf” residential services business. CONGRATULATIONS! You’ve made a deliberate, informed, rational Life Decision! You’re already smarter than most entrepreneurs in our industry who (like me)🙄 just sort of drifted into their business. (And life.)
NOTE: Click HERE to get the best out of your Lone Wolf business.😎 And click HERE to review some of the downsides of “staying small”. And of course you’ll also want to…
Get proactive with the unique challenges that a solo Lone Wolf faces.👍👍
Problem #1: Bad things happen to good Lone Wolves. Sickness, a sprained back, a car wreck or even a sudden non-starting service truck. Stuff happens. Yet even your loyal, long time clients may bail out on you if you can’t give them the prompt service they’re used to.😰
SOLUTION: Get some back up. Look at setting up “Strategic Partnerships”. Search out quality, honest competitors (they ARE out there) that you feel comfortable representing you in your customer’s homes. You cover for them when they are sick or on vacation and they in turn do it for you!👌 Agree (hopefully in writing) that you won’t “poach” each other’s clients.
Or if you carefully set things up legally, you can use sub-contractors. Examine disability policies that will cover your expenses if you can’t work. HINT: Your best “back up”? Working safely and efficiently.💪 Take care of your body.
Problem #2: Living in a “fool’s paradise”. You CAN be a success working alone. But many Lone Wolf entrepreneurs mistakenly think that since they’ve always made a “really good living” the sale of their Home Services business will fund a comfortable retirement. PLEASE…
Don’t drift along dreaming you’ll find a “Sugar Daddy” who has always had a burning desire own a one-person residential services business… and will pay big bucks for your little company! NOT going to happen!
Seriously, few things are sadder in life😥 than to watch an embittered Lone Wolf “growing old on the truck” because they can’t afford to retire so therefore…
SOLUTION: Pay yourself first. All Home Services business owners (of any size) should have a regular, aggressive personal savings and investing program. But this is even more essential for a solo owner-operator. Remember? Bad things can suddenly happen to a good Lone Wolf! So, you MUST maintain a “savings net” of six months living expenses in easily available liquid funds. After that…
Set a percentage of your total business income to fund your Personal Investment Program (PIP) before you pay anything else. (Including your personal salary!) Ask your bank to “sweep” a percentage of all deposits weekly into your dedicated PIP account. I suggest 5%. But you’re reflecting, “Steve, 5% won’t even make a difference!” Not so…
Few people realize that just $100.00 per week invested in a tax-free IRA with an average return of 8% will grow to around $250,000.00 in twenty years!💲💲💲 This calculation shows the incredible power of regular savings combined with compound interest growing tax free.
ACTION STEP: Honestly, can’t you put aside $100.00 weekly out of your combined household income? Will you … starting today?🤔
NOTE: All of the above is so much easier with more money coming in! DUH!😲 I find the vast majority of Home Services professionals can and should be “charging more”! And yet… you’re SCARED to raise your prices because you’ll lose clients! This is why you should…
RESOURCE: Discover how to book more work at higher prices in my 3 hour, online SFS: Winning over your caller! LIVE seminar. Click HERE for dozens of ‘Lead Conversion’ scripts to easily close prospects who use text, email, Facebook, website chat or even… the phone! HERE are our upcoming class dates…
Now you may be thinking, “Steve, just tell me HOW MUCH I should charge!” That’s a great idea! I’ll share my (opinionated) thoughts soon…
Steve