It dawned on me that many contractors are struggling, not because of their professional abilities, but due to a self-sabotaging victim mindset. This inspired me to share strategies to shake this detrimental mentality and thrive in your contracting business.
Overcoming the Victim Mentality
Countless contractors attribute their low earnings to external circumstances - cheap customers, lowball contractors, and a saturated market. However, this victim mentality only serves to shift blame, undermining growth and success. Until you embrace the fact that not making money is a choice you've made, you're bound to point fingers everywhere but at yourself.
The good news is, you can change this. Here's how:
Forget the Past
Firstly, ditch the past and the financial hang-ups you've carried with you over the years. Forget the misconceptions that it's taboo to discuss money, that everyone is cheap, or that nobody wants to spend money. Reality check: there are millions of people willing to pay your price if they feel understood, heard, and valued. They won't care about what your competitor charges because they're not comparing price tags; they're seeking someone who understands their needs the best.
Embrace Being a Multiple Zero
Secondly, see yourself not as a hundreds-guy, but a thousands-guy. One of my mentors and business partners, Steve, advised a struggling contractor, "You are not going to change your financial life if you keep thinking in hundreds. You have to start thinking in terms of thousands."
I encourage you to add another zero to your self-perception and value. If you want to change your life, pay off debts, offer your family the life they deserve, start by changing your mindset. Start thinking in thousands, then four zeros, then five, and so on. Remember, you are at least a triple-zero guy!
Trust the Math
Thirdly, make the choice to trust the math. Numbers are unemotional and unambiguous. They reveal the truth about your situation without care for competitors or other extraneous factors. If you're not making the money you desire and your debts keep mounting, chances are you're not trusting the math.
We've produced several resources on what to charge and how to figure out your financial needs. The key takeaway is to let the paper and pen lead you, not your emotions. They often mislead you, but math never lies.
Learn to Sell
Fourthly, learn to sell. Many contractors believe they know how to sell when in truth, they have no clue. Real salesmanship is about listening, understanding, taking control, and offering solutions to problems.
Understanding that people buy for their reasons and not yours is crucial. They don't care about your problems or your reasons for thinking they should buy. When you truly learn to listen, connect with, and understand people's motivations, they will gladly pay you your worth.
Set Your Mind
Lastly, set your mind and establish a 'don't mess with the money' policy. This means your priorities each day should revolve around 'scoring points', or making money. This involves invoicing on time, tracking sales, and staying on top of your finances.
Many contractors fall into the trap of focusing on tasks that are easy and comfortable for them while neglecting the real business driver - money. When you establish a money-first mindset, you ensure that your business stays alive, thriving, and profitable.
In conclusion, the power to make money is in your hands. Stop playing the victim and start taking control. By following the advice outlined in this article, you will move beyond the money issues you're currently facing. Embrace your worth, be proud of it, and watch your painting contracting business flourish.
Remember, you are at least a triple-zero guy, and you've got the power to make the change. You've got this!