Stop Making Excuses, Make Your Profit First by Knowing Your Numbers.

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Picture a world where you, a contractor, are paid up-front for your services. Sounds too good to be true? Not according to our guest, Shawn Van Dyke! He's the author of Profit First for Contractors and a keynote speaker who firmly believes in the worth of a contractor's time, knowledge, and expertise, just like that of doctors and lawyers. Join us as Sean enlightens us on how contractors can confidently take the leap to charge for their services, just as we share our PAC process, which is gaining traction in the industry.
Ever wondered about managing finances as a contractor? We discuss this crucial aspect in our chat with Sean. We dive into the value of having separate bank accounts for income, profit, taxes, owner's compensation, and OPEX. Shawn lays out the importance of setting aside profit and paying taxes as hallmarks of a thriving business, plus the vital aspect of compensating oneself for the work done in the business. Be prepared to be enlightened on a new approach to managing your business finances!
Finally, we take a look at lead generation and time management—two essential components of running a successful contracting business. Shawn shares about the importance of filters in lead generation and how this can transform difficult clients into great ones. Plus, we have a deep-dive into time management techniques, the role of automated systems, and the importance of setting boundaries in the construction industry. Our conversation rounds up with Shawn sharing about his successful Built for Build Academy, its growth, and expansion. So tune in, and let's rethink the contracting industry together!

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Chương

1. Charging for Professional Services Up Front (00:00:00)

2. Profit First System for Contractors (00:09:18)

3. Separate Bank Accounts for Business Finances (00:19:15)

4. Filter's Importance in Lead Generation (00:27:55)

5. Time Management in Running a Business (00:35:44)

6. Construction Industry Challenges and Future Plans (00:42:19)

7. Contractor Profits and Personal Experiences (00:55:16)