EPISODE 198: What does it take to be a truly profitable business in our industry?
Yes, you can close a lot of sales, up to millions of dollars a year, but that doesn’t always mean that your profitability will be great (or even exist in the first place).
To discuss this in more depth, I’ve invited an expert on profitability to this week’s episode of The Wealthy Contractor.
Her name is Megan Curry and she is the director of operations in her family-owned business, a home improvement remodeling company called Revelare Kitchens.
With two main offices serving eleven states, Revelare Kitchens has created one of the most profitable contractor businesses in the country.
And this is all thanks to their profitability business model. 
In this episode, Megan will be discussing the levers that create profit for businesses in our industry, the importance of engineering your profit, why your P&L matters more than you think, what is preventing you from achieving the money you deserve, and more.
Ready to learn more?
Let’s dive in!
 
Key Takeaways: 
Introduction (00:00)
Meet Megan (01:09)
Let’s talk profitability (06:51)
What is preventing you from boosting your profits? (09:23)
Gross margin overview (12:42)
How to improve your P&L (19:31)
How to start engineering your profit (27:30)
 
Additional Resources:


Key Steps for Hitting 20% Net Profit With Your Home Improvement Business | Megan Curry

The Wealthy Contractor Podcast shares interviews with home improvement industry insiders, giving you the tools and insights to achieve greater success, wealth, and freedom. Learn more at: TheWealthyContractor.com. Have you ever felt like there’s a secret club of successful contractors, and you’re left outside? Want in? Well, you’ve just found the entry door. In each episode, our host, Brian Kaskavalciyan, pulls back the curtain, revealing the stories, strategies, and secrets that top leaders use to grow their home improvement businesses and enjoy more success, more wealth, and more freedom. Get your FREE copy of The 7 Secrets to Becoming a Wealthy Contractor (just pay shipping) at https://www.TheWealthyContractor.com/.

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EPISODE 208: We all desperately want our home improvement business to be a huge success. But there’s only so much you can achieve by applying cutting-edge frameworks, systems, and strategies. Today, we discuss something even more crucial: Who do you have to become as a person to make your business a success? The roadmap to success is as much about you developing the skills you need to become a better version of yourself as it is about ways to increase revenue or maximize profit. And no one knows this better than the brilliant Matt Hullander. And if you recognize this name, it’s because Matt is a return guest! (Check Additional Resources below for the link.) Matt is known for his many successful and diversified business ventures despite struggling with entrepreneurial ADHD (like so many of us). He is not only the founder and owner of a concrete coatings contracting business but also a multitalented entrepreneur who’s made great achievements in real estate, private equity consulting, and writing. In this episode, Matt will discuss why developing a strong vision is more effective than setting goals, learning to ask for help, how to build strategic relationships, and why you must grow if you want your business to grow as well. Let’s dive in! 
 Key Takeaways:  Introduction (00:00) Matt’s many business ventures (01:15) Who, not how (05:07) The daily climb (07:28) How to think big (13:05) Stop making business harder than it should be! (18:36) How to work on your mindset (20:02) The best of the 10 principles (27:19) 
 Additional Resources: ⚡ Check out our previous episode with Matt: https://youtu.be/N4SOlVzgBXw?si=qmeTpfegyjg-Pfuo ⚡ Order Matt’s book, The Daily Climb: https://amzn.to/43Iaiu2 ⚡ Download the life happiness index: https://www.matthullander.com/ -- ⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety ⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping). ⚡ Follow us on social media: Facebook: https://www.facebook.com/TheWealthyContractor Instagram: https://www.instagram.com/TheWealthyContractor/ LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/ -- The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

How a Contractor With Entrepreneurial ADHD Achieves Wild Success | Matt Hullander

EPISODE 207: A lot of home improvement business owners find themselves focusing on the wrong things, which ends up costing them time and money in the long run. Many of us (past me included) know this, but are resistant to change. And so, we end up feeling trapped in a place where we’re overworked, stressed out, and not paid enough. Because of that, we also end up not being able to dream big and truly have the life we deserve.  To make big changes and pull ourselves out of the direction we’re already headed down, a mindset shift is a must. And no one knows this better than this week’s guest on the podcast, Tim Brown. When Tim took over his family business, a rain gutter company, he could barely make any profit. In fact, as he himself says in this episode, they were never really profitable. Tim then focused too much on top-line growth. Yes, he was diversified, but some of the services he offered weren’t profitable enough. To change this, Tim finally made a monumental shift. Over the years, he had been attending many different industry events and working with mastermind groups like The Wealthy Contractor Success Society, but he decided he wasn’t going to be just a “learner” anymore. Instead, he was going to become a “doer”.  This one mindset flip – and deciding to become profitable – changed everything for him and his company.  In this episode, Tim and I will be going over his journey and discussing a number of important subjects, such as:The importance of being strategic when trying to expand your services,How the transition from focusing on revenue to prioritizing profit helped him turn his small business into a multi-million dollar enterprise,The importance of listening to experts and keeping an open mind,Why participating in mastermind groups is one of the best decisions he’s ever made,… and more! Are you ready for this thrilling conversation? Then tune in now! 
 Key Takeaways:  Introduction (00:00) Meet Tim (01:01) Back to the past (04:44) How to live as a business owner (11:47) What it means to decide to be profitable (19:02) What will the life that you want cost you? (27:47) 
 Additional Resources: ⚡ Learn more about us: https://www.TheWealthyContractor.com/ ⚡ Learn more about The Wealthy Contractor Success Society: https://www.TheWealthyContractor.com/SuccessSociety ⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping). ⚡ Follow us on social media: Facebook: https://www.facebook.com/TheWealthyContractor Instagram: https://www.instagram.com/TheWealthyContractor/ LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/ -- The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

Reshaping Success: How a Contractor Switched From Resistance to Action | Tim Brown

EPISODE 206: Failing is never a fun experience for anyone; and it’s even more harrowing when failing means losing your business, declaring bankruptcy, and having to start again from the beginning. However, many forget that the lessons we can learn from our failures are the priceless keys to our success. Failing can teach you to become more adaptable and to find new opportunities. Most importantly, it can teach you resilience.  Someone who knows this more than anyone is this week’s guest on the podcast, Keith Smallwood. Keith is the owner of Smallwood Renovations, a successful home improvement company based in Richmond, Virginia.   With decades of experience in the industry, Keith's journey is one of resilience and learning. After his first contractor company went bankrupt, Keith rebuilt his business from the ground up, having learned from his past mistakes. In this episode, Keith and I will be discussing a number of important subjects, such as the importance of learning from adversity, why maintaining a healthy profit margin should become a fundamental business principle for all entrepreneurs, how to adapt to new opportunities after a business failure, why people development will help you build a successful business, and more. Are you ready for this riveting discussion? Let’s dive in! 
 Key Takeaways:  Introduction (00:00) Meet Keith (01:20) Keith’s business now (11:41) How to deal with adversity (14:29) The importance of having good margins (19:40) What it means to be a leader (23:46) How to manage people (26:28) 
 Additional Resources: ⚡ Learn more about us: https://www.TheWealthyContractor.com/ ⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping). ⚡ Follow us on social media: Facebook: https://www.facebook.com/TheWealthyContractor Instagram: https://www.instagram.com/TheWealthyContractor/ LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/ -- The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

The Secret to Rebuilding After Bankruptcy | Keith Smallwood

EPISODE 205: Have you ever found yourself financially (and mentally) stuck in a place you didn’t want to be? Most people have been there before. And those who have changed their financial reality did it through one thing: Changing the way they think and feel about money. You see, many of the things we tell ourselves about how much money we can make or how much money we need end up limiting us more than we might think. And as long as we don’t get rid of those limiting beliefs and change our mindset, we won’t be able to break through our “financial set point”.  To discuss this in more detail, I’m sitting down with David Neagle. A few decades ago, David found himself in the exact situation I described above. He was a high school dropout who was working a dead-end job. In one word, he was stuck.  Yet, as soon as that realization hit, everything changed for him. In thirty days (yes, you’ve read that right), he tripled his income. Then a short time later, he went from making $50,000 a year to $50,000 a month. He did that by breaking down his very own limiting beliefs around money, and today, he’s going to help you do the same. Listen in as he and I discuss the importance of personal growth, how to overcome psychological barriers to success, how to break down your limiting beliefs around money, and the secret to breaking through your financial set point. I hope you enjoy this conversation as much as I did. Tune in now! 
 Key Takeaways:  Introduction (00:00) Meet David (01:25) Lessons from homelessness (06:27) “I want to be wealthy” (14:40) It’s all a choice (19:47) The importance of being a financially-positive family (22:20) Strategies to overcome your self-limiting money beliefs (27:05) A social experiment (34:43) Planning for future finances (40:01) 
 Additional Resources: ⭐​ Learn more from David: https://www.lifeisnowinc.com/ -- ⚡ Learn more about us: https://www.TheWealthyContractor.com/ ⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping). ⚡ Follow us on social media: Facebook: https://www.facebook.com/TheWealthyContractor Instagram: https://www.instagram.com/TheWealthyContractor/ LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/ -- The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

Change How You Think About Money and Break Through Your Financial Set Point | David Neagle

EPISODE 204: Have you ever wondered what the difference is between businesses that succeed and those that don’t? This is something that I’ve thought about a lot throughout my years as a home improvement business owner, and the answer I’ve come up with is this: It’s all about mindset. I’ve said it before and I’ll say it again, success has always been 90% mindset and 10% skill set. If you don’t believe me, then I’m sure this week’s special Valentine’s episode will change your mind, because in it, my wife Adi and I sit down with Brian and Kat Gottlieb, a married couple and home improvement business owners that are the embodiment of “mindset over skill set.” In this episode, we’ll be discussing the power of manifestation, how mindset shapes your business, the importance of personal development and goal-setting, why staying authentic to yourself is crucial if you want to succeed, and more. I hope you enjoy this discussion as much as I did! Well then, what are you waiting for? Run, don’t walk, and listen to this episode now! 
 Key Takeaways:  Introduction (00:00) Meet Brian and Kat (02:40) How to manifest your best every day (04:36) Mindset over skill set (07:33) Why you should surround yourself with the right people (13:01) How to be authentically connected to your goal (19:19) What to do if you don’t feel connected to your partner (25:29) Don’t be afraid to dream big! (33:03) 
 Additional Resources: ⭐ ​Get Kat’s journal here: https://katgottlieb.com/ -- ⚡ Learn more about us: https://www.TheWealthyContractor.com/ ⚡ Brian’s book, The 7 Secrets To Becoming A Wealthy Contractor, is now available. Visit https://www.TheWealthyContractor.com/ for a free copy (just pay shipping). ⚡ Follow us on social media: Facebook: https://www.facebook.com/TheWealthyContractor Instagram: https://www.instagram.com/TheWealthyContractor/ LinkedIn: https://www.linkedin.com/company/TheWealthyContractor/ -- The Wealthy Contractor is a podcast for home improvement professionals who want to grow their business, work less, and make more money. Follow us for more!

Key Steps for Hitting 20% Net Profit With Your Home Improvement Business | Megan Curry

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