This Podcast Is Episode Number 0221 And It Will Be About Contractors of all sizes must be adaptable to change Every time the phone rings you need to be willing to question what do they need are how far are you willing to drive to bid the job and do the work. Some types of work accepted or rejected may be based on the location of the job or by the state license. When starting out one of the first decisions to be made is “What Type Of Contractor Am I?” This decided during the process of the contractor talking to the Bonding Company, Insurance Company and The State Licensing Board who approves the company’s Contractors License. The Primary Questions to be answered are: What level of exposure, risk and your skills? How do you want to do these projects? Are you most comfortable being a Handyman? Are you most comfortable being a Trade or Specialty Contractor? Are you most comfortable being a General Contractor? Are you most comfortable being a Remodel Contractor? Are you most comfortable being a Home Builder? The Four Types Of Contractors... Dog And Pick-Up Truck This Wonderful Soul - Has a heart as big as the outdoors and likes working alone. They are easy to get to know. They usually have either a pick-up truck or a van with a dog sitting in the passenger seat hanging his head out the window watching and occasionally barking hello to folks and other dogs while feeling the breeze as the contractor zooms down the road. They Do Not Think About - Retirement and when asked about it the reply I get most often is something like “Retire, nope, I don’t need new tires yet”. These Contractors - Enjoy being their own boss, doing what they want when they want, how they want and works hard. They typically do not feel the need or desire to grow the business or hire employees since they would only get in the way. Most Of Them - Run their business as a sole proprietor They Generally Earn - $20K to $40K a year after all expenses   Salt of The Earth This Wonderful Soul - Also has a big heart; just not quite as big as all outdoors. They like having employees because they do not want to work alone.  As their business grows they like to take time off and enjoy travel and vacations. These Contractors - Have one, two or three employees because when the employees get out of line the contractor can hold two of them by the throat; one in each hand and eyeball the third one!  This is called “Construction Management” This Group Will Usually Invest - Some money to build a retirement nest egg. Most Of Them - Operate their business as a C-Corporation, LLC or Sub-S They Generally Earn - $40K to $60K a year after all expenses   The Professional This Wonderful Soul - Also has a big heart; they just tend to keep it under cover. This group tends to have more employees and have a structured approach to their construction company treating it more like a firm. These Contractors - Tend to have 1-20 employees with formal organizational charts, processes, and systems in their contracting businesses including a formal documented business plan which is updated and reviewed regularly with a board of advisors as outlined in my article on the subject. They Invest Heavily In Marketing - Their businesses. They understand their target market, they use The 80/20 Rule to understand the demographics and psychographics of their prime customer, the ones who generate 80% of the cash and income. And they seek to acquire more of them and will do whatever is economically feasible to turn those customers into lifetime repeat business. This Group Usually - Engages the services of a competent financial planner, banker, and accountant to work together in helping plan and develop a financial estate that can take care of them in their senior years and be passed on to future generations. Most Of Them - Operate as a C-Corporation, LLC or Sub-S or Partnership. They Generally Earn - $100,000+ a year after all...