Tom and Dan answer your queries about how to incorporate contractor fight teachings into franchise rules, if you should go solo while starting a business, and how to solve cash flow issues.

 

In this episode, we talk about…  

Question 1: How do I incorporate what you teach in TCF while abiding by franchise rules?

• Shin Fu is a pre-qualification system, so it is suitable for any sales system
• Many consumers are young and pretty uninformed — a pre-qualification will take a lot of those appointments off your schedule.
• Do what increases your sales, and ultimately the franchise should be happy.

 

Question 2: I am working under a general contractor and looking to start my own business. I’ve been told that you can't make money with an employee. I would appreciate any advice on this matter and whether I should go solo or form a partnership.

• Do not bring on a partner if you don't have clearly defined roles 
• You can 100% make money with employees
• You're going to need employees at some point in the future
• Go solo for the first couple of years — work on your skills as a business owner, and build your brand 
• Multiplying your labor is a must if you want to get out of the rat race, make some serious money, and have a life

 

Question 3: Due to low cash flow, I am starting to dabble in robbing Peter to pay Paul, and taking money from a future job deposit to close out a prior job. How do I fix this issue?

• Figure out where you're bleeding money
• Some people get cash flow issues because they're not able to finish jobs quickly
• Get involved in the production
• Having a good relationship with your bank is always helpful for business owners

 

Resources: 

Submit your questions to [email protected] with the subject “Podcast” and Tom and Dan will try and answer them on an upcoming show.

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