Tom answers your questions about the 50% GP rule, charging labor costs, the breakeven point of new locations, applying Shin Fu principles to commercial business, hiring, advice on getting contractor licenses, and more.

 

In this episode, we talk about… 

Question1: What's the easiest and fastest way to pass the builders test and get work?

• The easiest way to pass the test is to study to put in the work
• If you're looking for an easy button, you're not cut out on your business.

 

Question2: According to commercial sense, you cannot apply Shin Fu teachings. You submit the bid to 50 to 70% GP and hope they choose you. What is your take on this?

• They can be used once relationships have been established.
•  You should not just submit bids as there is nothing unique about it — there is no positioning and branding etc

 

Question3: How do I deal with trolls who just want to knock your work or tell them you're doing it all wrong on social media? 

• Don't care about people ripping on your work.
• Build your brand, create content, be the publisher, be the editor, be the educator

 

Question4: What is the key difference between LLC and DBA. And what should we choose when starting our business depending on trade?

• Hire a CPA and an attorney
• Do not be a sole proprietorship because you are not protected. 

 

Resources: 

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

 

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Are you stealing money from your family because you aren’t charging enough for your services? Discover what you SHOULD be charging. Download our 50% Gross Profit cheat sheet: https://thecontractorfight.com/50

 

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