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Overview
Welcome to the channel. Today, we're diving into a crucial topic: How to navigate the off-season for trades businesses. Whether you're in plumbing, electrical, HVAC, or any other trade, we all face seasonal fluctuations. In this episode, I'll share a five-point checklist to help you make the most of slower periods and ensure your business thrives year-round. Remember, it's all about mindset—embracing the off-season as an opportunity rather than a setback. So, let's get started and turn downtime into a time for growth and preparation!
Discussions Ensure all your marketing channels—website, phone numbers, and customer chat forms—are fully functional to avoid losing potential business due to simple technical issues. Prioritize and consistently follow up on unsold estimates, focusing on the highest value or the oldest ones first, to convert more leads into sales. Regularly check in with your existing customers to show you care and to offer additional services, maintaining strong relationships and uncovering new business opportunities. Use downtime to clean, organize, and maintain your shop, office, and tools, ensuring everything is in top condition for the busy season. Utilize slow periods to train and coach your team on new concepts, reinforce existing knowledge, and improve their skills, preparing them for increased efficiency when business picks up.Navigating the off-season with the right mindset and proactive strategies can significantly benefit your trades business. By checking your marketing, prioritizing follow-ups, engaging with customers, organizing your workspace, and training your team, you'll be well-prepared for the busy season. Remember, turning downtime into an opportunity for growth and preparation will lead to long-term success.
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Overview
Welcome back to the channel! Starting a plumbing business on a shoestring budget requires strategic planning, resourcefulness, and a clear focus on essential activities to get your business off the ground. Many tradespeople start their own business to gain financial freedom and control but often find themselves overwhelmed and stressed without proper planning. Today, I will share detailed steps and strategies to help you successfully launch your plumbing business on a tight budget, ensuring you avoid common pitfalls and achieve long-term success.
Discussions Plan Your Business: Develop a simple business plan outlining your services, target market, pricing strategy, and financial projections, while ensuring you have the necessary licenses and certifications and choose the appropriate legal structure. Budgeting and Financing: Create a detailed budget covering startup costs and explore funding options such as personal savings, small loans, or microfinancing. Essential Tools and Equipment: Invest in fundamental plumbing tools and reliable transportation, considering cost-effective options like purchasing quality used tools and vehicles. Business Setup: Operate from a home office to reduce overhead costs and obtain general liability insurance to safeguard against potential damages or accidents. Marketing and Networking: Establish a strong online presence with a simple website and social media platforms, and actively engage in networking activities to build relationships with potential clients and collaborators. Operations and Customer Service: Utilize free or low-cost software for scheduling and invoicing while prioritizing excellent customer service to foster a positive reputation and encourage referrals. Growth and Scaling: Encourage customer reviews and referrals, form partnerships with local businesses, and stay updated with industry advancements through continuous learning opportunities.In summary, starting a plumbing business on a tight budget requires strategic planning, resourcefulness, and unwavering focus. By following these steps diligently, from initial planning to continuous learning, you can set the stage for success in the competitive trades market.
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Overview
Welcome to the channel, where we'll explore essential tips for achieving success in your plumbing business, drawn from my experience at Built for the Trades. Despite the challenges, applying these steps—like providing exceptional service, developing core values, managing finances, investing in training, building relationships, utilizing technology, and focusing on marketing—can significantly boost your business. Stay tuned as we dive into these strategies, helping you transition from being skilled in the trade to thriving in the business.
Discussions Establish core values that guide your business practices, prominently display them, and regularly discuss them with your team to reinforce their importance and influence. Prioritize financial health by adopting the Profit First approach, which emphasizes budgeting and managing cash flow to ensure consistent profitability and financial stability. Continuously update your skills and knowledge by investing in training and certifications, which not only improve your technical expertise but also enhance your professional credibility. Foster positive relationships with suppliers, contractors, and industry professionals, as networking can lead to valuable partnerships, referrals, and resources that benefit your business. Develop a strong brand identity and invest in marketing efforts using online platforms to showcase your expertise, share customer testimonials, and attract new clients, ensuring your business stands out in a crowded marketplace.To achieve success in your plumbing business, establish and reinforce core values, manage cash flow effectively with the Profit First approach, and invest in ongoing training to enhance skills and credibility. Build strong industry relationships to leverage partnerships and resources, and embrace technology to streamline operations and improve efficiency. Focus on creating a strong brand identity and strategic marketing to attract and retain clients, positioning your business for long-term growth.
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Overview
Today on the channel, we're addressing a critical issue for plumbing entrepreneurs: effective day management. Waking up to reactive actions like checking social media or email can lead to stress and burnout. By taking proactive steps, such as organizing tasks and revisiting priorities throughout the day, you can regain control, boost productivity, and sustain long-term success in your business.
Discussions Starting your day with proactive tasks like checking your calendar and making a prioritized to-do list sets a positive tone and puts you in control. Recognize that beginning the day reactively can increase stress and mental clutter, leading to burnout and unsustainable work habits over time. Establish a morning routine that includes reviewing your schedule and setting clear priorities to ensure a focused and productive start to the day. Continuously revisit your to-do list throughout the day, particularly at lunch and the end of the day, to stay on track and adjust priorities as needed. Committing to proactive daily habits will lead to better business management, increased productivity, and improved personal well-being, ensuring sustainable success.Managing your day effectively as a plumbing entrepreneur starts with replacing reactive habits with proactive actions, such as checking your calendar and prioritizing tasks. By understanding the negative impact of reactivity and implementing a structured morning routine, you can reduce stress and increase productivity. Regularly reassessing your tasks and maintaining proactive habits will lead to long-term success and improved personal well-being.
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Overview
Welcome back to Built for the Trades. I'm Dan Dowdy, and today we're exploring a common question among plumbing business owners: how to determine an appropriate salary. Before we dive in, I'd like to introduce our sponsor, Project 2 Payment, an invoicing software for trades businesses. Use code BuiltForTheTrades for 3 months free. It's crucial for plumbing business owners to balance paying themselves fairly while maintaining their company's financial health.
DiscussionsLet's break down the steps to help you figure out the right number for your paycheck.
Understand your personal finances inside and out. Understand your business finances inside and out. 35% laborStart as low as you can afford and put the rest aside into a profit account. Review and adjust your salary regularly based on changes in your business and personal circumstances. As your company grows and becomes more profitable, you may be able to increase your salary accordingly.Likewise, if your business hits a rough patch or you encounter unexpected expenses, be prepared to tighten your belt temporarily until things improve. Flexibility is key to maintaining financial stability as a business owner.
And there you have it, folks! Determining your salary as a plumbing business owner is all about finding the right balance between paying yourself fairly and ensuring the success of your company. I hope these tips help you navigate this important decision. As always, thanks for watching Built for the Trades. Until next time, stay safe and keep plumbing!
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Overview
A fundamental aspect of effective leadership lies in establishing clear job expectations through a comprehensive position agreement, a document that eliminates ambiguity and fosters accountability. At Built for the Trades, we offer a sample position agreement to facilitate this crucial step. Furthermore, implementing a structured approach like the 3 strike rule for dismissals ensures fairness and transparency in managing team performance.
DiscussionsStep 1: Ensure there's a signed position agreement outlining their role and responsibilities.
Step 2: If a team member isn't meeting expectations, have a private 1-on-1 discussion, referencing the position agreement. Issue a Performance Improvement Plan outlining areas for improvement. Both parties sign it, scheduling a follow-up to track progress.
Step 3: If performance issues persist, meet privately with a written warning form. Repeat step 2, but this time with a written warning. Both parties sign ittStep 4: If performance doesn't improve, issue a second and final written warning. Often, this serves as a wake-up call, prompting the individual to reconsider their position.
Step 5: If there's still no improvement, proceed with final termination.
Finally, don't forget to like and subscribe for more valuable insights.
With these steps, you can navigate dismissals with professionalism and clarity, ensuring the smooth functioning of your plumbing business.
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Overview
Dan Dowdy from Built for the Trades outlines a six-step approach to hiring the right talent for a plumbing business:
DiscussionsThe overview provided is a summary of a video by Dan Dowdy from Built for the Trades. The video outlines a six-step approach to successfully hiring the right talent for a plumbing business.
Here's an overview of the six steps:
Attracting the Right Candidates: Create job ads that reflect your company's core values and culture to attract the right candidates. Post these ads on multiple platforms such as LinkedIn, Indeed, and local job boards.Screening Applications: Review resumes to assess candidates' job history and experience. Look at social media profiles to understand their personality and lifestyle.Phone Interview: Conduct phone interviews to assess punctuality, professionalism, and commitment. Ask about important qualifications like a driver's license, background checks, and drug tests.In-Person Interview: This step allows you to evaluate candidates' alignment with your company's core values and interpersonal skills. Have a team member observe body language and other soft skills during the interview.Reference Check: Contact previous employers to gather insights into the candidate's performance and work ethic. This helps validate their suitability for your team.Offer Letter: Send out an offer letter to the chosen candidate. Keep in mind the human aspect of hiring by considering the candidate's personal circumstances and how they might impact the work environment.These steps emphasize the importance of aligning candidates with the company's values and ensuring a good fit for both parties. By taking the time to properly vet and select the right team members, businesses can build a strong, successful team..
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Overview
In this episode of the Built for the Trades channel, the focus is on continuously improving leadership skills. The distinction between leading and managing is highlighted, with leadership emphasized as being about influence rather than just accountability. Viewers are encouraged to understand that leadership goes beyond formal management roles and involves how one carries themselves and influences others. As John Maxwell succinctly puts it, "leadership is influence, nothing more, nothing less." Don't forget to engage with the channel by liking, subscribing, and sharing this valuable content with others who could benefit from it.
DiscussionsDowdy suggests fixing one's mindset by embracing lifelong learning and learning from both positive and negative experiences. He introduces the concept of categorizing improvements into four areas (Faith, Family, Finance, Fitness) and encourages viewers to establish habits to support growth in these areas. Additionally, creating a strong why and having an accountability partner are highlighted as crucial for maintaining motivation and consistency.
The importance of embracing progress over perfection and viewing challenges as opportunities for growth is emphasized. Dowdy concludes by reminding viewers that leadership development is a journey and encourages them to take action on the strategies discussed. Finally, he encourages engagement with the channel by liking, subscribing, and sharing the video.
Overall, Dowdy stresses that leadership isn't about achieving perfection but about continuous growth and improvement, and by incorporating these strategies, viewers can enhance their leadership skills and lead with purpose.
Strategies for continuously improving your leadership skills:
Fix Your Mindset:Leadership growth is a lifelong journey; there's no final destination.Wake up with the intention to grow because if you're not progressing, you're regressing.Embrace learning from both positive and negative experiences. Categorize Improvements into 4 F’s: Faith, Family, Finance, Fitness. Decide which area of your life you're focusing on improving. Be intentional about your growth in that area. Establish habits to support your improvement efforts.Create a Strong Why:Motivation is fleeting; you need a compelling reason to persist.Implement systems to support your goals, like prepping for the gym or scheduling financial meetings.Have an accountability partner. Embrace Progress Over Perfection:Accept that mistakes will happen; it's how you respond that counts.Let go of past setbacks and focus on moving forward with purpose.Embrace Challenges: View challenges and setbacks as opportunities for growth rather than obstacles. Adopt a growth mindset that encourages continuous learning and improvement. -
Overview
In this episode of Built for the Trades, host Dan Dowdy introduces three simple steps to ignite motivation and inspire excellence within your team. He begins by highlighting a common pitfall among business owners and managers: relying solely on monetary incentives to motivate their team members, which often leads to frustration when it proves insufficient. Recognizing that everyone is unique, Dowdy emphasizes the importance of understanding what drives each individual on the team. He then outlines practical steps to achieve this, including actively listening and observing team members, personalizing rewards and recognition, and providing opportunities for growth. By implementing these strategies, listeners can create a work environment where motivation thrives and excellence becomes the norm. Tune in to discover how to unlock your team's full potential on Built for the Trades.
DiscussionsIn this episode of Built for the Trades, host Dan Dowdy shares three simple steps to ignite motivation and inspire excellence within your team. He begins by addressing the common misconception among business owners and managers that monetary incentives alone are sufficient for motivation, leading to frustration when this approach falls short. Dowdy emphasizes the importance of recognizing the uniqueness of each team member and understanding what motivates them individually. The three steps outlined include building relationships through scheduled one-on-one meetings, setting clear personal and professional goals, and implementing a system for recognizing and celebrating achievements. By following these steps, listeners can foster a motivated and inspired team, leading to greater success in their businesses.
"Step 1: Build a relationship with them using scheduled monthly 121’s. The scheduled part of this is really important. We need to build trust and the only way to build trust is through consistency.
Step 2: Set Clear Goals for them, not just the company. Start by defining clear, achievable personal and professional goals with your team. Make sure they understand what success looks like and why it matters. When everyone is on the same page, motivation naturally follows."
"Step 3: Choose to see the good more often than the bad. Put a system in place that allows you to call out the achievements of you team during team meetings. Not just sales, but talk about personal accomplishments and point this back to your core values.
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Overview
In this podcast episode, the Built of the Trades channel focuses on empowering leaders in the trades industry by delving into the crucial topic of developing emotional intelligence as a plumbing business leader. The host, with over 20 years of experience in the plumbing industry, introduces their coaching program aimed at helping business owners maximize their leadership potential. Emotional intelligence (EI), defined as the ability to recognize, understand, and manage emotions effectively, is highlighted as essential for fostering better relationships, communication, and team dynamics. Through a story illustrating the consequences of lacking emotional intelligence, the podcast underscores the importance of developing this skill for both personal and professional growth.
DiscussionsTo cultivate your emotional intelligence as a plumbing business leader, here are four practical steps:
Know Yourself to Grow Yourself: Begin by taking a free Enneagram Assessment to understand your strengths and weaknesses. Review and study the results to gain self-awareness. Stay in Control and Respond, Don't React: Learn to manage your emotions effectively, responding thoughtfully rather than reacting impulsively to situations. Get an Accountability Partner: Seek support from someone who can hold you accountable for your actions and help you stay on track with your emotional intelligence development. Connect with Others: Foster meaningful connections with your team members and colleagues, practicing empathy and understanding in your interactions.By focusing on these four steps, you can gradually develop and strengthen your emotional intelligence, leading to improved relationships and overall business success. Remember, developing emotional intelligence isn't just beneficial—it's essential for your growth as a plumbing business leader.
If you found these insights helpful, don't forget to like and subscribe for more valuable content on leadership in the trades industry. And always keep in mind that even a small increase in emotional intelligence can make a significant difference in building a thriving business.
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Overview
In this episode of Built for the Trades, host Dan Dowdy emphasizes the critical role of leading by example in plumbing business leadership. He highlights that leadership extends beyond giving orders, requiring leaders to embody desired values and work ethic. Through a cautionary tale, a successful plumber recounts how his complacency led to slacking off, arriving late, and neglecting his team, resulting in high turnover and his own regression to grunt work. Reflecting on his mistakes, he wishes he had understood the importance of leading by example earlier.
DiscussionsSetting the Tone:"As leaders, our actions speak louder than words. It all starts with setting the right tone for professionalism and work ethic. Whether it's arriving early, dressing appropriately, or maintaining a positive attitude, our behavior sets the standard for the team."Clear Communication:"Effective communication is key to leading by example. Clearly communicate expectations regarding professionalism and work ethic. This includes quality standards, deadlines, and the importance of integrity in all dealings."Roll Up Your Sleeves:"Leadership isn't about delegating tasks and sitting back. It's about getting your hands dirty and showing your team that you're willing to put in the hard work alongside them. Whether it's troubleshooting a complex plumbing issue or assisting with administrative tasks, your willingness to pitch in fosters a culture of teamwork and dedication." Continuous Learning: "Professionalism and work ethic are also about personal growth and development. Lead by example by demonstrating a commitment to continuous learning. Whether it's staying updated on industry trends, attending workshops, or pursuing further education, show your team that growth is a priority." Acknowledge and Reward: "Recognize and reward professionalism and exemplary work ethic within your team. Whether it's a simple acknowledgment during team meetings or tangible rewards such as bonuses or extra time off, showing appreciation reinforces desired behaviors and motivates others to follow suit.""Leading by example isn't just about being a boss; it's about being a leader your team respects and admires. By embodying professionalism and work ethic in your actions every day, you not only elevate your own leadership but also inspire those around you to strive for excellence. Remember, actions speak louder than words. Thanks for tuning in to Built for the Trades. Until next time, keep leading by example!"
Set the toneClear communicationRoll up your sleevesContinuous learningAcknowledge and rewardIf you found this video helpful, be sure to like and subscribe for more valuable insights on leadership in the trades industry. And remember, Leading By Example can go a long way in building a thriving business.
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Overview
In today's discussion, we will delve into the significance of providing constructive feedback within a team environment. By engaging in these crucial conversations, not only can team members grow and develop, but the overall success and growth of the company are also positively impacted. Without constructive feedback, individuals may stagnate, hindering their progress and potential for advancement.
Introduction to the FRISK MethodThe FRISK method is a clear and simple approach to providing constructive feedback. Let's break it down:
F - FACTS: Start by presenting the facts about the employee's unsatisfactory conduct.
R - RULE: Core Values, PA, Handbook.
I - IMPACT: Discuss the impact of the employee's unsatisfactory conduct on the Team.
S - SUGGESTIONS: PIP - check back in with them in a week.
K - KNOWLEDGE: Ask them what they took away from the conversation..
Dan discussed effective strategies for delivering constructive feedback to enhance the performance of your team members in your plumbing business.
Constructive feedback is often overlooked or mishandled, leading to either decreased productivity or high turnover rates due to improper communication methods. Choosing to avoid these conversations might temporarily keep your team members content, but ultimately, it will impede the progress of your business.
Engaging in these discussions, however, will not only uplift individuals within your organization but also enhance the collective efficiency and culture of your entire team. This fosters teamwork and cultivates a positive environment conducive to growth and success in your plumbing business. In this episode, He will be guiding you through the proper techniques for delivering constructive feedback, including introducing the Frisk method.
You'll learn how to effectively structure conversations with your team members to ensure high-quality constructive feedback.
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The episode provides guidance on effectively delegating tasks in a plumbing business to facilitate growth and scalability. Dan Dowdy, with years of experience in the plumbing industry, emphasizes the importance of delegation for business owners who find themselves overwhelmed with day-to-day tasks. The process involves identifying tasks that can be delegated, establishing the value of one's time, and empowering team members to take on responsibilities.
The episode begins with an introduction to the importance of delegation in scaling a plumbing business. The host shares personal experiences of being bogged down by day-to-day tasks and highlights the necessity of delegation for continued growth. The key steps to effective delegation are outlined:
Identify tasks that can be delegated by assessing their value compared to one's own time.Choose between dumping all delegation on team members or delegating with clear communication and reasoning.Demonstrate the task to the team, work alongside them, and gradually allow them to take the lead.Reinforce progress by celebrating successes and providing constructive feedback.Dan encourages business owners to take action by delegating tasks to free up time for strategic initiatives. The video concludes with a reminder to like, share, and subscribe for more tips on growing a plumbing business.
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The challenge of not understanding your leadership style primarily manifests in being overly one-sided in your approach. This can result in two potential outcomes: either your team disregards you, leading to a lack of respect, or you attract individuals who are solely motivated by monetary gain, merely going through the motions and relying on you for every decision. Consequently, this may lead to high turnover rates or difficulties in recruiting new members to your organization.
These insights shared might strike a chord with you. This episode will assist you in addressing these aspects. Once you've identified them, you'll be better equipped to achieve a more balanced leadership approach, and you'll witness your team wholeheartedly embracing you as their leader. -
Discipline versus motivation: Discipline entails completing necessary tasks to achieve significant goals even on days or at times when you lack motivation. Motivation, on the other hand, involves pursuing actions aligned with your life's overarching goals when you do feel motivated. While motivation initiates your efforts, discipline sustains your progress even during challenging times.
In today's episode, Dan Dowdy dives into a topic that will aid you in achieving significant goals, whether they're personal or business-related. This video will equip you with strategies to accomplish these goals, focusing specifically on discipline. He'll be sharing five tips to enhance your discipline and drive your progress forward.
Keep moving forward; avoid becoming frustrated if the day doesn't unfold as planned or if a sub-goal isn't achieved according to the initial plan. Instead, shift your mindset because challenges will arise, and you'll need to adapt. You might need to change your approach and your language. My aim with this video is to empower you to tackle your goals head-on and overcome any obstacles you encounter.1. Begin with Why: First things first – begin with why. Look to the future and define your objective. Shift your mindset from "I have to" to "I get to." Embrace long-term thinking over short-term gains.
2. Share Your Why with Your Accountability Partner: Next, share your why with someone who'll hold you accountable. When motivation wanes, your accountability partner will be there to remind you of your purpose and keep you on track.
3. Set a Timeline to Accomplish the Goal: Finally, set a timeline for your goal. Without one, life will inevitably get in the way. Break down your goal into manageable steps and stick to them diligently. Remember, consistency is key.
4. When you fall short don’t try to make it up or you will get injured or burned out and quit. Just move on learn and keep going.
5. Reframe you mindset - you get to do this! Enjoy the journey!
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In the third segment of the episode "Lead by Example," Dan Dowdy and Nathan Glass delve into Leading Through Adversity, covering: Elaborating on each concept:
1. **Positive Attitude**: Maintaining a positive attitude involves adopting an optimistic outlook towards life, challenges, and interactions. It means cultivating a mindset that sees opportunities in difficulties, remains hopeful amidst setbacks, and fosters resilience in the face of adversity. A positive attitude not only influences one's own mood and motivation but also has a ripple effect on those around them, fostering a conducive and uplifting environment for collaboration and problem-solving.
2. **Focus on what you can control**: This principle emphasizes directing one's attention and efforts towards aspects of a situation that are within their sphere of influence or control. By recognizing and accepting the limitations of control over external factors, individuals can channel their energy into actions and decisions that they have the power to change or influence. This approach promotes a sense of empowerment, reduces stress associated with fixating on uncontrollable variables, and encourages proactive problem-solving rather than dwelling on circumstances beyond one's control.
3. **Communication and Transparency**: Effective communication and transparency are essential for fostering trust, collaboration, and alignment within teams and organizations. Communication involves not only conveying information clearly but also actively listening to others, seeking understanding, and providing feedback. Transparency entails openness and honesty in sharing information, decisions, and intentions, thereby building credibility and accountability. By promoting a culture of open communication and transparency, individuals and teams can enhance clarity, resolve conflicts, and cultivate a supportive and inclusive environment conducive to innovation and growth.
Book a call with us! https://builtforthetrades.com/ Stay in the Loop! 🔄 Subscribe to our weekly roundup email and be the first to catch all the latest updates, insights, and exciting news. Don't miss out – join us on the journey! https://pro.builtforthetrades.com/email-signup Join our community of Built for the Trades as we embark on a journey of personal growth, motivation and skill development. At Built For The Trades, we are dedicated to providing valuable insights, practical tips, and inspiring stories to help you navigate the path to success. Subscribe to Built for the Trades Podcast to find out how other trade company owners are finding success. YT: https://www.youtube.com/@builtforthetrades Podcast: https://podcasts.apple.com/.../built-for-the.../id1606988697 -
In the second segment of the episode "Lead by Example," Dan Dowdy and Nathan Glass delve into Intellectual Intelligence, covering:
1. Saying No and Boundaries: This refers to the ability to assert oneself by declining requests or opportunities when necessary. It involves setting personal or professional boundaries to maintain balance, manage workload, and prioritize tasks effectively.
2. Problem Solving and Decision Making: Problem solving involves identifying issues, analyzing their root causes, and devising effective solutions. Decision making involves selecting the best course of action among various options based on available information, critical thinking, and evaluation of potential outcomes.
3. Innovation and Creativity: Innovation is the process of developing new ideas, products, or processes that offer value or solve problems in novel ways. Creativity is the ability to generate original and imaginative ideas or solutions, often involving thinking outside the box and embracing unconventional approaches.
4. Strategic Thinking: Strategic thinking involves analyzing complex situations, anticipating future challenges and opportunities, and developing long-term plans to achieve specific goals or objectives. It requires a big-picture perspective, understanding of market dynamics, and the ability to align actions with overarching strategies.
5. Continuous Learning: Continuous learning involves actively seeking new knowledge, skills, and experiences throughout one's life or career. It fosters personal and professional growth, adaptability, and resilience in a rapidly changing world, enabling individuals to stay relevant and thrive in their chosen fields.
Book a call with us! https://builtforthetrades.com/ Stay in the Loop! 🔄 Subscribe to our weekly roundup email and be the first to catch all the latest updates, insights, and exciting news. Don't miss out – join us on the journey! https://pro.builtforthetrades.com/email-signup Join our community of Built for the Trades as we embark on a journey of personal growth, motivation and skill development. At Built For The Trades, we are dedicated to providing valuable insights, practical tips, and inspiring stories to help you navigate the path to success. Subscribe to Built for the Trades Podcast to find out how other trade company owners are finding success. YT: https://www.youtube.com/@builtforthetrades Podcast: https://podcasts.apple.com/.../built-for-the.../id1606988697 -
In this episode, Dan Dowdy and Nathan Glass discuss effective leadership through leading by example. They emphasize the following key principles:
1. **Self-Awareness**: Leaders should exhibit self-awareness by recognizing and managing their emotions effectively. This includes understanding strengths, weaknesses, and emotional triggers.
2. **Empathy and Active Listening**: Effective leaders show empathy by genuinely understanding others' feelings and perspectives. They practice active listening to create a space where team members feel heard and valued.
3. **Conflict Resolution and Relationship Building**: Leaders handle conflicts with empathy, striving for win-win solutions. They also focus on building and maintaining strong relationships based on trust and respect.
4. **Emotional Regulation**: Leaders display emotional composure and manage stress effectively. They teach their teams how to handle pressure and difficult situations without letting emotions take over.
5. **Effective Communication**: Leaders demonstrate clear and respectful communication. They highlight the value of open dialogue, especially during times of uncertainty or change. By embodying these principles, leaders can effectively guide their teams and foster a positive work environment.
Book a call with us! https://builtforthetrades.com/ Stay in the Loop! 🔄 Subscribe to our weekly roundup email and be the first to catch all the latest updates, insights, and exciting news. Don't miss out – join us on the journey! https://pro.builtforthetrades.com/email-signup Join our community of Built for the Trades as we embark on a journey of personal growth, motivation and skill development. At Built For The Trades, we are dedicated to providing valuable insights, practical tips, and inspiring stories to help you navigate the path to success. Subscribe to Built for the Trades Podcast to find out how other trade company owners are finding success. YT: https://www.youtube.com/@builtforthetrades Podcast: https://podcasts.apple.com/.../built-for-the.../id1606988697
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Welcome back to another insightful episode of the Built for the Trades podcast! Today, we're thrilled to have my co-host, Nathan Glass, join me for a deep dive into niche marketing and business development. We'll be sharing valuable insights on defining your vision, establishing your niche, and creating the perfect avatar for your business. Plus, we'll explore some dos and don'ts when narrowing down your business focus.
Before we get into it, let's take a moment to recap our recent episode with Brandon from Live Oak Bank, where we explored their journey of niching down their services. It was fascinating to see how this strategic move defined their business and fueled its remarkable growth.
At Built for the Trades, we aim to empower our listeners to grow personally and professionally through leadership development. We firmly believe that leadership development is a lifelong journey, and every day is an opportunity to improve.
Our goal for today's episode is to equip you with at least one invaluable takeaway you can apply to your daily business. If you enjoy this episode, share it with a friend and leave us a review. Your feedback guides our future podcasts and helps us reach more listeners.
In our previous episode with Brandon, he emphasized how Live Oak Bank found success by identifying a recession-proof niche. This led them to focus on serving plumbing, HVAC, and electrical businesses exclusively. What stood out was their clarity about who they are, what they excel at, and their dedication to serving the trades.
Nathan pointed out an interesting aspect of their journey. Initially, Live Oak Bank operated within the home services niche, but they realized the potential to expand further within the home services sector. They recognized other recession-proof opportunities waiting to be explored. Their ability to adapt and broaden their niche proved instrumental in their growth.
Now, let's delve into the core of our discussion today: understanding and defining your niche and avatar. These two components work hand in hand and play a pivotal role in the success of your business. As we progress, you'll discover how they influence each other.
One of the essential lessons Brandon's story taught us is that "riches are in the niches." This phrase resonates profoundly in the trade business world. But, as with any endeavor, some nuances and considerations warrant attention.
Let's begin by discussing the concept of a sub-niche within your business. Suppose you're running a home service company. In that case, you face a critical decision: Should you narrow your focus to residential clients, exclusively serve commercial clients, or specialize in new construction work? This decision is crucial, but striking the right balance is essential.
It's worth noting that hyper-focusing on a sub-niche may become costly if you exhaust your market's potential too quickly. If you're in a small market with limited homeowners, targeting only residential clients might not be sustainable in the long term. Similarly, exclusively pursuing commercial projects may lead to market saturation.
This brings us to the first fundamental principle: Assessing Your Expertise. To identify your niche, evaluate your skills, experiences, and passions. What services do you excel at? For example, if you're exceptionally skilled in HVAC system installations, that could be your starting point.
Next, research your local market. Is there a high demand for specific services that remain underserved? The goal is to find gaps in the market that align with your expertise and offer growth opportunities. An example here would be discovering a demand for duct cleaning services in a market dominated by general HVAC companies.
But remember, a niche isn't just about picking any specialization. It's about selecting one where you can excel and stand out. As Nathan pointed out, standing out in today's noisy business landscape is more crucial than ever. A niche helps you define your identity and become known for something specific.
Nathan further emphasized that you must start with a niche to grow and stand out. It's your foundation for building a customer base. Once you've established yourself in your niche, you can gradually expand your services to cater to a broader audience. This approach allows you to grow strategically and maintain a competitive edge.
As we discussed earlier, niching down too aggressively can be risky. If you transition from offering a wide range of services to focusing exclusively on residential projects, you might compete fiercely with well-established companies with significant marketing budgets. It's essential to be aware of your market dynamics before narrowing your focus too much.
Now, let's shift our focus to analyzing your competition. Research your competitors to understand their services and identify potential gaps in their offerings. Finding areas where they may be lacking can help you carve out your niche. For instance, if your competitors are all-purpose providers, you could differentiate yourself by offering quick-turnaround services or specialized expertise.
Lastly, consider profitability. While passion is crucial, your niche should also be financially viable. Ensure your chosen specialization aligns with market demand and allows you to build a sustainable business model.
In our next segment, we'll dive deeper into creating your business avatar and explore how it complements your niche. Stay tuned for valuable insights to help you build a thriving and sustainable trades business.
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In a recent conversation between Dan Dowdy and Brandon from Live Oak Bank, they explored the bank's various services to help small businesses in the trades industry grow through leadership development. Live Oak Bank specializes in providing small loans to plumbing, electrical, and HVAC businesses using the Small Business Administration's (SBA) 7A loan program. This program enables financing based on the cash flow of the company and the owner's credit, making it an excellent option for businesses with limited collateral.
Unveiling the Potential of 7A and 504 Loans:
During their discussion, Brandon highlighted the different types of business loans, focusing mainly on the 7A and 504 loans. The 7A loan, their main product, offers 100% financing for buying a facility, making it highly appealing for existing business owners in operation for 12 months, as it requires no down payment. Conversely, the 504 loan involves a 10% down payment and comprises two loans with generally lower interest rates.
The Allure of the 7A Loan for Real Estate Deals:
Brandon revealed that most real estate deals at Live Oak Bank involve the 7A loan and for good reason. The allure of 100% financing and no down payment requirement for eligible business owners proves highly beneficial. It enables businesses to replace their rent with a mortgage payment while retaining cash on their balance sheets for future investments.
Long-Term Stability with 25-Year Fully Amortizing Term:
One of the attractive features of the 7A loan is the 25-year fully amortizing term, meaning there are no balloon payments to worry about. This extended repayment period gives businesses financial stability and predictability, allowing them to focus on their growth and expansion.
Being Proactive in Business Acquisitions:
As the conversation progressed, proactively understanding the costs and requirements of acquiring a business was emphasized. Brandon advised potential business buyers to plan, including preparing for the down payment and evaluating financial aspects like credit scores and licenses. This approach ensures a smoother acquisition process and avoids last-minute surprises.
Building Strong Relationships with Banks:
Dan and Brandon underscored the significance of building strong relationships with reliable banks. Working with a trusted bank, like Live Oak Bank, provides businesses with essential guidance and financial support, facilitating growth initiatives such as marketing, hiring, and purchasing equipment.
The Art of Business Management:
Throughout their discussion, various aspects of business management were explored, including leadership, talent retention, and strategic planning. Brandon highlighted the value of being proactive, understanding the financial and qualitative aspects of running a successful business. Having a clear vision and strategy, business owners can confidently navigate the challenges and capitalize on growth opportunities.
The Role of Mentors and Advisors:
Lastly, the conversation touched upon the benefits of having mentors or advisors, such as Brandon, who can offer valuable insights and guidance in business financing and growth. Having someone experienced by your side can make a significant difference in making well-informed decisions for the business's long-term success.
In the dynamic world of small business ownership, access to reliable financial support and valuable guidance is paramount. Live Oak Bank's commitment to empowering small trade businesses through its specialized loan programs is evident. By being proactive, understanding the financing options available, and building solid relationships with trusted banks, small business owners can confidently pursue growth initiatives, embrace leadership opportunities, and achieve long-term success in their chosen trade industry.
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