Everyone makes mistakes, but in the business world, you can only make so many. It’s important to learn from them, of course, but it’s even better to avoid making them in the first place whenever possible.
Here are the biggest mistakes contractors make – and their suggested solutions!
Mistake #1: You don’t worry about expenses
Being too easygoing with your finances is an easy way to get yourself in trouble, especially early in your business. It’s crucial to track all the money that goes in and out, without exception.
It’s the only way you can have the confidence to make investments, hire, expand, and so on. It’s very common in our personal lives to pretend that an expense doesn’t exist if we don’t register it anywhere, but your business cannot survive this mentality!
Solution: Either hire a financial expert for your team or at the very least, try using an app to track your finances from anywhere. That way you can instantly register everything from your phone and keep track of your finances.
Mistake #2: You’re not using social media
It almost goes without saying, but social media is essential. Most people will look up information online first and most of the first results they get for contractors will be their social media profiles – and you really want to show up first.
You definitely don’t need a “degree” to put your social media profiles to work but it can be overwhelming. There are lots of free resources with helpful information out there, but there’s a reason why companies hire a social media expert – which is something you should consider down the line.
Solution: Learn the basics and regularly post on social media to keep things updated. There are many great resources on how to use social media in our blog.
Mistake #3: You didn’t think about health and safety precautions
The contractor's line of work is prone to many accidents. It’s wise to take precautions and have a plan in case they happen despite your precautions – because that’s how accidents work.
Solution: Always follow health and safety measures in work sites, when handling products and tools, and of course, respect local regulations and guidelines.
Mistake #4: You don’t use lead-generation strategies
Mastering lead generation strategies is one of the best ways to passively earn business opportunities. You can do this the hard way or the easy way, but typically you’ll end up doing both.
The hard way is to do it yourself, which requires a good foundation and knowledge but has excellent long-lasting results. The easy way is to sign up for a service like homeyou, where you’ll receive leads for your line of work directly to your phone.
Solution: Learn more about lead generation and consider signing up for homeyou while you’re setting yourself up to start receiving leads faster.
Mistake #5: You’re trying to expand without a foundation
Expanding is a natural part of your journey, but you should think of it like building a house: you can’t just start lifting walls without a foundation, otherwise, the entire structure will eventually collapse.
For a contractor business, this means ensuring you have a good team, enough savings for emergencies, an online presence, and more.
Solution: Don’t reach for the sky without grasping the basics. It’s hard to pinpoint exactly what it means to have a good foundation because every journey in the business world will be different. It’s important to trust your instinct, but also your current state when it comes to finances and personnel.
Take the first step towards growing your business today and start receiving leads that will make you money. — Sign up with homeyou!