How much would you Spend to double your income?

Kory

Kory

Member
I asked this on my facebook page yesterday. And I want to ask you guys. How much would you be willing to spend to double your income. I have doubled my numbers for the last 5 years. Yet my marketing costs have only gone up slightly. I can attribute my growth from the knowledge and my implementation of the things I have learned on PWI and at NCE Events. If you are not planning on attending Tampa you are missing out on great opportunities. This show will be nothing like previous years or like any other event you have been to. It will also be the last till 2013.

But My question still stands how much would you be willing to spend?

I spend about 4-5k a year to attend these events.
 
What would be the true profit margin then because if it cost you double what it does now to earn double what you make now how would that be worth it? Plus the work load would be doubled.
 
It depends on what you call spending. Are you talking just about marketing, or all spending combined? I, proportionally, spend less for advertizing and marketing then most contractors, particularly when you consider my revenue levels. Do I anticipate growing in the next year...;)
 
I am going by my average marketing budget from year to year. I think with a increase in education and knowledge I have received from attending rt's and NCE events. I have been able to grow each year and spend less marketing. So my idea is now if I advertise twice as much and double the usual marketing I do I will be able to double my revenue.
 
Kory,

I know my clients that participate in the NCE events gain invaluable networking, comradery and knowledge from these events. I STRONGLY encourage my clients to make these regionally every chance they get!!!!

These clients I have typically met me at NCE events and they have doubled their businesses in six months. Many were barely taking pay checks out of their company and paying everyone else but them selves. If you figure they spent the bucks to attend the events and spent nearly 5k with me for a 4 day onsite consulting trip, your about on the money!

AC
 
I know that for me Having educated the value of my services vs the handy man or johnny come lately contractor availability out there in conjunction with raising my prices has really tripled my clientel this year.

I answer my cell
I am polite
I am always available for questions with my clients
I call back if they leave a message
I show up on time with a neat appearance
I have pro equipment
I complete the work within the time frame I specify on my contracts
I always throw in a freebie on every project

With painting I always use ther proper prep and product for each surface to be painted. I also give a 5 year labor warranty.


These things may seem silly, but in my neck of the wood These are all complaints of what my competition does not offer or follow up with.

If my clients are looking for Power Washing in Reading PA or House Painting in Reading PA they know that I offer the best service experience and hospitality.
 
I have doubled my business two years in a row from networking and attending events then weeding through the good and bad and applying the good. My personal pay has also doubled once over that two year period. It was definitely worth it. I very much have enjoyed meeting like minded individuals in the industry and working with them to network leads and try new ideas.
 
Networking alone has saved me money, just about where ever I am I know someone in the industry that can help me in some way, from a broken down truck and a place to get it fixed, best price around for 12%, need a spare part or equipment asap, make a call and someone is willing to help

We grew every year except one, used to be by 50% when I was a smaller company, now no where near 50% but good growth, this year is awesome so far and that's with a slow first 3 months.

I have found you cannot not just sit back, you always have to be working the customers if you want to keep growing. Sometimes its fun, some times it tiresome, but its always a challenge
 
jlpressure said:
Networking alone has saved me money, just about where ever I am I know someone in the industry that can help me in some way, from a broken down truck and a place to get it fixed, best price around for 12%, need a spare part or equipment asap, make a call and someone is willing to help

We grew every year except one, used to be by 50% when I was a smaller company, now no where near 50% but good growth, this year is awesome so far and that's with a slow first 3 months.

I have found you cannot not just sit back, you always have to be working the customers if you want to keep growing. Sometimes its fun, some times it tiresome, but its always a challenge
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Well said Jeff. I couldn't agree more.
 
Kory said:
I'm saying your work will double if you implement the things you learn at this event.
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Tell you the truth Kory, I think this is a conservative number IMO. The right person with the right Company, and the sky's the limit....Period.

The thing Contractors Have to do is Implement what they take back from these RT's into they're Businesses.

Networking is GOLD!!! Just had a Member of this board that I met at an RT, call me last week and turn me on to the 2nd largest PM Company in my service area.

Education is key to staying ahead of your Competition and building a solid foundation for your Business.......So What's That Worth???
 
Guy Blackmon said:
Tell you the truth Kory, I think this is a conservative number IMO. The right person with the right Company, and the sky's the limit....Period.

The thing Contractors Have to do is Implement what they take back from these RT's into they're Businesses.

Networking is GOLD!!! Just had a Member of this board that I met at an RT, call me last week and turn me on to the 2nd largest PM Company in my service area.

Education is key to staying ahead of your Competition and building a solid foundation for your Business.......So What's That Worth???
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Preach it!
 
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