If you’ve watched the training video I talk about which is better to operate in, Residential or Commercial.
Here is the breakdown which is best:
- Difficult, hard, and complex
- Wasting hours estimating, tendering, phone calls to clients, and endless bureaucracy (unbillable time)
- High dollar value but low-profit margins.
(when you look at how many hours you put into the project, you’ll realize there’s little left over for you as the business owner.
- Not recession-proof. Your business relies on the success of other businesses.How many small to medium-sized businesses shut down during lockdown or have suffered economic hardship. Lots!
- Bad cash flow (you get paid, 14, 30, 60, 90 days later) and you also have to waste time and chase up unpaid, late invoices all the time.
- It’s quick, easy, and stress-free.
- High-profit margins (if done correctly)
- Great for cash flow (you get paid as soon as the job is done. Would you like to pay via cash or card?)
- Lots of small jobs = lots of money
- More fulfilling and rewarding (Mr’s Jones writes you a testimonial about how awesome you are and how she’s going to tell all her friends and family about you.
- Every hour on site is billable time.
- Recession-proof. There’s always a Mr’s Jones who needs some plumbing work done around her home even during Lockdown.
In a nutshell, If you’re wondering how the best and most profitable plumbing businesses win and keep winning, it’s because 80% or more of their revenue comes from the residential service and maintenance sector because of the above reasons.
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