These 12 Hard Questions Can Help You Decide if You Own a Remodeling Business or a Low Paying Job
Are you pretending to be a remodeling business owner but in reality you are actually just a "job owner"? The questions below are tough and may make you feel real bad about yourself depending on how you answer them. But that’s not why I assembled them. Don’t kid yourself. If you are not cut out to be a business owner recognize that reality now. Don’t wait until you lose you all your money, your home and maybe even your family. If being in business is not your calling keep in mind the industry is desperate for good employees. Real remodeling business owners offer good jobs with great pay and benefits. Answering these questions might just be the best thing you do for yourself this year.
- Are you one of about 85% of remodeling business owners who have no clue regarding how to calculate your required markup and gross profit margin (WAG)?
- Are you one of those business owners who uses a convoluted scheme for marking up different things at different markups even though you have no idea whether you are buying or selling jobs (WAG)?
Are you one of those business owners who doesn't know the difference between markup and margin, or worse you think they mean the same thing (WAG)?- Are you one of about 80% who do marketing without a marketing plan?
- Are you one of those business owners who has no idea whether you made or lost money until your taxes are done in March or April by your “historian accountant” (WAG)?
- Are you constantly getting tax filing extensions because your books are a mess and or because you don't have the money to pay the taxes you were surprised to find out you owe (WAG)?
- Is your business up to its eyeballs in debt and you have no idea how or why you got there, or how you will ever get it paid off (WAG)?
- Are you, or will you be, one of the 52% of Americans ages 62-65 who have less than $25K saved for retirement?
- If you divided your total pay Wage plus net profits) by the number of hours you worked this past year are some or all of your employees making more per hour than you?
- Are you able to still say you’re still in business because of your wife’s job and health care plan?
- Do you brag that you do no marketing and totally rely on referrals but at the same time complain about the jobs and customers you get?
- If you answered yes to most or all of the above are you ready to do something about it?
