Why do 80% of Home Maintenance Service Businesses Fail within the first 5 years?
Because the typical Tradesman decides, in his wisdom, that he KNOWS all there is to know about running a business.
He knows all there is to know about Plumbing, Electrical, Painting or whichever industry he's in, so naturally that makes him qualified to start his own business.
Let's face it the thought of becoming your own boss, taking control of your future, becoming the master of your own destiny all sounds pretty awesome right?
So what happened - why doesn't it always work out that way. Because many of you struggle to see the business as a 'business', instead you tend to view it as a job. (HMMMM, a bit like the one you left......?)
You need to learn the difference between 'the work of a business' and the 'business of work' - because they are totally different things. Instead of just doing, doing, doing, going from one job to the next, 14hr days, 7 days a week, which is an easy trap to fall into (been there, done that, and NOT going back), - you need to view your business as a product, you need time to plan, grow, manage and get your life back.
You need to learn to how to tackle and embrace your inner Entrepreneur and Manager, and how to do the business things that you've never been taught..... Marketing, Sales, Staff, Systems, and Money. But how do you find the time for any of that when life just keeps getting in the way?
And what about the affect your business has on your family? Have you thought about that?
No matter whether you've got family members physically working in the business with you or not - make no mistake, everything you do in your plumbing business ends up affecting your family. It's not easy leaving work problems at work all the time. Your business is a massive part of your life, and even an organised, well run business will still be a large part of your family life.
Working long days, not bringing in enough money, dealing with customer complaints.... think about the mood these things can put you in day after day.
Do you take it home with you?
Do you vent on someone you love because you know you can? In some way, shape or form - from not spending enough time, to not having enough money to go on that vacation, to being grumpy.... your family ends up being in the firing line. I want you to think about anything that happens in your business that makes you angry or puts you in a bit of a bad mood. And then make a note of it in your diary or calendar. If you're having the same problem reoccurring week after week, it's time to find a way to eliminate or control that situation.
Often it's only a handful of things that are causing you a heap of grief, but once you identify what they are, you can eliminate or at the very least manage them in an affective way so they have minimal effect on you and your family.
Note: You can't do this if you haven't identified the pain point!!!!!
It's amazing how often businesses start with the best intentions of improving family life, but then often have the opposite effect. Or maybe you started your business when you were young and single, and while you were the only person involved there was no problem. You worked hard and played hard. But that very same business that was a great lifestyle for a single guy has now become a nightmare for you and your family.
As a business owner, your number one priority should be putting plans and systems in place so that doesn't happen! Which brings us back to our beginning..... you might be an awesome Plumber, Electrician, Painter or Pestie...... but how good are you at the business side of things?
Bottom line - don't assume you know everything there is to know about running a business, if things aren't working out the way you expected them to....then make a change.