The Hardest Decisions Every Contractor Has to Make

What should you do when you're booked months in advance but customers keep calling? Are you experienced enough to start charging for your work? Should you lower your price to keep a longtime customer? In Episode 86 of The Better Contractor Podcast, Brent and Alex answer three real questions submitted by members of The Better Contractor Facebook group. They discuss when contractors should hire more employees, rent or purchase additional equipment, raise their prices, turn down unprofitable work, and walk away from customers who only care about receiving the lowest bid. Brent also shares advice for newer contractors who are still building their skills and confidence. You do not need to know how to handle every possible project before starting a business—but you need to understand your current capabilities, price your work appropriately, manage your liability, and continue improving. In this episode: 00:00 Introduction 00:33 What to Do When You're Booked Months in Advance 01:23 Hiring More Employees and Adding Equipment 01:48 When It's Time to Raise Your Prices 02:32 Using a Premium "I Don't Want the Job" Price 03:07 Turning Demand Into Business Growth 03:44 Starting a Contracting Business With Limited Experience 04:29 Managing Risk and Liability as a New Contractor 05:18 Choosing the Right Services to Offer 06:19 Building Confidence and Charging for Your Work 06:39 How New Contractors Should Set Their Rates 07:44 Starting Small and Growing Into Better Work 08:39 How Brent Started Lanracorp 10:00 Gateway Dealer Network Sponsor Message 10:52 Should You Match a Competitor's Lower Price? 11:37 When to Walk Away From a Longtime Customer 12:14 Why Contractors Get Stuck at Break-Even 13:17 The Problem With Low-Barrier Competition 14:13 Becoming More Specialized and Valuable 15:17 The "Low-Low-Low Bid" Process 16:04 Lowest Price vs. Best Value Customers 16:42 Why Some Customers Come Back After Choosing the Cheapest Bid 17:18 Join The Better Contractor Facebook Group JOIN THE BETTER CONTRACTOR COMMUNITY Website: https://thebettercontractor.com/ Private Facebook Group: https://www.facebook.com/share/g/1D7WETCTXG/ Facebook: https://www.facebook.com/profile.php?id=100085062039297 Instagram: https://www.instagram.com/bettercontractor/ FREE TRAINING & ONBOARDING VIDEOS https://www.youtube.com/@TheBetterContractor/featured LISTEN TO THE PODCAST Spotify: https://open.spotify.com/show/1tjPd8zKXx2oXT8WpjTwir Apple Podcasts: https://podcasts.apple.com/us/podcast/the-better-contractor-podcast/id1728924279 CONNECT WITH BRENT OBERLINK Website: https://brentoberlink.com/ Facebook: https://www.facebook.com/brent.oberlink.9 Instagram: https://www.instagram.com/brentoberlink/ LinkedIn: https://www.linkedin.com/in/brent-oberlink-0a70b3161/ ABOUT THE BETTER CONTRACTOR PODCAST The Better Contractor Podcast features real conversations about growing a contracting business, developing strong leaders, hiring and retaining employees, improving company culture, managing operations, and building a business that can succeed for the long term. Subscribe to the channel and share this episode with another contractor who is working through these same decisions. #ContractorBusiness #ConstructionBusiness #BusinessGrowth #Entrepreneurship #ContractorTips