Profitable Home Services Podcast

Taxes are taxes. You have to pay them. There’s no way around it, right? Not entirely. Many small business owners are overpaying their taxes without even realizing it, and they don’t have to. In this podcast episode, I share my years of experience in helping businesses use strategies to legally minimize their tax liability and keep more of their hard-earned profits. From entity structuring to retirement planning to hiring family members, you'll discover proven tactics to plug those hidden profit leaks and boost your bottom line. Listen to the full episode to find out how you can pay the IRS less and keep more for your business. What You’ll Learn… How tax planning finds hidden profit leaks and increases your business's profitability. Various tax-saving strategies, such as optimizing your business entity and more. How captive insurance companies can protect your business and provide tax benefits. Charitable giving strategies that can reduce your taxable income. Equipment rental tax strategies that can provide income and tax deductions. Strategies when selling property or your business that reduce your taxable income. How tax planning can give insights on the optimal timing for paying monthly expenses. Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Home service business owners wear many hats that keep them extremely busy. One thing they all want though, is more loyal repeat customers. But how to get them? Odds are high that most of these business owners haven’t stopped to consider how or why they should devote time to building credibility and authority in their industry. To compete in an area where several service providers are offering very similar services, you need to do something to stand out. Something your competitors might not be willing to do because they don’t think they can. Diana Needham joined me on my podcast to talk about a strategy that can become a powerful marketing tool that sets your company apart. Writing a book. Most home service providers feel unqualified to write a book, despite the fact that they have an impressive amount of valuable knowledge in their field. Diana shares practical strategies for getting started, even if you don't consider yourself a strong writer. By the end of this conversation, you'll be inspired to put pen to paper and share your expertise with the world. You’ll Learn… How a book can be a powerful marketing asset to build credibility and authority How to easily create a short, impactful book using content you already have Ways to leverage your book to open doors, get referrals, and stand out from competitors Why you should share your personal story in your book to better connect with customers How to use your book as a $4 "business card" that will never be thrown away To turn your book into a marketing asset that generates leads and new business Why the expertise you already have is valuable and worth sharing through a book Listen to all episodes at https://profitablehomeservices.com/ Connect with Diana Needham at https://businessbookpartners.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Running a profitable home services business is no easy feat. Many entrepreneurs started out as technicians. They don’t have MBAs and can struggle to understand the business side of their operations, leading to many silent profit leaks and missed opportunities. In this episode, I sit down with seasoned builder Mark Williams to uncover the common financial pitfalls that trap home service providers. Learn how to understand the true cost of your employees, recognize profit leaks, and to implement systems to keep more of what you earn. Whether you're an HVAC technician, roofer, or general contractor, this conversation will give you the strategies to build a more profitable and sustainable business. You’ll Learn How To… Understand the business numbers, such as markup vs. margin, to avoid profit leaks Use a labor burden calculator to find the true cost of your employees Use the Profit First system to protect your profits and prevent overspending See that business success is about fiscal management just as much as technical work Incentivize and keep your employees by sharing in the company's profitability with them Build strong relationships with clients, leading to higher profits Listen to all episodes at https://profitablehomeservices.com/ Connect with Mark at https://www.curiousbuilderpodcast.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Many home service business owners, like plumbers, electricians, and HVAC technicians, are unaware of the power of publicity to grow their businesses. They're so busy taking care of customers and putting out fires that they don’t spend time building their credibility and authority in the community. Discover how leveraging publicity through podcasts, awards, etc can help you stand out from the competition, attract more of your ideal clients, and ultimately boost your profits. Our guest, publicity expert Nancy Juetten, shares practical tips and strategies that any home service business can use to put their toe in the water and start building more visibility and trust within their service area. What You’ll Learn… How publicity builds credibility and authority that helps you stand out from competitors How to create a simple loyalty program that puts customers first and builds trust Why regularly updating your bio with new certifications/capabilities is important How you can leverage podcasts to reach new audiences and attract them to your business The one thing that will help attract the right customers who value quality over price Listen to all episodes at https://profitablehomeservices.com/ Connect with Nancy at www.getknowngetpaid.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Building a dedicated team can be one of the biggest challenges home service business owners face. Too often, they find themselves running an "adult daycare" instead of a thriving, profitable company.I brought on team management expert Dan Dowdy to show us how to transform your team from a liability into your greatest asset. You'll learn how to build trust, empower your employees, and unlock hidden profit potential in your business. Whether you're a seasoned entrepreneur or just starting out, this conversation will give you the tools to build a high-performing, dedicated team that drives your company's success. What You’ll Learn… Why building trust with your dedicated team is crucial How to transition from being a technician to an effective leader The one thing that will help your dedicated team become independent thinkers The importance of setting clear expectations and tracking key performance indicators How to build a culture of accountability and continuous improvement Listen to all episodes at https://profitablehomeservices.com/ Connect with Dan at www.builtforthetrades.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

It can feel next to impossible to stand out from the competition, big box stores and attract new customers, and simply having a website is not enough. You need a strategic online presence that educates, engages, and converts sales leads into paying customers. I was so excited to dive deep with marketing expert Craig Lowder on his keys to building an amazing digital self-service system that shortens your sales cycle, boosts productivity, and helps you connect with the right customers. Find the hidden profit leaks you may be overlooking and learn these practical strategies to turn your website into a lead generation machine. You’ll learn about Having a compelling presence in the current digital landscape that attracts and converts customers. Creating a website that educates, engages, and encourages action from potential customers Providing an exceptional customer experience that builds trust, even when things go wrong Defining your ideal customer and tailoring your marketing approach to their needs Vetting and working with a marketing agency to improve your presence in the digital landscape Following up with past customers and leveraging your footprint in the digital landscape to find new opportunities Listen to all episodes at https://profitablehomeservices.com/ Connect with Craig at https://www.trustedadvisorconfidential.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you a home service business owner struggling to increase your lead conversion rate (get more people to buy) and grow your profits? Sales expert Craig Lowder joined me to share his proven 6-step system for building a lead conversion engine that works. Find out how to identify your ideal customers, craft compelling messaging, map out your sales process, and track the right metrics to really grow your profitability. Whether you're a plumber, electrician, or HVAC contractor, you'll walk away with actionable strategies to stop leaking profits and start closing more high-quality customers. What You’ll Learn About Defining and targeting your right-fit customers Strategies to give a compelling message that your customers connect with Mapping out a lead conversion process that follows how your customers already buy. Ways to track and measure key activities that create lead conversion Why diversifying your lead generation efforts is crucial Virtual selling and how to be present where your buyers are researching online Listen to all episodes at https://profitablehomeservices.com/ Connect with Craig at https://www.trustedadvisorconfidential.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you struggling to build a cohesive and high-performing team in your home service business? The key may lie in understanding the unique personalities and communication styles of your employees and customers. In this episode, I sit down with personality expert Steven Shapiro to explore his innovative "Personality Poker" system. Learn how finding your team's strengths and blind spots can help you plug profit leaks, improve collaboration, and deliver exceptional service to your customers. Tune in to learn practical strategies for building a balanced, adaptable, and innovative team that drives growth for your home service business. What You’ll Learn… How understanding different personality types can build a high-performing team Why you should interact with clients in their preferred communication style How to collaborate with those who compliment your strengths and fill your blind spots How a company's culture can create profit leaks if not aligned with people’s needs Strategies for validating team members who don't perfectly fit the company culture Steven’s new book "Pivotal" and how it can help create stability in uncertain times Listen to all episodes at https://profitablehomeservices.com/ Connect with Stephen at https://www.linkedin.com/in/shapiroinnovates/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

It stinks to work so hard and not be bringing more home at the end of the day, especially for home service businesses. In this episode, marketing expert, Tyler Williams shares not one but two uncommon profit leaks that he frequently uncovers when working with plumbers and other home service providers - unsold estimates and overspending on lead generation. By finding and fixing these hidden profit leaks, home service business owners can maximize profits and unlock major untapped revenue. Tune in to discover practical strategies you can start using to plug these profit leaks in your own business and start putting more money in your pocket. You’ll learn… How to convert unsold estimates in your home service business. Why you should build brand awareness and relationships to maximize profits How to create a marketing plan that keeps your budget within your business goals The importance of giving an amazing customer experience across all touchpoints Strategies for customizing your marketing messaging for your target audience Why measuring and tracking your marketing efforts is crucial Tips for using tools like CRMs and call tracking to optimize your marketing spend Listen to all episodes at https://profitablehomeservices.com/ Connect with Tyler at https://www.themammothagency.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are your profits feeling tight this year? You're not alone. The money is tight for many home service businesses who are facing increased costs and financing challenges that are squeezing their bottom line. In this episode, we'll dive into practical steps you can take to regain control of your finances and boost your profitability, even in uncertain times. From mastering your money mindset to optimizing your operations, you'll walk away with a roadmap to keep your business thriving. Don't miss these essential strategies for weathering any economic storm. What you’ll learn? How to shift your mindset from scarcity to abundance to overcome financial challenges. How to identify areas to cut costs and optimize your business operations. When the money is tight, how to develop a profit plan to achieve your financial goals. Why you should Invest in your own and your team's professional development. How to Implement affirmations to maintain a positive money mindset. How to manage your money wisely and make the right financial choices. Why you should cultivate gratitude for the abundance in your life and business. Listen to all episodes at https://profitablehomeservices.com/ Connect with Diane at https://taxcoach4you.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

In this episode I brought Rhamy Alajeal by to make sure you are aware of upcoming changes to the Fair Labor Standards Act's Overtime Exemption Rules in the United States. Starting in July 2024, any salaried employee making less than $43,888 per year MUST be paid overtime. In January 2025 that number will move up to $58,656. These changes will have a major financial impact on small businesses with employees. Businesses may have to raise salaries, reclassify employees as hourly, or risk costly legal issues if they don’t adjust their overtime practices. Rhamy outlines several strategies businesses can use to address the new rules, as well as the importance of proper record-keeping and communication with employees. What you’ll learn: A history of overtime exemptions from the FLSA (Fair Labor Standards Act) New minimum salary thresholds coming in 2024 and 2025 Strategies for addressing the new rules Potential impacts on salary compression and overall labor costs Importance of tracking hours for non-exempt salaried employees How to avoid a $1 million lawsuit due to misclassification of salaried employees Listen to all episodes at https://profitablehomeservices.com/ Connect with Rhamy at https://peopleprocesses.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

It’s not all about the ‘books’, and accounting where a service business can leak profits. It’s in EVERY area of the business. I already shared 10 hidden profit leaks from some of the amazing guests I’ve had on the Profitable Home Services Podcast, and I have 10 more. Believe me when I say there ARE more areas we can dive into. I hope their insights on what they think are major profit leaks in a service business sheds light on your own business, so that you can plug them and put more money in your pocket. Use this as a checklist to plug those profit leaks in YOUR home service business. I also give the links to the episodes to listen to the whole conversation to glean even more insights. You’ll learn to avoid: Mistakes that create duplicate calls and work with Ron Saharyan Forgetting about past clients that can generate repeat business with Bill McGowan Confusing the difference between profit and cash flow with Mike Milan Technician errors and callbacks by creating solid SOP’s Diane Gardner Using an outdated price book with Tersh Blissett Paying employees who are not performing well (especially family) with Ellen Rohr Overuse of meetings that waste time and money with Jeremy Lowe Invisible costs of employee turnover with Rhamy Alejeal A lack of checklists that foster ‘wow’ service with Dave Sullivan Only marketing to new customers with Diane Gardner Take action and stop your hard-earned profits from leaking out of your business! Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

I am delighted to welcome back Steve Juetton! Last time we talked about making the decision to sell your business and the right timing to sell. This week we dove into the practical steps to exiting a business successfully. Steve covers essential aspects like business valuation, assessing the business from a buyer's perspective, improving profitability, finding a buyer, conducting due diligence on the buyer, and planning for life after selling the business. What you’ll learn… The crucial step of getting a business valuation to realistically know it’s worth How to assess the business from a buyer's standpoint to find areas for improvement How to fix profit leaks like Seller Discretionary Expenses (SDE) to increase the business's value and attractiveness to buyers. Why you should conduct due diligence on potential buyers What kind of plans to make for your life after selling the business Listen to all episodes at https://profitablehomeservices.com/ Connect with Steve at www.bridgegatepartners.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you struggling to get your HVAC or home service business noticed? Wondering how to turn clicks into customers? Tune in to this episode of the Profitable Home Services Podcast where I chat with marketing experts Evan Hoffman and Thaddeus Tondu from On Purpose Media Group. They'll be unpacking the secrets of effective marketing, from creating a website that converts to mastering customer service with a personal touch. Plus, they'll reveal how to use your business numbers to make smart, data-driven decisions. Whether you're looking to make small tweaks or big changes, this conversation is packed with actionable advice to elevate your business and delight your customers. Don't miss out on these game-changing strategies!!! You’ll learn how to: Tackle common marketing challenges and develop effective strategies Optimize your website and respond quickly to customer inquiries Conduct return customer marketing and effectively measure ROI Track phone numbers for different service lines & analyze website traffic sources Find the cost per acquired customer and understand their lifetime value Leverage technology for improved customer communication and follow-up Understand company culture and employee buy-in to drive the success of your business Listen to all episodes at https://profitablehomeservices.com/ Connect with Thaddeus and Evan at https://onpurposemedia.ca/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Ever felt stuck on how to expand your home service business without spending a fortune on marketing? Tune in to this episode of the Profitable Home Services podcast where I get to talk once more with expert Joe Pallo, author of "How to Sell Nothing"!! Joe’s insights last month were invaluable and now he’s back to unlock the secrets of referral-based growth. Joe equips you with immediate, powerful strategies for harnessing referrals. This isn't just a conversation—it's a turning point for your business strategy. Join us and discover how to tap into the goldmine of referrals! What you’ll learn: The significance of referrals for expanding your business How to shift your mindset about referrals to open doors for more opportunities A tried-and-true script for asking for referrals Strategies to overcome the fear of rejection when asking for referrals How to ask for referrals with confidence (and build trust in the process with clients) How to identify opportunities to ask for referrals in service businesses To set realistic goals and track referrals Listen to all episodes at https://taxcoach4you.com/profitablehomeservicespodcast/ Connect with Joe at https://www.sellnothing.co/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com Screenshot: https://www.canva.com/design/DAGCgzK-JzQ/vc5qZ_Zye6NXZ7iJAKMPpg/edit

Profit Leaks - All the little ways money is leaking out of your business instead of going in your pocket. After interviewing over 20 experts in the Home Services Industry I learned alot about other areas that can improve your ability to create more profits. I asked these industry leaders what they considered the biggest profit leak from what they see out in the field. And wow - so many different answers. The great news - you can use this as a checklist to plug those profit leaks in YOUR home service business. I also give the links to the episodes to listen to the whole conversation to glean even more insights. Here is a quick overview of what I share: 🎙️ Missing out on creating extra revenue streams (like Captive Insurance) with Randy Sadler 🎙️Raising salaries because it’s just the protocol (ie length of time employed) with Mike Michalowicz 🎙️Trying to do everything yourself instead staying in your area of genius with Dave Sanderson 🎙️Not having your company retirement plan set up to primarily benefit YOU, the owner with Bill Black 🎙️How your Customer Service Representatives answer the phone and track data with Stephen Christopher 🎙️ Thinking that content creation is a 'nice to have' vs a tool that attracts clients and generates revenue with Justin Wise 🎙️ Only marketing to NEW customers with no strategy to get future sales from your current customers with Daniel Dixon 🎙️Not Having Financial Responsibility Built Into Your Business with Mike Disney 🎙️ Neglecting to train your Customer Service Representatives to WOW customers with Brigham Dickinson 🎙️Not using opportunities to minimize tax liabilities (legal ways to pay less tax!) with Ed Lyon There is so much actionable knowledge in these episodes that can save you so much money! Listen to all episodes at https://profitablehomeservices.com/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

If you are like most home service business owners, you’ve thought about selling at least once. Do you wonder when the right time is, what you should sell it for and how to create an exit strategy? Tune in to this episode of the Profitable Home Services podcast where I chat with Steve Juetten, a seasoned exit strategist. Discover the secrets to exiting your business at its peak value and learn why timing is everything. Steve will walk you through his five-step exit blueprint, designed to maximize your profits and ensure a smooth transition for you, your employees, and your customers. Don't let burnout or a decline in business value catch you off guard. Here’s a taste of what Steve covers: Learn to identify the optimal moment to sell your business Understand the emotional challenges of selling a business Discover the importance of strategic planning in the sale process Explore different options for selling your business Learn how to document processes and systems within your business to increase its value Find out how to conduct thorough due diligence before selling Get a step-by-step guide on preparing your business for sale Listen to all episodes at https://profitablehomeservices.com/ Connect with Steve at https://bridegeatepartners.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you ready for sales strategies that actually work for home service businesses? Tune in to this episode of the Profitable Home Services Podcast where I sit down with Joe Pallo, a master sales coach. He's going to teach you how to win clients and boost your sales by making genuine connections. Discover Joe's "Earning" process, driven by listening and responding to your client's needs effectively. This is a game-changer for anyone in the home service industry looking to boost their sales and create lasting customer relationships. Don't miss out on these expert insights! Discover successful sales strategies and techniques tailored for home service businesses Benefit from Joe Pallo's wealth of experience in commission sales Explore key insights from Joe's book, "How to Sell Nothing," so that you can update your sales tactics and stand out in the market. Learn the importance of making an emotional connection with clients in sales Have a more impactful and persuasive sales conversation with Joe’s ‘EARNING’ system Why people buy, how to sell ‘nothing’ and make an emotional sale to successfully close more sales Listen to all episodes at https://homeservicespodcast.com Connect with Joe at https://www.sellnothing.co/ Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you running a small business and want to avoid hefty fines or, even worse, jail time? Tune in to the latest episode of the Profitable Home Services Podcast, where I am diving into the brand new Corporate Transparency Act. Starting January 1st, 2024, this law will shake up the reporting requirements for corporations and LLCs, and you need to be ready. I will guide you through what you need to know to stay on the right side of the law and keep your business thriving. Some of the things you will learn are: What is the new Corporate Transparency Act (CTA) How does it affect small business owners? Find out the specific reporting requirements for your business entity (LLC vs SCorp etc) Know the details required for reporting so that you can have them ready Learn where and how to file Corporate Transparency Act reports Ensure you know the timeframe you have to file within Understand the penalties for non-compliance so you can avoid costly fines and legal issues Stay informed so you can safeguard your business against future regulatory changes. NOTE - At the time that this episode is live, this is still ongoing, and is being challenged in the court systems so expect further updates once we hear more. Listen to all episodes at https://homeservicespodcast.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you running a small home service business and want to keep your hard-earned profits safe? Tune in to our latest podcast episode where my guest Michelle Scribner share what it means to be financially vigilant. Discover how a simple oversight could open the door to profit loss and even fraud. We'll walk you through a real-life scenario where a business was blindsided by supplier-related delinquency. Plus, get actionable strategies to bulletproof your finances, from implementing solid procedures to training your team and cultivating strong vendor ties. In this episode, we go into the details of how you can…. Grasp the essentials of financial management Learn from a real-world case study about how to handle unexpected financial challenges from suppliers Gain insights on how to lessen the risk of financial fraud for your business. Understand how to go through your past financial data to find potential financial red flags Recognize warnings when reviewing things like expenses and inventory Avoid potential fraud by championing an ethical business Document and build a case for financial misconduct if you need legal help from fraud Listen to all episodes at https://profitablehomeservices.com/ Connect with Michelle at www.sumofallnumbers.com Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com