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TCF1017: How to Make $100k a Year as a Contractor
Many contractors struggle to pay themselves consistently, let alone invest in their future. In this episode, Tom lays out a no-fluff roadmap to help you earn at least $100,000 in personal income from your contracting business. From reverse engineering your financial targets to becoming relentless with marketing and sales, Tom breaks down the exact steps needed to take control of your income, stop living paycheck to paycheck, and start building lasting wealth.
In this episode, Tom discusses:
- [00:00] The reality of contractor income and why most struggle to pay themselves properly
- [01:43] The first step: reverse engineer your financial goals to determine revenue and pricing targets
- [03:49] How to calculate the number of jobs and leads you need to hit your income target
- [05:15] Step two: avoid complacency and stay consistent with momentum-building activities
- [06:49] The critical role of always marketing to keep your pipeline full
- [08:06] Why you must sell daily and take control of your sales process
- [09:24] Building relationships and prospecting consistently to keep the cash flowing
- [10:16] Raising your standards to attract better clients and demand higher prices
- [11:11] Step three: be fanatical about branding and sell unafraid
- [12:39] How to build trust by sharing your values and operations through content
- [13:27] Owning your local market by getting involved in your community
- [14:08] Creating value through education instead of relying on traditional ads
- [16:00] Being confident in your pricing and eliminating “head trash” around money
- [17:25] The power of sales training and controlling the conversation
- [18:41] Becoming an uncommon salesperson by identifying pain points and guiding clients
- [19:06] The importance of consistent follow-up and building long-term customer relationships
- [20:04] Why sales is a skill you must continually work on to increase your income
Resources:
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