Building a Financial Foundation
I have had some incredible mentors in my life. One of my primary mentors, Walt, was the first to get me hooked on the phrase…
“It’s not always about what you make, but what you spend!”
I know detailers who make solid money, I mean a nice living. They live within their means and put money aside each and every week of the year. A few of these guys are young, in their thirties and forties, and they have a very sizable nest egg of cash, investments, and retirement set aside.
On the flip side, I know people within the detailing industry who make over six figures and have absolutely nothing to show for it. They live big, drive big, and talk big, but are in debt up to their eyeballs. “It’s not always about what you make, but what you spend!” Spend your hard earned money where it counts most, and do as I have done my entire live, find great mentors!
Like any industry, there are commonalities within detailing and I see ten common factors that play a part in the failure of many detailing business in their very early stage…
1. Failure to have the correct business education and/or business experience.
2. Failure to know how to detail at a professional level.
3. Business is underfunded and lacks any support capital to help them.
4. Starting out in debt or running up debt letting overhead get out of control.
5. Failure to have a written business plan addressing successes and challenges alike.
6. Failure to maintain a sales pipeline and thus upsetting cash flow.
7. Failure to establish personal and business brands both online and offline.
8. Failure to establish an effective referral program.
9. Failure to be effective on the phone and poor people skills.
10. Utilizing a poorly designed menu and failing to make any notable hourly profits.
These ten common success traits are the foundation I see for those making progress and larger-than-normal successes within the detailing industry.
1. Being business educated and having a foundation read to start a business.
2. Being trained and educated within the art of professional-level detailing.
3. Business is started within one’s means ad securing working capital.
4. Starting out with business with little or no debt.
5. Having a written business plan that addresses successes and challenges alike.
6. Having a marketing and sales plan of action that keep the sales pipeline flowing.
7. Developing solid personal and business branding in the early days.
8. Establishing a highly effective referral and follow-up system.
9. Top-notch phone and in-person sales approach that wins business.
10. Having a proven and well-designed menu in place and profit from that menu.
The reason I mention these common mistakes and success traits is that all of these items need to be planned for and you need to think about the financial demands of these items.