Ep 5 - Why You Need to Bill 300HR

Transcript

WEBVTT

00:00:00.739 --> 00:00:12.313
Hello, hello, hello and welcome to the Million Dollar Electrician podcast where we help home service pros like you supercharge your business and spark up those sales.

00:00:13.140 --> 00:00:20.606
I'm Joseph Lucani and, together with my co-host, Clay Neumeier, we're here to share the secrets that have helped electricians sell over a million dollars from a single service van.

00:00:20.786 --> 00:00:30.862
Now it's time for sales, it's time for scale, it's time to become a million dollar electrician.

00:00:30.862 --> 00:00:40.003
Hey Joe, hey you guys, hello, hello, hello and welcome back to another episode of the Million Dollar Electrician.

00:00:40.003 --> 00:00:41.268
I don't need to say that anymore.

00:00:41.268 --> 00:00:41.990
There's an intro.

00:00:41.990 --> 00:00:43.182
Joe, how are you doing, brother?

00:00:44.243 --> 00:00:45.646
Man, I feel like we're doing good.

00:00:45.646 --> 00:00:50.832
I love when you and I get to connect in the background and really just talk about how we're leveling things up and moving things.

00:00:50.832 --> 00:00:51.917
It's a good day.

00:00:51.917 --> 00:00:53.100
It's been a good day man.

00:00:53.643 --> 00:01:06.474
Well, today we're connecting on a massive piece and it's why you need to be billing 300 plus an hour in your residential service business, and there's a reason why there's a bunch of reasons why we're gonna go through all that today.

00:01:06.474 --> 00:01:11.429
But first I wanna acknowledge what we were talking about behind the scenes here before we started this podcast.

00:01:11.429 --> 00:01:13.227
What did you say to me, man?

00:01:13.227 --> 00:01:14.745
What did you say about taking a swing?

00:01:15.400 --> 00:01:15.501
Yeah.

00:01:15.501 --> 00:01:22.484
So we were getting ready to go into this podcast and we're talking about all these different business developments we're making and I said, well, whatever it is I elms were making.

00:01:22.484 --> 00:01:24.667
And I said, well, whatever it is, I'm going to show up to the line ready to swing.

00:01:24.667 --> 00:01:26.429
And you're like, well, what is it you love about this?

00:01:26.429 --> 00:01:41.240
And then we're saying, well, I'd rather show up to the line ready to swing than be in the background talking about how we need to swing, because we could talk about it and likely come up with a better plan than if we just go out and do something.

00:01:41.240 --> 00:01:53.533
But it breeds inaction, compared to saying I'm going to do something, I'm going to see where the results lead up to and then, based on those results, I at least have something in my hand.

00:01:53.533 --> 00:01:57.567
It may not be pretty, but I'll have something that I can work with and that I'll level up to the next step.

00:01:58.390 --> 00:01:59.233
There you have it, folks.

00:01:59.233 --> 00:02:01.043
You've got a challenge already.

00:02:01.043 --> 00:02:03.149
Live up to Joe's standards here.

00:02:03.149 --> 00:02:04.852
Step up to the plate and take a swing.

00:02:04.852 --> 00:02:09.122
What are we waiting for?

00:02:09.122 --> 00:02:10.085
Don't sit around thinking about it.

00:02:10.085 --> 00:02:11.068
Here's the thing I want to contribute to that.

00:02:11.068 --> 00:02:11.269
Go for it.

00:02:11.269 --> 00:02:13.256
Nothing happens if nothing happens.

00:02:13.256 --> 00:02:16.424
It's like Jim Rohn used to say nothing changes if nothing changes.

00:02:17.165 --> 00:02:25.981
How many of us are being held back, especially on this topic of pricing right now, not doing the thing that we keep making excuses for, keep saying we're going to do it?

00:02:25.981 --> 00:02:30.622
Or maybe you're here to disagree with us today and go what the hell are these guys talking about?

00:02:30.622 --> 00:02:31.743
300 plus an hour?

00:02:31.743 --> 00:02:33.427
I can't sell at that rate.

00:02:33.427 --> 00:02:39.852
Then you'd be like me, you'd be like Joe, you'd be like every other electrician who once held that belief and no longer does.

00:02:39.852 --> 00:02:57.456
And today we're going to explain to you exactly why this is the truth for you, how you can go and do that and also relate it to like a guy in our program that had a $290K month with just six field staff at a 71% gross profit margin.

00:02:57.456 --> 00:03:02.590
Joe, that doesn't happen by accident and it all starts with getting your pricing right.

00:03:02.590 --> 00:03:05.099
Yes, I said 71%.

00:03:05.099 --> 00:03:06.945
That's massive.

00:03:06.945 --> 00:03:12.471
It's massive, but too many of us are falling victim to the I don't know what's left.

00:03:12.471 --> 00:03:14.826
I don't know what my gross margin is.

00:03:14.826 --> 00:03:18.168
I'm just going by the money that hits the bank account.

00:03:18.168 --> 00:03:19.031
Joe, do you remember that?

00:03:19.659 --> 00:03:23.771
I remember that, but I'm going to say one even worse, which is when we say, well, how much do you take home?

00:03:23.771 --> 00:03:29.963
And they go well, the business account has this.

00:03:29.963 --> 00:03:31.667
It's like, well, yeah, but how much is the businesses and how much is yours?

00:03:31.667 --> 00:03:32.848
It's like, ah, it's all mine.

00:03:32.848 --> 00:03:35.394
It's like, no, no, it's not.

00:03:35.394 --> 00:03:38.229
And that's when you find the really dismal profit ranges.

00:03:38.900 --> 00:03:39.039
Totally.

00:03:39.039 --> 00:03:40.242
Yeah, we get that a lot.

00:03:40.242 --> 00:03:45.054
We talked to electricians and a lot of them are sole proprietors, still early starting.

00:03:45.054 --> 00:03:47.268
Can't blame you for that Humble beginnings, man.

00:03:47.268 --> 00:03:52.747
We all come from there but saying, oh, we were a 50% profit last year.

00:03:52.747 --> 00:03:55.052
And then I say, okay, what was your salary?

00:03:55.052 --> 00:03:58.300
Well, that was included in the profit.

00:03:58.300 --> 00:04:01.004
Say, okay, well, how much did you earn?

00:04:01.004 --> 00:04:07.555
Well, two, three, even five or 600,000, doesn't matter, because that equation isn't quite adding up.

00:04:07.555 --> 00:04:09.186
So step in with us today.

00:04:09.186 --> 00:04:12.310
Let's go over this pricing, how it can make a difference for you.

00:04:12.310 --> 00:04:14.769
In fact, why don't we jump into win of the week, joe?

00:04:14.769 --> 00:04:16.125
Do you remember what that one is this week?

00:04:16.600 --> 00:04:17.802
Yeah, no, I was going to say.

00:04:17.802 --> 00:04:30.028
One of our clients, Brandon, who I'm incredibly proud of, did an absolute challenge and just completely knocked out of the park so you know how some people describe their wins.

00:04:30.028 --> 00:04:32.093
Like they say I sold a big ticket item.

00:04:32.093 --> 00:04:34.346
But then when you ask them, like what was it?

00:04:34.346 --> 00:04:35.649
It was like, oh, it was a project.

00:04:35.649 --> 00:04:37.182
It was like, oh, is it service or no?

00:04:37.182 --> 00:04:41.380
Well, it was, it was the last, so we modified it for this, but they're giving us eight weeks of work.

00:04:41.901 --> 00:04:49.154
You know that kind of song oh yeah, making concessions to get the job, you start following someone else's process more than your own.

00:04:49.154 --> 00:04:50.182
That whole thing.

00:04:50.663 --> 00:04:54.031
Yeah, he didn't do that and that's the best part about it.

00:04:54.031 --> 00:05:00.572
The win in the week is that he closed $150,000 project, but it was at a hundred percent service rate.

00:05:00.572 --> 00:05:05.872
There wasn't no modification, there was no concession, there wasn't no white taping.

00:05:05.872 --> 00:05:13.661
It was this is my price to do it, this is the full price to have it done, and we either do it at this price or we don't.

00:05:13.661 --> 00:05:26.637
And the best thing was is it was an existing, a relationship, from what I understand, where it was like okay, well, you've already seen me do it at a lower rate, same project, but I'm not doing it at those rates anymore, doing it at this rate.

00:05:27.620 --> 00:05:30.762
Yeah, and as I understand, that was about 30 or 40% higher.

00:05:30.762 --> 00:05:43.511
So 150K job that otherwise maybe was 100, 110K, but now sold at this simple service rate, a full simple service rate, and they're meeting him where he's at.

00:05:43.511 --> 00:05:50.016
That's a superpower that once you take hold of that, it never feels the same again.

00:05:50.016 --> 00:05:52.298
You know what I mean, that confidence that builds up.

00:05:52.298 --> 00:05:54.324
But it also asks a question, Joe.

00:05:54.324 --> 00:05:55.245
It begs to answer.

00:05:55.245 --> 00:05:58.463
This question is like well, what is service really?

00:05:58.463 --> 00:06:08.435
Then We've got a guy who came in, used a simple service rate, locked in a bigger project at that simple service rate, at the full simple service rate again.

00:06:08.435 --> 00:06:10.100
So what is service really?

00:06:10.100 --> 00:06:10.341
Then?

00:06:10.341 --> 00:06:11.565
Like, when do you say no?

00:06:16.660 --> 00:06:17.382
So that's the interesting thing.

00:06:17.382 --> 00:06:19.649
Now all of us consider service for the most part being any kind of like residential type call.

00:06:19.649 --> 00:06:27.812
But you can technically simplify it even further and you can say all right, is someone willing to pay what you would charge for a service call?

00:06:27.812 --> 00:06:29.581
What is your service rate?

00:06:29.581 --> 00:06:34.062
And if someone's willing to say, yep, sign me up for that full rate, then I say that's service work.

00:06:34.062 --> 00:06:45.444
I don't care if it's a hundred hour project, if every one of those hundred hours was accounted for at full price and you gave them that number and they accepted it, that's service work and we should accept it.

00:06:46.004 --> 00:06:47.447
Yeah, yeah.

00:06:47.447 --> 00:07:00.663
I like that Along with other principles in the offer, like hey, can you get your deposit, can you get a 50% deposit to schedule it?

00:07:00.663 --> 00:07:05.302
Or at least at least schedule those draws in a way that benefits you before that work ever starts and that you know you're getting paid in full at the end of the work.

00:07:05.302 --> 00:07:12.026
None of the 30, 60, 90 day project nets that we've all suffered before, like throw all that away.

00:07:12.026 --> 00:07:20.197
If you're willing to give me $150,000 project, joe, you're going to pay me at my full rate to do it and give me money when I need the money.

00:07:20.197 --> 00:07:39.211
When I say I want the money, heck, not only will I do the work, I'll include solutions that include subcontractors under me and I'll become the general for that job and I'll run it and make all the money off it, instead of following someone else's thread, following their crappy process that's non-existent other than how to not pay people when they need to be paid.

00:07:39.853 --> 00:07:41.802
Yeah, I'll be whistling the happy tune the entire time.

00:07:41.802 --> 00:07:46.562
You want to pay me to have a smile on a whistle the entire time, walking with a hustle, full service rate.

00:07:46.562 --> 00:07:55.766
I guarantee you every one of your technicians are going to be smiling because you're not going to be breathing down their neck telling them how slow they're going, because you're not losing your ass on this job.

00:07:55.766 --> 00:08:03.812
You actually made a fair profit, which means you're treating your team in a better way and the customer gets a better result and everyone wins 100%.

00:08:04.682 --> 00:08:11.769
And while we're down this rabbit hole, this kind of begins to explain the first parts of why we need to charge 300 plus an hour on average.

00:08:11.769 --> 00:08:15.348
Now, to be honest, you're likely in the range.

00:08:15.348 --> 00:08:20.750
If you've got a couple of staff, your humble beginnings you're actually likely in the range of four to $500 an hour.

00:08:20.750 --> 00:08:25.588
300 was us being nice in this intro and just saying, hey, we should at least start there.

00:08:25.588 --> 00:08:30.666
Here's why Most of us become electricians, humbly.

00:08:30.666 --> 00:08:34.687
Maybe we're a bit nerdy, like the rest, right, maybe a little bit perfectionist.

00:08:34.687 --> 00:08:42.212
You enjoy electron flow, you enjoy the theory and you enjoy helping people with a job that you consider kind of dangerous.

00:08:42.212 --> 00:08:45.889
It's cool to be an electrician in my books, joe.

00:08:45.889 --> 00:08:46.350
How about you?

00:08:47.059 --> 00:08:49.950
I mean, it's not uncool to be an electrician.

00:08:49.950 --> 00:08:54.562
I've never done any decision in my life with cool being a factor.

00:08:54.962 --> 00:09:21.009
Yeah, I've never actually had to relate on that, but yeah, I would say of all the trades electricians, being a pretty damn cool person- would tell you what I loved it from day one and I know lots of the listeners do too and I knew that, if nothing else, it was going to be a great plan b where I could have the opportunity to run my own business one day, and even if I didn't, I'd always find a job for someone else as a skilled trade and be able to show up at 10 for that person and be able to make six figures.

00:09:21.009 --> 00:09:24.304
I know that I had that opening that door of the hallway.

00:09:24.304 --> 00:09:24.966
Does that make sense?

00:09:25.589 --> 00:09:26.451
It really, really does.

00:09:26.451 --> 00:09:27.881
I can completely get where you're coming from there.

00:09:28.423 --> 00:09:33.751
But then, just like everyone else, you get your ticket and you start really being challenged, you start really being thrown in the fire.

00:09:33.751 --> 00:09:36.283
Oh, and now you're going to service calls independently.

00:09:36.283 --> 00:09:40.215
Now you run projects or go to opportunity calls independently.

00:09:40.215 --> 00:09:42.222
Now you're actually learning.

00:09:42.222 --> 00:09:49.326
And then this confidence comes about, you, and you realize, gosh, I could do this for myself and have more money and more time.

00:09:49.326 --> 00:09:51.951
Do you remember thinking that?

00:09:54.159 --> 00:10:10.869
You know, actually there was one situation where when I was side jobbing at like 16, 17 years old, I was charging a client $30 an hour and then something like eight years later went back to the same job as my own company and I was charging him over $300 an hour and he was complaining at $30 an hour.

00:10:10.869 --> 00:10:14.363
And he's complaining at $300 an hour, except this time I was getting paid.

00:10:14.363 --> 00:10:17.610
Same complaint, same complaint price.

00:10:17.610 --> 00:10:21.908
He was $30, but he was also bitching about $300.

00:10:21.908 --> 00:10:25.682
But the fact was is I was like at least now it's worth doing this job for this person.

00:10:26.124 --> 00:10:27.407
Yep, yep For sure.

00:10:27.407 --> 00:10:31.644
Well, back to the story is like for anyone bootstrapping an electrical business.

00:10:31.644 --> 00:10:33.268
This is how we learned this stuff.

00:10:33.268 --> 00:10:34.990
So you go into business for yourself.

00:10:34.990 --> 00:10:36.441
Who are the first customers?

00:10:36.441 --> 00:10:42.544
Always Friends and family, someone you know on the block right, and we go to them and what we want to cut deals.

00:10:42.544 --> 00:10:47.221
But also you look at the work and you realize, gosh, I've got no idea how to price this.

00:10:47.221 --> 00:10:48.682
So what do you do?

00:10:48.682 --> 00:11:04.976
You use either your old employer's pricing or you start coloring around shops and figuring out what they would price for it, and then you just use their price and maybe even you thought, hey, I'll do better than them to be competitive, I'll just do a little bit more for a little bit less.

00:11:06.160 --> 00:11:16.961
You remember that one little bit more for a little bit less, and then next time a little bit more for a little bit less, and next thing you know, there's more month at the end of the money, the money at the end of the month, and you're going.

00:11:16.961 --> 00:11:19.447
How the heck do people make it in this business?

00:11:20.249 --> 00:11:25.634
or even scarier, when they try to price themselves on someone else's pace, like I used to, where it's.

00:11:25.634 --> 00:11:27.961
Hey, I'm a new, inexperienced electrician.

00:11:27.961 --> 00:11:30.488
I wonder what the old guy that we used to work with.

00:11:30.488 --> 00:11:31.509
I wonder what he would have charged.

00:11:31.509 --> 00:11:32.030
He was a fast electrician.

00:11:32.030 --> 00:11:33.073
I wonder what the old guy that we used to work with.

00:11:33.073 --> 00:11:33.796
I wonder what he would have charged.

00:11:33.796 --> 00:11:34.317
He was a fast electrician.

00:11:34.317 --> 00:11:40.011
We should price based on how fast he was going, because the customer shouldn't have to pay for ours, and then you end up once again.

00:11:40.011 --> 00:11:44.751
Job was priced properly if I could do it in a quarter of the time, but it's not realistic.

00:11:45.360 --> 00:11:46.162
Yep for sure.

00:11:46.162 --> 00:12:12.859
So here's the thing Even if you borrowed pricing from a bigger local competitor no-transcript a lot of those rates are actually derived from.

00:12:12.859 --> 00:12:15.323
Someone did do the math at one point for them.

00:12:15.323 --> 00:12:20.928
But the mistake that they commonly make is, anytime it's construction or projects relative.

00:12:20.928 --> 00:12:33.855
They're dividing their total burdens and growth costs expenses by 2000 hours per man, and that is a full time year.

00:12:33.855 --> 00:12:34.778
Would you agree with that?

00:12:34.778 --> 00:12:37.011
50 weeks, 40 hours, 2000 hours.

00:12:37.371 --> 00:12:49.143
The math checks out the math, maths, and so for most companies, that results in a range of around a hundred bucks an hour for a rate with enough guys there that they're dividing by.

00:12:49.143 --> 00:12:50.634
It really is a mistake in the math.

00:12:50.634 --> 00:12:53.802
In service, though, we don't do that.

00:12:53.802 --> 00:12:55.876
In fact, there's two wrongs there.

00:12:55.876 --> 00:13:15.494
One is, if we took that same rate, the only way you could ever make even close to enough is to then bill the customer time and material, including going to the warehouse for parts, cleaning the van at the end of the day, doing your garbage runs, all the stuff that customers don't want to pay for.

00:13:15.494 --> 00:13:20.514
They don't want to see that extra stuff, they just want what's relevant to the job in front of them.

00:13:21.655 --> 00:13:43.995
So there's a solution to that, and the solution is to not show them that stuff and to adopt a flat rate pricing system that includes all of the work that you're offering them and all of the off time that doesn't need to be in front of them, it doesn't need to be written, and it comes in the way of a 50% rule as a standard in service.

00:13:43.995 --> 00:13:58.686
So instead of assuming 2000 hours, we just assume 1000 hours, and if you're the average service company that pays yourself a salary that needs to have an office manager, csr that needs a little bit of help in the field.

00:13:58.686 --> 00:14:09.158
Then I'm betting that your expenses with marketing the website, the van, the shelves, everything that you need, your tools and again, your salary and your earnings.

00:14:09.158 --> 00:14:12.423
You're over $300,000, $350,000 a year.

00:14:12.423 --> 00:14:13.836
Would you agree with that, joe?

00:14:14.490 --> 00:14:23.504
That adds up because the crazy thing is that we don't realize all the office and admin support that we're going to need in order to scale at a certain level.

00:14:23.764 --> 00:14:29.931
I'm pretty sure if you and I were to go into a van and it was just us and we bootstrapped it, you could get by for a period of time.

00:14:29.931 --> 00:14:38.879
But the moment you start scaling and you recognize, oh I need these things, but you don't account for them, that's where your margins become so much smaller.

00:14:38.879 --> 00:14:41.153
So, yeah, the numbers do line up.

00:14:41.153 --> 00:14:43.561
If you have your support staff, you're going to need to pay for them.

00:14:44.690 --> 00:14:47.317
And we still didn't even account for things like insurance.

00:14:47.317 --> 00:14:51.475
Those prices aren't going down, they're going up Fuel costs.

00:14:51.475 --> 00:14:53.080
What about those prices?

00:14:53.080 --> 00:14:54.831
They're not going down, they're going up.

00:14:54.831 --> 00:14:58.542
Inflation is happening and most of us don't even account for that.

00:14:58.542 --> 00:15:11.191
There's many of people listening to this charge $110 four years ago and are still trying to charge it today and meeting the same price objections that you talked about, from $30 to $300 an hour difference.

00:15:11.191 --> 00:15:12.855
It's crazy.

00:15:13.697 --> 00:15:19.777
It's absolute insanity, but it happens too often, because have you ever heard of the concept of boiling a frog?

00:15:21.259 --> 00:15:22.482
No, man help me Okay.

00:15:22.803 --> 00:15:22.984
Okay.

00:15:22.984 --> 00:15:36.716
So there is a concept that, based on a frog's anatomy, if you were to put it on a pan and you slowly were to turn the pan up, they can't recognize the temperature differences, won't recognize that it's actually gotten hotter and they actually cook.

00:15:36.716 --> 00:15:42.041
But if you took the same frog and you put it on a searing pan, it would recognize the pain and immediately jump.

00:15:43.049 --> 00:15:57.312
The reason why I'm saying this is this If you were told four years ago that you need to charge $110 an hour and the pressure slowly went up over time, you may not recognize that you're actually being cooked alive.

00:15:57.312 --> 00:16:06.522
But the fact that if you can say I'm able to adjust and be more sensitive to the slow changes, you'll recognize and be able to make the proper adjustments.

00:16:06.522 --> 00:16:08.573
So don't be like the frog.

00:16:08.573 --> 00:16:10.879
Don't wait for the pressure to cook.

00:16:10.879 --> 00:16:14.308
You get ahead of it and turn off the flame nice touch, man.

00:16:14.509 --> 00:16:17.216
I love that full circle back.

00:16:17.216 --> 00:16:23.677
Taking that analogy, using that, for us, I mean, there's no better time than to step up to the plate and take action on this thing.

00:16:23.677 --> 00:16:33.263
I'm not even asking anyone who's listening to this to just arbitrarily start charging 300 plus an hour or four, or five, or even 600.

00:16:33.263 --> 00:16:38.816
Heck, we've got rates in our clientele that are over $600 an hour and that happens.

00:16:38.816 --> 00:16:41.923
And you might be thinking how is that ever reasonable?

00:16:41.923 --> 00:16:48.910
And when you do the math, it checks out based on the work you're providing, based on the demand that you're facing.

00:16:48.910 --> 00:16:52.758
I mean, still, it doesn't matter if you're at a thousand dollars an hour.

00:16:52.758 --> 00:17:01.732
If you're closing 80 plus and your demand is increasing, your only option is to increase your price, no matter how you want to argue that.

00:17:01.732 --> 00:17:08.336
If you want to serve at the highest level, that's just what you have to do and that's the basic principles of supply and demand.

00:17:08.517 --> 00:17:16.022
Go ahead, brother yeah, no, actually you touched on it last when you're saying about supply and demand, because because I like using car analogies when it comes into sales.

00:17:16.671 --> 00:17:24.694
If you think to yourself and say, all right, I want to buy a Honda or I want to buy a Kia, or you want to buy, there's decent cars, there's no issues with that.

00:17:24.694 --> 00:17:30.919
Right, you would go in expecting to say, all right, a brand new car may be anywhere between $40, 40 to $60,000.

00:17:30.919 --> 00:17:31.539
Right.

00:17:31.539 --> 00:17:45.188
But if you took that same car and you took it to a separate dealership, like the difference between what is the, the escalate for the Cadillac first getting a fully loaded SUV, right, really, the brand is what you're paying for.

00:17:45.188 --> 00:17:47.652
You're paying for the luxury, you're paying for the convenience.

00:17:48.212 --> 00:17:53.478
So someone to tell you that same car from Cadillac where to cost $30,000 more is meant with the.

00:17:53.478 --> 00:17:56.422
Well, yeah, it's a Cadillac, you expect this, this, this and this with it.

00:17:56.422 --> 00:18:00.445
Yeah, but I guarantee that same parts of material would be less.

00:18:00.445 --> 00:18:18.603
So the point I'm trying to get across with this is that you never know what someone's value is, but I guarantee there's something that you're seeing in your industry or related industry where you would be willing to pay more and say, well, yeah, it's a Rolls Royce, yeah, it's a Cadillac, of course it's a Mercedes.

00:18:19.111 --> 00:18:20.193
You have to make a certain expense.

00:18:20.193 --> 00:18:23.182
So that's really what I'm coming down to for that reference.

00:18:23.490 --> 00:18:25.015
A hundred percent, man, and I've got one.

00:18:25.015 --> 00:18:26.840
I'll meet you there halfway with the cars.

00:18:26.840 --> 00:18:32.037
Have you ever seen a Lamborghini commercial on television, radio or other?

00:18:32.037 --> 00:18:34.480
No, no, ever seen a Ferrari commercial?

00:18:34.480 --> 00:18:35.362
Nope.

00:18:35.362 --> 00:18:36.603
Bentley commercial?

00:18:36.603 --> 00:18:37.765
No one's.

00:18:37.765 --> 00:18:44.323
None of those multiple hundred of thousands of dollar cars have commercials.

00:18:46.152 --> 00:19:05.124
Ironically, some of the highest price ticketed stuff around sells itself, and the people that buy those things are awfully proud that they bought those things, and they tend to have their own referral network growing a network of just word of mouth happening that sells them.

00:19:05.124 --> 00:19:15.275
I've never seen anyone buy a Ferrari or Lamborghini and go park it in the garage and say, oh, check that bullet box out to the bucket list, stumbling on my words here.

00:19:15.275 --> 00:19:27.056
Ironically, though, in our program, the highest billable has the same thing happening for them the least marketing budget, and they're thriving.

00:19:27.056 --> 00:19:32.911
Why do you think that is mm-hmm and they're thriving.

00:19:32.911 --> 00:19:38.163
Why do you think that is, even though you know, I know the majority of listeners are going, but I can't fathom charging 300 an hour, let alone five or six hundred an hour.

00:19:38.163 --> 00:19:46.976
What's the difference between the person that does and is able to do it and have no problem with it and the person that's, you know, listening to this.

00:19:46.976 --> 00:19:48.278
There's no way, guys.

00:19:49.480 --> 00:20:06.640
So, really, the thing that I would say, like if you were to have one key difference between one and the other, it would be sometimes you have to put your faith in front of the horse, and what that means is that, like some, people need to see the evidence in order to believe, but seeing doesn't mean faith.

00:20:06.640 --> 00:20:15.200
Sometimes you have to believe that the thing is going to work and that you're worth what it is, and then, once you're confidently able to deliver at that.

00:20:15.200 --> 00:20:27.539
This is just the way things are now, like it's okay if you believe it, but the fact is that, if you do, your team will communicate it more authentically than anyone ever could.

00:20:27.539 --> 00:20:28.741
Who's just being paid to do so.

00:20:29.990 --> 00:20:33.576
I love that man, I love that, and guys, we want to help you with this.

00:20:33.576 --> 00:20:35.095
So I've got a couple ideas here.

00:20:35.095 --> 00:20:36.278
Joe, go for it.

00:20:36.278 --> 00:20:36.991
What do you say?

00:20:37.032 --> 00:20:41.777
We open up the Price Tool Academy value piece again and get some people in there.

00:20:42.290 --> 00:21:16.050
You're able to actually just reach out to us where you saw this recording first, on our website, at our contact form, on our, our Facebook group or even Instagram, if you see us there, if you reach out and say the magic words price tool, we'll literally send you a bit of a login for our academy and give you access to our pricing tool so that you can be priced accordingly and get help with handling the price objections early on, getting ahead of that to get your confidence up and put that faith in front of the horse so that you can act as if and go make your first deal happen.

00:21:16.511 --> 00:21:28.712
If you didn't notice from our win of the week, like Brandon, like he's up 40K because he put that faith in front and did the thing how much are you leaving on the table is the big question I have for you.

00:21:28.712 --> 00:21:34.720
That is exactly the question we answered today why you need to be priced at 300 plus an hour.

00:21:34.720 --> 00:21:37.895
Guys, if you have any questions, again join us on our Facebook group.

00:21:37.895 --> 00:21:39.701
Open up the dialogue with us there.

00:21:39.701 --> 00:21:42.696
We're happy to talk through it, joe, anything else you want to add today?

00:21:43.439 --> 00:21:53.096
No, just want to say, guys, the thing that you do today, if that thing is changing your price for the better, is one of the most impactful levers you're ever going to pull.

00:21:53.096 --> 00:21:55.397
So pull that lever, kronk, make it happen.

00:21:56.278 --> 00:22:02.644
Let's go See you next week, and that's a wrap for today's episode of the Million Dollar Electrician Podcast.

00:22:02.784 --> 00:22:11.138
We hope you're buzzing with new ideas that charge up to take your business to the next level, so don't forget to subscribe, leave a review and share the show with fellow electricians.

Ep 5 - Why You Need to Bill 300HR

Listen On

Recent Episodes