This week in Episode 015 of The Prosperous Tradesman Podcast I revisit the notion that Most Tradesmen Will Never Become Wealthy. It’s an uncomfortable fact that ultimately boils down to mindset, a frame of mind that many service business owners in general, seem to posses. It’s not a defeatist attitude I am promoting, but rather a need to change habits that seem to replicate the same results for us over and over.
In This Episode
- The YouTube video that started this particular ball rolling
- Why service business owners need to utilise the skills of others in order to grow.
Links Mentioned In The Show
Notes From The Show: Most Tradesmen Will Never Become Wealthy
A few years ago I recorded a video and posted hastily to YouTube. I was driving home from a site in Dublin where me and my guys were carrying out an electrical and security installation.
Things were not going well. So I decided to vent my frustration at the industry that seemed to be conspiring against my progress. The construction industry was at it’s bottom not only nationally but all over the world at the time and I had allowed those circumstances feed my desperation for work.
I dropped my prices, I sacrificed margin and worked longer hours to try make the business work. The result was I began to resent the work that originally inspired me.
Lesson learned, time to get out.
Why Small Business Is Good Business
Making stuff and fixing stuff is good. I love coming across small businesses like Love Supreme in Stoneybatter, Dublin 7 who make great quality stuff and are proud of what they are doing. It’s awesome.
You know, there’s nothing in the business handbook that says every small business has to become big, besides, who said that bigger was better anyway? We’ve been sold a pup on that one.
However, the business handbook says nothing about having to be flat broke working your ass off for every hour God sends and get little in return either. That idea is just completely contrary to everything that I believe, even though I may have ignored that in the past.
So why is it that many small business owners think this way?
Now you might say that’s not true, small business owners think this way, but I’d be happy to bet my house on it that it is. Very few service business owners, tradesmen, craftspeople and solo technical workers can say that they are financially wealthy.
Some might say they are reasonably comfortable, but few would tell you that they have become wealthy by virtue of the work that they do. The wealthy ones might well have encountered their wealth via another channel.
But for most of us, the reality is that the work we do will not make us wealthy enough so that we can retire young to the Caribbean. Many of us will need to continue working as long as we can.
You Don’t Need To Retire Young To Be Successful
I’m not suggesting our work needs to be a chore either. On the contrary, there’s nothing better than being in a place of work and wanting to spend your time doing nothing else, but there comes a point for most small business owners where we want to leave the tools behind and take a seat upstairs.
Retiring young to a sunny climate and sitting around all day on millions sipping sarsaparilla is not my definition of success. I want to be busy doing things that engage me, and it’s likely you feel the same.
But we want wealth too, so what’s the stumbling block?
I believe we are our own road block. We prevent ourselves from developing down the path we actually want by virtue of what we think and what we believe about our own ability to grow.
Maybe We Become Too Comfortable
I suppose we reach a point where we don’t want to take a risk, we have become comfortable with what we’ve got. Or maybe we just don’t know how to develop personally.
I’m sure there is a different answer for everyone, but for me the ability to build a team is primary.
If we develop poor interpersonal skills, if we believe that employees are there to serve the business, if our position in the business is somewhat autocratic then we won’t encourage employees to step up and take over important functions.
We’ve got to figure out how to let go of the technical functions of the business and hand them over to others. We need to develop structured training programs for our employees so that they sufficiently represent us and the core values and the values of the business.
These things are vital to growth of our businesses. The key to business growth and personal wealth, not only for us personally but everyone connected to us will depend on our ability to develop skills in ourselves and a positive working environment.
Want to know how to train your staff, move yourself upstairs and scale your business? Get in touch to arrange a FREE one to one