Remodeling Mastery by Mark G. Richardson
Often, many times when you think about failures relating to business it’s so much different than what happens during your normal everyday. Remodeling businesses tend to have more failures than any other business out there. It is one of the most easy entry businesses out there. You could launch into that profession within 2-3 months by just having a few things.
The flip side of an easy entry, it’s also very easy to exit as well. 9 out of 10 business run out within 10 years. Often times, many of these remodelers are smaller companies that don’t require much, which makes it easier for them to slowly fade out.
So why do businesses fail? Mark explains the 3 key elements that he believes are the main reasons for keeping your business alive.
- Focus – you need to have a laser type focus since the speed of things are so much faster than ever before. When you get off of your focus you aren’t really focused on the fundamentals and don’t have a clear vision and road map of what you are trying to achieve.
- Commitment – It’s those businesses that are committed to an idea, an office, etc. are the ones that succeed. Often time, people change their commitment and that can lead to failure.
- Time and Money – This is quantifiable. How much time is it going to successfully launch something? If you can figure out what you are going to select or deselect to reach your goals, then you are setting yourself up for success.
Looking at the stats, it’s not whether you can get into the business, it’s whether you can sustain it and build a lasting business. If you haven’t already done so, go ahead and subscribe to Remodeling Mastery on your favorite podcast app. You’ll receive alerts when new episodes are released and can check out his past episodes. Subscribe now!
Also in this episode
Take a listen to Marks chat with remodeling thought leader, Vince Nardo, President of Reborn Cabinets.