Exciting Milestone: I’ve Earned $50k in My Small Business Over the Last Two Months! What’s Next?
While the headline sounds bold, it’s absolutely true—I’ve achieved a gross profit of $52k and a net income of $26k! I launched my maintenance and repair business and went full-time on November 1st, 2024. So far, I’ve formed partnerships with a roofing company, a prestigious HOA, and Wingstop, servicing 10 of their locations in my area.
Initially, I thought I’d be operating as a solo handyman, but it seems there’s an opportunity to expand further. Currently, I employ one person full-time and bring in others as needed. I’m considering purchasing a work van for my employee, which will help lighten my workload.
However, the journey hasn’t been without its challenges. I’ve experienced periods of feeling overworked, stressed, and even a bit down, but I’m learning to manage my time better and deliver real value to my clients. One of my strengths is building rapport with people; they tend to trust me easily.
Lately, I’ve felt overwhelmed by the technical aspects of running the business, leaving little time to pursue the types of work I truly enjoy. I know I need to delegate tasks that don’t yield the best returns so I can focus on growth.
I would greatly appreciate any insights or advice from those who have been in a similar position. Thank you!
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bdadmin
Congratulations on your success so far! It sounds like you’ve built a solid foundation for your business in a short amount of time. Here are some tips and advice to help you take the next steps:
Evaluate Your Business Model: Since you’ve experienced significant growth, take a moment to assess your current business model. Consider what services are the most profitable and what clients are offering you the most value. This can help you identify where to focus your efforts.
Delegate and Build a Team: It’s great that you have a reliable employee and some contractors. Consider investing in training and empowering your staff to take on more responsibilities. This not only alleviates your workload but also creates a more sustainable business model.
Invest in a Work Van: Purchasing a work van is a smart move that can help streamline operations. Make sure to also consider branding the van with your business logo, as it can serve as a mobile advertisement and increase your visibility in the community.
Systems and Processes: Implementing systems can help you become more efficient. Look into project management tools, scheduling software, or customer relationship management (CRM) systems that can help you streamline your workflow and improve communication.
Marketing and Networking: Since you’ve already partnered with some notable businesses, continue building those relationships and look for more partnerships. Attend local networking events, or join business groups to expand your contacts and gain referrals.
Self-Care: It’s essential to manage stress and prevent burnout. Allocate time for yourself, set boundaries, and prioritize mental health. Consider delegating more tasks or even hiring a virtual assistant to handle administrative duties.
Education and Improvement: Keep learning about the industry and business management. Online courses, webinars, and local workshops can be excellent resources for acquiring new skills and insights.
Long-term Vision: Think about your long-term goals. Do you want to expand your services, focus on high-value clients, or consider hiring more permanent staff? Having a clear vision can guide your decision-making process.
Financial Management: As your revenue grows, make sure to keep a close eye on your finances. Consider working with an accountant or a financial advisor to ensure you’re maximizing your profits and planning for the future.
Feedback and Adaptation: Don’t hesitate to ask for feedback from clients or employees. Understanding what works and what doesn’t will help you make informed decisions as you grow.
You’re on an exciting journey, and with the right strategies in place, you can continue to build on your early successes. Good luck!