Several years back when I started my first construction business there was a helpful article that put business in perspective. I do not recall if it was a building magazine like Home Builder or a business journal like Inc. The message was simple, when you are starting out you must be ready to face the opportunities that come your way. The analogy that the author used was that of pennies, nickels, dimes and quarters. When you start your entrepreneurial venture you are going to find a lot of pennies. Your opportunities aren't all going to be flashy or exciting but there is more than one way to make a legitimate dollar. As a savvy business person you want to work towards turning your pennies into nickels, your nickels into dimes and so on.
1. Don't curse your pennies, embrace them. Get your hundred pennies and make your dollar happily and honestly.
2. When you are starting out you cannot afford to step over pennies, you need them. Learn to identify, gather and master your revenue streams.
3. Take small steps forward. Keep your eyes open for means to turn your pennies into nickels. Grow consistently and effectively, it can be as dangerous to grow too quickly as it is to not grow at all, both can lead to a painful death.
4. Growth is essential. Smart growth is consistent growth. As you master the penny life and progress to the nickel life, you will build skills and systems that prepare you for the dime life and beyond.
5. Learn from those who have gone before you. You can learn as much from those who moved effectively into the quarter and beyond business as those who drowned in those same opportunities.
6. Even if you reach the quarter and beyond level, don't forget what got you to where you are. Revenue is not the same as profit, some high revenue projects can be low margin whereas some low revenue work can be higher margin. You can build wealth in any realm if you know what you are doing and how you positioning your team. Often it is best to diversify so your business isn't pigeon holed in a specific market segment.
Life is about opportunities not convenience, and you can quote me on that. Many of your opportunities will not arrive in majestic packages or sums that will make you rich quickly. If you choose a service industry like property restoration than those opportunities often come at all of the oddest hours of the day or night. Identify the opportunities that are best for you and your team. Structure yourself and your team to see, understand and meet the needs, values and opportunities that the market presents.
Thoughts on personal and professional development.
Jon Isaacson, The Intentional Restorer, is a contractor, author, and host of The DYOJO Podcast. The goal of The DYOJO is to help growth-minded restoration professionals shorten their DANG learning curve for personal and professional development. You can watch The DYOJO Podcast on YouTube on Thursdays or listen on your favorite podcast platform.