Life Of An Electrical Contractor Podcast

The Practice of Questioning

This episode of Life of an Electrical Contractor is about questions. Some of us make a very big mistake by thinking that asking questions is bad. No! Asking questions is the way to get things right. If you simply assume the customer/contractor knows what you want, you are sure to miss important information, and the job will not be done to the customer's satisfaction. The art of asking questions goes beyond being between a customer and a contractor, but also includes relating to your family and answering questions from your team members. You have to have an environment that fosters asking and answering questions, which you create by asking questions yourself, and being genuine in the questions and answers. The goal is to have the other person not just have a question answered, but to understand and learn, so that in turn, that person can teach others.

The top 3 mistakes beginner entrepreneurs make

In this episode of Life of an Electrical Contractor, I address the three most common mistakes that entrepreneurs make, whether they are electrical contractors or any other business owners. If you don’t address these mistakes, you will lose out on more money than you can ever count, burn yourself out, and lose the love you once had for the business you worked so hard to build. The first is, invoice correctly. Many entrepreneurs make the mistake of fitting in the time to crunch the numbers when they have a slow day, but this pattern sets you up to be chasing money that is owed to you, and giving your labor away for free. Second, know your numbers.

Entrepreneurs often overlook hours and expenses, and don’t realize that they are losing money. Third, pay yourself. As a business owner, you want to reinvest into the business, but if you don’t set a specific, measurable rate for your labor, you will undervalue your own time, and never be able to make a profit. To hear more details, and learn how these lessons can come home with you after work, watch the episode.  

0:30 The top 3 mistakes beginner entrepreneurs make
1:20 1 - Bill/invoice correctly
2:20 Why I didn’t invoice correctly early on
3:45 Maybe you’re going through this and don't even realize it 
4:38 Are you screwing yourself with your billing cycle? 
5:50 Create the system to fix the problem
7:20 The people you invoice aren't your friends 
8:01 2 - Know your numbers
9:57 Breaking even means you lost money
11:55 How do you calculate your hourly labor rate?
13:02 Don’t wait until you lose money to realize it
14:58 It’s painful but rewarding when you see how much you’re making
15:42 3- Pay yourself
16:35 When you pay yourself, you know what to charge per hour
17:54 You drive the business, you have to fuel yourself
20:30 Why be in business if you’re not going to pay yourself
22:25 Everyone makes these mistakes, not everyone discovers them
23:00 Review
24:15 Why you need to know these three things, no matter what level you are in business
26:33 Wrap up, don’t forget to like and subscribe

What makes Gem Electrical Contracting better than the competition?

On this episode of Life of An Electrical Contractor, I explain what makes Gem Electrical Contracting (my company) different from the competition. It really comes down to three things: We care, we show up, and we get it done. In other words, from the first step to the last, we work with you to find what you need, then procure the necessary equipment, and then finish the job to your satisfaction. A lot of contractors just do the minimum. We don’t just show up on business hours, we show up when you need us. When you need us most, we answer the phone. We don’t just do the job, we take care of the customer.

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Bright Ideas in Lighting with Alan Schutz

This episode of Life of an Electrical Contractor is an interview I did with Alan Schutz. Schutz is an electrical contractor who specializes in LED lighting. In this interview, we discussed what customers expect from LED lighting, which can be a big investment, and sometimes takes getting used to, because LED is so much brighter than what they’ve been using for years. LED lighting has such a long life that some contractors actually don’t tell their customers that they do it, because the contractor gets a predictable payday two or three times every year to change the bulbs, which they would have to give up if they install lights that can last for 15 years. But, a good contractor like me, or Alan, knows that by saving the customer money, you can develop a relationship with them that will far outweigh the quick payday, and lead to greater opportunities and references in the future. The interview ends with some predictions on what the future of lighting will look like. I can predict one thing: The future looks bright for LED lighting.

Make Your Future Brighter With LED Lights

On this episode of Life of an Electrical Contractor, I teach you how to make money on your lights. Yes, you really can make money on your lights. As Benjamin Franklin said, “A penny saved is a penny earned.” As good advice as that is for a person, in a business, every penny can be put right back in the business to make you more money. Wouldn’t you love to have up to 75% of your light budget (plus the savings on not changing bulbs) in your pocket? To understand how LEDs are so efficient, I begin this episode with a primer on different types of bulbs that are used in commercial applications. As you will find, you may be wasting money that you thought you were saving when you have dead light bulbs. As you will see in this episode, it’s easier and cheaper to switch to LEDs than you might have thought, and you’ll be on your way to making more money in your business in less time.

The importance of building a relationship with your electrical contractor

In this episode of Life of an Electrical Contractor, I explain the importance of building a relationship with your electrical contractor. When you hire a contractor, you are entering not just a contract but a partnership; you get what you want, but you have to be clear on what you want, and in turn the contractor has to be clear about what he can and cannot provide in terms of service, price, and time.  As a customer, it’s important to be honest about what you want and what you expect from a contractor. At times, you may find a lower cost, but at the same time, that lower cost may bite you in the rear if you accept inferior quality work. It’s important to understand why things cost as much or as little as they do, and so if you have a good relationship with your contractor, you can feel comfortable asking those questions.

If you want to hire an electrical contractor, these are the words and phrases you need to know

On this episode of Life of an Electrical Contractor, we go over some of the most frequently used words and terms you will use when negotiating, hiring, and letting a contractor to work for you. These terms include: licensed insured, bonded, experience, permit, honesty, safety, and value. When you talk to a contractor, you must know that a contractor understands these terms and follows your directions safely and legally. When hiring a contractor, you should also understand the difference between price and value. Price is what you pay, value is what you get. Although we are sometimes the least expensive, often we are not. But to get the honesty and peace of mind that comes from knowing you hired the best person is always worth the price.

 

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https://www.gem-electricalcontracting.com/

 

What it’s like to be in the Electrical Field

On this, the inaugural episode of Life of an Electrical Contractor, I introduce myself. I, Jose Moreno, have been in the electrical business since I graduated from high school. I studied a trade rather than go to college, and I began working for a contractor.