Rich Contractor

Earning $200,000 A Year As A New York Plumber

There was an interesting article in the New York Times yesterday that makes mention of the fact that many plumbing contractors/owners these days defy the typical stereotypes, both in business savvy and earnings.  Money quote:

"Long the object of putdowns and distasteful humor — Mr. Breslaw cited the classic “If you don’t go to high school, guess what you become?” — plumbers are, in many cases, exceedingly well paid. Mr. Breslaw said that one of his top men “clears two, maybe two-and-a-quarter” every year. He even paraphrased Einstein: “If I had my life to live over again, I’d be a plumber."

Keep in mind that this is an employee earning over $200,000 a year.  Can you imagine how much the owners of the company are making?  The public often looks at contractors or service providers as uneducated, poorly-paid hacks, but this couldn't be further from the truth for millions of sharp, nice-car driving, no-debt carrying small business owners all across this country who make a lot of money.  You can get mad about these false assumptions or you can accept them and understand that they set the stage for less competition and better opportunities for you to get in the game and start taking a piece of the pie.

Hang Around Long Enough To Win

Once you've learned how to become a contractor and then put in a few months of hard work you might start to have a few doubts or frustrations, so I present to you an analogy that might help.  I think we've all had that favorite sports team that was short on talent but positively brimming over with persistence and tenacity.  A few Duke basketball clubs come to mind.  It's the kind of group that will drive other teams nuts because while they might fall behind by a few points they refuse to roll over and die.  They hang around and keep fighting, just waiting for that opportunity to spring when the more talented team gets lazy or frustrated or allows an open window.  As soon as the other team starts to crack, they'll take advantage and bust the game wide open, usually leaving their more talented opponents in the dust.  More often than not these kinds of teams are highly successful, and occasionally, with a little luck, they are champions.

Your fledgling business needs to be just as tenacious, just as persistent, and just as patient.  In the early stages you're sure to have setbacks.  Startup costs will be more than you'd planned, getting systems in place will be a hassle, you'll have few references and contacts, and there could be added stress on your home life with you pulling 60-hour weeks on your business.  The novelty of owning your own business will quickly wear off and you might even occasionally doubt your ability to pull it off, but the trick is in finding a way to weather all the storms and tough it out. 

It might take six months or it might take a year, but eventually that rickety vehicle that is your business will start to run smoother, the wheels will begin to turn more easily, and the competition will come into view directly ahead of you.  As time goes by it will generally get easier as you learn the business, start to build a customer base, and work on solidifying a reputation in your city.  And if you stick with it long enough you'll start to be given huge opportunities to propel your business past the competition.  It could be a large contract from the city, or a big write-up in the local paper, or a scandal in your competitor's business, but eventually that day will come when your persistence will be rewarded by a huge leap forward for your business.  Often times you won't see them coming, but they WILL come, and only if you're still in the game can you take advantage of them. 

Most people will fall behind early and give up like a team of undisciplined punks, but if you have the fire in your belly to keep pushing forward you'll eventually come across big opportunities to exploit and destroy your competition.  You don't have to be super-talented or a genius to go big with your business.  You just have to stick around long enough to see your competitors throw in the towel.

Top 10 Ways To Kill Your Spirit

UPDATE:  Obviously I had not expected it, but in looking at my site stat logs it seems that this post is coming up in some internet search results for those researching suicide.  If you are feeling hopeless or suicidal, please call the National Suicide Prevention Lifeline at 1-800-273-TALK or visit their site at www.Save.org.  Please call them now.  Help is available.

Welcome to 2008!  The beginning of a new year is the perfect time to take a brutally honest look at your life or your business so that you can correct mistakes, refocus on what's important, and rekindle the passion that may have been lost along the way.  If you feel like your energy for life is worn out, but you aren't sure why, please take a minute to read this list.  It could make all the difference!  So, without further ado, I give you the Top 10 Ways To Kill Your Spirit:

1. Finally let go of those juvenile notions to have an occupation that you enjoy.  You've got to stay at that job that you hate and suppress your desire for a career change because, well, that's what everybody else does.  After all, you've got several more lives after this one to do that thing that you've always wanted to do.  No need to have a sense of urgency.
2. Stay committed to that significant other that doesn't believe in your dreams.  So what that they ridicule you for wanting to become a contractor, or that they call your hobbies a selfish waste of time.  They know you better than anyone else, and therefore know what's in your best interest.  And who knows, maybe with time those feelings of resentment and bitterness that you harbor will just fade into a mind-numbing, soul-sucking disconnectedness that you so admired about your now-divorced parents' relationship.
3. Don't show too much enthusiasm or emotion.  People might think you're weak.  Worse yet, they might gain a glimpse of the real you, and the real you might make them wish that they were leading more authentic lives.
4. Ignore and suppress the talents you were born with.  Never mind that you were put on this planet with the express purpose of writing that Pulitzer Prize-winning book that would help sway public opinion in such a profound way that it resulted in the election of a President who's revolutionary ideas would end world hunger and the AIDS epidemic.  You've got more important things to do, like spend 40 hours a week, 50 weeks a year, for the next 30 years writing cheese-ball, one-liner greeting cards that will end up in the garbage anyway. 
5. Don't stand up for yourself.  Self-respect is overrated, and your boss is probably right: you are a worthless idiot.
6. Don't rock the boat.  The way things have always been done is the way things should always be done, period.  Malcontents like George Washington, Thomas Edison, the Wright brothers, and Rosa Parks just made the world more complicated.  Who needs air travel, anyway?
7. Refuse to apologize for mistakes you've made.  After all, it was a long time ago and they probably don't remember, just like you don't remember that time 39 years ago when your best friend in high school borrowed your car and then wrecked it before skipping town.
8. Refuse to accept apologies because, well, you've never made a mistake in your entire life, and holding onto that anger is doing wonders for your blood pressure.
9. Don't take risks.  Whatever is out there beyond the horizon might hurt or frighten you or, God forbid, allow you to learn something new.  Besides, everybody knows that the greatest, most influential figures in history preferred to play it safe and take the easy bets.
10. Read something like this and tell yourself that idealism is for the young, the naive, and the stupid.                

Your Niche Service Business Will Have Naysayers

When my brother and I made it through the process of learning how to become a contractor and then finally started our niche business, most of the people in our lives supported what we were doing (thank goodness), but there were plenty of critics, too, as there always are.  It's hard enough to convince these types that business ownership is a worthwhile endeavor to begin with.  So when they hear that your business is ultra-specialized it's just that much more ammunition for them.  The naysayers could be friends, family, former co-workers, you name it.  Listen quietly to their speech and say little, but allow it to fuel the entrepreneurial fire within you.  If you've done your research and know that a market exists for your service (especially an emerging one), you must learn to ignore those buzzing flies in your ear.

These days our business is on fire, and suffice it to say that most of the criticism has been silenced.  The key is specific, targeted advertising.  Google Adwords, for example, has been huge for our business.  Internet advertising is still a confusing concept for many contractors and small business owners, but I can almost guarantee that if you give it a chance, you'll be astounded by the results.  By the way, if you don't have a website for your business yet, what are you waiting for?  More and more consumers are opting for Google and Yahoo and throwing away their phone books, so it's high time you developed an internet presence - you won't regret it!  By leveraging the internet you can score huge numbers of free construction leads.  We also send postcards to upscale homes that are obviously in need of our services, and this has proven to be effective as well.   Be aggressive in targeting those that have a need for your service, even if the concept is a relatively obscure one. 

The exciting thing to me is that we're staking a local claim to an emerging type of service, and the pool of potential clients only grows larger with each passing year!  The critics will never get it, but that's just fine.  The more numerous the cynics, the fewer the number of potential competitors you're likely to encounter.  The end result is that you could be positioning your company to be the dominant local player in a niche service that is about to explode.

How To Become A Millionaire

Ways to become a millionaire:

1. Win the lottery.  Not a likely scenario.  Save your money.


2. Invest in real estate or the stock market.  Both good ideas but unless you're the next Buffett or Trump you'll be old before you can enjoy the proceeds.


3. Become a doctor, lawyer, or high-level corporate executive.  These types quite often do attain wealth-status, but what if you don't have the time or money to attend college for 6+ years?  And what if none of those professions seems appealing to you?


4. Start your own business.  The most tried and true method for attaining staggering amounts of wealth in the United States.  You don't need a degree, a rich relative, or a secret formula.  All you need is desire and a willingness to learn from your mistakes.  Research your market and if there is a demand for your service or idea, go for it.  Dominate your competition, expect quality from yourself and your business, treat people well, never grow complacent, and you could be shopping for a vacation home in Hawaii before your whiz-kid friend from high school has even finished med school.

It's time to take your life and your finances to the next level.  No more excuses.  Are you ready?  If so, then start by going through the 13 steps of how to become a contractor.