1 00:00:00,200 --> 00:00:03,480 Speaker 1: Welcome to the Master of the Nez podcast, the ultimate 2 00:00:03,480 --> 00:00:08,279 destination for anyone passionate about the electrical trade. Whether you're 3 00:00:08,320 --> 00:00:11,679 a season electrician, an eager apprentice, or just someone who 4 00:00:11,720 --> 00:00:14,199 wants to dive deep into the world of electrical work, 5 00:00:14,439 --> 00:00:15,800 you've come to the right place. 6 00:00:16,920 --> 00:00:18,480 Speaker 2: Join your host, Paul. 7 00:00:18,320 --> 00:00:21,239 Speaker 1: Abernavi, a true authority in the industry with over thirty 8 00:00:21,280 --> 00:00:24,480 eight years of trade experience, as he electrifies your mind 9 00:00:24,519 --> 00:00:28,640 within depth discussions, expertips, and valuable insights. 10 00:00:28,199 --> 00:00:29,679 Speaker 2: That will keep you ahead of the curve. 11 00:00:30,679 --> 00:00:34,240 Speaker 1: Each episode, Paul will illuminate the complexities of the trade 12 00:00:34,479 --> 00:00:37,840 de code, the National Electrical Code, and share the latest 13 00:00:37,840 --> 00:00:41,200 industry trends, all while empowering you to take your electrical 14 00:00:41,240 --> 00:00:45,640 career to the next level. So gar up, plug in, 15 00:00:45,880 --> 00:00:48,880 and get ready to supercharge your knowledge because with the 16 00:00:48,920 --> 00:00:52,679 Master of the Neez podcast, the power is in your hands. 17 00:00:53,320 --> 00:00:54,200 Speaker 2: Now get ready. 18 00:00:54,520 --> 00:00:58,479 Speaker 1: Here is your host, Paul Abernavis. 19 00:01:04,560 --> 00:01:05,359 Speaker 2: What up, everybody? 20 00:01:05,480 --> 00:01:08,959 Speaker 3: Welcome to another episode a Master the nec podcast. My 21 00:01:09,079 --> 00:01:13,120 name is Paul Abernathy and on today's episode, we're gonna 22 00:01:13,120 --> 00:01:17,280 go a little bit beyond electrical codes. We're gonna start 23 00:01:17,319 --> 00:01:21,519 talking a little bit more about uh the business on 24 00:01:21,560 --> 00:01:24,400 a lot of these upcoming episodes because I think that, 25 00:01:25,200 --> 00:01:27,040 you know, we spend a lot of time here at 26 00:01:27,079 --> 00:01:30,319 Electrical Code Academy, you know, working with people on how 27 00:01:30,319 --> 00:01:33,200 to get their license and taking an exam and using 28 00:01:33,200 --> 00:01:35,840 our courses, which are again designed to help you learn 29 00:01:35,879 --> 00:01:37,719 the NEEC, not just pass an exam. 30 00:01:37,799 --> 00:01:39,439 Speaker 2: That's kind of what sets us apart. 31 00:01:39,519 --> 00:01:42,120 Speaker 3: What it's kind of what always has set us apart 32 00:01:42,200 --> 00:01:45,640 over others is that we just don't teach you these 33 00:01:45,680 --> 00:01:48,560 things that you'll forget when you pass an exam. We 34 00:01:48,680 --> 00:01:51,480 kind of teach you the mentality approach to understanding the 35 00:01:51,560 --> 00:01:54,599 National Electrical Code. So that's why our courses are so intense. 36 00:01:54,640 --> 00:01:57,640 That's why we took a normal course and turned it 37 00:01:57,719 --> 00:02:00,000 into an exam prep rather than the other way around. 38 00:02:00,040 --> 00:02:03,840 Ound So the course originally wasn't designed to be exam prep, 39 00:02:03,879 --> 00:02:07,159 but we've tailored it to be exam prep. Redid a 40 00:02:07,200 --> 00:02:10,199 lot of it to be very specific to exam prep, 41 00:02:10,360 --> 00:02:13,919 and added a bunch of questions and competencies and all that. 42 00:02:14,360 --> 00:02:16,400 Speaker 2: But that's a stage where you're. 43 00:02:16,280 --> 00:02:19,520 Speaker 3: Trying to become an electrician and you're trying to pass 44 00:02:19,560 --> 00:02:22,400 your exams. Well, we're going to be talking a little 45 00:02:22,400 --> 00:02:27,120 bit more today about something that typically stops more electricians 46 00:02:27,120 --> 00:02:32,199 from succeeding than competition ever could, and that is the 47 00:02:32,360 --> 00:02:36,199 fear of pricing. And whether you're a journeyman and you're 48 00:02:36,240 --> 00:02:38,240 going to be pricing jobs for an owner, or you're 49 00:02:38,280 --> 00:02:41,080 the owner and you're training your employees to price jobs, 50 00:02:41,120 --> 00:02:43,520 one of the biggest things that you always think about 51 00:02:44,080 --> 00:02:45,360 is did I charge too much? 52 00:02:45,479 --> 00:02:46,639 Speaker 2: Or did I not charge enough? 53 00:02:46,680 --> 00:02:49,240 Speaker 3: Did I need leave money on the table, and things 54 00:02:49,319 --> 00:02:52,280 like that, And then of course you'll get into the 55 00:02:52,319 --> 00:02:55,039 inferiority complex type of thing where you don't think you're 56 00:02:55,039 --> 00:02:57,759 worthy of a certain price versus somebody else, So you 57 00:02:57,840 --> 00:03:01,319 start chasing that, well, this guy's price is this and that, 58 00:03:01,439 --> 00:03:04,039 and you start worrying about what the other guy charges. 59 00:03:05,360 --> 00:03:06,680 Speaker 2: Look, you've heard it before. 60 00:03:07,039 --> 00:03:10,240 Speaker 3: They're cheaper than you, or I can get my brother 61 00:03:11,080 --> 00:03:13,159 in law to do it for half of that. 62 00:03:13,800 --> 00:03:16,080 Speaker 2: I'm sure you've all heard that as electricians. 63 00:03:16,840 --> 00:03:19,599 Speaker 3: And again, and you're out here as a profession, you're 64 00:03:19,599 --> 00:03:22,800 trying to make a living, and people are sitting there 65 00:03:22,800 --> 00:03:27,000 wanting to either lowball you or you know, say that 66 00:03:27,039 --> 00:03:29,159 they know somebody will do it cheaper than you, and 67 00:03:29,240 --> 00:03:31,400 all this kind of stuff, and you're really at that point. 68 00:03:32,439 --> 00:03:35,319 Speaker 2: The problem really isn't your price. 69 00:03:35,840 --> 00:03:38,319 Speaker 3: To be honest with you at that point, because people 70 00:03:38,360 --> 00:03:40,639 will say these things regardless of whether or not they 71 00:03:40,680 --> 00:03:42,240 have a brother in law that can do the work, 72 00:03:42,319 --> 00:03:45,639 because they would have contacted them already. Okay, they're reaching 73 00:03:45,680 --> 00:03:48,080 out to you because they need the work done. And 74 00:03:48,120 --> 00:03:50,000 if they say that so and so is cheaper than you, 75 00:03:50,080 --> 00:03:52,319 then why didn't they already go with those people? 76 00:03:52,919 --> 00:03:53,840 Speaker 2: You get what I'm saying. 77 00:03:54,840 --> 00:03:57,879 Speaker 3: So the real problem really isn't your pricing, it's more 78 00:03:57,960 --> 00:04:00,840 your confidence. So today I want to show you how 79 00:04:00,879 --> 00:04:05,319 to charge what you're really worth, and how to sell 80 00:04:05,360 --> 00:04:09,319 your value instead of defending your rate, and how to 81 00:04:09,479 --> 00:04:14,719 walk into every quote knowing you're the professional, not that 82 00:04:14,919 --> 00:04:18,560 discount store. And that is big when it comes to 83 00:04:18,759 --> 00:04:21,680 being able to see your business grow, or to see 84 00:04:21,720 --> 00:04:24,959 you move from somebody that may be a follower into 85 00:04:25,040 --> 00:04:27,839 what's called a leader role at your company. Maybe you're 86 00:04:27,839 --> 00:04:30,879 a pricing person, maybe the ones that give quotes. Maybe 87 00:04:30,879 --> 00:04:33,040 you have to train your staff to be able to 88 00:04:33,079 --> 00:04:36,160 have these these tough conversations. And I encourage you to 89 00:04:36,160 --> 00:04:39,120 listen to a previous podcast that we did about negotiating 90 00:04:39,160 --> 00:04:42,800 skills and overcoming conflict, because that is something that you're 91 00:04:42,839 --> 00:04:45,439 going to want to train your staff. But assuming you've 92 00:04:45,480 --> 00:04:48,720 trained your staff, now you as a company, you start 93 00:04:48,720 --> 00:04:51,439 worrying about price and whether I'm getting the jobs or 94 00:04:51,480 --> 00:04:53,120 whether or not you're going to hear people say that 95 00:04:53,160 --> 00:04:53,920 you're overpriced. 96 00:04:54,000 --> 00:04:57,959 Speaker 2: All that we have to work on that confidence. It's important. 97 00:04:58,480 --> 00:05:00,800 Speaker 3: So we're gonna break this up into some segments, and 98 00:05:00,839 --> 00:05:04,800 you can of course pause these at any time and 99 00:05:04,920 --> 00:05:06,879 come back to them as you need it. But we're 100 00:05:06,879 --> 00:05:09,519 gonna talk in different segments. So segment one, we're gonna 101 00:05:09,519 --> 00:05:14,160 talk about the mindset shift. Now, when I say mindset shift, 102 00:05:14,839 --> 00:05:17,639 let's start to think about this for a second. This 103 00:05:17,759 --> 00:05:22,199 starts with the toughest truth in business. If you don't 104 00:05:22,199 --> 00:05:25,720 believe it in your worth, no customer will believe in 105 00:05:25,759 --> 00:05:30,000 your worth either. So you've heard me say this all 106 00:05:30,000 --> 00:05:32,240 the time. People say this, and I love this. Back 107 00:05:32,240 --> 00:05:35,319 in the day, I had people remember if some of 108 00:05:35,319 --> 00:05:37,399 you may be around or been with me long enough 109 00:05:37,399 --> 00:05:39,800 through the years, when I used to promote the company 110 00:05:39,800 --> 00:05:42,160 as the electrical Guru, and I had the people on 111 00:05:42,240 --> 00:05:44,439 my cult forums and all these others that were just 112 00:05:44,560 --> 00:05:48,040 ragging me saying, oh, he thinks he's everything. That was marketing, 113 00:05:48,959 --> 00:05:54,439 it was confidence, but their inferiority complex caused them to 114 00:05:54,480 --> 00:05:58,600 get defensive. One because they never run a business, they 115 00:05:58,639 --> 00:06:01,079 never owned a business. They've all always work for somebody else. 116 00:06:01,079 --> 00:06:03,720 They don't understand how to build marketing and how to 117 00:06:03,839 --> 00:06:07,519 build your worth in a community. That's what you do, 118 00:06:08,160 --> 00:06:11,279 and we create that. But the real thing is that 119 00:06:11,319 --> 00:06:14,360 if you don't believe in what your worth is, what 120 00:06:14,399 --> 00:06:19,839 your training is, what your skills are, then your customer will. 121 00:06:19,720 --> 00:06:23,120 Speaker 2: Not either, and they don't even know you. 122 00:06:23,560 --> 00:06:26,199 Speaker 3: And if you know yourself and you already have self doubt, 123 00:06:26,240 --> 00:06:30,639 then you're already behind the eight ball. Okay, So electricians 124 00:06:30,639 --> 00:06:35,079 will often undercharge because they see money through the lens 125 00:06:35,160 --> 00:06:39,399 of labor hours. Now, let me explain, I make forty 126 00:06:39,439 --> 00:06:43,399 dollars an hour, so I'll charge fifty dollars. But that 127 00:06:43,480 --> 00:06:46,759 ten dollars spread doesn't pay the insurance, the gas, the 128 00:06:46,800 --> 00:06:51,000 bookkeeping keeping, the downtime, the profit, the overheads. 129 00:06:51,040 --> 00:06:51,720 Speaker 2: Doesn't do it. 130 00:06:52,839 --> 00:06:55,720 Speaker 3: But so many electricians look at it and say, Okay, 131 00:06:55,800 --> 00:06:58,360 I'm charging it by labor hour, and you should not 132 00:06:58,560 --> 00:07:01,360 be thinking of it by labor and this is where 133 00:07:01,360 --> 00:07:03,360 we have a lot of conflict with people online who 134 00:07:03,399 --> 00:07:06,240 post prices and somebody will go, well, god, that's too 135 00:07:06,319 --> 00:07:10,279 much money. You're trying to gouge the customer. No, that 136 00:07:10,439 --> 00:07:13,959 is usually an inexperienced person. It's only worked for labor 137 00:07:14,399 --> 00:07:22,439 for somebody. They've never had to worry about overcome burden, insurances, taxes, payroll. 138 00:07:22,519 --> 00:07:24,160 They never had to worry about any of that. But 139 00:07:24,199 --> 00:07:27,360 they're eager to say things online and that's okay. You 140 00:07:27,439 --> 00:07:29,360 have to learn to turn the other cheek and say, look, 141 00:07:29,360 --> 00:07:32,480 I get it. Those people that make those comments never 142 00:07:32,680 --> 00:07:36,319 had to run the business, because if you run a business, 143 00:07:37,079 --> 00:07:39,720 there's more, Okay, there's way. 144 00:07:39,480 --> 00:07:40,000 Speaker 2: More than that. 145 00:07:40,360 --> 00:07:43,600 Speaker 3: So the first mindset shift that you should be thinking, 146 00:07:43,879 --> 00:07:46,439 or you should be programming in your mind is you're 147 00:07:46,519 --> 00:07:54,319 not selling your time, folks. You're selling knowledge, risk and responsibility. Okay, 148 00:07:54,439 --> 00:07:57,959 so when you wire a service panel, for example, you're 149 00:07:58,000 --> 00:08:02,240 taking on liability, you're taking on safety, you're taking on 150 00:08:02,439 --> 00:08:07,240 code compliance. It's not just a forty hour job. That's 151 00:08:07,279 --> 00:08:10,480 a professional service that you're getting paid for. You do 152 00:08:10,639 --> 00:08:13,560 not break that cost down by the hour. You break 153 00:08:13,600 --> 00:08:17,959 it down by the value. What you're giving and that's 154 00:08:17,959 --> 00:08:19,600 how you explain it. 155 00:08:19,600 --> 00:08:21,360 Speaker 2: It's not just a per hour charge. 156 00:08:22,360 --> 00:08:25,800 Speaker 3: So let me give you a tip. Stop competing with 157 00:08:25,879 --> 00:08:31,439 the handyman. They don't carry your license, your insurance, or 158 00:08:31,480 --> 00:08:35,799 your responsibility. If somebody wants to hire a handyman and 159 00:08:35,799 --> 00:08:39,480 they want to low ball you, don't let it get 160 00:08:39,519 --> 00:08:42,399 you because your price is your price because you're offering 161 00:08:42,480 --> 00:08:46,600 a professional service. You're not basing it on simple hour values. 162 00:08:47,600 --> 00:08:49,840 It's a tough one to get shifted because if you 163 00:08:49,840 --> 00:08:52,039 go on every social media platform and you see somebody 164 00:08:52,039 --> 00:08:53,960 post a price that working to ask because it's too high. 165 00:08:54,000 --> 00:08:55,440 Somebody will come in, well, I do it for this 166 00:08:55,559 --> 00:08:58,120 or I do it for that. That's because their burdens 167 00:08:58,120 --> 00:09:02,879 are different, responsibilities are different. You're always gonna have a 168 00:09:02,919 --> 00:09:05,399 potential job where this company. Let me give you a 169 00:09:05,399 --> 00:09:09,600 great example. My brother has very low overhead. It's just him. 170 00:09:10,159 --> 00:09:14,960 He's a very efficient electrician. His price is going to 171 00:09:15,000 --> 00:09:19,360 be different than another contractor's price, and he's happy with 172 00:09:19,440 --> 00:09:22,200 his price because he understands the burdens that he has 173 00:09:22,240 --> 00:09:25,360 to meet. He understands what his overhead is and he's 174 00:09:25,399 --> 00:09:28,000 happy with it. So he doesn't care whether or not 175 00:09:28,080 --> 00:09:31,000 somebody came in cheaper or more. He's happy with it, 176 00:09:32,519 --> 00:09:34,639 whereas the other company's going to look at it and say, 177 00:09:34,639 --> 00:09:37,320 what that guy's gonna do it for that that's half 178 00:09:37,360 --> 00:09:40,519 of what I charge. He's got to make a decision 179 00:09:40,519 --> 00:09:42,159 at that point to go yes. But you know what 180 00:09:43,039 --> 00:09:45,519 my price is my price? This is my price. Are 181 00:09:45,519 --> 00:09:46,720 you gonna get every job? No? 182 00:09:48,279 --> 00:09:49,720 Speaker 2: But that's just the fact of life. 183 00:09:50,399 --> 00:09:53,240 Speaker 3: But you have to start now, and we'll talk about more, 184 00:09:53,559 --> 00:09:56,120 and I'm gonna get into what's called the science of pricing. Okay, 185 00:09:56,200 --> 00:09:58,120 this is some little stuff that I'm going to share 186 00:09:58,159 --> 00:10:00,480 with you, but in your mind, you got to I'm 187 00:10:00,480 --> 00:10:03,720 not competing against the handyman. I'm not competing against the 188 00:10:03,759 --> 00:10:06,759 brother in law. I'm not competing against the Johnny Doall 189 00:10:06,840 --> 00:10:10,159 who probably doesn't have a license. I can't compete with 190 00:10:10,240 --> 00:10:13,039 them from that level. But what I can offer, and 191 00:10:13,080 --> 00:10:17,159 I make is very clear to a customer. I offer security. 192 00:10:17,879 --> 00:10:23,759 I offer protection. I have liability insurance, I have code compliance. 193 00:10:23,799 --> 00:10:26,919 I make sure that it's done right because I have 194 00:10:26,960 --> 00:10:30,039 the licenses in the training. That's what you're paying for. 195 00:10:31,840 --> 00:10:34,960 That's the first thought. Now that's a mindset. So you 196 00:10:35,080 --> 00:10:37,759 have to get yourself in that mindset. I could tell 197 00:10:37,799 --> 00:10:39,759 you years ago I was in this mindset and when 198 00:10:39,799 --> 00:10:42,039 I sold something or I did something, I was like, well, 199 00:10:42,039 --> 00:10:44,919 that would equate to a stake. So gosh, how many 200 00:10:44,919 --> 00:10:46,519 courses do this or how many of this do I 201 00:10:46,519 --> 00:10:47,639 have to sell in order to be able to go 202 00:10:47,679 --> 00:10:50,320 out and eat that nice steak dinner. I stopped that 203 00:10:50,480 --> 00:10:53,559 years ago because it was it was terrible for me 204 00:10:53,679 --> 00:10:56,879 to keep looking at things that way. Now, when I 205 00:10:56,919 --> 00:10:58,399 was a contractor and I was doing a lot of 206 00:10:58,399 --> 00:11:01,879 contract work, I was very confident in my price, and 207 00:11:01,919 --> 00:11:02,840 I kept my price. 208 00:11:04,240 --> 00:11:05,559 Speaker 2: My price was my price. 209 00:11:06,759 --> 00:11:09,360 Speaker 3: Now is there occasions where I probably came in low 210 00:11:09,559 --> 00:11:12,360 after bidding some projects, and I used bidding estimating software, 211 00:11:12,440 --> 00:11:13,799 so I knew where I had to be. I knew 212 00:11:13,799 --> 00:11:18,279 what my burdens were. I had my safe value. Did 213 00:11:18,320 --> 00:11:19,639 I lose some bigger jobs? 214 00:11:20,320 --> 00:11:23,000 Speaker 2: Probably? Did I get some jobs? 215 00:11:23,000 --> 00:11:25,000 Speaker 3: Probably because I was way under price and I had 216 00:11:25,240 --> 00:11:26,919 there was more meat on the on the bone that 217 00:11:26,960 --> 00:11:29,600 I could have gotten. Maybe, but I got what I 218 00:11:29,679 --> 00:11:32,440 was happy with. And you just have to go with 219 00:11:32,519 --> 00:11:35,639 that mentality. But that's the mindset. You have to start thinking. 220 00:11:35,720 --> 00:11:38,879 It's not a forty hour forty dollars an hour job. 221 00:11:39,000 --> 00:11:42,159 It's a professional service that you're providing, and that goes 222 00:11:42,200 --> 00:11:46,200 a long way with professionalism. Carrying yourself, looking the part, 223 00:11:46,320 --> 00:11:50,679 investing in your equipment, looking the part, which we covered 224 00:11:50,720 --> 00:11:54,519 another podcast. But dude, I just do not like the 225 00:11:54,679 --> 00:11:59,360 sloppy I just don't. I just think we need to 226 00:11:59,399 --> 00:12:01,919 treat this as a profession and take pride in it. 227 00:12:01,960 --> 00:12:05,919 You've earned it, You've done the testing. Okay, you go 228 00:12:05,960 --> 00:12:07,840 to a doctor's office and they wear a doctor's lab 229 00:12:07,879 --> 00:12:10,320 coat and their name on it. Doctor, they've earned it. 230 00:12:11,120 --> 00:12:13,639 You're an electrician. If you're a master electrician, you freaking 231 00:12:13,720 --> 00:12:19,679 earned it. Wear it proud. Okay, you earned it. Now 232 00:12:21,320 --> 00:12:24,720 think of your price like voltage. It's too low and 233 00:12:24,799 --> 00:12:28,440 nothing works too high and things get dangerous. The key 234 00:12:29,039 --> 00:12:33,639 is setting the correct operating potential for your business. 235 00:12:34,679 --> 00:12:35,360 Speaker 2: Think about that. 236 00:12:36,080 --> 00:12:38,360 Speaker 3: You know what you have to charge, you know what 237 00:12:38,399 --> 00:12:40,399 your burdens are, you know what your overheads. Once you 238 00:12:40,480 --> 00:12:45,919 do that, focus on that and be confident in it. 239 00:12:47,480 --> 00:12:51,159 Somebody may be lower, that's fine. Somebody may be higher, 240 00:12:51,159 --> 00:12:56,799 that's fine. You know what you're worth. Stay solid. Now 241 00:12:56,840 --> 00:13:01,639 let's talk a little bit about the UH. The next 242 00:13:01,639 --> 00:13:05,399 step which I like to go into is basically the 243 00:13:05,720 --> 00:13:12,480 science of pricing. Now let's break this down into some math. Okay, 244 00:13:12,519 --> 00:13:14,279 I just want to now this is a science of 245 00:13:14,279 --> 00:13:15,720 how you come up with your pricing. Okay, and this 246 00:13:15,759 --> 00:13:18,919 is very elementary level, so it's very high level. You 247 00:13:19,000 --> 00:13:20,720 may have other ways that you do this, but we'll 248 00:13:20,759 --> 00:13:25,120 break it down. So let's start with the math. Because 249 00:13:25,200 --> 00:13:28,080 we're electricians in the numbers don't lie, right. 250 00:13:28,279 --> 00:13:29,159 Speaker 2: Numbers are numbers. 251 00:13:29,960 --> 00:13:34,000 Speaker 3: So add every business cost that you can think of 252 00:13:34,039 --> 00:13:36,440 that you have in running your business, your vehicle and 253 00:13:36,480 --> 00:13:38,799 fuel costs. All it takes is to look at a 254 00:13:38,840 --> 00:13:41,480 summary of a month, look at what your costs are 255 00:13:41,480 --> 00:13:41,879 in fuel. 256 00:13:41,879 --> 00:13:42,799 Speaker 2: Hopefully in business. 257 00:13:42,879 --> 00:13:45,320 Speaker 3: You've listened to my other podcast that say you need 258 00:13:45,440 --> 00:13:47,320 to be getting a business credit card, you need to 259 00:13:47,320 --> 00:13:49,080 get points, you need to be using that to buy 260 00:13:49,120 --> 00:13:53,559 your gas anything, so that it's easily trackable. See what 261 00:13:53,720 --> 00:13:56,480 your vehicle costs and your fuel costs a month. Let's 262 00:13:56,519 --> 00:14:01,080 say it's one thousand dollars a month tools equipment and 263 00:14:01,120 --> 00:14:03,240 maybe you keep a category for that, and it's about 264 00:14:03,240 --> 00:14:06,559 four hundred dollars a month your insurance. You may pay 265 00:14:06,600 --> 00:14:09,240 annually for your insurance it breaks down monthly. Let's say 266 00:14:09,240 --> 00:14:10,919 it's three hundred dollars a month. That's what it breaks 267 00:14:10,919 --> 00:14:14,879 down to. Your premium advertising and administrative costs. Let's say 268 00:14:14,879 --> 00:14:17,919 advertising social media things like Yelp, if you want to 269 00:14:17,960 --> 00:14:21,519 do ads, all this kind of stuff, Let's say that's 270 00:14:21,600 --> 00:14:23,799 five hundred dollars. You know these costs because you're putting 271 00:14:23,799 --> 00:14:27,159 them on a business credit card. Now, I have people 272 00:14:27,159 --> 00:14:29,639 out there that say, don't get a credit card. Okay. 273 00:14:29,840 --> 00:14:32,720 You know Dave Ramsey, for example, gives great advice, but 274 00:14:32,759 --> 00:14:34,879 he says don't get a credit card. Personally, I think 275 00:14:34,919 --> 00:14:37,120 that app that's the aspect of it, is full of crap. 276 00:14:38,120 --> 00:14:40,639 Every business needs to have a credit card as soon 277 00:14:40,679 --> 00:14:43,399 as you can get it for the business, especially when 278 00:14:43,440 --> 00:14:48,320 it gives you points. Okay, use their money. You're gonna 279 00:14:48,320 --> 00:14:49,679 pay it off at the end of every month. But 280 00:14:49,799 --> 00:14:53,039 use their money, okay, to make these purchases and get 281 00:14:53,080 --> 00:14:56,039 your points, get your rewards money things like. 282 00:14:56,000 --> 00:15:00,919 Speaker 2: That's free money. Okay. So advertising, say five hundred dollars 283 00:15:00,960 --> 00:15:05,559 a month. Your labor. Let's just say if you pay yourself. 284 00:15:05,159 --> 00:15:07,320 Speaker 3: Thirty five an hour and you work a forty hour week, 285 00:15:07,440 --> 00:15:09,600 you know this is for you so you say it's 286 00:15:09,639 --> 00:15:14,279 basically six thousand dollars a month. Okay, So let's just 287 00:15:14,320 --> 00:15:17,039 say six thousand a month as your labor, and then 288 00:15:17,080 --> 00:15:20,559 you're overhead. Let's say a total of eight two hundred 289 00:15:20,600 --> 00:15:23,679 dollars a month. I'm just throwing ball spitball numbers out there, 290 00:15:23,679 --> 00:15:25,440 but it's may your labor colls a kid whatever. The 291 00:15:25,440 --> 00:15:28,120 size of your company can change, but you'll have these 292 00:15:28,200 --> 00:15:32,120 values that you pay, okay, and you want to recalculate 293 00:15:32,159 --> 00:15:35,759 this so that your your rates will change a little bit. 294 00:15:35,960 --> 00:15:40,000 But we're just talking about the science of pricing, okay, okay, 295 00:15:40,120 --> 00:15:42,559 So these are these numbers. So if you only bill 296 00:15:42,600 --> 00:15:45,360 one hundred and twenty paid hours per month, because the 297 00:15:45,480 --> 00:15:49,000 rest is estimating travel and errands that you may run, 298 00:15:49,320 --> 00:15:54,120 your hourly breakdown break even is sixty eight dollars and 299 00:15:54,200 --> 00:16:02,360 thirty three an hour. Right now, anything under that you're 300 00:16:02,440 --> 00:16:07,919 literally paying to work. You get me, you're literally paying 301 00:16:07,960 --> 00:16:09,960 to work. So if you break all of this down 302 00:16:09,960 --> 00:16:11,960 and you got one hundred and twenty hours and it 303 00:16:12,000 --> 00:16:13,559 breaks down, you add all this money up and you 304 00:16:13,600 --> 00:16:15,320 divide it over one hundred and twenty hours, it basically 305 00:16:15,320 --> 00:16:17,519 breaks down to sixty eight dollars and thirty three. Anything 306 00:16:17,639 --> 00:16:21,679 under that's the break even. Anything under that you're actually 307 00:16:21,720 --> 00:16:25,440 losing money. You're paying to work, and you're supposed to 308 00:16:25,480 --> 00:16:26,559 be wanting to get paid. 309 00:16:27,679 --> 00:16:29,759 Speaker 2: Okay, so let me stop right there. 310 00:16:30,480 --> 00:16:34,320 Speaker 3: That right there tells you that in business, if your 311 00:16:34,399 --> 00:16:36,799 rates at you're setting are not going to allow you 312 00:16:36,840 --> 00:16:39,639 to make money, then you're not going to be in 313 00:16:39,679 --> 00:16:42,840 business very long. So this is taking all of my 314 00:16:42,919 --> 00:16:45,679 expenses and breaking it down what might need to have 315 00:16:45,720 --> 00:16:51,240 an hour. Now, anything under that, again, you're actually paying 316 00:16:51,279 --> 00:16:55,519 to work. Now, let's add profit. Twenty percent net profit 317 00:16:55,639 --> 00:16:58,720 targets great margin to be at, so you want to 318 00:16:58,759 --> 00:17:01,399 set that. So your break even is sixty eight thirty three, 319 00:17:01,440 --> 00:17:03,679 which is basically all those numbers we told divided by 320 00:17:03,840 --> 00:17:06,640 the total billable hours of one twenty. 321 00:17:07,720 --> 00:17:10,880 Speaker 2: Then that gives me basically sixty eight point three to 322 00:17:10,920 --> 00:17:12,359 three times one point two. 323 00:17:12,440 --> 00:17:14,839 Speaker 3: That's gonna be eighty two dollars an hour minimum, and 324 00:17:14,880 --> 00:17:19,440 that is adding in my twenty percent profit margin. So 325 00:17:19,480 --> 00:17:25,759 if someone says that's too high, remember you're not too high. 326 00:17:26,079 --> 00:17:27,559 Speaker 2: They're too uninformed. 327 00:17:28,720 --> 00:17:34,200 Speaker 3: Profit isn't greed, it's how the business survives to honor 328 00:17:34,720 --> 00:17:36,400 any future warranties to be. 329 00:17:36,440 --> 00:17:38,200 Speaker 2: Around to service your customers. 330 00:17:38,279 --> 00:17:42,319 Speaker 3: If you if you're not making any money, then you're 331 00:17:42,319 --> 00:17:46,319 not going to be around, and so it it ensures 332 00:17:46,440 --> 00:17:48,599 value to the customer that you're going to be here. 333 00:17:49,160 --> 00:17:51,240 Nobody wants to work your ass off and then you 334 00:17:51,319 --> 00:17:52,960 end up not making any money, and a lot of 335 00:17:52,960 --> 00:17:56,240 people do that. I'll tell you another misconception that people have, 336 00:17:57,240 --> 00:17:59,920 and this is a business one. A lot of people say, 337 00:18:00,079 --> 00:18:02,759 and a lot of CPAs and all that say, in business, 338 00:18:02,759 --> 00:18:04,319 make sure you pay yourself first. 339 00:18:05,039 --> 00:18:07,119 Speaker 2: That is that is not true. 340 00:18:08,079 --> 00:18:10,519 Speaker 3: Now, when you get established and you're making good money 341 00:18:10,559 --> 00:18:12,839 and you have the ability to pay yourself, you should 342 00:18:12,880 --> 00:18:15,400 be paying yourself. But if you're early on into this, 343 00:18:16,319 --> 00:18:18,000 you know you may not have the money, but you 344 00:18:18,039 --> 00:18:19,000 have other expenses. 345 00:18:19,039 --> 00:18:21,240 Speaker 2: I still have to pay all those burdens off. Every month. 346 00:18:22,480 --> 00:18:23,880 I have to pay my burdens. 347 00:18:24,000 --> 00:18:27,519 Speaker 3: You pay them, you pay yourself last, and you say, well, 348 00:18:27,559 --> 00:18:28,759 I've got to feed my family. 349 00:18:29,480 --> 00:18:29,799 Speaker 2: Okay. 350 00:18:30,599 --> 00:18:33,079 Speaker 3: That's why you have to sit back and say what 351 00:18:33,319 --> 00:18:36,880 is my time worth? Because you should not sacrifice your 352 00:18:36,920 --> 00:18:40,839 burdens so that your business grows and pays its bills 353 00:18:40,880 --> 00:18:43,680 and keeps your creditors off your back and you don't 354 00:18:43,680 --> 00:18:46,839 incur debt because you don't pay off this debt because 355 00:18:46,880 --> 00:18:48,839 you know that's important about a credit card is you 356 00:18:48,880 --> 00:18:50,960 need to be paying it off every month. You do 357 00:18:50,960 --> 00:18:53,319 not need the revolving debt. You need to get that 358 00:18:53,480 --> 00:18:56,799 discipline that you're just using their money and you'll pay 359 00:18:56,839 --> 00:18:57,240 it off. 360 00:18:57,119 --> 00:18:57,599 Speaker 2: At the end. 361 00:18:57,839 --> 00:19:00,519 Speaker 3: That way you can get the rewards, and that's the 362 00:19:00,599 --> 00:19:02,400 reward money. 363 00:19:02,640 --> 00:19:03,240 Speaker 2: You follow me. 364 00:19:03,880 --> 00:19:05,880 Speaker 3: Not everybody's going to have that kind of discipline, I 365 00:19:05,920 --> 00:19:09,319 get it, but you need to work towards that discipline. Right, 366 00:19:09,559 --> 00:19:13,000 But just remember profit isn't greed. It's how your business 367 00:19:13,039 --> 00:19:20,240 survives to honor its warranty and its commitments. Now three 368 00:19:20,759 --> 00:19:23,599 is something that's very important to remember. This is the 369 00:19:23,680 --> 00:19:26,160 customer's psychology. 370 00:19:27,279 --> 00:19:27,880 Speaker 2: What do we mean? 371 00:19:27,920 --> 00:19:30,519 Speaker 3: You know, well, let's talk about a customer's psychology because 372 00:19:30,960 --> 00:19:34,480 this is where confidence lives or it dies. And you've 373 00:19:34,519 --> 00:19:37,400 heard me talk about this in previous episodes where I 374 00:19:37,480 --> 00:19:39,559 want to have a win win outcome with a customer. 375 00:19:39,599 --> 00:19:42,720 Even if I have a customer that appears to be 376 00:19:42,759 --> 00:19:47,480 a little resistive or confrontational, and you haven't done everything 377 00:19:47,480 --> 00:19:49,319 that you need to do in your soft skills to 378 00:19:49,400 --> 00:19:54,079 kind of mitigate that. You have to remember that it's 379 00:19:54,319 --> 00:19:59,160 the confidence lies. It lives and dies with your customer. Okay, 380 00:19:59,440 --> 00:20:02,759 so the cust listener don't actually know what electrical work 381 00:20:02,799 --> 00:20:03,359 should cost. 382 00:20:03,440 --> 00:20:06,599 Speaker 2: They have no idea. They only know what they feel 383 00:20:06,759 --> 00:20:07,599 something is worth. 384 00:20:08,319 --> 00:20:11,759 Speaker 3: Your job is to make them feel that your professionalism, 385 00:20:11,920 --> 00:20:17,240 your safety, your knowledge, your guarantee justifies your cost. Now, 386 00:20:18,000 --> 00:20:20,279 I can tell you right now that the vast majority 387 00:20:20,279 --> 00:20:22,559 of the people that probably get in price conflicts or 388 00:20:22,559 --> 00:20:26,119 have issues look like scrubs on the job. They don't 389 00:20:26,160 --> 00:20:29,559 have a nice shirt uniform, they don't put taivex pseudo 390 00:20:29,559 --> 00:20:31,519 on if they're going in the attic, they don't dress up, 391 00:20:31,559 --> 00:20:33,559 they don't look the part. They don't have, they don't 392 00:20:33,680 --> 00:20:37,680 carry themselves as a professional. Folks, I'm going to tell 393 00:20:37,680 --> 00:20:40,640 you right now, people pick up on that. If you're 394 00:20:40,680 --> 00:20:44,079 just a scrub that's working out the back of your car, okay, 395 00:20:44,559 --> 00:20:47,000 then you know, then make it the cleanest car you got, 396 00:20:47,519 --> 00:20:49,559 put lettering on it, put signs on it. 397 00:20:49,640 --> 00:20:49,960 Speaker 2: Whatever. 398 00:20:50,319 --> 00:20:51,960 Speaker 3: I'm not going to tell you how to run your business, 399 00:20:52,039 --> 00:20:54,160 but at least you should be investing in your look. 400 00:20:54,559 --> 00:20:58,880 Look the part, be professional, Talk professional, don't cuss on 401 00:20:58,920 --> 00:21:03,119 a job. Don't smoke on a job. I don't care 402 00:21:03,200 --> 00:21:05,680 how bad of a chain smoker you are. You better learned, 403 00:21:06,119 --> 00:21:11,559 don't do it. Stay professional, Talk professional, Talk as little 404 00:21:11,559 --> 00:21:15,400 as possible, but talk direct and explain things clearly. Okay, 405 00:21:16,240 --> 00:21:20,680 your job is to make them feel that you are professional, 406 00:21:21,640 --> 00:21:24,839 that you have this enhanced knowledge. This is why I 407 00:21:24,880 --> 00:21:28,519 always promote the CBCP program because it takes master electricians 408 00:21:29,079 --> 00:21:31,200 and it takes their game to the next level, and 409 00:21:31,240 --> 00:21:34,519 it just builds and exudes confidence, and it gives you 410 00:21:34,559 --> 00:21:37,039 a marketability that's beyond Compare. 411 00:21:38,160 --> 00:21:46,799 Speaker 2: You have this confidence. Don't explain pricing, explain protection, what 412 00:21:46,839 --> 00:21:47,519 does that mean? 413 00:21:48,559 --> 00:21:50,720 Speaker 3: Or give summaries of what you've done. I've talked about 414 00:21:50,720 --> 00:21:52,920 that in other episodes. Give a summary of the work 415 00:21:52,920 --> 00:21:55,960 that you performed and how it benefits them. But look, 416 00:21:56,000 --> 00:21:59,640 instead of saying the panel replacement is twenty eight hundred. 417 00:21:59,440 --> 00:22:04,279 Speaker 2: Bucks, why don'd you not know? That's cold? Yeah? I 418 00:22:04,279 --> 00:22:04,559 get it. 419 00:22:04,599 --> 00:22:07,039 Speaker 3: Not everybody's something are better than others how they say things, 420 00:22:07,039 --> 00:22:09,079 and I get it's like the panel replacements twenty one 421 00:22:09,119 --> 00:22:10,440 hundred dollars, that's it. 422 00:22:12,119 --> 00:22:12,640 Speaker 2: How about you. 423 00:22:12,640 --> 00:22:16,200 Speaker 3: Say this, this will bring your service up to today's 424 00:22:16,240 --> 00:22:20,039 anyc code standards. It's going to eliminate any potential fire 425 00:22:20,160 --> 00:22:22,759 risks and ensure that your home is safe for decades 426 00:22:22,799 --> 00:22:25,400 and for resale. And it's you know, in case you 427 00:22:25,440 --> 00:22:27,160 have a home inspection down the road and you try 428 00:22:27,160 --> 00:22:30,680 to sell it, or something unforeseen happens, we know that 429 00:22:30,720 --> 00:22:32,839 you're protected now with the latest technology. 430 00:22:33,720 --> 00:22:35,920 Speaker 2: However it is for whatever situation you're doing. 431 00:22:36,519 --> 00:22:38,680 Speaker 3: Maybe it's that old example I give about going out 432 00:22:38,720 --> 00:22:41,319 and you have a GFCI that just tripped, and there's 433 00:22:41,359 --> 00:22:43,680 another one upstream, and you have to locate it, and 434 00:22:43,680 --> 00:22:45,759 you're you know, you feel uncomfortable because you're only there 435 00:22:45,799 --> 00:22:47,480 twenty minutes and you starge by the hour, and the 436 00:22:47,480 --> 00:22:51,000 customers like you wonly you're a twenty minute. But when 437 00:22:51,000 --> 00:22:53,240 I give them the summary, I must say, you know what, 438 00:22:53,519 --> 00:22:55,920 let me give you summer what we did today. This 439 00:22:55,960 --> 00:22:58,720 is my price, and so here here's the summary. We 440 00:22:58,720 --> 00:23:01,960 were able to track down that GFCI that was basically hidden, 441 00:23:02,400 --> 00:23:04,200 and so now you don't have to worry about this 442 00:23:04,279 --> 00:23:06,359 in the future. You know where to go and you 443 00:23:06,400 --> 00:23:09,200 can reset it. And so you know that you do 444 00:23:09,319 --> 00:23:13,160 have two GFCIs, and so that gives you a little 445 00:23:13,160 --> 00:23:15,240 bit more knowledge of what's going on in your house. 446 00:23:16,079 --> 00:23:18,720 But good news is you do have GFCI, you do 447 00:23:18,759 --> 00:23:21,400 have that element of protection. So that's a great thing. 448 00:23:21,599 --> 00:23:23,799 That's a great thing that you have it that type 449 00:23:23,799 --> 00:23:26,640 of scenario. And then you know and if maybe you 450 00:23:26,680 --> 00:23:28,680 were there for twenty and maybe you if you listen 451 00:23:28,680 --> 00:23:30,480 to my other podcasts, you may say, look, I'm gonna 452 00:23:30,480 --> 00:23:33,680 offer them a free thermal inspection. For those that know, 453 00:23:33,759 --> 00:23:35,839 we have thermal cameras on our website. We teach you 454 00:23:35,880 --> 00:23:39,880 thermal imaging the basics that you need. It's common sense. 455 00:23:40,119 --> 00:23:41,680 It's a way to do an add on service, and 456 00:23:41,720 --> 00:23:43,400 it's a way to eat some time. If you're there 457 00:23:43,440 --> 00:23:45,680 and you handle something in twenty minutes or ten minutes, 458 00:23:46,039 --> 00:23:48,839 but you're being paid by the hour, offer some additional 459 00:23:48,880 --> 00:23:51,880 services that may cause you to get some more work. Okay, 460 00:23:52,039 --> 00:23:54,480 get all the reternal investment, get all the work you can. Now, 461 00:23:54,519 --> 00:23:56,240 they can choose to want to do something or not. 462 00:23:56,960 --> 00:24:00,240 That's up to them. But you offer it, we can 463 00:24:00,240 --> 00:24:04,000 decline it. That's fine. That's why we offer thermal imaging, 464 00:24:04,039 --> 00:24:06,000 and that's why we picked the one camera that I 465 00:24:06,000 --> 00:24:08,880 think is the best for any electrician out there, and 466 00:24:08,920 --> 00:24:10,480 that's the only one that we offer. 467 00:24:11,359 --> 00:24:12,599 Speaker 2: Okay, we don't. 468 00:24:12,359 --> 00:24:14,720 Speaker 3: Offer this fancy four thousand and five thousand dues, these 469 00:24:14,759 --> 00:24:16,519 things like one hundred and seventy nine bucks, and it 470 00:24:16,599 --> 00:24:17,519 is all you need. 471 00:24:18,119 --> 00:24:19,480 Speaker 2: Trust me, it's all you need. 472 00:24:20,640 --> 00:24:24,920 Speaker 3: But the point is I explained it to them why 473 00:24:25,240 --> 00:24:30,240 that money was well spent. Okay, you're not selling a breaker, 474 00:24:30,599 --> 00:24:33,319 You're not selling a GFCI. Look at You're selling them 475 00:24:33,359 --> 00:24:37,559 peace of mind. You're not selling snake oil. You're not, 476 00:24:38,759 --> 00:24:42,440 you know, misleading the customer. This is true facts stuff. 477 00:24:42,480 --> 00:24:45,440 But you become better at it. And again, the whole 478 00:24:45,480 --> 00:24:49,240 goal here is to educate them. And guess what, They're 479 00:24:49,240 --> 00:24:51,079 gonna go out of their way to tell somebody else. 480 00:24:51,079 --> 00:24:53,000 They're gonna go out of the way to do their ratings. 481 00:24:53,000 --> 00:24:55,039 And I'm gonna tell you, I have a podcast out 482 00:24:55,079 --> 00:24:59,759 about how to ensure five star Google ratings okay reviews. 483 00:25:00,559 --> 00:25:04,000 Check out that podcast because there's a methodology for how 484 00:25:04,039 --> 00:25:07,119 you do it and ensure that you're gonna get that 485 00:25:07,160 --> 00:25:10,880 referral and you can even set up a referral business 486 00:25:10,880 --> 00:25:13,839 with them, create way to do it, and we talk 487 00:25:13,920 --> 00:25:16,440 about that in that episode. But the point is, you're 488 00:25:16,480 --> 00:25:20,880 selling peace of mind. You're a professional here. Okay, you 489 00:25:20,920 --> 00:25:24,799 ever heard them say about doctor's bedside manners. Some people 490 00:25:24,839 --> 00:25:26,799 will be the best doctors in the world, where people 491 00:25:26,799 --> 00:25:28,319 will end up not going back to them because they 492 00:25:28,359 --> 00:25:30,279 just have terrible bedside man It's. 493 00:25:30,119 --> 00:25:32,599 Speaker 2: Not that they're not a great doctor. They're probably wonderful doctor, 494 00:25:33,200 --> 00:25:34,480 but they don't feel comfortable. 495 00:25:36,119 --> 00:25:38,759 Speaker 3: And I think all doctors should learn to develop put 496 00:25:38,799 --> 00:25:41,599 their egos and personalities aside if they don't have good 497 00:25:41,640 --> 00:25:44,680 bedside managers, and realize you're dealing with somebody's lives. Well, 498 00:25:44,720 --> 00:25:47,039 I feel the same way as an electrician. I'm in 499 00:25:47,079 --> 00:25:50,839 their home, I'm making it safer. I'm doing these things 500 00:25:50,839 --> 00:25:52,920 that are legit. I'm not making this stuff up. This 501 00:25:53,039 --> 00:25:59,160 is a legit stuff. I'm not selling snake oil. So 502 00:25:59,400 --> 00:26:01,400 at the end of the day, you explain it. So 503 00:26:01,519 --> 00:26:05,599 you're not selling a product, you're selling a piece of mind. Now, 504 00:26:05,720 --> 00:26:10,000 confidence is in your value removes the need to defend 505 00:26:10,039 --> 00:26:12,480 your price. If you're very confident in your approach and 506 00:26:12,519 --> 00:26:14,119 how you tell them and how you explain it, how 507 00:26:14,119 --> 00:26:18,599 you summarize something, and you practice it as every electrician should, 508 00:26:18,599 --> 00:26:21,359 as every owner should, make sure that at least once 509 00:26:21,400 --> 00:26:23,279 a month, they get with all of their employees and 510 00:26:23,319 --> 00:26:26,000 have a maybe a pizza party. You know, I think 511 00:26:26,000 --> 00:26:29,319 it's a big morale thing. Get together and do some 512 00:26:30,279 --> 00:26:30,759 role playing. 513 00:26:32,319 --> 00:26:33,839 Speaker 2: You really really is going to come. 514 00:26:33,720 --> 00:26:36,440 Speaker 3: Out and pay dividends. I tell you, I wish more 515 00:26:36,480 --> 00:26:40,839 contractors would do these type of things. Anyway, when you 516 00:26:40,880 --> 00:26:44,160 focus on the outcomes, the price becomes secondary and at 517 00:26:44,160 --> 00:26:47,240 the end of the day, they don't bitch about the price, 518 00:26:47,359 --> 00:26:49,720 and everything becomes good and you really meet what you 519 00:26:49,759 --> 00:26:52,599 need to meet in order to be successful. Now, the 520 00:26:52,599 --> 00:26:55,640 next thing I'll talk about is what I talked about 521 00:26:55,759 --> 00:27:00,279 is handling pushback real world scripting. And I'm a big 522 00:27:00,319 --> 00:27:03,160 believer and I do this when I consult with contractors 523 00:27:03,200 --> 00:27:05,079 and they call me in and I maybe do maybe 524 00:27:05,119 --> 00:27:07,359 an hour or two of code updates or code training. 525 00:27:07,359 --> 00:27:09,160 And then they asked me if I would do a 526 00:27:09,200 --> 00:27:11,359 you know, kind of an hour of role play or 527 00:27:11,400 --> 00:27:15,720 situational things to overcome sales and objective things. And then 528 00:27:15,759 --> 00:27:19,079 one of the things is role play, and it's handling pushbacks. 529 00:27:19,119 --> 00:27:21,680 For example, let's do it. Let's do a little example 530 00:27:21,680 --> 00:27:24,880 of this, because you know what, you will always get 531 00:27:24,960 --> 00:27:28,480 some form of pushback in some way. So what about 532 00:27:28,519 --> 00:27:30,720 a customer that you give them their price up front? 533 00:27:30,799 --> 00:27:32,559 And I encourage you to watch that. Listen to that 534 00:27:32,640 --> 00:27:35,599 episode where I talk about overcoming objections and things like 535 00:27:35,640 --> 00:27:38,960 that or negotiating and it says you get a customer 536 00:27:39,000 --> 00:27:42,119 to say, wow, that's more than I expected. Right then 537 00:27:42,160 --> 00:27:44,720 you say, you know, I understand. So we're showing that 538 00:27:44,759 --> 00:27:48,519 empathy here. I understand I may not be the cheapest. 539 00:27:48,799 --> 00:27:51,960 I am one who's going to make sure that it 540 00:27:52,039 --> 00:27:54,759 is done right, inspected right, and safe for your home. 541 00:27:54,920 --> 00:27:59,160 That's my focus. Okay, it's like you know, so that's 542 00:27:59,200 --> 00:28:02,519 the real goal here. Where pricing of products, pricing of 543 00:28:02,519 --> 00:28:04,680 components is really nominal. 544 00:28:04,720 --> 00:28:07,880 Speaker 2: We're all the same. It's my approaches. 545 00:28:07,920 --> 00:28:10,640 Speaker 3: I think that's what you're paying for, and that's how 546 00:28:10,680 --> 00:28:13,079 you explain it, and that diffuses it right away. 547 00:28:13,559 --> 00:28:14,680 Speaker 2: And there's a way you can do it. 548 00:28:14,720 --> 00:28:17,720 Speaker 3: And there's a way you can use appausing technique, silence techniques, 549 00:28:17,759 --> 00:28:20,720 the five deep swallow technique that I talk about in 550 00:28:20,799 --> 00:28:25,519 negotiating skills. It helps slow the tone, your delivery, your demeanor. 551 00:28:25,799 --> 00:28:28,720 It's all stuff that can be trained, it really can. 552 00:28:28,799 --> 00:28:32,079 They're all part of soft skills and any employee can 553 00:28:32,119 --> 00:28:33,440 be trained to do this. They just got to be 554 00:28:33,480 --> 00:28:36,519 willing to do that. Now, what about a customer that says, 555 00:28:37,039 --> 00:28:40,920 I got another quote for four hundred dollars less? Guess 556 00:28:40,960 --> 00:28:43,400 how I handle this. Here's how I handle this. I go, 557 00:28:43,519 --> 00:28:46,599 that's great, and I'm sure they'll do good work. Just 558 00:28:46,720 --> 00:28:51,079 make sure they're licensed, ensured, and pull the proper permits 559 00:28:51,079 --> 00:28:56,400 where necessary. If they are, we're probably not that far apart. 560 00:28:57,759 --> 00:29:03,079 And and then you pause, folks, you use the power 561 00:29:03,079 --> 00:29:07,680 of silence, right, why is that important? And why is 562 00:29:07,720 --> 00:29:10,000 this tactic away? I said that at the end, I'm 563 00:29:10,039 --> 00:29:12,440 sure they are. And if they are all those things, 564 00:29:12,720 --> 00:29:15,279 then we're probably not that far apart. So when they 565 00:29:15,359 --> 00:29:18,200 say four hundred dollars less, they now either have to 566 00:29:18,240 --> 00:29:20,680 go back to that original one and say, hey, are 567 00:29:20,680 --> 00:29:21,160 you insured? 568 00:29:21,160 --> 00:29:21,480 Speaker 1: To you this? 569 00:29:21,519 --> 00:29:23,440 Speaker 3: Are you gonna pull a permit you They're going to 570 00:29:23,519 --> 00:29:27,920 get something that may say to you that wait a minute. 571 00:29:28,440 --> 00:29:29,720 Speaker 2: The customer will go, wait a minute. 572 00:29:29,720 --> 00:29:32,519 Speaker 3: This guy explained it clearly to me, he's license insured, 573 00:29:32,720 --> 00:29:36,359 He's going to pull proper permits if necessary. Everything that's necessary. 574 00:29:37,079 --> 00:29:39,079 And again, this is not written in stone. I mean, 575 00:29:39,119 --> 00:29:41,480 you can change your approach depending on what the situation 576 00:29:41,720 --> 00:29:47,480 is then the customer you pause, and why this response 577 00:29:47,559 --> 00:29:53,960 disarms the cheaper quote instantly. Why because you position you 578 00:29:54,079 --> 00:29:57,559 as the professional and you did not down them, You 579 00:29:57,599 --> 00:29:59,359 did not talk dirty about him, you did not say 580 00:29:59,359 --> 00:30:02,160 anything negative a bottomy. So that's great, and they'll probably 581 00:30:02,160 --> 00:30:03,759 do a good job for you, but just make sure 582 00:30:03,799 --> 00:30:07,480 their license ensured, they pull the proper permits when necessary. 583 00:30:07,519 --> 00:30:09,680 And you know, in my case, you know, I am 584 00:30:09,720 --> 00:30:14,359 a certified Master Electrical Code professional, so I am going 585 00:30:14,400 --> 00:30:17,759 to make sure that everything is up to code, to 586 00:30:17,839 --> 00:30:18,720 the highest standards. 587 00:30:18,759 --> 00:30:19,960 Speaker 2: That that's just part of my. 588 00:30:21,720 --> 00:30:25,440 Speaker 3: Integrity clause and so and then you go, look, if 589 00:30:26,240 --> 00:30:28,839 if they are all those things, then we're probably not 590 00:30:28,920 --> 00:30:29,519 that far apart. 591 00:30:30,920 --> 00:30:32,240 Speaker 2: So that's going to diffuse it. 592 00:30:32,279 --> 00:30:34,680 Speaker 3: And that's going to take that cheaper quote, and nine 593 00:30:34,680 --> 00:30:37,000 times out of ten they're going to go, well, okay, we'll. 594 00:30:36,799 --> 00:30:38,680 Speaker 2: Go with you. You know what I'm saying. 595 00:30:40,039 --> 00:30:44,839 Speaker 3: So the tip here is professionalism is quiet confidence. It's 596 00:30:44,920 --> 00:30:49,079 not defensive noise. It's not defensive rhetoric. It's not saying, 597 00:30:49,119 --> 00:30:51,319 well they don't have this, they don't have that. It's 598 00:30:51,359 --> 00:30:54,000 being very confident in what you put forward. And that 599 00:30:54,160 --> 00:30:56,599 is one of the biggest selling points with the CMBCP 600 00:30:57,319 --> 00:31:00,039 is that you know that your competition probably. 601 00:30:59,640 --> 00:31:04,079 Speaker 2: Is not that there are not. 602 00:31:06,519 --> 00:31:09,799 Speaker 3: So anyway, so I should probably make an announcement too 603 00:31:09,799 --> 00:31:12,160 for the cmecps out there. We will be having a 604 00:31:12,200 --> 00:31:17,960 CMECP engraved metal card that is going to be available 605 00:31:17,960 --> 00:31:20,559 in twenty twenty six. So if you're a CMECP and 606 00:31:20,640 --> 00:31:22,319 you listen to this and you want to get your card, 607 00:31:23,039 --> 00:31:25,640 it will have your license number on it, you your 608 00:31:25,680 --> 00:31:27,759 your information on it and all this kind of stuff 609 00:31:28,039 --> 00:31:30,200 and it will be sent. It will be generated and 610 00:31:30,240 --> 00:31:33,599 sent to you. But I'll have a podcast or probably 611 00:31:33,640 --> 00:31:36,400 even a video on that for all u cmmecps out there. So, 612 00:31:36,440 --> 00:31:38,640 if you're a electrical contractor out there, electrician, you're a 613 00:31:38,640 --> 00:31:41,000 master electrician and you want to become a CMCP, check 614 00:31:41,000 --> 00:31:43,880 out our website CNMECP dot org and you can see 615 00:31:43,880 --> 00:31:46,640 what it takes to be a CMECP and use that 616 00:31:46,720 --> 00:31:50,039 as your one of your selling quivers in your your arsenal. 617 00:31:51,680 --> 00:31:55,119 Remember you're the electrician, you're the professional. You spent years 618 00:31:55,200 --> 00:31:59,079 learning safety code and your craft. You're not begging for 619 00:31:59,119 --> 00:32:01,720 the work, you're offering expertise. 620 00:32:02,519 --> 00:32:03,119 Speaker 2: Remember that. 621 00:32:05,759 --> 00:32:09,200 Speaker 3: All right, Next one we'll talk about is marketing that 622 00:32:09,440 --> 00:32:15,599 justifies your price, and that's going to be again probably 623 00:32:15,599 --> 00:32:18,200 tailoring in that c a ECP. What stands out amongst 624 00:32:18,240 --> 00:32:19,880 the crowd those type of things. How do you stick 625 00:32:19,920 --> 00:32:21,000 out amongst everybody else? 626 00:32:21,000 --> 00:32:22,960 Speaker 2: How do you do that? How do you market that properly? 627 00:32:24,039 --> 00:32:25,279 That can be a very big. 628 00:32:25,079 --> 00:32:27,960 Speaker 3: Benefit when it comes to Google and Yelp and bing 629 00:32:28,039 --> 00:32:30,559 and how you do your website or how you do things, 630 00:32:30,559 --> 00:32:33,720 how do you present yourself? There's an element of content. Now, 631 00:32:33,799 --> 00:32:36,720 cockiness is confidence, but it's how you deliver it. Because 632 00:32:36,759 --> 00:32:40,079 you can come across as overly cocky and arrogant, and 633 00:32:40,119 --> 00:32:43,640 it doesn't matter how skilled you are. You could piss 634 00:32:43,680 --> 00:32:46,720 somebody off. But there's a way to do it and 635 00:32:46,759 --> 00:32:49,079 still talk face to face, not look down on them, 636 00:32:49,640 --> 00:32:54,440 not be arrogant, be a very open conversation. Humiliate, you know, 637 00:32:54,720 --> 00:32:58,599 not not humiliation wrong word. I don't want to say 638 00:32:58,640 --> 00:33:05,079 humiliate them. Humble yourself while staying humble within them. I 639 00:33:05,119 --> 00:33:07,640 love it and be able to do it a certain way. 640 00:33:07,920 --> 00:33:10,720 Speaker 2: Okay. Opinion of people out there say, Paul, you humiliate 641 00:33:10,759 --> 00:33:14,200 yourself every day. That's probably true. That's probably true. That's okay. 642 00:33:15,000 --> 00:33:16,640 All right now, okay, so let's see here. 643 00:33:16,640 --> 00:33:20,599 Speaker 3: So let's talk about marketing your price believable before you 644 00:33:20,680 --> 00:33:25,200 even say it. For example, brand presentation. Keep your truck 645 00:33:25,359 --> 00:33:28,319 clean and labeled. Appearance is equal to trust. 646 00:33:29,039 --> 00:33:29,480 Speaker 2: Quotes. 647 00:33:29,680 --> 00:33:34,079 Speaker 3: If you're going to offer quotes, use clear digital professional estimates. 648 00:33:34,440 --> 00:33:39,519 Don't scribble your quotes on a note pad or on 649 00:33:39,599 --> 00:33:45,160 a little post it note. No have professional stuff done, okay, 650 00:33:45,319 --> 00:33:50,680 No handwritten napkins okay, it's not professional. Doesn't give the 651 00:33:50,720 --> 00:33:58,079 messages professional communication. Respond fast and polite, speed and courtesy 652 00:33:58,119 --> 00:34:00,400 creates confidence. I'm going to tell you, I don't know 653 00:34:00,400 --> 00:34:04,039 how many times people buy our courses and I noticed something, 654 00:34:04,119 --> 00:34:05,839 or we notice something that they may have done wrong. 655 00:34:05,880 --> 00:34:09,880 I've had people purchase courses accidentally two of them, and 656 00:34:09,920 --> 00:34:11,840 they might not even catch it, but we catch it, 657 00:34:11,920 --> 00:34:14,920 and there's no reason they need two courses. So we 658 00:34:15,000 --> 00:34:16,800 contact them ahead of time and we go, hey, we 659 00:34:16,880 --> 00:34:20,199 noticed that you might have accidentally. You know, those people 660 00:34:20,199 --> 00:34:22,800 are so impressed with the speed that we interact with them. 661 00:34:22,840 --> 00:34:25,880 And that's one thing about us over other people or 662 00:34:25,920 --> 00:34:29,400 other companies is we react very quickly. We answer code questions, 663 00:34:29,440 --> 00:34:31,920 we do a lot of stuff very quickly, and that 664 00:34:31,960 --> 00:34:35,119 builds that trust. Same in the electrical when I was 665 00:34:35,119 --> 00:34:38,199 a contractor, I did not let things. My brother's bad 666 00:34:38,199 --> 00:34:41,320 about this because he doesn't need the work. He's busy 667 00:34:41,400 --> 00:34:44,400 all the time already, but he's out there, so he 668 00:34:44,440 --> 00:34:46,679 gets the calls and he doesn't respond to them right away. 669 00:34:46,679 --> 00:34:49,000 But that's okay because half the time he doesn't. 670 00:34:48,760 --> 00:34:52,199 Speaker 2: Even want the business. You are not like that. You 671 00:34:52,239 --> 00:34:54,079 and me are not like I want the business. That's 672 00:34:54,119 --> 00:34:57,920 the reason I'm out there. Okay, you're hungry. He's not hungry. 673 00:34:58,159 --> 00:34:58,880 You're hungry. 674 00:34:59,320 --> 00:35:02,440 Speaker 3: You want every biiness. Your reternal investment is high. Okay, 675 00:35:02,480 --> 00:35:07,199 I want to get it. So I think that you 676 00:35:07,280 --> 00:35:12,079 need to respond very quickly to calls, to requests. Be 677 00:35:12,239 --> 00:35:15,800 very polite, be very professional. Don't be afraid. If you're 678 00:35:15,840 --> 00:35:18,760 not a people person. You're thinking, I don't I don't 679 00:35:18,800 --> 00:35:21,239 like talking to people. Well, you're gonna have a tough 680 00:35:21,280 --> 00:35:25,440 time being an owner because you're gonna have to communicate. Now, 681 00:35:25,440 --> 00:35:27,760 you might succeed and make enough, but you're never going 682 00:35:27,800 --> 00:35:30,119 to excel to the to the level that you want 683 00:35:30,159 --> 00:35:32,760 to be at, or you'd like to be at. Maybe 684 00:35:32,800 --> 00:35:34,719 you just are happy with one or two and you 685 00:35:34,719 --> 00:35:37,480 know this and that and barely making another happy. I 686 00:35:37,480 --> 00:35:42,199 don't need to say nothing to nobody. Right, Well, you're 687 00:35:42,239 --> 00:35:44,760 gonna have to change. I remember when Dustin Stelzer called 688 00:35:44,760 --> 00:35:46,960 me about Electrician you when he was first starting out, 689 00:35:47,599 --> 00:35:49,480 and he wanted to partner with work with me and 690 00:35:49,840 --> 00:35:52,400 help create training. And I was like, Dustin, I really can't. 691 00:35:52,440 --> 00:35:54,159 I'm doing my own thing. I encourage you to do 692 00:35:54,199 --> 00:35:56,000 your own thing. And he started doing his own thing 693 00:35:56,000 --> 00:35:59,320 and doing very well. And I but I remember telling them, 694 00:35:59,360 --> 00:36:01,679 you know it, at some point, you're gonna have to 695 00:36:01,679 --> 00:36:04,440 stop dropping the f bombs in the middle of your training, 696 00:36:05,199 --> 00:36:08,039 because the more you get people to use your products 697 00:36:08,079 --> 00:36:10,519 and your training and your services, they're gonna not be 698 00:36:10,559 --> 00:36:12,079 able to use it to a select group of people 699 00:36:12,119 --> 00:36:13,840 and they're gonna You're gonna have to tone it down 700 00:36:13,880 --> 00:36:18,159 a little bit. He says, I'll never change. I'll never change. Well, 701 00:36:18,280 --> 00:36:23,079 he changed because it's inevitable. You have to tailor to 702 00:36:23,400 --> 00:36:26,320 the certain market that you're going for. And the politeness 703 00:36:26,320 --> 00:36:29,239 wins every day of the week. Every day of the 704 00:36:29,239 --> 00:36:34,480 week when you're working with customers, clients, every day of 705 00:36:34,519 --> 00:36:38,599 the week, the politeness wins. Okay, doesn't mean they're always right. Okay, 706 00:36:39,199 --> 00:36:42,400 but you got to remember your image is your silent salesman. 707 00:36:43,840 --> 00:36:47,760 Keep him dressed for success, Folks. Let the customer feel 708 00:36:47,800 --> 00:36:52,719 your professionalism way before they see the price. That way, 709 00:36:52,719 --> 00:36:57,199 they'll assume that you meet the justification for why you 710 00:36:57,239 --> 00:36:59,960 get what you get, rather than the rag tag guy 711 00:37:00,119 --> 00:37:04,039 that comes out there with the holes in this and that. Okay, 712 00:37:04,400 --> 00:37:06,960 not saying y'all can't get some work in some certain areas, 713 00:37:06,960 --> 00:37:08,800 but if it's a competitive if I'm in the area 714 00:37:09,199 --> 00:37:11,400 and I'm an electric contractor, I'm gonna beat you every 715 00:37:11,440 --> 00:37:13,760 day of the week, especially if I'm in service work. 716 00:37:15,000 --> 00:37:18,000 My vehicles are gonna look sharp. I'm gonna spend the 717 00:37:18,000 --> 00:37:20,159 money it takes to wear the shirts. You know you 718 00:37:20,159 --> 00:37:21,679 can get the niche. I don't care if they're t 719 00:37:21,800 --> 00:37:25,199 shirts with your logo on. That's fine. Look, the part 720 00:37:25,679 --> 00:37:30,639 look professional goes a long way. Next, let's do a 721 00:37:30,679 --> 00:37:33,679 wrap up here. So here's the bottom line, folks, if 722 00:37:33,719 --> 00:37:38,639 you're under price yourself, you teach your customer to undervalue 723 00:37:38,679 --> 00:37:42,159 your craft. You're not in business to win every job. 724 00:37:42,239 --> 00:37:45,880 You're in business to win the right jobs. So the 725 00:37:45,920 --> 00:37:50,480 next time someone says that's too expensive. Remember this first, 726 00:37:51,079 --> 00:37:54,519 you're not too expensive, they're just not your customer yet. 727 00:37:55,039 --> 00:37:58,599 Number Two, you don't need to lower your prices. You 728 00:37:58,639 --> 00:38:02,199 need to raise your present time. You need to raise 729 00:38:02,239 --> 00:38:05,000 your delivery because you're worth it well, because you've gone 730 00:38:05,079 --> 00:38:07,960 through the steps to understand what your pricing needs to be. 731 00:38:08,760 --> 00:38:09,480 Speaker 2: You're worth it. 732 00:38:11,719 --> 00:38:15,760 Speaker 3: And three, you don't need everyone to say yes. You 733 00:38:15,840 --> 00:38:18,679 just need enough of the right people to say yes. 734 00:38:19,519 --> 00:38:24,760 You understand, confidence isn't arrogance, it's knowledge, your worth and 735 00:38:24,880 --> 00:38:29,800 standing firm on it. That's what separates the hobbyist from 736 00:38:29,800 --> 00:38:34,159 a professional. Folks, I'm just saying that is the key. 737 00:38:35,000 --> 00:38:39,360 So you're already skilled, you have the knowledge. Listen to 738 00:38:39,400 --> 00:38:43,000 my podcasts, Listen to our episodes on negotiating skills, how 739 00:38:43,000 --> 00:38:46,440 to get them, you know, get through a real conflict issue, 740 00:38:46,960 --> 00:38:50,119 Understand that soft skills need to be taught to your 741 00:38:50,119 --> 00:38:51,000 employees as. 742 00:38:50,920 --> 00:38:51,760 Speaker 2: Well as yourself. 743 00:38:53,159 --> 00:38:55,920 Speaker 3: All these type of things, and you know what, some 744 00:38:56,000 --> 00:38:58,159 of these things are a lot easier said than done. 745 00:38:58,159 --> 00:39:00,239 But you have to take a step back and look 746 00:39:00,280 --> 00:39:04,440 at your processes and say, I need to make a change. 747 00:39:04,519 --> 00:39:07,320 It's for the business, it's for the growth. Those type 748 00:39:07,320 --> 00:39:09,480 of things, but those are different things to think about. 749 00:39:09,480 --> 00:39:09,719 Speaker 2: Folks. 750 00:39:09,760 --> 00:39:12,760 Speaker 3: Hopefully got something out of this episode. If anything, thanks 751 00:39:12,800 --> 00:39:15,039 for listening to the podcast. Hopefully share it with other people. 752 00:39:15,440 --> 00:39:17,320 If you're at a job site, let them know there's 753 00:39:17,320 --> 00:39:21,159 a podcast out there dedicated to electricians and electrical contractors 754 00:39:21,199 --> 00:39:22,559 and all that kind of stuff. If you have any 755 00:39:22,639 --> 00:39:25,119 questions you want to send to me, all you gotta 756 00:39:25,159 --> 00:39:27,880 do is go to our website, fasttracksystem dot com. You'll 757 00:39:27,880 --> 00:39:29,880 see a link on the page that says let's ask Paul. 758 00:39:30,199 --> 00:39:32,079 Or you can go to Paul Abernathy dot com and 759 00:39:32,119 --> 00:39:33,880 you can also submit it there as well. And I'm 760 00:39:33,880 --> 00:39:36,239 more than happy to answer any questions you have and 761 00:39:36,280 --> 00:39:38,239 it may be featured on an upcoming podcast. 762 00:39:38,320 --> 00:39:41,039 Speaker 2: Till next time, folks, Stay safe, God bless. 763 00:39:41,559 --> 00:39:44,880 Speaker 1: Thanks for tuning into another electrifying episode of the Master 764 00:39:45,039 --> 00:39:49,239 THENEP podcast. We hope you're feeling more powered up and 765 00:39:49,320 --> 00:39:51,840 ready to tackle the electrical world with the knowledge and 766 00:39:51,920 --> 00:39:56,719 confidence you need to succeed. Remember, in the electrical trade, 767 00:39:56,920 --> 00:39:59,519 knowledge is power, and we're here to make sure you 768 00:39:59,559 --> 00:40:03,519 stay well to the latest insights, tips and code updates. 769 00:40:04,559 --> 00:40:08,400 If you enjoy today's episode, don't forget to subscribe, leave 770 00:40:08,480 --> 00:40:11,159 us a review, and share the podcast with your fellow 771 00:40:11,199 --> 00:40:16,880 electricians and industry pros. Until next time, keep your tools sharp, 772 00:40:17,199 --> 00:40:20,480 your circuits clear, and you're my focused, because here at 773 00:40:20,480 --> 00:40:23,840 the Master of the NEC Podcast, we're all about sparking 774 00:40:23,880 --> 00:40:29,920 your success. Stay safe, stay smart, and keep mastering the trade. 775 00:40:30,599 --> 00:40:33,360 From all of us here at Electrical Code Academy, thank 776 00:40:33,440 --> 00:40:35,360 you for all your support and we will see you 777 00:40:35,400 --> 00:40:41,000 on the next amazing Master of the NEC Podcast episode.