I want to talk about one of the key reasons why you might be struggling to hire.
Are you like a lot of Plumbers and Electricians out there who are desperate to hire some good tradespeople but you are just finding it hard to get the right people?
I want to start with a story it’s about the property market and an experience that my wife Bronwyn and I had over a 12-18 month period.
We were looking for a new house – we have got three boys and a young girl so we needed some more space.
We tried to buy three or four times and each time we got rejected for not paying enough.
The prices paid were quite a lot more than we thought we needed to pay.
Now, the same thing’s happening in the market for tradespeople, for qualified Plumbers and Electricians.
What you used to pay just doesn’t cut it anymore.
If you are thinking about hiring and you’re not getting any bites, well you probably need to look at what you’re offering; because the market is competitive and you really need to be paying top dollar to get the right people.
And here is the other thing to think about, I know it is scary to pay more, but if you get a tradesperson how much extra money are they going to make you?
The potential is, if your margins are where they should be, you could get $80-100K worth of gross profit out of each tradesperson.
If you need to pay $4-5k more to get to them does it make sense?
Well of course it does, You’re still going to be up, even though you’re paying a bit more.
And the other side of the coin is, because there’s a lot of demand out there for services, it’s time for us to actually increase our rates, and get our margins up so we can take our cut and pass it on to our team members as well.
So the lesson is this, there is a lot of demand for tradespeople and what you need to pay has really moved on; so if you if you are not getting the results you want, look at what you’re offering and super-size it!
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