TCF544: Contractor Q&A - “How to Deal With the Issue of Ever-changing Materials Prices?”

In this episode, Tom and Dan answer questions from listeners asking about advice on renting a storage facility and how to deal with constantly changing material prices when you're working on long-term projects that will take months to complete.

 

In this episode, we talk about…  

Question1: I worked as a sub-contractor for a restoration company's owner for a year, and I'm interested in renting a shop owned by him. Would renting from him be a good business strategy, and how would you justify a material storage facility that is great for advertising the business and supervising the employees?

 

• The decision to rent a space from him depends on the kind of relationship you have with him.
• A storage facility at the busiest place in town can be a great place to supervise the team and advertise your company.
• Being visible is better than having a shop in an industrial area off the beaten path.

 

Question 2: I'm an Architect with a project that won't break ground until May. How should I handle the issue of ever-changing materials prices?

• Protect yourself in paperwork — contact Karalynn Cromeens, the construction attorney from the Cromeens Law Firm
• Communicate with the client and tell them about the situation
• Plan long-term projects in phases
• Go into education mode — it builds trust and transparency
• The price hike is not your problem

Resources: 

Submit your questions to help@thecontractorfight.com with the subject “Podcast” and Tom and Dan will try to answer them on an upcoming show.

 

Are you stealing money from your family because you aren’t charging enough for your services? Discover what you SHOULD be charging.  Download our 50% Gross Profit cheat sheet: https://thecontractorfight.com/50

 

== Join us in BATTLEGROUND ==Everything your contracting business needs in one comprehensive program with three main focus areas: Leadership, Communication, and Numbers. For more info check out: https://TheContractorFight.com/Battleground 

 

== Order your free copy of Tom’s book Winning the Contractor Fight (Just pay to ship) == https://thecontractorfight.com/book 

 

== Grab the Gear ==https://gear.thecontractorfight.com/ 

 

== Find Us on Social Media ==YouTube: https://www.youtube.com/c/TomReber  Instagram: https://thecontractorfight.com/ig