Myth: Grow at All Costs! #growth #profit #homeservice #business

So often of the times, entrepreneurs fail in their business because they're stuck in growth mode, which is like, grow, grow, grow at all costs. Hire more people, get more trucks, get more equipment, instead of just for like one year being in profit mode and raising prices and making actual profit and money in the business. I just talked to an owner. They raised their prices on 85 of their recurring customers. One person left. Here's what's crazy. They raised their price by 15% last year. They're about 20% profitable. They almost doubled their profit margin simply by raising their prices, which took all weekend to double the profits of the business. And that's why people, when they say home service businesses and labor businesses are bad or they're unprofitable, they're too hard. It's like, it's one of the most sticky things if you actually have a good service and you actually care about the customer because no one wants to leave. And you can double your profit margins with the click of a button. That is unheard of in most industries. You can't just go into a restaurant and double your profits immediately with the click of a button.