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    Growing a £65k per month Plumbing and Drainage Business

    enSeptember 25, 2023

    Podcast Summary

    • Managing Staff and Expanding a Business: Insights from Gavin DimockGrowing a business involves overcoming challenges, setting goals, and seeking knowledge. Gavin Dimock shares his experiences in hiring staff, expanding, and acquiring businesses for growth.

      Growing a business involves overcoming challenges and making strategic decisions. Gavin Dimock, the owner of The Drain Guys in West Sussex, shared his experiences of managing staff and expanding his business. He expressed his challenges in hiring the right employees and identifying the right areas for growth. Moreover, he was intrigued by James Sinclair's ability to acquire properties for rental and eventual purchase. Gavin's goals include having a full-time management team in place and expanding his business nationally. He currently makes a significant profit but takes little from his companies. Gavin spends most of his time managing The Drain Guys, while TDG Services is run by a manager. He asked James how to find businesses to purchase outside of online sales sites. Overall, this conversation highlights the importance of addressing challenges, setting goals, and seeking knowledge to grow a business.

    • Investing in personal and business growthInvesting in personal and business growth through platforms like Entrepreneurs University and continuous learning can lead to significant success.

      Investing in personal and business growth, whether it's through attending events or online platforms like Entrepreneurs University, can significantly boost the success of your business. The Entrepreneurs University offers affordable access to coaching and resources from experienced entrepreneurs like James Sinclair, making it an attractive option for growing businesses. Gavin, a successful business owner, started his first customer acquisition locally after leaving a franchise and grew his business through a combination of advertising and word-of-mouth. While he still does some advertising, he has built a strong commercial base and relies less on social media platforms like Facebook, TikTok, and Instagram, as his business caters to a need rather than a want. Overall, continuous learning and growth, both personally and for your business, are essential for success.

    • Balancing Traditional Marketing and Franchising in the Drainage IndustryTo grow a business in the drainage industry, invest in both traditional marketing and franchising, and prioritize recruiting staff based on attitude and experience due to the lack of industry qualifications.

      Growing a business in the drainage industry involves a balance between traditional marketing methods and franchising, as well as a significant investment in recruiting and training staff due to the lack of industry qualifications. The Drain Guys, for instance, use Google Ads, local magazines, and are currently franchising to expand their business. The cost to become a franchisee is £15,000, which includes a license for a certain area, training, and access to key accounts. However, staffing is a challenge due to the lack of industry qualifications, making it essential to recruit based on attitude and experience. Despite the time and cost involved in training new staff, investing in experienced personnel can be more beneficial than hiring inexperienced individuals who may not deliver the desired results.

    • Investing in new hires takes time and resourcesProvide thorough training and support to new hires to ensure they meet required standards and contribute positively to the business. Building a strong brand and ensuring profitability in all areas is crucial for long-term success.

      Building a successful business involves investing time and resources in training new hires. It can take up to 100 days before a new employee becomes profitable for the business. This is similar to industries where professionals undergo extensive training and continuous professional development to maintain their certifications. Unlike these regulated professions, there is no minimum standard or proof of competency in unregulated industries like business. Therefore, it's essential to provide thorough training and support to new hires to ensure they meet the required standards and contribute positively to the business. Additionally, focusing on building a strong brand and ensuring profitability in all areas of the business is crucial for long-term success.

    • Strong brand and ownership key to successful franchisingEffective franchising relies on a strong brand and ownership of operating locations to keep franchisees loyal and profitable.

      Effective franchising requires a strong brand and ownership of the operating location to create value for both the franchisor and franchisee. The speaker shared his personal experience of leaving a franchise due to issues with the brand and ownership of the land. He emphasized that McDonald's is a successful franchise model due to its strong brand and ownership of land, which keeps franchisees loyal and profitable. As a franchisor, the speaker aims to provide value by acting as a marketing company that brings in sales, but recognizes the challenge of not owning the land and must provide enough value to keep franchisees from leaving.

    • Creating value in business partnershipsFocus on national accounts, build a strong brand, and leverage lease options to add value in business partnerships.

      Building a successful business partnership involves adding value beyond the initial transaction. For instance, in the case of a drainage company, the marketing department can help build a strong brand that benefits both parties. However, it's essential to understand that business owners cannot control locations like landlords could in the past. Instead, focusing on national accounts can help gain an edge against competitors. Another strategy mentioned is leveraging lease options to purchase properties by asking landlords if they're willing to sell instead of just renting. The key here is persistence and being prepared for rejection, as some landlords may eventually agree to sell. Overall, the success of a business partnership depends on creating win-win situations and continuously adding value to the relationship.

    • Regretting not buying commercial properties: Dilapidations billsBusiness owners renting properties face costly dilapidations bills when they leave, eliminating this risk by buying outright or leasing with an option to purchase.

      Business owners who rent properties they operate from often regret not buying the property from the beginning. This is because they may face unexpected and costly dilapidations bills when they leave, which can be a significant expense. Dilapidations bills result from the landlord requiring the property to be returned to its original condition, even if improvements have been made during the tenancy. These bills can include costs for restoring or removing additions, such as new toilets, fire alarms, or mezzanines, that the landlord doesn't approve of. The costs can be substantial, with one interviewee mentioning a £60,000 and a £1,000,000 dilapidations bill. To avoid these bills, buying the property outright is recommended. This not only eliminates the risk of dilapidations bills but also provides benefits such as adding value to the business, making the business more attractive to potential buyers, and offering tax efficiencies. Additionally, leasing a property with an option to purchase in the future can be a good compromise. Overall, understanding dilapidations bills and their potential impact is crucial for business owners considering renting commercial properties.

    • Learning and networking at business seminarsBlock out time for business seminars and masterclasses to learn, meet entrepreneurs, and grow your business.

      Attending business seminars or masterclasses, like the one offered by Gavin, can significantly help entrepreneurs grow their businesses. Gavin emphasized the importance of blocking out time for learning and networking, potentially meeting hundreds of other entrepreneurs. Despite his own schedule conflicts, he encouraged listeners, particularly those at a certain level, to prioritize attending such events. The podcast itself exists to help people grow their businesses, and listeners are encouraged to share episodes with others to help spread the message.

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