Debunking of Common Contracting Pricing Myths

Many contractors believe raising costs will cost them jobs or the market. Brad claims that scarcity and disinformation have plagued the sector for decades, causing these anxieties.

Important Notes

1. Many contractors fear that if they raise their prices, they will lose clients.

   Many times, this anxiety is baseless and derived more on anecdotal evidence than on personal experience. Brad underlines that there are plenty of chances and money available; so, it is imperative to change from a scarcity to an abundance attitude.

2. Contractors often undervalue their services.
   
   They believing that they are ripping off clients if they charge more than their competitors. Brad shares a personal story about underbidding a job and realizing later that he had lost out on significant revenue over the years. Understanding the true value of your work is essential for long-term success.

3. When presenting prices to clients, confidence is key.

   If you are uncomfortable with your pricing, it will show in your demeanor and can negatively impact your ability to close the sale. Brad stresses that 90% of selling is emotional, and if you don’t believe in your pricing, your clients won’t either.

4. Misinformation in the industry.

   Brad points out that a significant portion of contractors lack proper business training and often pass down outdated advice. He encourages listeners to seek out accurate information and coaching to break free from the cycle of misinformation.

5. Like learning a new sport, honing sales tactics calls for experience.

   Brad highlights the need for contractors to engage in sales training and role-playing to build confidence and improve their selling skills.

Action Steps

1. Evaluate Your Pricing: Take a close look at your current pricing structure. Are you undervaluing your services? Consider conducting market research to understand what others in your field are charging and adjust your prices accordingly. Don’t be afraid to raise your prices; you may find that clients are willing to pay more than you think.

2. Practice Your Sales Pitch: Develop a confident sales pitch that reflects your new pricing. Role-play with a colleague or mentor to practice delivering your pitch with conviction. Focus on the value you provide and how it meets the needs of your clients.

3. Seek Out Coaching or Mentorship: If you feel stuck in your current pricing strategy or sales approach, consider seeking out a coach or mentor who specializes in the contracting industry. They can provide valuable insights and help you navigate the challenges of pricing and selling your services.

In conclusion, the myths surrounding pricing in the contracting industry can hold you back from achieving your full potential. By shifting your mindset, understanding your value, and practicing your sales techniques, you can break free from these limiting beliefs and set yourself up for success.

Resources

Join my free Facebook group for Contractors: https://www.facebook.com/groups/contractorprofitblueprint

Free Sales Guide: https://theprofitclub.hammerandgrindpodcast.com/sales-training-optin

Profit Journal: https://www.lulu.com/shop/brad-huebner/profit-journal/paperback/product-ype4j9.html?q=profit+journal&page=1&pageSize=4