042 - What Am I Doing Wrong? with Cary daniels
It all started when Cary Daniels realized his dream of being the go-to swimming pool guy. When he started, he wanted more than anything to get contracts for his new business and grow but that came at a price. He was devaluing his business, OKC Pools, and underpricing his services while his competitors had their prices at nearly double his. Throughout the years, OKC Pools has expanded their services, gained confidence in their value, and used resources to propel their business from the “what am I doing wrong” phase to the “we’re absolutely crushing it” phase. Listen now to hear the OKC Pools success story.
Show Notes
Maintaining a full-time job and being an entrepreneur. (2:00)
Learning Spanish and becoming a bilingual contractor. (9:00)
How OKC Pools started & their original pricing structure. (15:00)
Encountering money issues. What am I doing wrong? (25:00)
How to know your worth. (39:00)
Variable Costs, margins and markups. (56:00)
In hindsight– from a successful entrepreneur. (1:17:00)
Quotable Moments
“My hesitancy to raise prices was because I didn't want to lose customers. I thought, “they’re all gonna drop me.” But then I raised prices and none of them dropped.” –C
“I was making all this money but it wasn’t showing up in my bank account.” –C
“I was smart enough to know that I didn’t know what I was doing.” –C
“If you don’t hire great people, it’s not an asset, it’s a liability.” –C
“It’s not that you want to be more valuable. It’s that you don’t know how valuable you are.” –K
“There’s a certain amount you need to do to stay in business. Then you must do more than that to pay debt. Then you must do more than that to justify being in business and making a profit.” –M
Resources
The Profit Problem by Martin Holland
They Ask, You Answer by Marcus Sheridan
OKC Pools website
OKC Pools Facebook
Cary Daniel’s phone # 405-886-7180
Cary Daniel’s email
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More from Khalil
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