WHY: TIME IS YOUR REAL CURRENCY
So I've read a couple of brief blog posts lately that have got me thinking... You work hard for your money. I know you do. I paint everyday like you, and I personally know a lot of painters. The cash flow can be pretty good if you are smart and hard working and good with people and a little bit lucky. But the point is you earn your money. What you chose to do with that money is where things get interesting...
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So 2 months ago I spent a good amount of time scraping 20 layers of peeling paint off the wood siding of a house originally built in 1908. It wasn't much fun. The homeowner suggested I try her fancy scrapers. I politely took them, eventually tried them for a few minutes and quickly dismissed them as not much better than my trusty old standard scrapers. Promptly went back to what was familiar. Familiarity feels good.
Fast forward two weeks... In photography there is a particularly desirable time to shoot. Most photographers try to make use of the time just before and just after sunrise or sunset. The angle of the light at that time makes for beautiful colours and rich images. Photographers call this time Magic Hour because the light can be stunningly beautiful, giving the photos a 'magical' look (search 'magic hour photos' under google images for examples).
Over the years I've come to appreciate that there is a 'magic hour' in painting as well. It is a window of time where everything you do seems to take half the time it would take at any other point in the day. Where everything you do seems to be worth double. I'm not sure how it works, so it sorta feels like magic... Many of us have used a 'Pros and Cons' list to help us make an important decision. But is it the best way to come to a wise decision?
We could make a pros and cons list of using a pros and cons list, just for fun... PROS - provides a thorough dissection of the significant factors - gets all the ideas out of your head - it's a record of factors if you want to go back and second guess yourself - easy way to consider options and the opinions of other parties CONS - can slow down decision making, which can cost you money or opportunities - analysis paralysis - it equally weights all the factors - (whereas one Con could be more important than all the Pros, or vice-versa) - it will help you rationalize a bad decision Humans are wired to make choices based on deep-set and powerful emotional drivers. We then use logical data to rationalize and explain our decisions. 'I had to get that new $40000 truck - it gets better fuel economy than my old truck. And that old thing is gonna need new tires soon. I got a good trade in allowance and got a discount. I needed another tax write-off, and well, I couldn't afford not to do it!' Meanwhile some of our real reasons for getting it was because it's our favourite colour, it makes us feel successful, it can tow the camper better and it's pretty exciting to pull the trigger on a big purchase. But those reasons don't always go over too well with the accountant. Or our spouse. There is a better way... Earlier this year I met a young man who was dealing with all the challenges of a start-up. But he was determined to succeed and kept going in the face of adversity. Several months passed and he really started to hit his stride. He finished the season on target and thriving. I needed to know what factors helped him to enjoy a quick progression to success. Jesse was kind enough to sit down with me for a long-format interview and share a few nuggets...
What got you interested in painting? I was actually never really interested in painting. I came across a College Pro booth at Uvic, and it said "Entrepreneurs Start Here." I am in school for entrepreneurship, so naturally I ran over to the booth and began asking questions. However, this experience certainly has me more interested in the painting industry than I ever thought I would be. How would you say your first season went? Biggest challenge? Biggest success? In the end, my first season could not have gone much better. I ended up running the largest first year Franchise in BC's history. My biggest challenge was dealing with setbacks. I had all of these plans going into the year, and it seemed like everything was going wrong. I had painters quit on me, upset clients, and I was also working more than 100+ hours a week in the beginning. I had to learn how to adapt to the situation quickly, and learn how to keep moving the business forward no matter what the situation was. One of the biggest reasons I chose to take on this venture in the first place was for the learning. Therefore, my biggest success would be learning everything that I wanted along the way. I feel like I have grown more as an individual in such a short amount of time than I ever thought possible. I feel like I am capable of achieving anything I set my mind to (which is something I've always believed), but now I have proof. Also, before CPP I thought I knew a lot. I have now learned more than I ever thought possible, and feel like I know less than any other time before. This is incredibly exciting for me because I now know I still have so much more to learn. I know you faced some significant challenges getting up and running. How did you manage to overcome them, stay positive and reach your goals?... Capacity: 'the maximum amount that something can contain'
'the ability or power to do, experience or understand something' I love my morning green tea or dark coffee from a press. I love to drink it on the go out of my favourite house mug, not a travel mug. So there I am in the truck with a full mug of hot tea with no lid. It's dumb - especially because I like a clean truck. But I keep doing it, foolishly believing that all roads will be smooth today. Maybe I'm an optimist. Everyone has their own capacity mentally, physically, financially, creatively. We have limits. There are only so many things we can pay attention to, only so many things we can accomplish. And it's different for everyone... Life is too short to be miserable for 40+ hours each week.
1. Self-employed painters have agency in their work life. They choose which jobs they will take and how the project will be completed. 2. Self-employed painters enjoy the satisfaction of seeing daily results. Their work creates a significant visible affect. 3. Self-employed painters have a fair measure of novelty in their work. New projects, new customers, new colours, new challenges. Interior work, exterior work. New is invigorating and stimulating. It creates opportunities to learn new skills... A dollar saved is worth 2 earned.
1. Make the call. Paint companies have reps. Some are hungry for your business. Compare prices annually and negotiate more favourable terms. Make it an annual thing - blame the calendar ("I'm making my annual call to all my suppliers to review my pricing for 2016"). Some companies will go as far as they need to in order to win your business. If you buy a decent amount of paint, you will have some leverage. Of course, price should not be your only concern when choosing a supplier. And everyone needs to make a living. A good supplier is like an ally to your business. A good price is important to your bottom line, but so is service, knowledge, stock levels, amount of locations, product range, quality, and so on. Weigh out all the factors, but don't assume you are currently getting the best price you may qualify for. Don't overpay for loyalty and convenience. If you buy $10,000/year in paint and can negotiate 5% savings, that is $500! 2. Consider switching to a lower quality line. With all the advancements in paint technology, you may not need to pay $40+/gallon for zero VOC, good quality paint. Shop around and learn about the latest offerings available. A newer, cheaper paint might preform better than your older, more expensive 'premium' paint. If you buy 2 gallons per day, saving $5/gallon might add up to $2400!... Summertime is here and we're taking a break from the blog. There may be the occasional post throughout the summer, so check back once in a while if you like. Otherwise, there will be no weekly email reminder, no weekly blog post until September. Its important to re-charge the batteries and I hope to come back in the Fall and deliver more value.
In the meantime I wish you a beautiful and relaxing summer! I leave you with one of my favourites quotes/concepts. It has been said that... The 3 things most likely to have a positive influence in your life are: - the people you meet - the places you go - the books you read I've certainly found that to be true in my life. I hope this summer will feature some positive influences in your life. Here are a few recommendations for work/life issues that might be interesting... photo credit: Steffens-Colmer Studio; Vancouver Archives
Painting is a good way to make an honest living, especially so if you have your own business. You learn all sorts of real world skills that help you create value for your clients and your family. When it's hot, you work indoors or in the shade. When it's cold, you work inside. There is plenty of work available and there is no danger of the trade becoming obsolete anytime soon. The barrier to entry is quote low, as you don't need a lot of tools and equipment, nor do you need much schooling and ticketing. And the sky is the limit if you want to grow your business. The main problem with painting is that it can consume your two greatest assets. Assets that are far more valuable than mere dollars. If you let it, painting will soak up most of your time and the best of your health. It may come for your family too. Once these critical assets to your well being are gone, they are irreplaceable. The moment you stop applying liquified colour with a fuzzy-tipped stick, that's the moment you stop making a nickel... At dinner one night a few months ago we had the privilege of sitting with the proprietors of a very well established restaurant. It is a warm and welcoming place with a very loyal clientele. It was built from the ground up by the patriarch of the family. His son told me that at the beginning, his father would work at his construction business from 7:00 to 3:00. Then he would come to the restaurant in the late afternoon and nap on a bench, asking the hostess to wake him if any patrons arrived for dinner. He would be at the restaurant late late into evening. Now they are busy 12 months of the year while many competitors close down during the off season. One of the keys to the success of the restaurant has been Father's long term view of all business matters. They always gave their best to their customers, treating them like family and never serving anything that wasn't the best quality. They have never advertised, choosing instead to focus on treating every customer like gold.
This conversation got me thinking about my own painting business and the idea of laying bricks... Sometimes it felt like my days were spent slaying dragons, putting out fires and squeezing in enough value-generation (painting) to be able to keep the wheels turning for another day. Rinse and repeat.
Most of the clients I worked for were more financially successful than me. Once in a while there was a customer that seemed to have things figured out pretty good - they seemed successful at life. If I had a good rapport with them, I would ask them for one piece of advice that they thought was a key factor to their success over the years. I thought of it as mining for nuggets. Why insist on doing things the hard way if there was an easier option? Some of the answers I received didn't resonate - they didn't jive with my personal values. Some advice was straight forward, practical (i.e. work hard). In ten years of asking, the most interesting, beneficial and actionable answer came from my best customer. I don't think it was a coincidence. Jim, I thought, would be a good person to ask. He owned and operated a high-end custom home design/build company. At the time he simultaneously owned and operated a high end restaurant in the heart of wine country. Those two business sectors alone were notoriously challenging for entrepreneurs to survive in, let alone thrive. Besides that, Jim is an accomplished musician. He and his wife help their 4 children reach their potential through schooling and entrepreneurship. Jim is very busy. But he finds time for family, exercise, hobbies, holidays, and for everybody that he comes in contact with. And he never seems stressed. What was one key to his success?... WHY: FEEL GOOD ABOUT WHAT YOU CHARGE
Earlier this month Seth Godin wrote a brief blog post sharing a simple formula for calculating hourly rates for independent contractors. 'Successful freelancers need to charge at least double the hourly rate that they'd be happy earning doing full time work. (In many fields, it's more like 4 or 5x).' If the average proficient painter can make $20/hour ($40,000/yr) working as an employee, let's see what he should charge for contract work using this principle: $20 x 2.5 = $50/hour That should be your baseline figure. If you or your clients feel that is high - how can you reconcile the cost and feel confident about your ask? One thing you can do is do the math... What is the point of paying a graphic designer to create attractive branding and marketing materials...
What is the point of buying and distributing business cards... What is the point of paying for a web designer, hosting fees, SEO optimization, website registration, and a high speed internet connection... What is the point of purchasing store front signage or decals for your vehicle... What is the point of paying for advertising and a phonebook listing... What is the point of paying for a costly cell phone plan... 'Action is the foundational key to success.'
- Pablo Picasso 'In the end the question can only be answered by action.' - Stephen Pressfield, The War of Art That quote by Picasso has been my guiding business principle for over a decade. It seems overly simple at first glance. It's true that it doesn't contain all the elements of success - action doesn't guarantee success. But inaction guarantees failure. Knowledge only benefits us when we put it into action... WHY: 'IF YOU HAVE A SKILL, YOU HAVE A JOB'
In a recent interview with MEDIA PLANET (see link below), Mike Holmes shared a few nuggets for young people considering the trades as a career option... "It's a great career. If you love it, you will go far. There's good pay, and when you're really good, there's no telling how far you can go. The demand for tradespeople is huge, and it's growing every year. So chances are, if you have a skill, you'll have a job - and a good one. Being in the trades is an advantage. Having a skill is an advantage. It's an investment you can't lose.' He emphasizes the importance of FOCUS in learning and mastering a skilled trade... |
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