In the following podcast episode, Nolen discusses roofing leads to cash money profits. Roofers sometimes lose control over their operation, resulting in a loss of quality and long-term gains. Similarly, roofing contractors may spend all of their earnings on lifestyle, which is terrible.
Roofing Leads are Critical to Your Business
The lead nurturing process cannot be passive as a roofer. Instead, you must pay special attention to ensuring your leads turn into profits in 2023. Unfortunately, some business owners fall into the trap of removing themself from the operation after initial success.
Although you can achieve this to some degree, you cannot delegate the most critical parts of your business to just anyone. If you choose to remove yourself from the vital levers of your profit generation, be sure to assign these tasks to the person you most trust to sustain performance.
The False Narrative of Passive Income
As a roofer, you’ve probably seen YouTube and Instagram videos claiming that you can earn money passively from your roofing business. Unfortunately, this narrative is at least partially false. Also, when you understand the motivation of those pushing the narrative, it becomes even more concerning.
To maintain peak profits, you must continually immerse yourself in your business operation. You must ensure that every part of the process is refined so that you can continue to make money. This includes marketing, management, sales, and labor.
Investing Your Roofing Business Profits
Financial freedom is not achieved by spending your earnings on lifestyle enhancements or saving all your money in the bank. Instead, investing your money in a hard asset is the way to achieve financial security. Some options for investing money from your roofing business include:
- Real Estate
- Vacation Rentals
- Financial Investments (with advisor)
Why You Shouldn’t Start a Second Roofing Company
One investment you should not make is in a second roofing company. Roofers are often tempted to open a second company in a different location to give them a better chance of canvassing areas hit by hail.
The problem with starting a second roofing business is decentralizing your assets and brand. All you’ll achieve through secondary roofing companies is less focus on your primary operation.
Of course, there are some exceptions to this general rule, and there are rare times when opening new roofing companies makes sense. However, you should thoroughly evaluate your options before going this route.
Cashing Out vs. Building Longevity
When it comes to your roofing company, you can be tempted to cash out before reaching the peak of your sustainable profit. It might be a small change like switching your marketing company or a significant change like removing yourself from operations. In any case, you are making a mistake.
If you stay the course, you can reach a more incredible prize that leads to building a sustainable roofing brand and driving significant profits. The key is understanding that the process that got you success is something you can continue to focus on. Check out more of our podcasts to learn about building your roofing brand.