An Honest Hourly Rate Helped these Masterminds Make Ends Meet – Episode 325
Richard and the Lovely Laura are joined by three Plumbing Masterminds to discuss how they overcame their hourly rate fears and anxieties to finally charge what they’re worth and become successful.
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- Matt Delnay – Mountaineer Plumbing
- Craig Faulks – Craig Faulks Plumbing
- Lance Ball – Aspen Mountain Plumbing
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Meet the Masterminds
Craig Faulks from Craig Faulks Plumbing in Rochester New York
Lance Ball from Aspen Mountain Plumbing out of Rock Springs, Wyoming
Matt Delnay from Mountaineer Plumbing in Grand Rapids, Michigan
How Do You Determine Your Hourly Rate?
[09:04] Before beginning the Success Academy, our masterminds were in the dark about how to set their hourly rate. Their strategies included charging just enough to cover what qualified as a “paycheck”, calling around to other local companies and setting their price in the middle, and using a previous employer’s hourly rate to base theirs off of.
None of these are inherently bad ideas, and when you have no idea what you’re doing, they make a lot of sense. But the result was not great. Living check to check, not having insurance, marital issues, and barely making ends meet were common across the board.
Enter the Honest Hourly Rate Calculator
How Did the Rate (and The Plumbing Power Couples’ Lives) Change?
[18:24] First, the fear was that no customer would pay that higher rate. But what our masters quickly learned was that the people who have an issue paying you what you’re worth are not the right customers for you. The customers that value you won’t balk at paying for the high quality product you’re providing.
As far as lifestyle, there’s a reason these guys are masters now. They are wildly successful, with multiple truck businesses continuing to flourish.
Do you want to be the next Million Dollar Plumber? The Honest Hourly Rate Calculator is in module one of the Success Academy, so you can get it free at themilliondollarplumber.com/success.
Richard’s Call to action.
We are excited for our upcoming series with some of our clients, on their way to becoming Million Dollar Plumbers themselves. Join us next week for a discussion with our Masterminds about setting an honest hourly rate.
- [27:43] My Million Dollar Plumber Blueprint gives you all the specs you need to have a successful, self-sustaining, and profitable plumbing business, and it’s FREE! Simply go to themilliondollarplumber.com/free and get your copy today.
- [50:07] We teach plumbing entrepreneurs how to grow a million-dollar plumbing business, while having a life. If you’re wanting to build a Million Dollar Plumbing business and have a life, check out our Million Dollar Plumber Success Academy with a 14-day free trial today. Visit themilliondollarplumber.com/success for more information.