The 411 on Debt: Why It’s Vital to Business Growth
What’s the 411 on debt? The Million Dollar Plumber and The Lovely Laura discuss why debt is a necessary tool in your arsenal and what kind of debt is good in this special edition of Potty Talk LIVE.
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3 GOLDEN NUGGETS
- Debt is Necessary.
- Debt is Good.
- Debt is to be Respected.
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Debt is Necessary
[09:03] If you’re wanting to grow a business, debt is simply a tool. You might even call it a power tool.
What’s quicker: soldering a whole house, with running water lines or using crimping power tools? The same is true when you look at debt as a power tool. If your job is to grow a successful company, debt is a tool to make that job easier.
Despite the fact that we’ve been conditioned to think of debt as a bad thing and we’ve been preached to that the ideal state is to be debt free, every successful company has debt. It’s a key to success.
Good Debt is Good
[13:42] Debt in itself is not good or bad, it’s all about how you use it.
Power tools can make your job easier, but if you don’t use it right, you can get hurt. The same is true for debt. If you go out and incur a bunch of debt, that isn’t going to help your business. Credit card debt, supply house debt, all forms of bad debt will stunt your growth.
Bad debt costs you money; in interest, by taking away from your bottom line. Good debt makes you money; buying a truck and investing in marketing will grow your business and attract more of the right customers.
Debt is to be Respected
[24:10] You have to respect debt. It’s been said that the borrower is the slave to the lender. When you borrow money and take on debt, you are beholden to the person providing the money.
With that in mind, make sure you’re aware of your debt and the relationship with the debt holder.
Richard’s Call to Action
[22:31] I have something to offer that you don’t have to go into debt for. It’s my Million Dollar Plumber blueprint, where I lay out the specs that you must have in place. to create a successful, self-sustaining keyword there, self-sustaining and profitable plumbing business. I lay it all out there for you, And it’s free. Simply go to themilliondollarplumber.com/free and grab your free copy. So there we have it
[31:09] If you want your plumbing business to be fine, then you need to check out my Million Dollar Plumber Success Academy. We go over everything to create a strong, powerful, wealth creating machine, Everything’s in there from creating your honest hourly rates, your own flat rate pricing, the right kind of marketing, branding, how to recruit, it’s all in there for you, And right now you can check it out for free for 14 days. So no excuse. Go to themilliondollarplumber.com/success. Grab yours today.