EP #37 – A Successful Gas Engineer’s Solution to Quiet Summers w/ Dan Voice
Overview
Why do some gas engineers thrive during quiet months, whilst others go completely skint?
Dan Voice of Prime Fusion Ltd. reveals the uncomfortable truth about seasonal cash flow that’s catching out Sole Traders across the UK. Tune into this week’s episode to find out the silent overheads you’re not tracking, and why coming out of winter broke means you’re fundamentally missing something crucial about trade business finances
Highlights
Seasonality in the heating & plumbing industry
- (1:15) Dan gets more plumbing work in the summer, with the odd boiler breakdown etc. But it goes bonkers from when it gets cold until mid-March/April.
- (3:05) Dan would save some money from a good winter to allow for a more comfortable summer.
- (3:35) If you can keep £10,000 from the winter to cover a quiet summer, you’re in a good place.
- (4:16) There’s plenty of work out there, you just have to be savvy enough to find it. Don’t be ashamed to take some of the filler work to get by during summer.
- (10:52) If you’re coming out of the winter months with no money, you’re living beyond your means or have something fundamentally wrong with your business.
- (11:45) Not being in touch with costs is normally the problem.
How to do well in slow summers
- (5:30) Your goal should be to build high-value, long-term customers.
- Find ones that don’t moan about the bill.
- Be fair with pricing – offer discounts if, for example, you have a customer who can offer you 5 jobs in the same area.
- Turn up on time, send your paperwork, have professional branding, etc.
- (12:25) Don’t ever get involved in a job that will ruin you if the customer doesn’t pay. Take deposits.
- (15:20) Some ideas to get work in the summer:
- Diversify your work. Try and do your servicing in summer (potentially offering a discount if it’s cutting their service duration)
- Service plans
- Radiator upgrades, new cylinders, loft tanks, boiler replacements, oil tanks
- Offer discounts if customers can wait until June/July for less urgent work
- Network with other trades
- (20:00) You get recommended for similar work, so try and do what you want more of.
- (22:05) Spend time doing paperwork, marketing, and other admin during the week. If what you’re charging isn’t enough to cover looking for work, then you’re not charging enough.
- Your hourly rate has to cover all the non-billable tasks you do.