- Features | October 14, 2016
How to Make Another Million Dollars Next Year With This Brain-Meltingly Powerful Strategy
Would you like to make an extra million dollars of income next year without adding any more employees to your payroll? What if you could do it without any capital outlay?
The skeptics among you just read those sentences, rolled your eyes, and thought about flipping to the next article. But if you keep reading, I’ll show you exactly how to do it. It works, it’s amazing, and it will totally change the game for you. And yes, you can start doing it in your electrical business as soon as you get back to the office.
How much can you make? You can use this strategy to make $50,000 (if you just want to dip your toe into it), or you can go all the way up to $50,000,000 (if you’re the kind of electrician who rolls up your sleeves and gets stuff done). It’s entirely up to you.
For me, it all started with a bet over dinner.
The Dinner Bet That Started It All
A few years ago the sky was falling in America – it was a tough economic time for a lot of people. I was at a dinner with a friend and fellow service business owner, and we were talking about how to grow our businesses in spite of the economic situation.
I wondered aloud if another trade-line could be added to increase revenue, and I suggested that perhaps waterproofing was the best trade-line to add in my business. The other person doubted that I could do it. He pointed out that I was an electrician who ran an Electrical, Plumbing, and HVAC company, and then followed up with the question, “What do YOU know about waterproofing?”
The truth is, I didn’t know anything about waterproofing. But I also love a challenge! So I made a bet at that dinner that I would add the waterproofing trade-line and it would make a million dollars in my business in the first year.
My dinner companion laughed at me, and he continued to laugh until he learned that my new trade-line made a million in the first ten months. Not only that, my company did it with no new employees on the payroll. That trade-line has increased in revenue every single year since we started.
I did it again with water filtration, which also makes more than $1 million. And then again with one-day bathroom solutions. And then again with indoor air quality.
I’m not telling you this to brag but to share with you that it can be done over and over, with significant upside and very little effort. Not only have I done it in my business, I’ve shown many other people how to do it.
Adding one or more new trade-lines is a powerful way to grow your business and a significant amount of new revenue to your business. If you can do it without new employees or any capital outlay, doesn’t it make sense to do just that?
Underlying Concept Behind the Strategy
You might be reading this article and thinking, “Why would I want to add a new trade-line to my business?” Or, “I think my customers are fine with the services I already provide.”
While that kind of “specialist thinking” might have served a previous generation of business owners and the customers they served, the customers you serve today want something different. Your customers want a one-call provider who can help them with everything.
Life is busy. People are desperate for more time. So if they can call one number and get electrical services, plumbing services, HVAC services, and waterproofing services (plus any other number of trade-lines), they will value that convenience. Unfortunately, those who are fiercely focused on just one trade-line will lose customers who favor the convenience of one-call help.