Grow My Field Service Company: Stage 2
Last week, we discussed Stage 1: The Start-up of how to grow your field service company. Today we will continue on to Stage 2: ($200,000 - $600,000 in revenue).
You made it. Your business is growing thanks to the excellent service you have been providing and the good relationships you have been building. But now, you need help. You alone cannot keep providing this great service you have built your company around. You need help managing the growth of your company. It’s time to hire “the new guy.”
This can be an incredibly difficult stage for most. Since you are not a larger company that can offer benefits, you have to find a way to pay higher wages and offer a guaranteed 40 hours a week. Plus, there is the issue of balancing more hats. You are an owner, coworker, technician, accountant, etc. (This may be a good time to hire an office person as well, even if they are only part time). And don’t forget that while having two trucks is better than one, three or four trucks could be your best bet to grow your profit.
You must keep this part in mind:
Once the new person(s) is hired, your overhead will jump dramatically. You are now adding factors in to your business such as payroll, taxes, additional trucks and their expenses, and inventory. Plan accordingly!
So to refresh, this stage is by no means the easiest. It takes a lot of changes and adjustments, but it also means your business is growing. Change is never easy, but it’s an essential part to success. Good luck!