Episode 367 – Scaling Your Business Within Your Niche Part 2
To recap part 1, Dave and Mike talked about how to identify if you are ready to expand into a new niche. Dave has figured out two important parts of expanding out of his niche. First, he knows that he can stay profitable while expanding. Second, he knows his niche doesn’t have enough opportunity to allow him to reach his long-term goals.
Today, Dave shares a bit of his wisdom and experience to help you grow your cleaning company into a profitable business.
First, it’s key to never stop learning. Professionals who think they have it all figured out, will limit their opportunity for growth. He encourages cleaning company owners to align themselves with other professionals and peer groups, even in different businesses. All of the business professionals you admire, do not have it all figured out. What they do have figured out, is that they always need to be learning and developing.
Second, always have an end goal, specifically when making financial decisions. Dave learned this lesson first hand when he came dangerously close to having to declare bankruptcy. An original plan to turn two commercial floor businesses into fifty almost ended his career. His experience taught him the end result of pressing the gas pedal without having a destination in mind. He now runs his businesses with an opposing mindset, as you saw in part one of this episode. Dave focuses on his end goal, crunches the numbers to make sure it’s a good decision, runs his idea past business professionals and then takes action.
Best advice you’ve received either personally or professionally?
Never stop learning.
What’s the biggest mistake you’ve made in the cleaning business we can all learn from?
Making a massive financial business decision without knowing what his end goal was.