Time is NOT Money

I hate to break it to you, but we have been lied to all of these years when we have been told that time IS money. Time is NOT money, in fact it is a million times more valuable than money. Note some differences: 1. You know exactly how much money you have or atleast approximately whereas you have no idea how much time you have left on this earth. 2. If you spend money or lose money you can always earn it back, but once time is gone, it's gone forever. As a matter of fact, take a look at that clock in the bottom right corner of your computer screen. Every time that clock ticks that is another minute of your life gone that you cannot get back. What a sobering thought.

What does this have to do with contractors and the building industry? With the recent downturn in the economy the construction industry took a big hit. Everyone from the small one man remodeling company to the large commercial electrical company took a big hit. Everyone lost money. Fortunately, the downturn in the economy did not cost us anything in the way of time. In fact, with the slow down of construction and remodeling if anything we have more time.

The key is to figure out ways to make that extra time transfer into money. Here are some ideas of ways to take the extra time that you may have because of lack of business and turn it into money:

1. Educate Yourself. Education is more available and affordable than ever. Plus the government is giving all kind of tax credits for adults who go back to college or take up some continuing education. Take some classes that will expand your knowledge of your current trade. Take some classes that will help you learn a new trade. Do an apprenticeship with someone in that new trade and work toward getting your liscense in that trade also. For example, if you are a carpenter, learn to be a plumber as well. If you are an HVAC guy, learn electrical, and etc. By doing this you will be able to make yourself more marketable and you will expand the services that you can offer and the money that you can make.
Take some online classes. Use that time that you would normally spend playing video games or watching TV to Educate Yourself!

2. Start a side business. There are all kinds of side businesses that you can start to make some extra cash. As a contractor, you probably already have pretty good business sense and a truck or a van. Apply this sense and your resources to another small business. That same truck that you use to carry your HVAC tools can be used to haul away someones junk. That pressure washer that you use to clean houses can be used to clean cars. That van that you use to carry your paint supplies can be used to move furniture.
Start an online business. Buy stuff at local auction and sell it on ebay. Think outside of the box!

3. Get caught up. There are so many other areas of your business that often get neglected when you are busy working. For example, your truck or van repairs, maintenance on your tools and equipment office and storage space, your books and financial records, etc. While you have some extra time on your hands care for these things yourself instead of neglecting them or hiring someone else to do it. This will prevent costly breakdowns or high overhead when business picks back up.

Most importantly DON'T LOW BALL, DON'T SELL YOURSELF SHORT! If you sell yourself short the world will not raise your price. It may seem like drastically cutting your prices is a good solution to the problem of not having work. However, your time is still worth the same amount that it has always been. Don't let the economy dictate to you how much your time is worth. If you LOW BALL you will find that you will have to cut corners to get jobs done and this will lead to poor quality work, a lot of call backs, and ultimately a bad rep for your company. It might save you in the short term but it will kill you in the long term.