Jan. 16, 2024
Ep 241 - $1M Launch Series 2024 - Loop Method Pt I - Financial Solutions
Strap in for a high-voltage journey with Clay and Joseph as we unveil the Loop Method, our blueprint for electricians eager to supercharge their sales and customer rapport. Our personal experiences, especially from an autistic perspective, have illuminated the dire need for communication skills that spark genuine connections, not just quick sales. In this episode, we strip back the insulation on aggressive sales tactics and rewire our strategies to foster long-term customer loyalty that's both financially sound and deeply rooted in integrity.
As your electrifying guides, we don't just stop at the relationship; we also cast a spotlight on the nuts and bolts of pricing strategies and smart financial practices for running a buzzing electrical business. Learn why a 50% deposit isn't just about securing funds, but a symbol of reciprocal commitment. Discover how offering financing can empower your clients and fuel your business growth. With our hands-on advice, electricians will learn how to keep the current of trust flowing and the lights of success shining bright for a business model that truly powers up their potential.
Join us LIVE 5 days a week on the Facebook Community page:
https://www.facebook.com/groups/electricpreneursecrets
And see us and our stories and wins at:
https://www.serviceloopelectrical.com
00:08 - Introducing the Loop Method for Electricians
10:31 - Pricing Strategy and Building Customer Relationships
15:09 - Deposits, Financing, and Customer Service
WEBVTT
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Hello, hello, hello, and welcome back to yet another episode of Electricpreneur Secrets, the Electricians podcast, and this is episode 241.
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If you can believe that, joe, I'm your host, clay Neumeier, with me, as always, my esteemed co-host, joseph Lucchani, and we are the Electric preneurs just a couple of master electricians with business addictions.
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I wanted to say business first this time.
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Welcome to our daily freemium coach.
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Call the costs for this.
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Sit back, give us some time and promise to take everything we give.
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Just promise to take action.
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Report the winds back to us.
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Let us know how it's going out there so we can continue to help at the highest level, as we're on this mission to help you master yourself, Simplify your pricing and deliver premium level electrical service.
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Joseph, how are you doing today, my brother?
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Man, it's an interesting one today.
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I kind of still feel unblessed, but have you ever had one of those snowstorms that when you were a kid they would have called school out for, but then it only ends up being like a fraction of the time, or it ends up being like it's just a fraction of the snow that you thought you were going to get.
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Disappointing.
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Yeah, so the girls are home today, which is wonderful.
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I love being a full-time dad and hanging out with them.
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But, man, let me just tell you we got like two inches of ice and they thought it was supposed to be like 68 inches.
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So talking about a line on the size there, yeah, that used to happen a lot as a kid.
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Hey, you're snowed out and then actually the buses are running and it's time to go to school.
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Now, oh, dang, disappointment, man, disappointment.
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What are you holding up today?
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Good, no snow, no snow that I can see.
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It has been chilly, as we established the other day, near the freezing point, which is 32, not 20.
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Fair enough.
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Why do we do that?
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Canada cold is a little different, though.
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We've had clients say oh yeah, it's a scratch one.
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It was negative 50 the other night.
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It's like that's a whole different level of cold.
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It is chilly, man.
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It's chilly in spots, for sure.
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But no, I'm pumped up for this episode as we continue this million dollar launch series and really what we're diving into is this loop method thing again.
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You want to jump right into that?
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Yeah, I'm Paul man, let's make it happen.
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Okay, well, today is part one of two part series on the loop method and we're calling it the financial solutions piece because of what's involved with it.
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Now we're going to break all this out, but first and foremost, let's discuss just one more time like what is the loop method?
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Why and it ties right into our name service superelechcal over there right, that little bit extra for future serviceability and everything we've put together in our program, in our process, helps us build relationships sustainably for the future so we can continue to serve over and, over and over again and ultimately solve this shallow today's sale problem once and for all.
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Because if you guys have been following for any length of time, then you know we do not condone the big home run swingers every day.
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Yeah, that's one of the worst things you could be doing, because when you shop to a home and your goal is to say I'm going to sell them something, you remove the most key aspect, which is the relationship.
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People won't buy from you unless they like, trust and respect you.
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And even if you did home run that one call, that one time, if they felt sold, what are the odds they're going to call you again for the future projects?
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Low man, very low, like some of the objection handles and some of these sales tactics we see out there in our space, like on Facebook, even in some of the groups.
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I mean this stuff gets downright pushy, yeah, like nails on a chalkboard cringy.
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I get chicken skin sometimes when I read this stuff.
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Just knowing that our approach is entirely wholesome with integrity, from the bottom of our hearts, trying to serve someone at the highest level and literally asking them is it wrong of us to want to do that for you?
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And the answer is always no.
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It's not wrong.
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I'm sorry that you wanted to serve my family.
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I'm sorry that you wanted to give me options and solutions.
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I'm sorry that you wanted to finance me so I wouldn't have to liquidate all my assets up, you know what.
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So be it right.
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Troubling to say the least.
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Man, when I see that stuff, I love our method.
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Obviously, we're biased, though yeah, I love how you've handled this, how you developed it in your business and realized that goal, because ultimately, your goal was to be loved, I mean accepted.
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Sorry to call you out, man, but that's what it came down to.
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You didn't want to face being salesy, right.
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Yeah, one of the biggest things was as an autistic individual.
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We struggle with trying to fit in and I knew that communication was the hardest part of any kind of relationship that I experienced and I needed to create a framework that would allow me to communicate with others because I wanted to do good work.
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But you can't do good work if you're not charging more to accommodate it and you can't get that job sold unless you can communicate why you're worth it.
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But at the same time I didn't want to come across like some guy chewing a toothpick and flicking a nickel, like I wanted to be better than a lot of what the industry had told us we had to be.
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Yeah, man, and I love that, and I love how this naturally came together, organically, really, because you've been teaching sales for years, I've been working with electricians for years and all of this just met up in 2023 and created this iceberg, this glacial mass of what is now the loop method.
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But what we learned through teaching sales really was there's these seven pieces that, when extracted from that sales process and put up front, we could rapidly accelerate this identity crisis that a lot of electricians are having, where maybe you're still nervous at the door and don't know what your value is.
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You don't really know what you're going to say.
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Right, you knock, or you're going to see someone for the first time.
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You're like I hope they like me.
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You ever felt like that Joe on the doorstep.
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Man.
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You know what?
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There's a long period of time in my life where I just wanted to be liked by others, but it was because I didn't like myself.
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Once you become comfortable with who you are, the need to be liked decreases, but the thing that never changed was the desire to serve.
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It was, instead of I want you to like me, it was I want to help you in the ways that I can.
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If I'm not able to help you, then it doesn't matter whether you like me or not, because I can't help you.
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But if I can help you, then let me serve you at the best levels that I can, and you can choose the level of relationship we have based on these options I provide.
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And that's where you and I have had similar backgrounds and kind of a similar intersection in this.
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Because I would just add a piece I'm an access service guy too, so that you'll love me, so that right, there's an implication there.
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I want to serve you so long as I have faith in this relationship that you will reward me with your love.
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Essentially as cheesy as that sounds, guys this is like root issue, therapeutic bullshit here, where it's like, hey, my core need is really to serve so that I can earn that love from you.
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Now, if you're like us and feeling that at all, then you likely it has like a serious consequence if you're to do access service and not be recognized in that way and were you gonna say something and I cut you off, Joe.
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Yeah, but it's okay, because I don't remember what I was gonna say, because it's directly on point to it.
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So it's all good, Steamrolled.
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Your brother didn't mean to that's all good man.
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You know what, when you're partnering with someone with a lot of good things to say, you don't mind that they interrupt every now and then, right?
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Yeah, yeah, I can appreciate that too, likewise.
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So what the irony really here is that when we put all these pieces together in the way that we're gonna explain on this episode is really half of it, and on part two tomorrow the other half when we get those pieces together, we get to step into our known articulated value.
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At that point, and that is just such a welcome man.
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It's like having a two can minus 30 up here north of the border right.
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It's like, oh my gosh, all of a sudden I feel like I can stand this.
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That is so important for so many, so would it be wrong of us to wanna share that with them on this episode.
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It's not wrong, it's just that first part, when you said you're standing out there at negative 30, saying you can stand it, I'm like you put me anywhere at negative 30 and I'll freeze to whatever I'm touching.
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Man, it's a whole other episode, but that's what I worked in for like 15 years.
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Yeah, we're gonna have to talk about that we're gonna have to get it at some.
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You know what?
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Maybe we'll have an episode where we get to trade war stories.
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It's the worst cold trade.
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I will just say that because you need dexterity, you got to have your fingers, and when you're working on like a junction box outside little WDU weedmiller, four terminals trying to use your tweaker and, oh my gosh, man Can.
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I share one magic secret and then we'll pass it.
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Go ahead Fishing gloves.
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Anyone who's ever experienced ice fishing, you know that you need dexterity in order to hold your line right.
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Like you cannot re hook and re sink your line if you can't grab, but at the same time, what sensible person is gonna put their hand into cold water to pull the fish out?
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So I was gifted a really good pair of thin fishing gloves and at the time I was learning that when I was working on generators in the cold, when you're connecting your terminals to the back terminal on the control board, my knuckles would always bleed because my nose so cracked.
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So I started using fishing gloves anytime I was doing exterior dexterity work.
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So if anyone ever is out there in the cold, you have a pair of fishing gloves.
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Thank me later.
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Yeah, fair enough, man.
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Good hint, good hint.
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All right, we better jump into this.
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There's a few components of the loop method that are kind of like financial solutions.
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It gives you some stability, some know-how.
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We already covered one of them, but there's some pieces that will tie directly into this.
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So forgive me for saying it again, but it's pricing the first thing we always fix, or at least look at, review, and it always changes to some degree, whether it's we forgot to incorporate our personal salary or we forgot some growth items, or we weren't realistic about those growth items because we were feeling like we're maybe charging too much and pulled back Right it.
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Or it's the material component and realizing our simple service rate.
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There's always some work to do on pricing.
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Thankfully, in this million dollar launch series we already did it, so we get to move on from that from the moment.
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Trip charges isn't is another one.
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There's a bold statement here.
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Do you want to make it?
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Yeah, I love that.
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Okay.
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So the fun thing about trip charges is that it's going to be different than what the typical industry Standard tells you, where people are like you've got a charge for this, you've got a charge for that, it's got to be the full hour, it's got to be this, you, ours is so much simpler and more digestible to the custom.
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So, if I can just lightly touch on them, we're going to whatever detail you feel necessary 100%.
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We charge for our Diagnostics, meaning that we're going to have a flat rate.
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I Charged 150, but anyone can charge whatever rate they feel comfortable saying I'm going to charge for the time forming our service.
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We have an advanced diagnostic which goes to the next level that has a higher charge when you touch on the differences there.
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But the real difference when a lot of things you'll hear is that we're not charging for what we consider to be opportunity calls.
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So many other companies are saying I should charge any time I physically knock on the customer's door.
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But the reason why we call them opportunities is because that's exactly what they are.
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These are opportunities to build relationships in a situation where, if this customer does bond with you in the right way, you not only have the job they're currently asking for.
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But you've established roots into the relationship so that as projects grow in the future and as their needs grow, you're already strongly positioned to be their go-to person for life.
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So we're not charging for opportunities.
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I love that.
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Yeah, and there's so much I could say about that.
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Maybe the better language for some people that aren't quite up to snuff with the opportunity demand, call, opportunity would be you know anywhere where you might even hear them say well, I'm gonna get estimates for this, yep, hey, we're just getting estimates, so they'll say it right on the phone.
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And that might bring us back to this marketing language that we see so many people do, which is, at this point, actually doesn't have a lot of value.
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But you ever see someone waste some space on their, on their business card or on their Website or on their van or whatever, just saying yes, and that's free estimates.
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Yeah, you know it's really mean anything.
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It's kind of what we call a platitude.
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At this time it doesn't, it fails the I guess so test, which is like hey, we do free estimates, I guess, so everyone does.
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Yeah, additionally, the fun thing is is that, if we can give a little sneak peek in here is we actually don't call them estimates, because part of what makes us so established is that when we provide solutions, they're firm numbers that are actually calculated in the exacts.
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So, instead of saying this is my estimate, this is our solution.
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These are a range and a full menu of solutions that we provided that are custom to you and your family's direct needs.
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I'm not estimating anything.
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I'm assuring you that the cost will not exceed the numbers that you see on paper.
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How would you like to proceed?
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Love that man.
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Really.
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Really good correction there.
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Yeah, being specific means so much.
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I think people miss that a lot.
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When we talk about pricing, every once in a while we see a comment.
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Someone says something like well, if I was charging hundreds of dollars an hour, I'd be rich too, and I think people fail to see that we're talking about a flat rate pricing that will not change and it includes all of the aspects we're talking about in this loop method.
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So if that's you and you're feeling that pull or compelled to say that or think that, then please stick around for the rest of this too and tomorrow's episode, because there's a ton of value in this and it's not always such a sure bet that we win if we don't do it correctly.
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Casino's gotta win.
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That's the thing that was absolutely win absolutely.
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If you have a situation to where you're not consistent or that you're not knowledgeable of what you need to charge, suddenly the method has a lot less teeth because you need to make sure that it works in a way where the house will always win.
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I'm okay losing every now and then, provided that it always ends up positive 100% man love that.
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So we've discussed the pricing a bit and the trip charges now for demand diagnostics or opportunity calls and how we're not gonna charge on those why?
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So we can create six options for a new friend and hopefully develop a relationship on that.
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And even if they don't hire us today, there's some superpower in there in how we carry that out to make sure that we maintain the friendship.
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And we've still got those six options.
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We still know what they need and in my opinion, having a list of what people need specifically is a superpower in itself.
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So you've got my vote, man.
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That's how we're gonna run this.
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Deposits.
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I love deposits.
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Everyone but California is gonna love this section.
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Yeah, but even then, there are ways of getting past it in that regard.
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So if you're from California, please let's get in contact, because there are ways of actually bypassing your deposit laws.
00:15:26.649 --> 00:15:28.576
So, going further into this.
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We believe and I'm going to insist, and I'm dying on this hill that unless your customer is financing your project which we will get into later we are going to collect a 50% deposit.
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The logic behind it is this Way too often you're in a position where you take commercial work and it's either net 90 or net.
00:15:48.951 --> 00:15:51.557
In some cases I've been as much as net 120.
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Yuck, the fact is is that you need to fund the project in order for it to continue being an honor to do so.
00:15:59.118 --> 00:16:01.316
Now, clay, have you ever experienced this?
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I'm sure you have in your line of work where you wanted to work with this client.
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You took the project and at the beginning you're like I can't wait to serve them, but then, when the money's not there, every additional request they have feels like a waste of time instead of a.
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I'd love the opportunity to help you with this 100%.
00:16:22.511 --> 00:16:25.756
Oh yeah, definitely Remember that love problem we were talking about earlier.
00:16:25.756 --> 00:16:29.592
I could feel those little chunks of our glacier slipping away.
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When someone's not paying, it feels like, okay, I did an act of service and I'm not getting any love for that.
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No respect whatsoever.
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It's really challenging for my demeanor.
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It is, and you know what I share with you as well.
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Well, the deposit is what allows you to continue serving your client at the highest level without it becoming a burden.
00:16:49.316 --> 00:16:57.139
Because, let's say, you start working with someone and then halfway during the job you're realizing that they're very difficult to work with.
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They've got a lot of change orders, they've got a lot of project additions, they have difficulties with scheduling or respect time or whatever it is.
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If you're unpaid and experiencing these things, it's a pretty big personal hit and it's hard to regain your emotional points.
00:17:12.970 --> 00:17:22.017
But if you know that the bank is secured and that you're already, no matter what happens, even if they ghost you on the remaining payment, you're not losing money on this job.
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Your ability of serving at a higher level is far greater than in any other process that I've personally experienced.
00:17:29.654 --> 00:17:35.553
We must always say it is a pleasure to be of service to you and mean it.
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The moment we stop meaning it is when it stops actually being of value to the customer.
00:17:41.378 --> 00:17:47.897
So I will always say when you have a job, the job is not sold unless there is 50% in your hand.
00:17:48.809 --> 00:17:49.974
Yeah, I love that.
00:17:49.974 --> 00:17:56.314
And to tie this back to the first piece, pricing, which we haven't dealt a ton with on this episode, but we did touch on it.
00:17:56.314 --> 00:18:08.994
If the pricing set right, then most often our residential electricpreneurs will find themselves somewhere between 50% to 60% gross profit margin in an ideal situation.
00:18:08.994 --> 00:18:20.536
So if you're collecting, what that means is that if you're collecting 50% upfront, then you're already covered for your labor and your material for that project, and that is huge.
00:18:20.536 --> 00:18:22.236
I've heard Joe say this before.
00:18:22.236 --> 00:18:28.714
Just to put this on the schedule that's an interest-free loan from your customers to make sure that you've got a spot for them.
00:18:28.714 --> 00:18:31.763
So isn't that huge for them too, correct?
00:18:32.039 --> 00:18:32.280
You know.
00:18:32.280 --> 00:18:47.271
The fact is that if my schedule is so full that I'm going to rearrange it in order to accommodate you and yet then you decide to pull out because you had no financial commitment such as a deposit, technically I rearranged other people's lives.
00:18:47.271 --> 00:18:51.185
I've rearranged, I took office admin time, I've paid to get that schedule free.
00:18:51.185 --> 00:18:54.487
But if I say you know what, I want to help you.
00:18:54.487 --> 00:19:02.308
But in order to help you, it's now going to take office resources to even give you that time, because I can only serve people who truly need or want my services.
00:19:02.308 --> 00:19:05.385
This is what secures your place on that calendar.
00:19:07.059 --> 00:19:07.942
Now it's not a.
00:19:07.942 --> 00:19:13.226
I'm just doing it to cover material, because some customers will be like, well, material can't possibly be 50%.
00:19:13.226 --> 00:19:14.107
You're right.
00:19:14.107 --> 00:19:20.503
Part of this is also included in our service and the ability that we come to serve you before, during and after.
00:19:20.503 --> 00:19:25.144
And in order to serve you before, we need to be present and therefore that's where your deposit comes into play.
00:19:26.448 --> 00:19:27.590
Absolutely, Absolutely.
00:19:27.590 --> 00:19:31.009
John's joined us live in the Facebook engagements there.
00:19:31.009 --> 00:19:33.267
It makes the job run smoother with a clear mind.
00:19:33.267 --> 00:19:34.321
100%.
00:19:34.321 --> 00:19:35.747
John, couldn't agree with you more.
00:19:35.747 --> 00:19:37.404
Thank you for joining us with that.
00:19:37.404 --> 00:19:40.633
The last piece we have to touch on this we've got to fit it in today.
00:19:40.633 --> 00:19:43.806
Yet is this financing piece that you already did.
00:19:43.806 --> 00:19:45.685
Just skip over there quickly, Joe.
00:19:45.685 --> 00:19:51.423
How important is financing to this loop method and what we're trying to do in this million dollar launch series?
00:19:52.881 --> 00:19:59.625
It's, I want to say, essential, but I feel like it's a little bit more than that, and the reason being is that, could you imagine?
00:19:59.625 --> 00:20:04.627
You took the time to bond with a customer, you sat down with them, you designed a range of choices.
00:20:04.627 --> 00:20:06.286
You put six different options together.
00:20:06.286 --> 00:20:10.628
You've bonded, you've built, you sat down, you presented.
00:20:10.628 --> 00:20:11.731
They loved it.
00:20:11.731 --> 00:20:15.971
They were like Clay, this is the best option I have ever seen.
00:20:15.971 --> 00:20:17.604
How much does this cost?
00:20:17.604 --> 00:20:19.083
I want this.
00:20:19.083 --> 00:20:23.891
And then they say if I had 10,000, I would 100% do it.
00:20:23.891 --> 00:20:25.486
Clay, I would do that one today.
00:20:25.486 --> 00:20:27.385
I just don't have the means of doing it.
00:20:27.385 --> 00:20:34.648
And then nothing happens and they have to take your $200 bottom fix because it's all they could swing.
00:20:34.648 --> 00:20:38.588
It's like filling a balloon and not even popping it.
00:20:38.588 --> 00:20:42.368
It's just that long, drawn out, annoying squeak as you let the air out of it.
00:20:42.769 --> 00:20:42.910
Yeah.
00:20:43.920 --> 00:20:44.824
On that topic of love.
00:20:45.145 --> 00:20:50.665
I feel like it's like two cruise ships and you're reaching out and touching each other's fingers and they're just slipping away.
00:20:50.665 --> 00:20:56.307
Oh no, mama, that's an interesting thing.
00:20:56.307 --> 00:20:57.351
We have looking at it too, right.
00:20:58.300 --> 00:21:01.123
Yeah, exactly so continuing on with it.
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