$300K Junk Business CAN'T PAY the BILLS
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- čas přidán 4. 07. 2024
- Charles owns a junk removal business operating out of North Carolina. After a devastating year operating at -25% profit margin, and hemorrhaging cash, Charles was forced to take on over $104K in high interest debt to support his family. Struggling to get leads, he’s now underbidding jobs and paying for expensive services like Thumbtack to find more work.
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DUMP THE BAD LEAD COMPANY! They are ripping you off. You would be better off to hire someone to go door to door. I did that with my business and hired a mother with children in school. She would take them to school in the morning then work door to door until it was time to pick her children up from school. SHE DID FANTASTIC!!!
How much did you pay her if your don’t mind?
$200 for certain amount of door hangers on her own time . But just make sure they actually put the door hanger
@@fifadailygames278 honest question i have a kid wanting to do the same thing but how can you guarantee they put the hangers out if i have to drive by every place to ensure jobs done. I mind as well do it myself
I guess you'd check at random a few of the areas they'd been supposed to distribute them in, I think I would be fairly obvious quite quickly if the person was being honest and doing it properly or not. @@user-ni8df8ho2s
@@user-ni8df8ho2s Good point. Find someone honest.
Unfortunately, I don't think this business is going to make it. To not realize that paying $50 per lead and $156 for the ones that convert is a horrible idea just shows that he lacks any business knowledge. So many red flags in things he said and decisions he made. Why take a 30k loan then have the money sitting in the bank "as a cushion" and be forced to make interest payments on it? Get a line of credit instead.
That pool and deck removal would be minimum 3k
Probably close to 5 grand here in Texas with it being full like that.
Little bit of a victim mindset in my opinion. Thumbtack greedy taking all of their money, Google hard to deal with, multiple terrible internet companies, etc. Go out there and take control bro!!!
I wouldn't necessarily say it's a victim mindset as much as it is just not knowing where to go and what services to use/trust. I run a small plumbing company, and in the beginning, I made some of the same mistakes. I didn't know anything about SEO or the legalities of taxes, licensing, etc. Some of it is just trial and error and not allowing those mistakes to put you under.
I would agree with you. I started my own dog training business three years ago. I spent 9 years in the infantry. I have zero experience with Google, Zero experience with social media, and I have no other options than to figure it out. All that time you spend scrolling on social media could be spent figuring out how to get more leads. Making content (free) and how to address google issues. Social media is a free easy resource for anyone starting a business.
The low bidder always goes out of business ! ( mic drop ) Make $ or go bass fishing
This is the truth right here
And they destroy the market for everybody else...
Talk about not charging enough. $350+ dump fees would be the bare minimum. Dont even start the truck for less than $350
I work full time and do Junk removal on weekends
Rest in peace to your brother! I lost my mom to the same thing and it's a horrible thing because it just happened so quick. Keep up the hard work man and don't give up everybody always needs junk removal!
Thumbtack was okish, but it pissed me off when they would give me trash leads and still charged me. Craigslist is where ive found most of my clients but it is CROWDED.
I guarantee that tumbtack charged the customer almost 2x as much as they paid you.
I understand your pain with Google. I had the same thing for over 5 months. I was pulling my hair out.
Why, just why can they not tell you the reason for a suspension.
So glad u did this video I have a junk removal/demo company in Charlotte area
This guy is a great human!
I hope everything works out for him!👍🏻✌🏻
Bro should have joined junk university
God Bless You Brother! It Definitely feels like it's all crashing on you at times. Hang in there, keep your head up, keep marching forward, fighting the good fight! You took a Brave first step reaching out for help. That shows you want to do better for yourself & everyone around. That says a lot. 👍💪
How the hell do people end up like this? Business= get a truck, remove junk... Simple!!! Hundreds of thousands in debt? That's utterly ridiculous.
Been waiting for a junk removal episode!!!
Those are some nice trailers. If I was him, id just get a job and rent those trailers out part time.
What I look forward to the most 🎉🎉🎉
so if his wife is home and cant work can she not run SALES AND ADMINISTRATIVE PART be an ASSET to her husband and her family instead of a drain as he says himself its 2024 were all about equity and equal rights. SO GET ON IT HUN. SMH
Man seems like this guy is really learning everything the hard way. Wish he could go back in time and learn a little bit more about running a business before starting. Some of these lessons hurt.
What happened about the new guy wrecking his truck?
You littery took the lowest profit margin part of home care and made it into a specialty. Get into demo for remodeling etc.
WE WANT MORE!!!!!! Make more videos Mike & Team!!! 😂😂😂😂😂
Hey Mike, thank you for your insight. You mentioned in a C. Suite episode an example of a business owner who took his personal living expenses like debt payments and baked it into his business overhead/operating. Maybe in that scenario you take away very little profit on but it would insure small business owners who have yet to separate business from personal finances are able to atleast pay their bills.
Do you have a formula you can share on how to calculate price per man hour that would include personal debts and overhead recovery?
and sorry you been through some junk hauling the junk...tuff beat...stay deliberate and laser focused and make dat $$$
Mike - you should grow your beard bro 😎
That would be a career ending decision 😂😂😂😂
@@MikeAndes haha 😆 hilarious! Love your content !
This is a good dude working hard to be all he can be and escape the rat race of normal. I can very much relate to this man’s struggles I hope he keeps his head up and makes it
Sorry my post is long winded.... But wish you the best!
Let's go!!!!!!!
Great video, best of luck to the owner!
Deck removal gotta be at least 24 budgeted hours plus dump fees
Probably more like 32BH and $600 dump fees
$3-4k
For him that’s like a $120 dump fee and 8 hour day tops to finish
If you have 200 competitors, you need to change your business model and only take more profitable junk removal jobs.
Best of luck though...You on the right track ...post bandit signs near your landfills...people tired of hauling the garb with no time...gets out the check book when sweat starts rolling lol
Tell Charles I will help him!
Thumbtack isn't worth it if you don't have big ticket products.
Understand gross revenue vs net profit, people!
1100???? Wow that's cheap
That’s so sad that’s my biggest fear.
Vague much? Lol
Yo do you travel to do these videos? If so I got one for you, welding shop with 120,000 of debt where it should be making 60,000 a month
Sounds good. Yes, we travel. Apply at MikeAndes.com/turnaround
Dude needs to realize being self employed is not for him. Get a full time job and then a part time job on the weekends.
Oh my gosh, this guy's a winner. He figured out that every business out there is in it for themselves and doesn't care about you. I wonder how much money it cost him to figure that out? This guy definitely shouldn't be self-employed. He needs someone else to set up systems that he works in he doesn't really know how to do this self-employment thing. I would hate to see his taxes.
NIGHT SHIFT,,,,, BUSINESS DURING DAY
Alpha Care Plus
anyone struggling with sales let me know. Ill get you on track. (Performance Lead Generation) any industry.
trying using fb marketing or you local buy selling they will let advertisers your business
Noooo
He needs to increase minimum price $400 a load? For that trailer? That’s way too cheap it cost 100 to fill the truck
It's not bad at all. I have a 15vyard trailer and charge around the same price, not including dump fees and yet my business has a 60-70% profit margin on residential waste.
@@Smoke3488 how big do you think his trailers are I have watched a group of kids that do junk removal and I don’t think they are in nc but they seem to charge ALOT they did a smaller building maybe 10x15 we will call it 20x15 and charged over $4k to tear down and remove I felt like $1100 was way too low for that pool drain removal and deck tear out. I’ve drained a pool like that and it’s a MESS and takes FOREVER. I work in the HVAC industry so I’m not going to act like I know junk removal pricing like I do hvac pricing.
@herbie3smith Yes, his quote for the pool and deck was way too low. As it takes a lot of man hours to cut it all down and load it. But that trailer looks to be the same size as ours 14ft X 7ft X 4ft.
@@Smoke3488Your margins are not that high. If you're not including all the costs AND what it would take to pay someone to do the job, then that is not the margin.
😂 $1,100 i would tell them i wouldnt even do it if they don't pump the water themselves and I'd still charge 2,200$ he dont know how to tell a customer you're too busy for them without telling them You're too busy for them
Thumbtack sounds almost as bad as Yelp
Or home advisor 🤮
yelp is very good when it comes to leads vs cost. i only spend $150 a month and get like a dozen leads per week. my problem is with yelps review moderation system. i get all these leads but because yelp censored over 90% of the reviews ive gotten most leads go with other businesses with more reviews. i gave up on trying to get reviews for yelp almost 2 years ago now and focus more on other methods. the part that really pisses me off is i go to these other businesses pages and its that exact opposite for them, every single time. by this i mean only %10 of their reviews get censored so it absolutely feels like im being singled out. i contacted yelp about this and they say its an automated process and it handles everyone the same which is absolutely bs. every single one of the reviews ive gotten has been from real customers. "but they arent credible because blah blah blah", but like i said i look at other businesses reviews and they arent credible by yelps standards either but they get to stay and mine dont. but to the point, the actual cost for lead acquisition is cheap on yelp so long as you dont face the same problem i am.
could the wife do something from home, for just an hour or two a day, to help with some extra money? good luck with it all. .....like you said everybody is going through something.
He doesn't know junk or how to grow a business
Come see me. I'm in Mooresville nc.
Math don’t make sense…. Silly business
Dude needs to do more research before making some of these decisions. 30% interest?! Didn’t know about quarterly taxes? Paying for leads?
Doesn’t make any sense
Paying for leads is not really the problem the problem is the guy doesn’t think
Fuc is he paying tax for if he is in the red. & that loan is only to be floated and paid off within 45 days. I took a 35k loan from QuickBooks and paid it off within 45 days paid minimal interest & secured a rental property. He is sitting on it paying interest for a cushion is beyond me.
First
So glad u did this video I have a junk removal/demo company in Charlotte area