Monday, February 21, 2011

Mark Up & Profit

Contractors, I highly recommend (once you’ve moved through my program and gained clarity with where you presently are) Michael Stone’s Profit & Mark-up along with some of his other books. Visit his website at

Michael’s 10 cardinal rules for contractors are:

1. You shall return all phone calls within 24 hours
2. You shall keep ALL appointments, and be on time
3. You shall present yourself to your customers and the public in a professional manner at all times
4. You shall keep your ego in your pocket
5. You shall interview the customer to see if they qualify to buy from you, not if you qualify to sell to them
6. You shall get written quotes on all items that exceed $300 on your estimate
7. You shall determine your correct mark-up and use it without fail.
8. You shall honor your overhead budget at all times, and not spend otherwise.
9. You shall continue your education on a daily basis.
10. You shall take a fixed salary from your business each month.

Homeowners, this is how a contractor will run a business on purpose and you would be wise to check out Michael Stone’s site,, for more insight into how a contractor “ought” to run their company.

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