Vancouver Business Coach | Being An Expert Technician Doesn’t Mean You Should Open a Business
Welcome back to the Inspired Method Marketing and Business Coaching YouTube channel. My name is Trevor, and this is my business partner, Josh Spurrell, from Spurrell and Associates Chartered Professional Accountants. Today, we’re talking about the topic, “Being an Expert Technician Doesn’t Mean You Should Open a Business.”
I want to start with a quote from Michael Jordan: “I’ve failed over and over again in my life, and that is why I succeed.” This is something we should all take to heart. Business comes with failure, like anything you want to accomplish in life. There’s always a learning curve.
One of the biggest challenges for 33% of small business owners is a lack of capital—lack of money. It’s also the second most common reason why businesses fail. Coming from a trades background myself, I’ve seen firsthand how many skilled tradespeople start businesses simply because they think they can do the job better than their boss. However, they quickly discover that running a business isn’t as easy as it looks.
This leads us to our main topic: Does being a skilled tradesperson or doctor mean you’ll be good at running a business?
In my experience, no. These are two completely different skill sets. For example, you might be a great plumber and even a better plumber than your boss, but running a plumbing business is entirely different from doing the plumbing work itself. Running a business is a skill in its own right, completely separate from technical expertise.
Now let’s flip the question: Is it essential to know a trade or skill to start a business in that field?
For your first business, I would say yes. You don’t want to be learning two things at once—both the trade and how to run a business. That’s a recipe for failure. Start with something you know well, whether it’s a hobby, passion, or something you’re technically trained in. Once you’ve run one successful business, those skills become transferable, and you can run a business in a different industry.
So, once you’ve learned how to build and manage a successful business, those skills can be applied to other industries. This is how people become serial entrepreneurs. You might start as a fry cook and later run multiple businesses in completely different fields.
Is being good at what you do enough to win customers?
Unfortunately, no. It’s not enough just to be good at your job; people need to know that you’re good at it. Best-known beats best every time. If only your friends and family know you’re a great technician, it doesn’t matter. No one else will know or care.
How much time should be devoted to marketing and advertising?
All of it! Successful entrepreneurs spend a disproportionate amount of time pursuing new business compared to managing their existing business. For a startup entrepreneur, you should dedicate at least one full day each week to marketing, if not more. This is where working with a business coach helps you stay focused on marketing and get the results you need.
So, being a CPA, Josh, are skilled technicians like doctors, plumbers, or electricians usually good at keeping track of their numbers?
No, not usually. The second most common reason businesses fail is that they run out of cash, often because they don’t know their numbers. There’s always a way to bootstrap a business, even with zero money in the bank. But you need a business plan that matches your existing cash resources. Some business decisions—like taking on a big project—might sound good on paper, but without the capital to see it through, it can lead to bankruptcy.
I’ve seen this firsthand in the trades: someone takes on a huge project, doesn’t get paid for 90 days, and then can’t pay their suppliers. One little thing goes wrong, and the whole business collapses.
How important is it for a skilled tradesperson to be able to teach?
A technician who is good at their trade might be worth a certain amount, but a technician who can teach others to be good at it is worth more. The ability to replicate yourself by teaching others is a key to scaling a business. You can grow even faster by creating systems that make training easier and more consistent.
What is the importance of creating systems for skilled trades businesses or even a doctor’s office?
Systems ensure consistent quality. Even if someone is well-trained, they won’t remember everything, but systems provide a guide for them to follow. This allows you to deliver a reliable product or service over and over again, which is what customers appreciate. Consistency leads to repeat business.
What happens if a skilled technician only focuses on doing the work and doesn’t build a team?
Eventually, that person is going to get older, their joints will wear out, and they won’t be able to physically do the work anymore. Or, in a worst-case scenario, they might get injured and be unable to work for months, leading to the collapse of their business. If you’re only doing the work yourself, you’re limited by the hours you can put in, and you’ll never be able to scale or fully realize the potential of your business.
It’s crucial to learn the skills needed to build a business. Without that, you’ll have nothing to sell or pass on to future generations. There’s a ceiling on how much you can earn if you’re only working on the tools.
This reminds me of someone I know, my father-in-law. He’s an awesome guy but a perfectionist—he insists on doing everything himself because he knows it’ll be done perfectly. But in business, sometimes productivity and getting things done is more important than perfection.
If someone focuses only on doing the work, will they end up working more or fewer hours?
At first, they might work fewer hours. But if you want to build a team and scale your business, you’ll end up working more—essentially two jobs. You’ll have to put in 40 hours doing the work and another 20 to 40 hours building the business. It’s a lot of hard work to transition off the tools and become a full-time business owner.
Thank you, Josh, for sharing your insights. If you’re interested in learning more about what we do, visit inspiredmethod.com and fill out the form to schedule a consultation. And if you need CFO services, whether you’re in Vancouver, Edmonton, or anywhere across Canada, Josh can help. Visit spurrell.ca to get started.
Thank you, and we’ll see you in the next video.