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If I Wanted to Make $1M this year, I’d do this

📅 April 27, 2026 ⏱️ 27:15 🎤 Richard Bainey, Laura

Chapters

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  • 0:00
    Working Hard on Wrong Things
    The hosts introduce the idea that plumbers often work hard but on the wrong tasks, hindering their business growth towards a million dollars.
  • 0:26
    Mindset Shift for Profit
    Richard and Laura discuss their journey from being busy to becoming profitable, emphasizing the need for a business mindset over a plumber's technician mindset.
  • 1:00
    Know Your Numbers
    The first step to making a million dollars is understanding key business numbers, such as average ticket size, to set clear revenue targets.
  • 1:30
    Fix Your Pricing First
    The hosts stress the importance of setting correct pricing before focusing on volume, as incorrect pricing can lead to losing money faster.
  • 1:58
    Consistent Phone Ringing
    The third step involves consistently generating calls through effective, often free, marketing strategies like Google reviews and past customer referrals.
  • 2:30
    Increase Average Ticket
    Increasing the average ticket size by offering more value and options on existing jobs is highlighted as a more efficient growth strategy than just increasing call volume.
  • 3:00
    Build a Simple Sales System
    Systematizing sales processes ensures that all technicians provide options and follow a consistent approach, leading to increased sales and average tickets.
  • 3:30
    Get Out of the Truck
    Business owners are urged to delegate plumbing work and focus on managing and growing the business, rather than remaining in the field as technicians.

Speakers

R
Richard Bainey
Host — million dollar plumber
L
Laura
Host

Key Takeaways

✦

Prioritize learning business skills over just technical plumbing skills; a 'plumber's mindset' focuses on labor, while a 'business owner's mindset' focuses on profit.

✦

Invest in business education and groups; while seemingly expensive, such investments can lead to multi-million dollar returns by providing necessary knowledge and structure.

✦

Master your financial numbers, starting with your average ticket, to accurately calculate the number of jobs needed to reach your revenue goals.

✦

Fix your pricing before increasing volume; ensuring your pricing covers all expenses, growth, and profit prevents losing money faster with more jobs.

✦

Systematize your sales process to empower all technicians to offer options, increasing your average ticket and overall revenue.

✦

Transition from working in the truck to working on the business; delegate field work to employees and focus on strategic management and growth.

✦

Implement a robust maintenance program, framing it as a sales tool to ensure repeat business, opportunities for additional services, and customer loyalty through priority service.

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