Inside The Trades presented by Foundryy
EP 49: Matt's Business Ownership Adventures Part 3 - What Happens When Everything Goes Wrong Before Lunch?
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Episode notes
In this week's "Emergency Pod" session Matt talks about the challenges and strategies involved in pricing, marketing, and running a mosquito control franchise, all while dealing with multiple disasters in the span of one morning.
His reflections on three months of business ownership include:
- The importance of raising prices to reflect the value and target higher-end customers
- Focusing on perceived value is key, as wealthy customers are willing to pay more for the best quality.
- Identifying talent as a marketing issue (Thank you, Ryan Englin )and aiming to hire and train high-value talent to deliver exceptional service.
Despite the challenges, Matt is determined to push through the growing pains and achieve success.
Key Points:
- Raising prices helps lock in value and cater to higher-end customers.
- Targeting wealthy customers requires understanding their mindset and offering the best quality.
- Franchise owners have flexibility in setting prices and creating their own sales strategies.
- Reinvesting profits allows for improved operations, marketing, and talent acquisition.
- The mosquito business is fundamentally a marketing business, requiring a focus on effective marketing strategies.
- Talent is a crucial aspect and needs to align with the value promised to customers.
- Challenges and setbacks are part of the process, and perseverance is essential for long-term success.
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