The Hidden Goldmine in the Trades Industry: Opportunities You Can't Ignore
Discover the untapped potential within the trades industry, a space generating over $2 trillion annually and ripe with opportunities for aspiring entrepreneurs. Parnell Woodard and Eric delve into the common misconceptions surrounding business ownership in the trades, emphasizing that you don't need to be a skilled tradesperson to succeed. Instead, it's all about leadership, vision, and strategic management. They highlight the significant time trade business owners spend on operations rather than hands-on work, pointing out that successful entrepreneurs focus on growing their teams and navigating the business landscape. With insights on the booming infrastructure investments and the rise of smart home technology, this episode inspires listeners to embrace the entrepreneurial journey in a field bursting with possibilities.
Navigating the complexities of entrepreneurship can often feel overwhelming, particularly when contemplating the trades industry. Parnell Woodard and his guest Eric delve into the misconceptions surrounding the idea of being your own boss, highlighting that many people mistakenly believe that owning a trade business requires extensive technical expertise. Contrary to this belief, they reveal that a staggering 82% of successful trade business owners focus on managing and growing their operations rather than performing hands-on tasks themselves. This episode uncovers the vast opportunities available in the trades sector, particularly in light of the recent $1.2 trillion U.S. infrastructure bill and the booming smart home technology market projected to reach $135 billion by 2025. As the conversation unfolds, listeners are encouraged to reshape their understanding of what it means to succeed in this field, emphasizing that leadership, strategic vision, and the ability to manage teams are the true keys to thriving in the trades market.
Eric and Parnell engage in a thought-provoking discussion about the untapped potential within the trades industry. They address the common misconception that one must be a skilled tradesperson to run a successful business, illustrating that effective management and strategic foresight are far more critical. Listeners learn about the importance of recognizing market trends and adapting to new technologies, like smart homes, to stay ahead in this rapidly evolving landscape. The episode serves as an empowering reminder that individuals can pivot into the trades sector without prior technical knowledge, as long as they possess the drive to learn and lead.
Ultimately, this episode serves as a rallying cry for aspiring entrepreneurs, highlighting that the trades industry is not just a collection of small-time jobs but a multi-trillion-dollar ecosystem ripe with opportunities. With the right guidance and support, anyone can step into this space and carve out a successful career, reinforcing the idea that success is not solely about having technical skills, but about vision and leadership. Parnell’s insights as a career ownership coach shine through, offering a roadmap for those ready to embrace the challenge of business ownership in the trades.
Takeaways:
- Being your own boss in the trades industry is more about leadership and vision than technical skills.
- Successful trade business owners focus 70% of their time on operations, not hands-on work.
- The trades industry generates over $2 trillion annually, presenting monumental opportunities for entrepreneurs.
- You don’t need to be a skilled tradesperson to own a trade business; management skills are key.
- Emerging technologies, like smart home systems, create significant demand for skilled tradespeople.
- Professional coaching can guide aspiring entrepreneurs through the challenges of business ownership.
Transcript
Hello, listeners.
Parnell:I'm Parnell Woodard, your host for the Pivot Point, a podcast where we help professionals navigate the journey to greater control, balance and fulfillment through career transitions and business ownership.
Parnell:With me today is Eric.
Parnell:Eric's background is in communication and has a number of years of experience as a podcast host and producer.
Parnell:All right, let's.
Parnell:Let's jump right in, shall we?
Parnell:Here's the deal.
Parnell:Everyone's heard the old saying, be your own boss, right?
Parnell:It's inspiring, sure, but honestly, it's also kind of vague.
Parnell:I mean, what does that even mean for most people?
Parnell:My guess, it feels like one of those lofty ideas that sounds good but feels totally out of reach.
Eric:Right, because for a lot of folks, being your own boss gets conflated with having all the answers, all the skills, and quite frankly, all the capital upfront.
Eric:Sometimes it's like, where do you even start?
Parnell:Exactly.
Parnell:But here's the thing.
Parnell:If you're willing to shift your perspective, open your eyes to opportunities and industries you might not be considering, well, you'd be surprised what's actually out there.
Parnell:Take the trades industry, for example.
Parnell:A lot of people hear that and think, nah, not for me.
Parnell:I'm not like a plumber or carpenter or whatever.
Parnell:And that's where they miss the boat entirely.
Eric:Oh, totally.
Eric:And what's wild is that the trades are this multi trillion dollar space.
Eric:Yeah, trillion with a T.
Eric:And so many people just don't realize the untapped potential sitting right in front of them.
Parnell:Exactly.
Parnell:And it's not just about the technical skills.
Parnell:I mean, let me ask you something, Eric.
Parnell:How much time do you think the average trade business owner actually spends on hands on work versus managing the business itself?
Eric:Ooh, good question.
Eric:Hmm.
Eric:I'm guessing, what, maybe 50?
Eric:50?
Eric:Like half hands on, half management?
Parnell:Not even close, my friend.
Parnell:Try, try.
Parnell:Less than 30%?
Parnell:Yeah.
Parnell:Most trade business owners spend upwards of 70%.
Parnell:70.
Parnell:Just managing operations, marketing, clients, all that, the technical that's left to the skilled workers they hire.
Eric:Wait, seriously?
Eric:That's.
Eric:Wow.
Eric:Way less hands on than I would have thought.
Eric:So you're saying this isn't about being the expert at swinging a hammer or installing fancy tech?
Parnell:Spot on.
Parnell:See, it's about leadership, strategy, and most importantly, vision.
Parnell:If you can manage people, if you can grow a team, you've already got the essential tools to succeed.
Parnell:And the trades industry, the opportunities there, Eric, it's.
Parnell:Well, let's just say we'll be cracking that wide open in this episode.
Eric:Can't wait.
Eric:We've got a lot to Unpack from billion dollar potential to how everyday people can tap into this growth.
Eric:It's gonna be good.
Eric:So yeah, let's do this.
Eric:Alright, Parnell, let's dive in.
Eric:Because here's what's blowing my mind.
Eric:A lot of people still think the trades industry is, I don't know, kinda small time, right?
Eric:Like, they picture a local plumber fixing pipes or something.
Eric:And don't connect that to this massive multi trillion dollar juggernaut you're describing.
Parnell:Exactly.
Parnell:And that's a huge misconception.
Parnell:I mean, look, the trades industry is generating over $2 trillion in revenue every year.
Parnell:Trillion with a T.
Parnell:And while people get stuck on the idea of being small time, the reality is the opportunities here are absolutely monumental.
Eric:Two trillion.
Eric:That's wild.
Eric:And honestly, I feel like it's such an overlooked path.
Eric:Like people aren't connecting the dots at all.
Parnell:Right.
Parnell:And get this.
Parnell:One of the myths that stops people dead in their tracks is this idea that you've got to be a skilled tradesperson to own a trade business.
Parnell:Oh, I don't know how to fix a water heater.
Parnell:I could never do that.
Parnell:But here's the takeaway.
Parnell:You don't need to, really.
Eric:So it's not about the tools or knowing how to like, replace a roof?
Parnell:Not even close.
Parnell:In fact, 82% of successful trade business owners focused primarily on managing and growing the business.
Parnell:They're not out there fixing things themselves.
Parnell:They're the ones running the show, hiring the team, building client relationships, driving the vision.
Eric:That's such a game changer to hear, honestly.
Eric:So even if someone's never touched a wrench, they could thrive in this space as long as they're skilled at, like, leadership and strategy.
Parnell:Exactly.
Parnell:Entrepreneurs who can manage teams and handle operations are the real drivers here.
Parnell:The folks with technical skills, you hire them, that's their role.
Parnell:But your role is to steer the ship.
Parnell:And with the kind of growth we're seeing right now, it's the perfect time to step in.
Eric:Speaking of growth, let's talk about what's fueling this industry boom.
Eric:There's got to be some serious tailwinds behind numbers that big.
Parnell:Absolutely.
Parnell:For starters, you've got the $1.2 trillion US infrastructure bill.
Parnell:That money is earmarked for projects like road repairs, tunnels, bridges, you name it.
Parnell:It's creating an enormous ripple effect across the trade's ecosystem.
Eric:Infrastructure makes sense, but what about on a smaller scale?
Eric:Like, are there any trends impacting the kind of work an everyday trade business might take on?
Parnell:Oh, for sure.
Parnell: billion by: Parnell:That's huge.
Parnell:And it's not just about the gadgets.
Parnell:It's the electricians installing the systems, the contractors integrating features into new builds.
Parnell:The whole ecosystem expands.
Eric:Okay, hold on.
Eric:I want to make sure I've got this straight for anyone listening who might be interested.
Eric:You've got this trillion dollar infrastructure push on one side and then smart tech on the other, both driving demand in the trades industry.
Eric:That sound about right?
Parnell:Yep.
Parnell:And those are just two big pillars.
Parnell:Housing, too.
Parnell:It's been on a steady rise.
Parnell: million in: Parnell:That kind of growth means plenty of work for contractors, plumbers, electricians, all of them.
Eric:Wow.
Eric:There's just so much happening all at once.
Eric:No wonder this industry's exploding.
Parnell:Exactly.
Parnell:And if you think about it, this momentum isn't slowing down anytime soon.
Parnell:When you add it all up, the trades industry isn't just lucrative, it's one of the best spaces for entrepreneurs to enter right now.
Eric:You know, Parnell, with all this momentum in the trades industry that you outlined, the infrastructure push, the rise in smart home tech, it's incredible how much opportunity there is.
Eric:And yet that stat you mentioned earlier about trade business owners spending 70% of their time on operations really stands out.
Eric:It completely changes how I think about running a trade business.
Parnell:Yeah, it does.
Parnell:And honestly, that's one of the biggest advantages here.
Parnell:See, when you shift your focus to the operational side, you're not just running a business, you're building one.
Parnell:The real value comes from scaling, from figuring out how to make everything more efficient, more cohesive.
Eric:It's kind of like managing a puzzle, right?
Eric:You've got all these pieces.
Eric:Marketing, hr, customer service.
Eric:And your job is to make them fit and work together seamlessly.
Parnell:Exactly.
Parnell:And that's where leadership plays such a huge role.
Parnell:Take someone I worked with recently.
Parnell:He started with a small electrical contracting business.
Parnell:Nothing fancy, just him and three employees.
Parnell:But he understood one key thing.
Parnell:Leadership isn't about doing everything yourself.
Parnell:It's about empowering others to excel.
Eric:Sounds like he had a game plan.
Eric:So what happened next?
Parnell:Here's the interesting part.
Parnell:Instead of just sticking to wiring homes, he started looking at market trends, like the boom in smart home technology.
Parnell:He invested in training his team to install these advanced systems, marketed it aggressively, and positioned his company as a go to in his area.
Parnell:Within three years, not only had he Doubled his team, but his revenue tripled.
Parnell:All because he leaned into strategic opportunities and stayed focused on operations.
Eric:Wow.
Eric:Talk about playing it smart.
Eric:So it wasn't just about the technical work.
Eric:It was seeing the bigger picture and adapting to it.
Parnell:Exactly right.
Parnell:And look, the integration of smart home technology, that's a gold mine for trade business owners who are willing to innovate.
Parnell:I mean, think about it.
Parnell: billion by: Parnell:That's massive.
Parnell:But the opportunity there isn't just in the tech.
Parnell:It's in the expertise to install and integrate it into homes.
Eric:And I guess that's where management comes in again, if the demand is there.
Eric:Your job isn't to learn every technical detail.
Eric:It's to make sure you've got the right team to deliver.
Parnell:Yep.
Parnell:Hire well, manage effectively, and you're halfway there.
Parnell:The best trade business owners are the ones who understand that their job is to focus on strategy, growth and, you know, staying a step ahead of the curve.
Eric:You know, Parnell, everything we've covered so far really highlights just how many opportunities there are right now.
Eric:From rising demand in the trades industry to the importance of leadership, you can see how the right strategy can position anyone for success.
Eric:It's exciting to think about just how transformative a solid plan can be.
Parnell:Totally get that.
Parnell:Look, stepping into business ownership, especially in a field like the trades, can feel like a leap, but that's where professional guidance makes all the difference.
Parnell:And that's exactly why career ownership coaches are.
Parnell:Are so valuable.
Parnell:They're not just there to help you start.
Parnell:They're there to guide you through the whole journey.
Eric:So it's like having a mentor by your side, someone who knows the obstacles and opportunities ahead.
Parnell:Exactly.
Parnell:I've seen it firsthand.
Parnell:I worked with a guy once, a teacher, no business or trade experience at all, but he had leadership skills and a drive to build something.
Parnell:I helped him find the right opportunity, walked him through financial planning, and matched his strengths to a franchise that fit his goals.
Parnell:Today, he's running one of the top performing operations in his region.
Eric:That's incredible.
Eric:And such a good reminder that success isn't about where you start.
Eric:It's all about where you're willing to go.
Parnell:Exactly right.
Parnell:And that's the beauty of this kind of guidance.
Parnell:It's tailored.
Parnell:As a career ownership coach, I take the time to truly understand your goals, your strengths, and even those areas where you might need help.
Parnell:It's centered all on what you want to achieve.
Eric:Yeah, those numbers don't lie.
Eric:And it's just really inspiring to hear that.
Eric:You don't have to be a technical expert.
Eric:Like you said earlier, you just need vision and the right team.
Eric:The rest can be taught or managed.
Parnell:That's the key.
Parnell:I always tell people think of entrepreneurship as a journey, not just a destination.
Parnell:And the best way to navigate that journey, Surround yourself with the right support, career ownership.
Parnell:Coaches are like, well, your gps keeping you on track, showing you the shortcuts and even recalculating when you hit a detour.
Eric:I love that analogy.
Eric:Alright, Parnell, how do we wrap this up?
Eric:Any final thoughts for our listeners who might be considering this path?
Parnell:Yeah, don't sell yourself short.
Parnell:You don't need to have all the answers or all the technical skills.
Parnell:If you've got vision, if you've got leadership, and most importantly, if you're ready to invest in your own growth, this can work for you.
Parnell:The trades industry is a space full of opportunities.
Parnell:It's waiting for someone to step in and lead.
Parnell:And with the kind of support we've been talking about today, there's no reason you can't be that person.
Eric:That's such a powerful note to end on to anyone listening.
Eric:If success in business ownership sounds like your next chapter, don't hold back, reach out, learn more and see where the journey could take you.
Eric:Parnell, thank you.
Eric:This has been such an eye opening conversation.
Parnell:Same here, Eric.
Parnell:Always great to be part of the conversation and to our listeners.
Parnell:Remember, success isn't just about talent or knowledge.
Parnell:It's about taking the right steps with the right guidance at the right time.
Parnell:So take that step.
Parnell:On that note, we'll catch you next time on the pivot point.
