Am I Crazy?

[A-1Sparky]

In need of a sanity check...


I'm considering starting as an EC, and was hoping you all might either encourage or dissuade me to do so. Here's the deal...I'm a licensed Master in VT and am currently working at a university as a Service Tech. The money is not the greatest, but the benefits are pretty hard to beat (vacation, sick, retirement, free tuition, etc). I get to do some electrical, but do a little bit of everything as part of the job (plumbing, carpentry, mechanical, etc).

This is a second shift position, and I work four 10-hour days and have three days off every week. My days off are during the week, and are Tue-Thurs. Now, I know a lot of people out there would love to have this job, but I feel like I'm wasting my abilities and work ethic here. I really enjoy the electrical field, and would like to be working for myself full-time as an EC.

I have been in the trade for 16 years, and have worked for universities, union contractors, non-union contractors, a controls contractor, a residential contractor, etc. So, I have a pretty wide variety of experiences, and I think that would benefit me if I go out on my own.

Over the last four years, I have built two houses start to finish completely by myself (except for foundation and trusses) while working full time. So, I am not afraid of hard work or putting in the hours to get where I want to be. If I decide to take the plunge, I will have roughly a year's salary (current job) in the bank to support the business.

For now, I'm thinking about keeping my job and testing the waters as a part-time EC. I know this is not ideal, as I've tried it before. That was quite a few years ago, and I didn't know what the hell I was doing. I made quite a few mistakes, but learned from them pretty quickly. I think at my age (38), and with my experience and work ethic, I could be very successful.

Any suggestions or comments to help me decide what to do? Thanks in advance.

 

[Dennis Alwon]

You know better than we do about what the market is there so it is hard for us to say. I agree with you that you should try keeping your job and test the waters on your days off and see how it goes.

 

[mjf]

You didn't mention if you're married and/or have children. I can tell you I lose a lot of "work" time participating in my childrens activities. Those bennies you're getting go a long, long way in the long run. I'd definitely consider my options carefully. I think if I had a job like yours I'd probably work for myself when I could set it up on my days off. Tomorrow I might think differently though......Geez, I'm a whole lotta help, huh?


BTW, where in Upstate NY are you?

 

[A-1Sparky]

Thanks for the reply. I'm no longer in Upstate, NY...I was in Plattsburgh before though. Now, I'm just outside of Stowe, VT where there is a lot of money, and hopefully, a lot of money to be made. Fortunately, the area isn't as affected by economic downturns as less affluent places.

I don't have any children, but will be getting married in a couple of months. My wife-to-be has a good job with the state, so I could get my health insurance through her eventually.

 

[A-1Sparky]

You know better than we do about what the market is there so it is hard for us to say.

Thanks, Dennis. I was afraid you were going to say that.

 

[GerryB]

I knew an hvac guy a few years ago that worked in a factory 3 12hr days, weekend and one weekday, and contracted the other days. If you keep your job you have to be very selective what work you take, you know some contractor or somebody will "need you now" on a day you are not available. (I have found the only excuse rarely questioned is "there was a death in the family" or "I'm on vacation".)

 

[augie47]

From what I have seen, IF you take the plunge you will be surprised at how much time you will end up devoting to the business, especially at first when you will wear many hats (electrician, estimator, billing, collecting, bookkeeping, etc). My suggestion, worth every $ you pay for it, would be to get your feet wet by working as an E/C on your off days and see what's involved. It may kill your free time for a bit, but if you do it full time, as stated, you will see how little free time you have with that option.

 

[cadpoint]

Wait, your getting Married! You kinda glossed over this one little aspect of things...

Congrates, you are crazy... (to get married) (( my usuall response is, "are U Stupid" ?)) :?

Ah, you life will change, then if you'll have a baby, Ah, you life will change again!
I knew my wife wanted a family, I asked for one year before starting I got to go nine months and Boom, she's with child.

What's she think of all this? She's in the Game, you have to weight everything out with
her now... and forever!

I've read here where some have said that's it's not a PT vocation, ah what do they know.:slaphead:

I think you have the right idea, besides you can develop the construction limp on your present job slower than jumping out into public now.

 

[A-1Sparky]

If you keep your job you have to be very selective what work you take, you know some contractor or somebody will "need you now" on a day you are not available.

I'm worried about that happening...It's tough to keep customers happy if you're unavailable

 

[A-1Sparky]

Congrates, you are crazy... (to get married) (( my usuall response is, "are U Stupid" ?)) :?
QUOTE]

I know, I know...but she's a good one

She supports me...and may have to continue to if my business fails

 

[A-1Sparky]

From what I have seen, IF you take the plunge you will be surprised at how much time you will end up devoting to the business, especially at first when you will wear many hats (electrician, estimator, billing, collecting, bookkeeping, etc). My suggestion, worth every $ you pay for it, would be to get your feet wet by working as an E/C on your off days and see what's involved. It may kill your free time for a bit, but if you do it full time, as stated, you will see how little free time you have with that option.

I think that is probably what I will end up doing

 

[macmikeman]

Take your golf clubs out and wrap them around a tree trunk. You won't be needing them any more is why.

 

[A-1Sparky]

Take your golf clubs out and wrap them around a tree trunk. You won't be needing them any more is why.

Good thing I don't play golf

 

[Fulthrotl]

I know, I know...but she's a good one
She supports me...and may have to continue to if my business fails

seeing as you asked.... i'd do side stuff, time permitting, and not
strain a brand new marriage. if you want to know what a bad marriage
feels like, have your wife have to support both of you, if things go awry.
and they will go awry, to a greater or lesser extent, in the first couple years.

right now, i'm busier than i've ever been, and am turning down significant work.
i just don't have the time this year.

then there was 2009, when my net taxable didn't have a comma.

one thing at a time... and i hope you have your relationship with your
spouse ahead of starting a business.

good luck, whatever you choose, but i'd pass for at least two or three years
into the marriage.

 

[ceknight]

You didn't mention if you're married and/or have children. I can tell you I lose a lot of "work" time participating in my childrens activities. Those bennies you're getting go a long, long way in the long run....

Pay close attention to that advice. And Randy's.

It can take years of self employment before you figure out there are a lot of things more important than your business. A decade without a paid vacation isn't a good way to start a marriage, for instance.

In any case, good luck.

 

[petersonra]

wives and children will eat up a lot more time than you think.

the fact that you have 3 days in a row off during the week will mean that your wife will find something for you to do that is important to her.

having a source of healthcare benefits is a big plus to working for a government entity for sure, even if you have to pay part of it yourself, there is no way you could acquire on the open market for what you would be buying it for.

what sounds like a great idea can rapidly become a mess when you stop wanting to spend your time working like a dog to keep your business afloat. being self employed, even part time, is something that only a few people really do very well. most end up making less than they could just working for someone else.

 

[Transportation Guy]

"I will have roughly a year's salary (current job) in the bank to support the business."

If you are in a position to be able to save that kind of money, STAY WHERE YOU ARE! I was in the same boat, making a 6 figure salary and saved alot. Invested in the business. Now, back with a contractor, savings depleted, making 40% less than I did before I started my business and paying back all the personal guarantees.

 

[A-1Sparky]

seeing as you asked.... i'd do side stuff, time permitting, and not
strain a brand new marriage

one thing at a time... and i hope you have your relationship with your
spouse ahead of starting a business.

good luck, whatever you choose, but i'd pass for at least two or three years
into the marriage.

My plan is to start slow and feel out the market while keeping my regular gig. My relationship does come first, but I've always worked like a dog and she knows that. I appreciate the good wishes, and maybe in a couple years I'll have to make the decision to go at it full time.

 

[A-1Sparky]

In any case, good luck.

Thanks, Chris

 

[kwired]

I am just about to the point of wanting to trade places with you.

One difference is if I took on your job and still wanted to do some part time contracting - I already have some clients that I would be loyal to, and they would still prefer to have me help them if I can. I would likely limit most of my part time contracting to those specific clients and turn most others down. But I have some regular commercial, light industrial and farm clients that have me do work on a regular basis. If you limit yourself to residential work that doesn't really happen that you have a regular client, unless you get into some arrangement with a home builder that always has you do the wiring for them.

As far as marriages - you will be married to your business as well, and it will be more demanding then a wife or children (with some possible exceptions) If you want more freedom, vacations, etc. you need to grow the business to a point where it can still operate without your continued presence. That is easier said then done sometimes.