Starting a new business

[tony-a]

Over the last ten years I have run a consumer electronic service business. Last year I started reading everything I could on residential electrical. I'm now studing for my contractors license and I'm wonder if someone would give me some tips on starting a new business? Thank you for your time.

Tony

[bphgravity]

I would start by doing some reserch on competition within the community. Find out the average rates, wait times, number of employees, etc. I would then put together a small brochure or flyer describing yourself and the company and distribute to local businesses you are interested in getting work with. If you plan on doing new construction, put together a general "house package" showing the type of materials and fixtures you use and the expertise you plan on providing. Do some heavy advertising for the first few months to get your name out, and try a promotional deal that makes you stand out like a senior discount or $10 off first servcie call gimick. Good luck!

[luke warmwater]

Hire someone with experience. No offense, but your experience in residential electric is very limited. There is more to residential wiring than people like to believe.
I have 3 licensed electricians on payroll. Sometimes people don't want the responsibility of owning a company, and they are happy to work for a good rate.
Try to stick with the same salesman at your supply house. If he is good, it will benefit you immensely.
Buy in advance whenever possible. Most supply houses will have price breaks for ordering case lots of devices, plates, etc. Learn where the cut-off is for items and take advantage of any monthly specials that are given on items that you use frequently.

[tony-a]

No offense taken Luke! I've run a sucessful business for the last ten years but not as an electrician. Thank you for taking the time to help me.

[bennie]

I had a California C-10 license when I was 26 years old.

I never was a contractor, but was the RME for a few.

The most successful contractor was an accountant, and knew nothing about wiring a switch.

Electrical contractors have a high failure rate.
Only second to restaurants. Many electrical contractors take the money from a first draw and buy a restaurant.

Good luck: Bennie

[tony-a]

Bennie thanks for the info. I earned my degree in accounting/finance in 1992 from San Jose State University. Does that mean I stand a better chance?

Tony

[bennie]

You can hire and trust good electricians. It is very hard to hire and trust someone to count your money.

I worked for one contractor, who was bankrupt for five years before he realized it. You have the advantage of detecting it quicker

Just joking, I hope: Bennie

[definitive]

I think the best way to go about starting a company in your situation or any, is to work for someone else through your apprenticeship. Im not sure how many hours you need in your state for a residential journeyman card, but in my state its only 2 years.
That way you can kinda get a grip on how things are done in the field.

[charlie tuna]

when you talk "residential wiring" your talking the lowest branch of the electrical industry - this also means it is the most competitive branch! you are competing with others entering the contracting field which is good and bad!! some time their prices are good and sometimes they aren't. it's an area that might take advertising to be sucessful depending on the area? if you have the ability to work for someone else in this area-- it's the best way to go - that way you learn while being payed by others!!!!

[jxofaltrds]

Charlie

"when you talk "residential wiring" your talking the lowest branch of the electrical industry"

I know what you mean. I did have to take that EverReady off my shoulder first.

Residential IS the most important but the least paid.

The problem here (in Ohio) is that I could, holding a state license, hire 1000 (people,helpers,masters) employees and wire everything I could get my hands on.

That is why I made that outrageous statement in a previous topic.

I am working on a report for a client regarding a home inspection. I will start a new topic for this.

As I have stated earier "I am not that smart". I am tired of so called professionals HARMING the general public.

Sorry that, I have been celebrating my birthday (maybe a few to may "pops"), I have digressed.

Mike P.