Hey I am trying to get some good advice and I know that this is the place for it. I have "hit the ground running" so to speak with my business, but I know that there are some things that I am overlooking. What are the must haves for a small buisness? What is the easy way to keep up with my taxes? What advice would you give me that you have learned from your own personal experience? I want to get into this with my eyes wide open. Thanks!!!
The BUISNESS side of things!?
- Thread starter Benton
- Start date
- Status
sandking
Member
- Location
- Southern California
A huge bank roll 
and good luck!!
and good luck!!It's easy to become a millionaire as an electrical contractor - just start with 10 million and you will be down to 1 million in no time. Just kidding, there are a lot of successful contractors out there. The things that helped me the most were quickbooks (and help from someone who was an expert at quickbooks) and an estimating program. Lots of little thing also but those are the two major things that helped me.
PEDRO ESCOVILLA
Senior Member
- Location
- south texas
hire help you can depend on, that you trust to do a great job and are willing to be "the face of your operation". don't go vehicle heavy (use used if posible) until the $ shows itself. don't sell oyurself short. if you can't go lower on an estimate or bid, don't take the work. working for peanuts kept me in peanuts, never in a good truck!
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masterinbama
Senior Member
- Location
- Huntsville Alabama
Quick books is good advice. I rewired an old house for a local CPA that is a certified Quickbooks dealer and instructor. Traded some sweat for some knowledge. Best thing i ever did. I still pay him quarterly to polish my returns, also money well spent
Get market research done.
Get a lawyer.
Get an accountant.
Get a banker.
Get one years' worth of wages saved up.
Get a business plan.
Get a balance sheet.
Get good credit.
Get advertising.
Get customers.
Get going.
Business Cost List
Building
Building
Warehouse Space
Trash Removal
Lawn Care
Snow removal
Upkeep & Repairs
Office Expenses
Computers
Stationary
Copy machine
Fax machine
Forms
Printing
Software
Office Equipment
Computer maintenance
Files
Postage
Office supplies
IT
Internet service
Email accounts
Web site
-Initial creation
-Updating
-Maintenance
GPS services
Benefits
Vacation Pay
Holiday Pay
Uniforms
Uniform Maintenance
Unemployment
Bonuses
Incentives
Retirement Plan
Christmas Party
Taxes
Property Taxes
Tangible Taxes
Pay Roll Taxes
Income Taxes
Sales Tax
Training
Management Training
Office Training
In-House Training
Tech Training
Mfg. Training
Training Equipment
Safety Training
Update classes
License testing
OSHA compliance
RRP compliance
Insurance
Building Insurance
Liability Insurance
Employee Insurance
Life Insurance
Business Insurance
Workers Comp.
Utilities
Gas
Electricity
Telephone / Fax lines
Internet Service
Toll Calls
Telephones
Pagers/Cell Phones
Radio Maintenance
Vehicles
Vehicle Maintenance
Ladder Racks
Interior bins
Fuel
Truck Signs / lettering / vinyl
Tires
Financial
Accounting
Loans
Tax Preparation
Interest
30+ Day Receivables
Bank Charges
Travel
Hotel
Meals
Airline / vehicle
Unique to the electrical trade
Permits
Licenses
Bonds
Inspections
Trade Association
Subscriptions
Memberships
Dues
Retainers
Safety PPE
-Lock-out/Tag-out kits
-Fall prevention harness
-Arc-flash clothing
-Hard hats
-Safety glasses
-Hearing protection
Tools
Company Tools
Safety Equipment
Ladders
2-way Radios
Test Equipment
Replacement Parts
Parts Storage
Damages
Tool Replacement
Job site storage
Misc.
Trips to Supply House
Theft
Uncollected Money
Collection fees
Unbillable Hours
Commissions
Call Backs / Warranty work
Shortages
Bad Checks
Delivery
Credit Card Sales
Drug Testing
Legal
Legal advice
Law Suits
Incorporation / LLC fees
Advertising
Marketing
Business cards
Signs
Radio / TV
Newspaper
Flyers / brochures
Material Purchases
Inventory
Labor
Wages
Salaries
Dispatcher
Answering Service
Get a lawyer.
Get an accountant.
Get a banker.
Get one years' worth of wages saved up.
Get a business plan.
Get a balance sheet.
Get good credit.
Get advertising.
Get customers.
Get going.
Business Cost List
Building
Building
Warehouse Space
Trash Removal
Lawn Care
Snow removal
Upkeep & Repairs
Office Expenses
Computers
Stationary
Copy machine
Fax machine
Forms
Printing
Software
Office Equipment
Computer maintenance
Files
Postage
Office supplies
IT
Internet service
Email accounts
Web site
-Initial creation
-Updating
-Maintenance
GPS services
Benefits
Vacation Pay
Holiday Pay
Uniforms
Uniform Maintenance
Unemployment
Bonuses
Incentives
Retirement Plan
Christmas Party
Taxes
Property Taxes
Tangible Taxes
Pay Roll Taxes
Income Taxes
Sales Tax
Training
Management Training
Office Training
In-House Training
Tech Training
Mfg. Training
Training Equipment
Safety Training
Update classes
License testing
OSHA compliance
RRP compliance
Insurance
Building Insurance
Liability Insurance
Employee Insurance
Life Insurance
Business Insurance
Workers Comp.
Utilities
Gas
Electricity
Telephone / Fax lines
Internet Service
Toll Calls
Telephones
Pagers/Cell Phones
Radio Maintenance
Vehicles
Vehicle Maintenance
Ladder Racks
Interior bins
Fuel
Truck Signs / lettering / vinyl
Tires
Financial
Accounting
Loans
Tax Preparation
Interest
30+ Day Receivables
Bank Charges
Travel
Hotel
Meals
Airline / vehicle
Unique to the electrical trade
Permits
Licenses
Bonds
Inspections
Trade Association
Subscriptions
Memberships
Dues
Retainers
Safety PPE
-Lock-out/Tag-out kits
-Fall prevention harness
-Arc-flash clothing
-Hard hats
-Safety glasses
-Hearing protection
Tools
Company Tools
Safety Equipment
Ladders
2-way Radios
Test Equipment
Replacement Parts
Parts Storage
Damages
Tool Replacement
Job site storage
Misc.
Trips to Supply House
Theft
Uncollected Money
Collection fees
Unbillable Hours
Commissions
Call Backs / Warranty work
Shortages
Bad Checks
Delivery
Credit Card Sales
Drug Testing
Legal
Legal advice
Law Suits
Incorporation / LLC fees
Advertising
Marketing
Business cards
Signs
Radio / TV
Newspaper
Flyers / brochures
Material Purchases
Inventory
Labor
Wages
Salaries
Dispatcher
Answering Service
jumper
Senior Member
- Location
- 3 Hr 2 Min from Winged Horses
Never forget that the secretary at Town/City hall/Public works dept actually controls the inspectors schedule. Be very nice to her/him.
Thanks guys. There truly is A LOT to look after. I hope that I can do all this in stages.
tyha
Senior Member
- Location
- central nc
That list is so awesome. I have had my own commecial econ comp for almost 10 years and still dont have half that sh*t......... Just joking, great list wish i would have seen ten years ago. To the the OP ---- if your just starting out and I'm assuming you have most answers for any field stuff I would say Numero uno is Quickbooks ( and use it for everything attached to that business and learn and good and consistant way to estimate. Teach yourself, I did. Its not impossible. Best of luck. WTEC
stevenje
Senior Member
- Location
- Yachats Oregon
Amen Brother! :thumbsup:
CopperTone
Senior Member
- Location
- MetroWest, MA
get quickbooks and learn how to use it. Use quickbooks every day. don't let the paerwork/computer work build up. Get a good accountant. Pay yourself regularly but don't spend all the money you make. You need to have a bankroll to run your business. You have to build it up - it won't happen overnight.
Advertise locally. build a website - even a simple one. lots of people search for electricians that way.
Always pay your taxes, your help, and suppliers on time.
work hard at it. no one will give it to you.
be honest - sometimes all you have is your good word. Don't screw people - you would be amazed how quick word gets around about people when it is bad news. I've seen local businesses go out of business in 6 months because of the negative local buzz - and I've seen the same thing go the other way and businesses take off.
Advertise locally. build a website - even a simple one. lots of people search for electricians that way.
Always pay your taxes, your help, and suppliers on time.
work hard at it. no one will give it to you.
be honest - sometimes all you have is your good word. Don't screw people - you would be amazed how quick word gets around about people when it is bad news. I've seen local businesses go out of business in 6 months because of the negative local buzz - and I've seen the same thing go the other way and businesses take off.
Last edited:
cadpoint
Senior Member
- Location
- Durham, NC
Yes, throw some numbers on that list! +
If RRP is First Aid, then thats covered and there is no mention of phones but that now can provide GPS services that
could also be considered compnay tools...
480, your my hero...
If RRP is First Aid, then thats covered and there is no mention of phones but that now can provide GPS services that
could also be considered compnay tools...
480, your my hero...
cadpoint
Senior Member
- Location
- Durham, NC
If you haven't already call Uncle Sam get a tax ID number for quarterly installments, and be sure to pay your way.
- Status