Anyone interested in givng advice for failing EC

[Rewire]

OBAMA..One Big Ash Mistake America!

This is Mikeholt.com not Hannity.com

 

[petersonra]

This is Mikeholt.com not Hannity.com

I might agree for the most part with the poster's expressed sentiments, but it seems an inappropriate forum for such discussions.

There is a fundamental change in our economic system in the works here though that is certainly relevant to small business owners and employees like many of us.

 

[gardiner]

During one of our previous downturns in the economy I had a small company I was very happy with, unfortunatly to get any jobs I had to take a loss with my bid. This is something I was not in favour of nice to have work but I felt I could go bankrupt without asking for a faster route. My son (ten years old at the time) came up with the idea that I used to save my company. Everyone was and still is interested in energy savings I took some time learned all I could about low cost methods of reducing energy consumtion. from this I started offering a servce of going in and checking the house out and give estimate on reducing costs (chauking, insulation, cleaning appliances, etc...) I then got myself involved with a couple of other contractors on the verge of insanity due to no business and we started working togehter with me pulling 10 % of the gross for any job I got them. between what I could do myself and the little I got from them I made a nice little income. It did get me through the rough time and into the better. I got fed up with the ups and downs of business and took a regualr job the energy reduction business is handled by my son,different contractors working with him but he make a nice living out of setting up the work for others.

 

[LawnGuyLandSparky]

...
My son (ten years old at the time) came up with the idea that I used to save my company. ...

Aren't kids great?! This is why adults always ask kids what they want to be when they grow up. Because they're looking for ideas!

 

[Fulthrotl]

I have been active in some peer groups, and have been getting more leads from that, but the leads amount to, your price is too high XXX will do it for this, and XXX gets the work.

Would anyone seasoned like to chat privately, or offer some mentoring. I would appreciate it. Being competitive is important to me. It is hard to find an unbiased point of view from someone in this position, to get advice, for that matter one that will offer it.

I have taken alot of great information from this forum.

Thank you to all that contribute.

well, we all are getting a sharp end of the stick lesson in economics right now.

an analogy might be not necessarily the auto industry, but the autos.

in the 1960's, you could buy a musclecar that put out close to 500 hp, with
gobs of torgue, and got 7 mpg.

it had no engine controls to speak of. the carb poured fuel like a toilet flushing
and the engine timing controls were as finely tuned as a weight on a string
being swung by a 12 year old.

then gas went to 75 cents a gallon, and our economy tanked.

cars were hobbled with engine controls that didn't work, and a car bought
in '73 was lucky to be able to merge onto the freeway.

and people started to manage the burn of the fuel, and it took a while, and
finally today you have cars producing 400+ horsepower, getting good mileage.

and we've had a good run when you could still make money dumping fuel down
the intake, without worrying about controlling the burn efficiently.

that's over. from here on out, you squander, you die. not a nice way to put it.
either squandering time, or money. it doesn't matter which.

what i'm doing is cleaning up the slop in my game. better cost controls,
but more clearly defining what i want my business to look like. who i want to
play with, and what my standards need to be. a clearly defined business plan.
accurate cost controls. a plan to grow and enlarge towards a realistic, stable,
profitable small business with a pre tax gross of $150 k per year. minimum.

if you whittle yourself to fit anywhere, you trim yourself down to nothing. it's
time to quit trying to be all things to all customers. it doesn't work.

here's a $17 capital investment i'd make if i were you. get a copy of
Book Yourself Solid, by Michael Port. read it, and do it. see what changes.

oh, and for all you cantankerous old gasbags here who've been saying things
about managing your business that i didn't like to hear, well, your'e right.
if you're a one man band, and you aren't grossing a minimum of $13k a month,
then it's a hobby and not a viable concern.

are y'all happy now?


randy

 

[Dnkldorf]

(pulls out the Heineken holiday 5 pack, and hands it to randy)

 

[Rewire]

In 73 you could by a corvette for 6 grand.

I have to wonder sometimes if some who post here are even in business or just posers and wannabes. As for me just check my profile hit my web page I'm the fat guy on the left and everything you see from vans to building I earned by doing electrical contracting.

Nobody handed me this business I built it from the ground up. And its all dept free.I learned alot of my lessons the hard way,I had to make the mistake. Any advice I give is based on my personal expierience and my not work for or even apply to you.I offer it only that you may gain your expierience in a less painful way.

I came to this forum in hopes of gaining knowledge and insite into how to become better at what I do and to avoid the mistakes and pitfalls that others who are in business have encountered.

randys post has been one of the best I have seen .

 

[Palmbay]

I have been putting myself out there like at an obnoxious level. I feel like the cliche salesman. I have had people actually slam the phone in my face, and tell me point blank they don't need an electrician they already have one.

Then I get a call from this guy that is working for a EC that has left the country. He is wanting to bring contacts and jobs with him for a job so he can keep working. Lot of red flags, but could work out. He told me he can't get materials any more, for the jobs going on.

Seems like this is happening more and more lately. We still have a saturated market here though. For me, and I can be way off, it seems like the high end residential is where the ECs are not hitting the mark. I have been focusing on that market.

I would like to keep this on topic guys. Respect Respect.

 

[Palmbay]

well, we all are getting a sharp end of the stick lesson in economics right now.

an analogy might be not necessarily the auto industry, but the autos.

in the 1960's, you could buy a musclecar that put out close to 500 hp, with
gobs of torgue, and got 7 mpg.

it had no engine controls to speak of. the carb poured fuel like a toilet flushing
and the engine timing controls were as finely tuned as a weight on a string
being swung by a 12 year old.

then gas went to 75 cents a gallon, and our economy tanked.

cars were hobbled with engine controls that didn't work, and a car bought
in '73 was lucky to be able to merge onto the freeway.

and people started to manage the burn of the fuel, and it took a while, and
finally today you have cars producing 400+ horsepower, getting good mileage.

and we've had a good run when you could still make money dumping fuel down
the intake, without worrying about controlling the burn efficiently.

that's over. from here on out, you squander, you die. not a nice way to put it.
either squandering time, or money. it doesn't matter which.

what i'm doing is cleaning up the slop in my game. better cost controls,
but more clearly defining what i want my business to look like. who i want to
play with, and what my standards need to be. a clearly defined business plan.
accurate cost controls. a plan to grow and enlarge towards a realistic, stable,
profitable small business with a pre tax gross of $150 k per year. minimum.

if you whittle yourself to fit anywhere, you trim yourself down to nothing. it's
time to quit trying to be all things to all customers. it doesn't work.

here's a $17 capital investment i'd make if i were you. get a copy of
Book Yourself Solid, by Michael Port. read it, and do it. see what changes.

oh, and for all you cantankerous old gasbags here who've been saying things
about managing your business that i didn't like to hear, well, your'e right.
if you're a one man band, and you aren't grossing a minimum of $13k a month,
then it's a hobby and not a viable concern.

are y'all happy now?


randy

Good post. Clean the slop is good advice.

Got any budget numbers for basic marketing campagin. Logo, webpage, slogan. I may be missing some of the basics. These items I think are the foundations to marketing. you take these pieces to create all the great fliers, van signs, yard signs, shirts, pens, stickers, ect....

www.corneliuselectric.com

How about some input. I am just a dumb electrician, the web stuff is way over my head. I have read for hours on how to put a site together, and I have know idea how to make a decent one.

Thank you

 

[bradleyelectric]

Have you had the page indexed? Change the customer survey to a testimonial page. Mail the survey within a week of completing the job with a self stamped return addressed envelope.

 

[jimmyglen]

Mike

it was good talking with you the other day - I think in the long run you will be fine - hang in there

Randys post really does hit home - I think a lot of guys are getting caught in the lurch

best of luck to everyone on this board

 

[Dnkldorf]

Got any budget numbers for basic marketing campagin. Logo, webpage, slogan. I may be missing some of the basics. These items I think are the foundations to marketing. you take these pieces to create all the great fliers, van signs, yard signs, shirts, pens, stickers, ect....

IME only (electrical side only)

Logo @$200
Slogan $0 (don't have one)
Web site $300-?

Word of caution, just like some electricians, it seems anyone with a computer and basic graphic experience call themselves marketting firms.

And just like some electricians, some marketting firms will try and BS you into buying things you don't need.

Get multiple ideas and quotes first. (and don't pay monthly retainers)

 

[jimmyglen]

also

most E.C's have always had business come them - going out and being proactive is 100 times harder then just answering the phone and responding

dont give up on being proactive

make a sales plan - go spend 99 cents on a spiral notebook and do nothing but keep track of PROACTIVE sales leads and your progress

when I get rejected I just tell myself "Oh I have been kicked out of better places than that" and that keeps me going

 

[petersonra]

also

most E.C's have always had business come them - going out and being proactive is 100 times harder then just answering the phone and responding

dont give up on being proactive

make a sales plan - go spend 99 cents on a spiral notebook and do nothing but keep track of PROACTIVE sales leads and your progress

when I get rejected I just tell myself "Oh I have been kicked out of better places than that" and that keeps me going

we used to have a salesman who often said something along the lines that a salesman is someone who has to be able to accept rejection, as most of the time that is what happens when you make sales calls.

 

[Fulthrotl]

Got any budget numbers for basic marketing campagin. Logo, webpage, slogan. I may be missing some of the basics. These items I think are the foundations to marketing. you take these pieces to create all the great fliers, van signs, yard signs, shirts, pens, stickers, ect....

www.corneliuselectric.com

How about some input. I am just a dumb electrician, the web stuff is way over my head. I have read for hours on how to put a site together, and I have know idea how to make a decent one.

Thank you

upon reviewing your web site, i may have stumbled onto something...

you aren't doing heavy commercial or industrial work, and nobodys doing much
with houses right now...
i have a dark suspicion that most people looking for a sparky don't get the
buying urge from a web site. building a pretty web site may look good, but
is it really bringing people in the door?

you're probably a pretty smart electrician, and not as good a business owner,
just like me, and most of the guys on here.

high end residential is a difficult thing to make a living with right now, from
what i see. people aren't building them like they used to, and people can't sell
them, 'cause people can't buy them.

all the marketing bling, the websites, all this stuff is stuff i get interested in
when i don't want to do the hard work.... interacting with people.

it's a PITA.

seeing as you asked for specific advice, i'll give you some, as i see you doing
what i do, when i don't want to do what i need to do. i go do something
else.

here's the advice: don't spend another dime on anything, until you go spend
$17 for book yourself solid, by michael port. step away from the keyboard,
step away from the business plan, and go buy the damn book.

read it. follow the instructions. it isn't going to cost you anything to read it.
if you are lucky, when you start doing it, your head will immediately start
saying... "oh, crap.... i don't want to do this, it's bs."

here's a snippet from the book:

"Ninety three percent of clients who have used the Book Yourself Solid
system have increased the number of clients they serve by over 34 percent
and increased their revenue by over 42% within the first year."

so what if it misrepresents itself, and you only increase your revenue 30%.
you gonna want your $17 back?


randy