Happy with your EC business?

[mark32]

Hello, I am at a point in my career in which I can start my own business but am unsure if I should. In your experience, are the perceived stresses and associated fees worth it to be your own boss?

Mark

 

[brian john]

I feel my time spent in business was well spent, I enjoy what I do, I have made slightly more money than I would as an electrician, and I do what I want within reason.

I have two business partners that hold up there end of the business (after 22 years) and that has taken a lot of the stress off, one partner does all the money issues a big help.

I recently had a major heart attack and continued to collect a check for the weeks I was off, hard to do for most folks. An employer might carry you for a month or so and in business by yourself with no assistance you might be in deep trouble. Paycheck protection is expensive but worth the cost for a sole proprietor

 

[macmikeman]

I'm finding it very stressful, what with trying to park all those Lexus cars and Escalades in my driveway. And trying to keep track of all the supermodel girlfriends, and geez do you know how difficult it is to sit up straight when you have an extra 50 lbs of gold chain wrapped around your neck? It's not worth it....:grin:

 

[mdshunk]

So far, so good, but the stress for me is overwhelming at times. There are many days when I wish I could strike someone else's time clock, then a several thousand dollar check comes in the mail. I'm not sure which way I like it better, to tell you the truth. If I had a partner, it would be so much more bearable.

 

[kbsparky]

I've been on both sides of this fence:

I was in business for 20 years (1978-1998), then took up an offer to merge with one of my customers, under a 5-year contract. My pay and benefits were all spelled out, and I would continue to service all my existing customers under the new company. I even got the right to take the van home every night, thus eliminating the need to own and maintain a vehicle for commuting.

Basically, I was going to continue doing what I like to do best, and that is the actual electrical work. The company was supposed to handle things like finding and hiring the help, paperwork, payroll, taxes, purchasing, etc.

This arrangement worked great for about 2 years, after which things started to get wierd. The third year, many of my terms and conditions were altered without my consent, and it appeared to me that they wanted me to quit. By the end of the year, I had enough, and left them to go back into business on my own.

They had failed to honor enough terms of our agreement that I was able to start my own business again without having to worry about any legal problems that might develop (non-compete, etc).

Turns out it was the best move I ever made. My time working for another company showed me many things that I should be doing as a businessman. It also taught me many things not to do as I could see them digging their own grave, but they failed to heed any of my advice or warnings when I was there.

Now it's 5 years later, and I am going strong with more work than we can handle, and they are essentially out of business.

While my experience is unique, the best thing I could offer to anyone considering their own business is be sure you devote enough time and resources to the business end of your company. You will have many long evenings of paperwork, preparing and filing taxes, worker's comp, preparing estimates, etc. Sometimes I wonder if maybe I should work somewhere else again, then a large check arrives and enhances my bank balance considerably. :grin:

 

[ptonsparky]

I don't think I have made any more money than if I had worked for the larger companies in the area. I like doing the actual work and some customers were and are worth having. Don't try to do it all yourself. Good help is worth the money and a good bookeeper is probably worth more. Take a business course and learn the laws that affect you. Pay yourself a wage. You feel more successful if you actually have money in your pocket not just in AR. Be prepared for the customer that decides they don't want to pay. Sometimes you just won't get the money. $23,000 for me in a one year period not counting the lawyer. Took five years to recover but I work in an area with low population density. Some days are great, some are PP.

 

[goldstar]

I agree whole-heartedly with everything kbsparky said but this sums it up in a nutshell :

This arrangement worked great for about 2 years, after which things started to get wierd. The third year, many of my terms and conditions were altered without my consent, and it appeared to me that they wanted me to quit. By the end of the year, I had enough, and left them to go back into business on my own.

You either work for yourself and put up with the stress or work for someone else and put up with the stress they impose on you. The main difference is that you get to go to the bank with what you earn from your business instead of going home with what they think you're worth at the end of the week working for them.

Being in your own business may not be for everyone. But, I've found that once you've been in business for yourself, you can't go back the other way (easily that is).

 

[jeff43222]

I've found it to be a mixed bag. Running your own operation is stressful, especially at the outset. Scheduling is always a challenge, as is estimating. Theoretically, you get to call you own shots, but in the end you have to do so based on the market. There's also a lot of non-revenue-generating stuff you have to spend time on (all those "free" estimates, business management, searching for materials, pulling permits, etc.). I've found it difficult to operate very efficiently when I'm being pulled in many different directions and having to do everything myself. Business has been OK, but nowhere near where I'd like it to be. There's no way I could afford to hire help. And when your business is your sole source of income, it tends to be on your mind most of the time.

Some people hate being an employee, but I think a lot depends on the company. I hated being an employee at some jobs, and really enjoyed it at others.

 

[JohnE]

And when your business is your sole source of income, it tends to be on your mind most of the time.

For me this is it. The biggest difference between working for someone and having your own show. My business is on my mind when I don't want it to be. Almost always. Whether I'm on vacation, weekends, whatever. When I'm busy I can't stop thinking about how I'm gonna get to everything, and when I'm slow, well you know.

I take the good with the bad though. For me the good still outweighs the bad.

I will say, though, that I have a few guys who do side work. One in particular. If you compare what he makes with me and with benefits, and what he also makes in side jobs, I don't think he would make as much working for himself as a one man shop. And he does have all the insurance and license so his side work is legit.

John

 

[bkludecke]

I like working for myself. I don't get along with other people very well. My employees hate me but they stick around because I offer the best pay/benefits in the area. My customers hate me and what I charge but they stick around because I offer the most reliable and most professional work around. I make decent money (never enough) and am free do do what I want most of the time (which is running my business). My wife is my partner and she does the payroll, book-keeping, billing, etc., she hates my guts too but sticks aroung because she like the security of my life insurance policy. Life is good!!!

 

[threephase]

If it helps any, I like you !!

 

[brian john]

It is stressful, note the line in my 1st post regarding a heart attack, perfect cholesterol levels, perfect blood pressure, in shape, do not smoke or drink. Doctor thinks it must stress.

I like making my own decisions, and I make a mistake I kick myself in the tushie not someone else.

One thing for sure I do not think I could work for anyone else.

My customers respect and like me, my employees respect and like me. Don't think I could do this if it was the other way around and our wives are not permitted in our office.



YOU SAID
My customers hate me and what I charge but they stick around because I offer the most reliable and most professional work around. I make decent money (never enough) and am free do what I want most of the time (which is running my business). My wife is my partner and she does the payroll, book-keeping, billing, etc., she hates my guts too but sticks around because she is like the security of my life insurance policy. Life is good!!!

 

[ramsy]

I like working for myself. I don't get along with other people very well. ...My wife.. hates my guts too but sticks around because she like the security of my life insurance policy. Life is good!!!

Necessity is the mother of invention, and if I didn't have to kiss a$$ I wouldn't either. But, if she knew about the insurance policy, I might set up the Valentines day, box of chocolates as an automatic deduction; just in case she might considered me more trouble than the lump sum I could be traded for.

 

[hardworkingstiff]

I like working for myself. I don't get along with other people very well. My employees hate me but they stick around because I offer the best pay/benefits in the area. My customers hate me and what I charge but they stick around because I offer the most reliable and most professional work around. I make decent money (never enough) and am free do do what I want most of the time (which is running my business). My wife is my partner and she does the payroll, book-keeping, billing, etc., she hates my guts too but sticks aroung because she like the security of my life insurance policy. Life is good!!!

I think I could love to hate you. :grin:

Actually, I have some of the same issues.

 

[jeff43222]

Necessity is the mother of invention, and if I didn't have to kiss a$$ I wouldn't either. But, if she knew about the insurance policy, I might set up the Valentines day, box of chocolates as an automatic deduction; just in case she might considered me more trouble than the lump sum I could be traded for.

I'm pretty sure actively trading someone in for a life insurance payout is very seriously frowned upon in most states.

 

[JohnJ0906]

It is stressful, note the line in my 1st post regarding a heart attack, perfect cholesterol levels, perfect blood pressure, in shape, do not smoke or drink. Doctor thinks it must stress.

Brian, I hope you are enjoying a comforable and speedy recovery.

 

[hardworkingstiff]

Hello, I am at a point in my career in which I can start my own business but am unsure if I should.
Mark

Of course none of us on this board can answer the question for you.

IMO, these are some things that an entrepreneur should be able to do:

*Be good with managing money. There will be times when you will have tens of thousands of dollars in the bank and life is great. Do you have the willpower to not spend it and hold it for slower times?

*You need to be bold and forceful, but yet in a kind and caring way.

*You need to organized.

*You need to be able to plan ahead.

*You need to be willing to work 7 days a week and every waking moment when called for.

*It helps if you are good with managing people.

*You need not be afraid to charge (what it is really worth) for your services.

The list continues, I hope others will add more to this list. In your present job do you show up exactly on time or a couple of minutes late, or do you show up 10 minutes early (not expecting to be paid for this 10 minutes)eager to get going? Do you hustle on the job? Plan the work and work the plan everyday? These are some more things an Electrical Contractor must do. For me, it's a way of life.

"In your experience, are the perceived stresses and associated fees worth it to be your own boss? " ABSOLUTELY! I don't believe I could ever work for someone else again. Maybe when I am ready to retire, but then why would anyone want me then? :smile:

 

[mark32]

Thanks guys for the valuable insight. I do love the trade, I view it more as a hobby than work. However, I am not a fan of stress, I don't charge enough, I have a hard time trusting the quality of work performed by others (Hired Employees) and the thought of a customer not paying makes me crazy. I guess I'm not cut out to run my own shop, at least not full-time. A county/state job is starting to sound good.

Thanks again,

Mark

 

[speedystevie]

A county/state job is starting to sound good.
Mark

I would rather wake up every morning and repeatedly hammer my thumb, the same one every day.

 

[wireman3736]

I've found it to be a mixed bag. Running your own operation is stressful, especially at the outset. Scheduling is always a challenge, as is estimating. Theoretically, you get to call you own shots, but in the end you have to do so based on the market. There's also a lot of non-revenue-generating stuff you have to spend time on (all those "free" estimates, business management, searching for materials, pulling permits, etc.). I've found it difficult to operate very efficiently when I'm being pulled in many different directions and having to do everything myself. Business has been OK, but nowhere near where I'd like it to be. There's no way I could afford to hire help. And when your business is your sole source of income, it tends to be on your mind most of the time.

Some people hate being an employee, but I think a lot depends on the company. I hated being an employee at some jobs, and really enjoyed it at others.

After reading through all the responses I have to say jeff43222 response would be the best way to describe how I feel about my business and being a sole proprietor. I'm going on 4 years as my own boss and I have to say I don't think I could go back to working for someone else.