In Your Opinion...

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G & G Electric

Member
Greetings to all,

Me and a buddy of mine recently started a small EC shop here in Central Texas, and would like to get a couple of opinions on something. To make a long story short, we haven't really advertised, don't have any contracts, or any leads for that matter. And my buddy and I are still working full time just trying to maintain our own family lives (bills, etc...). However, we have $25,000 to use as needed to get off the ground. That being said, I have a '93GMC half ton, mechanically sound, with a utility bed, ladder rack, and ready to roll. It will cost around $1200 to get a fresh coat of paint and company info painted on. My buddy wants to go drop $13,000 on a newer van instead. I believe that would be a foolish move as we have no income from our company as of yet. What do you guys/girls think? I appreciate and heed advice from ya'll. Thanks!
 
steelersman

steelersman

Senior Member
Location
Lake Ridge, VA
G & G Electric said:
Greetings to all,

Me and a buddy of mine recently started a small EC shop here in Central Texas, and would like to get a couple of opinions on something. To make a long story short, we haven't really advertised, don't have any contracts, or any leads for that matter. And my buddy and I are still working full time just trying to maintain our own family lives (bills, etc...). However, we have $25,000 to use as needed to get off the ground. That being said, I have a '93GMC half ton, mechanically sound, with a utility bed, ladder rack, and ready to roll. It will cost around $1200 to get a fresh coat of paint and company info painted on. My buddy wants to go drop $13,000 on a newer van instead. I believe that would be a foolish move as we have no income from our company as of yet. What do you guys/girls think? I appreciate and heed advice from ya'll. Thanks!
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I like your idea better. Why spend the money when you don't need to?
 
Fulthrotl

Fulthrotl

~Autocorrect is My Worst Enema.~
Location
HB, CA (19 Hrs. 22 Min. from Winged Horses)
Occupation
E
G & G Electric said:
Greetings to all,

Me and a buddy of mine recently started a small EC shop here in Central Texas, and would like to get a couple of opinions on something. To make a long story short, we haven't really advertised, don't have any contracts, or any leads for that matter. And my buddy and I are still working full time just trying to maintain our own family lives (bills, etc...). However, we have $25,000 to use as needed to get off the ground. That being said, I have a '93GMC half ton, mechanically sound, with a utility bed, ladder rack, and ready to roll. It will cost around $1200 to get a fresh coat of paint and company info painted on. My buddy wants to go drop $13,000 on a newer van instead. I believe that would be a foolish move as we have no income from our company as of yet. What do you guys/girls think? I appreciate and heed advice from ya'll. Thanks!
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old truck, new tires, new paint.
no payment.

sounds good.

new truck.

no money.

doesn't sound so good.
 
B

bbe

Member
Location
N.C.
When i started i had a 20 year old, 1 ton with service bed i didnt even paint it just went to work. To everyone here i looked like a trunk slammer probably but i had license, liability ins etc. Anyway i worked and saved up enough money to buy a used van and get it lettered. Thats currently where im at but its paid for and im still working and saving and when needed i'll buy something newer hopefully a cutaway with a kuv bed. Any way i say work with what you have until you got business coming in and money in the bank then buy something better. Heck with the cost of doing business all it takes is a few slow months and that nest egg will get smaller. Just my opinion. Good luck starting up. Hey why not put some of that maney youhave in advertising.
 
G

G & G Electric

Member
bbe said:
When i started i had a 20 year old, 1 ton with service bed i didnt even paint it just went to work. To everyone here i looked like a trunk slammer probably but i had license, liability ins etc. Anyway i worked and saved up enough money to buy a used van and get it lettered. Thats currently where im at but its paid for and im still working and saving and when needed i'll buy something newer hopefully a cutaway with a kuv bed. Any way i say work with what you have until you got business coming in and money in the bank then buy something better. Heck with the cost of doing business all it takes is a few slow months and that nest egg will get smaller. Just my opinion. Good luck starting up. Hey why not put some of that maney youhave in advertising.
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We've recently started advertising in the Yellow Pages, but it will be a couple of months until the new edition of the book comes out, damn the luck. There are a few local classified papers here in town, but honestly I don't know where to begin. I took on my partner for his business sense, but neither of us know the propers of what it takes or who to know to bid on jobs. For being in the trade 14 years and holding a masters license, it may seem as though I've been living under a rock for not knowing this stuff, but I've always been the guy to show up every day, give it hell till they tell me to leave, and don't ask many questions about the business unless my paycheck bounces. I guess that's coming back to haunt me. I get sage advice reading the replies, and I understand there is no secret formula to it, but where does one start? A few service calls now and again isn't really cutting it.
 
B

billdozier

Senior Member
Location
gulf coast
How close to houston are you guys. Can you get in on that nest eggs. I dont know much about contracting but I do know about hurricane work. I went from working from a large company to working for a small one after Ivan. Wed pull up on a steet and catch a ton of powerpack service jobs. Unfortunately you may be too late for that game but theres probaly tons of remodel work Id head that way and get to know some of the contractors in that area. Good luck guys
 
Minuteman

Minuteman

Senior Member
Location
The Sooner Nation
What every you do, hang on to part of that $25K to cover you and your bills for slow paying jobs. No matter how good you are, there will be times when it takes longer than you thought to get your money from a job.
 
ceb58

ceb58

Senior Member
Location
Raeford, NC
G & G Electric said:
Greetings to all,

don't have any contracts .

However, we have $25,000 to use as needed to get off the ground.

It will cost around $1200 to get a fresh coat of paint and company info painted on. My buddy wants to go drop $13,000 on a newer van instead.
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You and your buddy will be better off dropping some money on an attorney and accountant.
Have a contract drawn up between both of you. Spell out who is responsible for what. How much should each draw as pay. Starting a bussness with some one can be a nightmare or if the ground rules are set down from the beginning it could be well worth it for both of you.
Then have contracts drawn up for your state and area. A good construction attorney can customize a contract for your situation and types of work. You may have a contract for new construction and a different one for remodel to service work.
I have a "standard" contract my attorney drew up after reading I went back and added some things such as "I will place trash from the elect. installation in one location but I am not responsible for removal from job site."
 
N

nafis

Senior Member
Location
Palestine,tx
A piece of advice ?. getting your contract ready in place that?s more important then new Van . by the way I am in tx as well dallas
 
H

hillbilly

Senior Member
bikeindy said:
Your buddy is a moron who will cause you much pain. Keep him as a buddy and forget the partnership!
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I don't know if I would go as far to say that.....I don't know him....but I will give you some advice.

50/50 partnerships don't work.

Somebody has got to be the boss.

Just my (learned) opinion:wink:.

steve
 
Buck Parrish

Buck Parrish

Senior Member
Location
NC & IN
Your going to need running money for jobs. The more running money you have the bigger jobs you can take on.

IMO If you want to keep your buddy as a friend. You should start your own bussiness, with out him.
It sounds like you are the conservative one any how.
Get out while you can!! Esspecially if you are the sole license holder. In that case you have a lot to loose, he does not.
 
wbalsam1

wbalsam1

Senior Member
Location
Upper Jay, NY
I knew a guy who started a business and immediately bought a $3,000 computer and software to track any income he might receive. I told him until he started making lots of money he could of used an empty coffee can to keep the $$ in, but he insisted in starting out with these types of luxuries.....he didn't get too far and went belly up.
 
M

mattsilkwood

Senior Member
Location
missouri
billdozier said:
How close to houston are you guys. Can you get in on that nest eggs. I dont know much about contracting but I do know about hurricane work. I went from working from a large company to working for a small one after Ivan. Wed pull up on a steet and catch a ton of powerpack service jobs. Unfortunately you may be too late for that game but theres probaly tons of remodel work Id head that way and get to know some of the contractors in that area. Good luck guys
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i was just down there and there was alot of hurricane work but i couldnt believe the amount of new construction going on, commercial and resi. id say if a guy cant find work in that area he isnt looking very hard.

it looked like there is going to be hurricane work in galveston for a long time to come.
 
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