Joethemechanic
Senior Member
- Location
- Hazleton Pa
- Occupation
- Electro-Mechanical Technician. Industrial machinery
Is going into business worth it?
- Thread starter Pinnie
- Start date
Enough to cover 6 months of personal living expenses. That’s over and above what you need to get the business going.
Yeah that sounds more like what I am thinking as well. My wife works 24 hours a week (2 12 hour shifts) and can cover our mortgage by herself. I need to sit down and get our finances a little more down pat because we spend a lot on stuff we don’t need.
Eddie702
Licensed Electrician
- Location
- Western Massachusetts
- Occupation
- Electrician
Congrats to those who made it work for a long time.
One of my mistakes was I tried to do everything and there is not enough hours in a day. When you start and run a business your always worried about having enough work so one of my mistakes was taking on too many different things because you need the work. but you get stretched too thin. Sometimes you get bogged down in things that are not your sweet spot.
Best thing is to carve out a niche. Sounds like @Mystic Pools did that successfully. I didn't that was one mistake.
A lot of successful contractors do one or two things.
As an example, my buddy had a neighbor across the street that needed there old Victorian rewired and updated. It was all old knob and tube. He didn't want to get involved.
The neighbor asked around and found two women electricians who specialized in old work and they did the job and were in and out in no time.
This kid on You Tube Jacob Palmer has some videos out. He is like 23 years old and just does residential and started his own business as soon as he got his license. Doing well, I guess.
Most important also is to CHARGE ENOUGH and get the bills out or get paid ASAP. Stay away from GCs that jerk you around.
Stay away from the new flashy 60K truck. Learn the business end because that is a big HUGE part of it. And just because it's not your favorite part you still have to do it's not just twisting wire nuts and pulling wire I wish it was.
Insurance, taxes, payroll. What do you do when your truck goes down?
One of my mistakes was I tried to do everything and there is not enough hours in a day. When you start and run a business your always worried about having enough work so one of my mistakes was taking on too many different things because you need the work. but you get stretched too thin. Sometimes you get bogged down in things that are not your sweet spot.
Best thing is to carve out a niche. Sounds like @Mystic Pools did that successfully. I didn't that was one mistake.
A lot of successful contractors do one or two things.
As an example, my buddy had a neighbor across the street that needed there old Victorian rewired and updated. It was all old knob and tube. He didn't want to get involved.
The neighbor asked around and found two women electricians who specialized in old work and they did the job and were in and out in no time.
This kid on You Tube Jacob Palmer has some videos out. He is like 23 years old and just does residential and started his own business as soon as he got his license. Doing well, I guess.
Most important also is to CHARGE ENOUGH and get the bills out or get paid ASAP. Stay away from GCs that jerk you around.
Stay away from the new flashy 60K truck. Learn the business end because that is a big HUGE part of it. And just because it's not your favorite part you still have to do it's not just twisting wire nuts and pulling wire I wish it was.
Insurance, taxes, payroll. What do you do when your truck goes down?
Yeah I’ve seen his videos. He’s doing very well for his first year. He’s busting his hump doing residential which I would like to avoid.
Yeah you have to know your numbers well. That’s not the fun part but if you don’t you’ll lose.
ramsy
NoFixNoPay Electric
- Location
- LA basin, CA
- Occupation
- Service Electrician 2020 NEC
That's right.
Capital concerns not focused on the regulatory environment will be ignorant of rival adaptations.
Around 2006 while sitting on the wait lists, or union books, I called a few solar shops for work, and their objection to hiring journeymen was liability with side work. They complained employer's equipment found on side jobs, stenciled with the shop name, was getting them sued.
At that time shops that survived were hyper vigilant about side work, and our local business manager was enforcing sanctions against journeymen caught truck slamming without licensing, or employee insurances, but the regulatory environment has changed.
As each administration defunds regulatory enforcement, the economy produces more scams that ignore Do Not Call Registry, bugger us by phone, and for a time provided accident attorney's a gold rush of damage awards, until Tort Reform castrated the law for certain campaign contributors.
With corporate Tort enforcement less lucrative, an army of hungry accident attorneys now fight over car accidents, and construction defects.
- Location
- Wisconsin
- Occupation
- PE (Retired) - Power Systems
I remember decades ago getting a free new water heater at the lake house, because the plumber never sent a bill. After 12 months we stopped asking for it.