Is now the time to go into business?

[peter d]

No doom and gloom there 3 billion dollars going into the steel point /bridgeport area alone .

$3 billion worth of bombs? I dunno, that number sounds a little crazy to me. What's your source?

 

[satcom]

When you see 50% of the EC's cut and run, and the work is 60 to 70% less then 2 years ago, In my opinion, someone, would have to be on some good drugs, to enter a starving market, unless they have no one depending on them, and a bundle of money to throw away.

 

[mdshunk]

When you see 50% of the EC's cut and run, and the work is 60 to 70% less then 2 years ago, In my opinion, someone, would have to be on some good drugs, to enter a starving market, unless they have no one depending on them, and a bundle of money to throw away.

I'd ignore Satcom. While he generally offers good advice, the doom and gloom is wearing a little thin. There's tons of work out there. I identify untapped income sources almost every week. It's not as "easy" as it was in the past, but the work is still out there. If a guy only wants to pick low hanging fruit, then he probably should not enter the market now. There is still plenty of fruit on the tree, however.

 

[khixxx]

I don't think the OP is as experienced as most (Nothing personal). It's nice to have hope, but you have to use common sense. My decisions are based on facts.

 

[NolaTigaBait]

I'd ignore Satcom. While he generally offers good advice, the doom and gloom is wearing a little thin. There's tons of work out there. I identify untapped income sources almost every week. It's not as "easy" as it was in the past, but the work is still out there. If a guy only wants to pick low hanging fruit, then he probably should not enter the market now. There is still plenty of fruit on the tree, however.

i have to agree with Marc on this one....everyone NEEDS an electrcian at some point....i don't think that i'm experienced as most on this forum, but, I work for myself....it's all about you....you have to get out there and make the connections, pass out cards, whatever!....don't take this the wrong way, but sometimes you just gotta man up and do it.

 

[mdshunk]

Make no mistake, being profitable right now is a lot of work. When the economic climate turns around, the skills you learn now due to the current market conditions will reap rewards later. Muddle through now, and you'll be crazy profitable when things come round again.

 

[tonyou812]

When you see 50% of the EC's cut and run, and the work is 60 to 70% less then 2 years ago, In my opinion, someone, would have to be on some good drugs, to enter a starving market, unless they have no one depending on them, and a bundle of money to throw away.

Nonsense!! Im doing OK ...I started out on my own at the begining of this year. Sure I had some low points but its only getting better for me. And I feel myself becoming better in many ways.
I really get a kick out of doom and gloom guys like you. You make me laugh and I appreciate that if not for the entertainment value!

 

[sgr1]

Something else you need to put a nice sign on your truck with the name and phone numbers. I got a call today to come and pick up some prints on 5 building because a friend of his seen my name on my truck and wrote the number down. A hunting buddy of his.

 

[JohnME]

I don't think the OP is as experienced as most (Nothing personal). It's nice to have hope, but you have to use common sense. My decisions are based on facts.

Nothing personal here either, but I don't think I have ever stated my credentials on this site.

I really appreciate all of the ideas/advice here guys. I had a nice chat with a GC today and we both agree that the entire construction industry is flawed, if you will- the GC's take the lowest bidders yet expect top notch craftsmanship.

So basically, you try to undercut everyone in your path and then scramble to try to turn a profit on something already pretty darn low.

His idea? Find another business venture.

 

[NolaTigaBait]

yeah, if you only work for gc's , you wil run into that more often....regular customers is a different story...

 

[emahler]

without a proper business plan (not necessarily written) no time is a good time to go into business...right now, going into business without a very well thunk out plan, is simply financial suicide...

 

[NolaTigaBait]

[QUOTE His idea? Find another business venture.[/QUOTE]

if you take this kind of advice, you'll never go into business for yourself......don't you realize that someone always has something bad to say about taking risk?....ya know why?...b/c they are scared to do it themselves...i run into this all the time

 

[robwire]

When you see 50% of the EC's cut and run, and the work is 60 to 70% less then 2 years ago, In my opinion, someone, would have to be on some good drugs, to enter a starving market, unless they have no one depending on them, and a bundle of money to throw away.

50-60% are cutting and running????????

Work has slowed down but not that much

I went into business for my self 2 years ago. After I got my License my old boss gave me a dollar raise,I bought a van,my boss fired my beacuse I got a van,on the same day my wife went out on maternity leave. Him firing me was the best thing that ever happened to me.

My first year was good,second year was so so with the whole economy thing BUT I have signed contracts on a ton of work right now that equal to more then I grossed for this entire year.So my 3rd year is gonna be great.People still need work done.People seem to be spending more since the price of gas has come down(for small jobs) People are either spending money to get rid of it before Mr Share the wealth takes office or they think things are gonna get better(for the big jobs)I got my throat cut big time today(by 16,000) So some guys are struggling but they won't last long

Go for it dude,If you want to be the boss just do it,if you ask when to do it on here the doom and gloom people will just try to scare you.

Let me guess that one of them sent you a private message,probably the same one I got like 2 years ago.

 

[peter d]

People are either spending money to get rid of it before Mr Share the wealth takes office or they think things are gonna get better(for the big jobs)I got my throat cut big time today(by 16,000) So some guys are struggling but they won't last long

I agree, the ones who compete on low price alone can't play that game forever. Eventually it comes to an end.

Being an EC is far more about business than installing electrical work.

 

[480sparky]

I agree, the ones who compete on low price alone can't play that game forever. Eventually it comes to an end.....

Unfortunately, they're like drug dealers. As soon as one gets out of the business, there's a dozen more waiting to take their place.

 

[emahler]

Unfortunately, they're like drug dealers. As soon as one gets out of the business, there's a dozen more waiting to take their place.

nah...drug dealers understand margin and profit much better

 

[480sparky]

nah...drug dealers understand margin and profit much better

Touch? .

 

[satcom]

without a proper business plan (not necessarily written) no time is a good time to go into business...right now, going into business without a very well thunk out plan, is simply financial suicide...

Good advice, I went thru the 70's down turn, I cleaned tiolets at night and did what little elecrtrical came along, back then there was a auction or a contractor selling what he had legt for pennies oon the dollar, but don't try to warn anyone of the problems business can have in a deep recession, they will snap back with your all doom and anti business, I have see a both the good and bad, gome and go, and with each cycle, a lot of guys loose out, especally if they din't have a business plan. If your planning on leavng a job, that is fine, just make sure you can make 3 times the income the first year, that is what you will need to make it pay, unless you can pay all your expenses, and overhead and benifits, with a decent retirement fund, then stay an employee. If you don't think this is needed, I can assure you it is.