Making the plunge

[peter d]

Other than the fact that work is drying up left and right, the economy is crashing down, the sky is falling and the world is coming to an end, is there any good reason to start a business right now?

 

[drbond24]

...to prove you've got a pair?

 

[peter d]

...to prove you've got a pair?

That's one reason...however that does not pay the bills.

Furthermore I can name a few who may or may not have a "pair" who have started businesses who are just floundering, so try again.

 

[fisherelectric]

http://www.usnews.com/articles/busi.../best-small-businesses-to-start.html?PageNr=2

 

[PCN]

You can get a sweet deal on a work truck right now. Other than that I would want to be very solid financially before diving in right now.

On the other hand if you can survive in this economy you can make it in any economic environment.

 

[Rewire]

Just because you like the smell of flowers does not mean you should become a gardener.

 

[sgr1]

I had been working on starting my business for more than a year and then started in July and I would have to say It sucks so far. I'm getting by but I wanted to do more than that.
I am more of a commericial and industrial guy but all I have been getting is residential stuff. It does pay the bills though. I have very little overhead working out of my house and useing family shop when needed.
I'm just sitting back letting these big guys cut their own throat pricing these jobs so cheap. I'll just go back and work for them till they go out of business.
Unless you have enough money saved up where you can last awhile or already have some work lined up for awhile I might wait a little while and see what happens with the economy. Just my 2 cents. Steve

 

[satcom]

is there any good reason to start a business right now?

You don't like to use a rope, you din't pay your gas bill so the head in the oven is out, and your afraid fo high places, so the bridge jump is out, going in business now, is a sure bet to end it all, and I think business is a good move, when you have the proper planning in place, and the money to get it goingm things are going to improve, soon, so just keep the thought.

 

[sgr1]

I going to that sat com is right I had been planning for awhile to start my business and had quiet abit of money saved and a plan to start my business. I wouldn't start one right now unless you had already planned on starting right now. Steve

 

[peter d]

For the record, I'm well aware of the need for proper planning and financing, among other things, before making a business venture. To do otherwise is quick death especially in challenging times like these.

 

[sgr1]

If that's the case peter d I would go ahead and make the jump.One of the big things is your not going to be working with your tools as much if you succeed, I like working with mine .For my part I always like being in charge and have the challenge of figuring out how to get it done better,quicker,cheaper than anybody else. It does not always work that way though LOL.

 

[satcom]

I going to that sat com is right I had been planning for awhile to start my business and had quiet abit of money saved and a plan to start my business. I wouldn't start one right now unless you had already planned on starting right now. Steve

The market will cycle sectors, and parts of the market may rcover faster then others, so you can't predict when is a good time, but we do know the building starts are down, and in our sector, that is a warning sign, most of the younger guys are entering the business with good planning, and in some cases they already have contracts in place, and don't put all their eggs in one basket, they spred out the risk.

 

[ptonsparky]

Right now I am trying to get a basement dug and forms set for the walls, it will be several weeks before that happens. Everyone is to busy. Cold isn't going to help now but we started this process weeeeeks ago.

We put a new service on a well kept older home and suggested they have it insulated. Zero insulation in the home. Several contractors have not returned calls or just failed to give an estimate. One plain out said not this year. To busy. Tempted to open hang a couple different shingles over the door.

 

[peter d]

Perhaps a few more specifics would be beneficial to this discussion:

1) Financing will not be a problem
2) I have no obligations - no wife, kids, mortgage, or outstanding debt. Heck, I don't even have a car payment. However, buying a home is definitely on the agenda as the market is prime for buyers.
3) I've been promised support from family members to get things started
4) I have a basic assortment of tools and material to start working immediately. And work vehicles can be had for cheap money these days as mentioned already.

Obviously I need a business and marketing plan, as well as advertising.

The trouble lies in the fact that I have electrical skills, but I have very little business knowledge other than what I've learned here. That is probably the case for most EC's from what I gather. I'd like to avoid the pitfalls that so many others find.

 

[electricalperson]

ill work for you peter

 

[peter d]

ill work for you peter

You're fired.

 

[wallyworld]

You have any potential customers?

 

[peter d]

You have any potential customers?

Well, my neighbor said "I know lots of people who need electrical work. I'll be happy to give them your name." Does that count?

 

[khixxx]

You sound like me. I used to do the evenings and weekends thing then I realized I hated dealing with people. My biggest mistake I think was doing Resi work when I enjoy industrial and controls. I did know enough that I would lose my shirt if I continued.

Best of luck

 

[electricalperson]

You're fired.