new business

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hardworkingstiff said:
It sounds to me like you are going into this with eyes open and a great attitude. I say do it! Good luck (although I don't think you will need it).
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thank you so much for that. you people are incredibly helpful and its pretty much a blessing i came across this website.
 
electricalperson said:
i understand fully all the risks involved and im ready to take anything on.
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I agree with what others have said, a small shop should be able to survive as well or better than a large one. A small shop has lower overhead and is more flexable. You only have yourself to support and you do sound motivated.

Go for it and good luck. :smile: :smile:
 
you have the right idea and attitude-----go for it.

nothing ventured-- nothing gained!!!!

i was ready to go into business in 1978 and declined because my partner got "cold feet".
we ended going into business in 1987 and made a very good livelihood but we both agreed--- "our biggest mistake was not going into business on our first chance in 1978!"..

attitude and dedication are your most important qualities to be successful!!

good luck and don't ever forget you have this web page to fall back on!!
 
I started 18 years ago in tough times. With a lot of knowledge and a little luck I am still at it today. Take Marc's advice. Thats how I did it also.

Mark
 
One thing to consider is how much money do you have saved for starting a business? If you don't have work for a month can you pay your bills? And I'd look at how steady your sidework has been. Busy for the last 6 mos with no free time or just a burst of work? Do you have any general contractors or contracts lined up? I think starting a business is a great idea if you can make it happen!
 
I say go for it. :)

I was thinking about it last year as well, but then I started doing the math and realizing it was only going to be me to do everything, the thought of starting a business quickly became overwhelming. A weekly paycheck suddenly had a very nice appeal to it.

My plans are to get out of this trade altogether in a few years.
 
peter d said:
My plans are to get out of this trade altogether in a few years.
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Rumor on the street is he is going into modeling...calendars first...then who knows: 'lectricians gone wild!

:smile:
 
bikeindy said:
DON"T let anyone tell you no, Dude do it what is the worst that can happen? your back at the shop working for another guy until you figure out what mistakes you made and go for it again. Another book you MUST read is E - myth. get it NOW read it TODAY.
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On the other hand, if you weather the times in the bad- and manage to grow- just think how prepared you'll be when the other side of the cycle comes back.

Definitely check out the book mentioned above by Michael Gerber. He has a small paperback one called "The E-Myth for Contractors". I'd read that and the the "E-Myth" over and over until it sinks in and you start to do it.

That and learn to manage CASH FLOW!

Good luck!
Greg
 
I say take a shot. It is an ugly time to start up but hey it make it much more satisfying, if it works out.

One thing though, you may want to learn to use the shift key on your keyboard before you start writing proposals. :wink:
 
electricmanscott said:
One thing though, you may want to learn to use the shift key on your keyboard before you start writing proposals. :wink:
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That bothers me about the internet and emails (from some people). To me it shows a lack of ............(something)?
 
hardworkingstiff said:
That bothers me about the internet and emails (from some people). To me it shows a lack of ............(something)?
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Communication skills? Far too many people think everything is a text message and abbreviations and such are perfectly acceptable.

I kant wate til d flks lke dat lern d hole wrld gets duz not cmmcte uzing jez d thums.
 
Do you have start up capital? If you do is it enough to keep your bills paid and food on the table for the first year or even two?Are you ready to hire help?You said you have a plan is it a written business plan?It is very hard to get your next job while you are working on the one you just got.Are you prepard for a month of no income or could you be away for a month and not fold?You can be the greatest tyech in the world and still fail at business simply because running a business is not the same as being a wireman.
 
new business

Here's some problems you may encounter, so you should work out the answers beforehand.

I can make $75/hr as a handyman and wonder when my phone will ring for the next job. Advertising is double-edged sword, so I don't advertise; my customers are by word of mouth. My income each year varies 100%, either plus or minus.
Or, I can make $11/hr working 20 hrs/wk, guaranteed, in a hardware store, and gamble on getting a really bad supervisor who rightfully belongs in a Dilbert cartoon, and pursue handyman stuff in the remaining time (assuming I have enough energy left after the hardware store).
I thought $11/hr was peanuts, but to my surprise I did the second choice anyway (at least till I got Soc. Sec.). The "heat of battle" can make you do strange things.

Now, on to your conscience: if you read the papers lately you'll know that there is almost nothing that cannot be accomplished by deception. And just as sure as E equals IR, the more deception the higher your income, absolutely positively guaranteed.
"Smooth dudes" and "players" make money.
This is another decision you should make beforehand. Then see if you can stick by it.

Also, I had a well-recommended guy install windows in my house. From his size, his demeanor and his beard, I'd swear the guy just got out of prison. The customers have to be comfortable with you, for repeat business.

How will you apportion risk? Fairly, the customer is paying you to assume the risk of unforeseen events, but I've never seen a contract that did this. And the remodeling magazine I get even said that "who gets to bear the risk" is a hot potato which fact is, and must be, hidden from the customer.
 
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new business

Forgot the disclaimer: Not all rich people got rich by using deception.
 
i say go for it too.just dont dive in head first, take it easy for a while.
when i went out on my own i had a friend in hvac that went on his own at the same time.he thought it was going to be a pice of cake and would get rich quick.he bought a van had fancy lettering,rented a space and took out a half page ad in the phone book.he didnt last 4 months.
tell the people at the supply house your own your own.i got a gc from one of the guys at mine and 10 years later still doing all his work.
 
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