new business

[Absolutetruthz]

Lets say you have an ok JW job now ($30/hr?) and some sort of benefit package (health insurance?) and either a company truck or mileage allowance.
That one sentence adds up close to $ 80,000.

And you already own all the hand tools and basic testing equipment and most of the power tools and equipment.
If not that sentence adds up to $5,000 (at least).

If you can get on your wife's health insurance you should still get a disability policy.
That is at least $2000 a year that you can't be without. Probably $6000.

If you own a Van you'll probably still need shelves and ladder rack and some heavy tools.
That is at least $3000. But don't forget commercial truck insurance.

Accountant/Lawyer/Bonding/Gen'l Liability It all adds up fast.

To break even (aside from the emotional aspect of the decision) you need to GROSS about $100,000 to maintain the life you presently have. To be safe I would divide that by 10 (productive) working months = a $10,000 "nut".

Assuming your family is behind you and are willing to have you working every weekend to make up for the 2 WEEKDAYS of EVERY week (minimum) you need to spend doing promotion and marketing and administration, etc as opposed to wiring... that still means a net of $500 EVERY SINGLE ONE of the remaining 20 days a month (average).

It's doable, but it sure wouldn't fun.

Boy am I depressed now

 

[Rewire]

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.

When you are ready to launch you launch.The idea is it takes time to prepare to launch.If you don't have enough working capital to last beyond 4 months it is do to a lack of planning before launch.I spent two years getting ready to launch my business during that time I studied the market wrote my business plan arranged my capital investment got my personal financials in order built my team(accountant.attourney,marketing advisor etc).If you get mad at your boss on monday quit on friday and start out on your own the following monday then chances are you will fail.

 

[zdog]

When you are ready to launch you launch.The idea is it takes time to prepare to launch.If you don't have enough working capital to last beyond 4 months it is do to a lack of planning before launch.I spent two years getting ready to launch my business during that time I studied the market wrote my business plan arranged my capital investment got my personal financials in order built my team(accountant.attourney,marketing advisor etc).If you get mad at your boss on monday quit on friday and start out on your own the following monday then chances are you will fail.

couldnt agree more.he said he was planning on doing it.i was just thinking about it.we worked with the same company.didnt get mad at the boss on monday and quit on friday.boss came in on friday said he could not make payroll and shut the doors.i wasnt really ready but things worked out.was a little lean at first.

 

[peter d]

What are you going to do Peter? (looking for ideas, lol)

Well, Marc and Celtic got part of it right. But, if those fail then I'd like to get a job with the poco as a field engineer or electrician or something like that (poco = outstanding pay/benefits)

I also really like the whole "house flip" concept and would like to try that as well if/when the market improves. I don't know that I would do that as a job but rather as sidework.