On my own

[rich000]

In these tough economic times, people may think I am crazy, but I have ventured out on my own (with a sooner than expected push).

After about a month of doing this on my own, all I can say is I should have done it sooner.

The longer hours and more paperwork are worth it since I know it is all going into my business.

People say I look happier now.


Now if I can just decide between a truck (with cap) and van!

 

[mcclary's electrical]

A month is not enough tim to show the true cost of doing business legally. How many licenses? Insurance? workmans comp?

Write back 2 years and tell us the real story

 

[TwinCitySparky]

Congratulations! Only you know what you can accomplish.

Best of business futures to you!

 

[rich000]

A month is not enough tim to show the true cost of doing business legally. How many licenses? Insurance? workmans comp?

Write back 2 years and tell us the real story

Thanks for the encouragement!

Yes I am licensed (tradesman, state, and locals). Yes I am insured with workman's comp (even though not required as sole proprietor, most GCs want to see you have it).

 

[realolman]

Well, you oughta agree with most of the boss' decisions.

 

[chris1971]

Good Luck. It's the toughest job you'll ever love.

 

[hardworkingstiff]

Now if I can just decide between a truck (with cap) and van!

I'll take that as a question, and my answer is an extended van. 3/4 ton minimum, 1 ton is a good upgrade.

Some things I'd like to pass along.

It is not wrong to make money.

The customer is not always right, but they are always the customer.

Find customers that price is secondary to quality. They are better to work for and don't mind if you make money (just not too much, lol).

Did I mention it's OK to make money?

Don't be afraid to ask for the order.

Read some books on selling.

Decide what you want to do/be (small 1-2 man shop, 3-4 trucks, 20+ employees, etc), make a plan (detailed), then follow the plan.

You best salesman is a satisfied customer. You can't afford to have a disgruntled customer. If a customer calls and complains, it's a good thing. They are saying I want you to be my electrician but I'm not happy, come make me happy (now, if it's one of those price 1st customers that may not apply, besides, I told you to NOT work for them).

PUT MONEY AWAY FOR RETIREMENT AND FOR RAINY DAYS!!!!!! Do it now and every month.

Know what insurance you actually have. I've known contractors that found out the hard way the insurance they purchased did not cover a problem when they thought they were covered.

Last one for this post is, It's OK to make money.
​

Best of luck.

 

[Bobhook149]

I say a van... If you do get a truck get a utility body with a cap it will be easier. Good Luck with everything.

 

[480sparky]

Some may noy apply to you:

Business Cost List
Building
Building
Warehouse Space
Trash Removal
Lawn Care
Snow removal
Upkeep & Repairs
Office Expenses
Computers
Stationary
Copy machine
Fax machine
Forms
Printing
Software
Office Equipment
Computer maintenance
Files
Postage
Office Supplies
IT
Internet service
Email accounts
Web site
-Initial creation
-Updating
-Maintenance
GPS services
Benefits
Vacation Pay
Holiday Pay
Uniforms
Uniform Maintenance
Unemployment
Bonuses
Incentives
Retirement Plan
Christmas Party
Taxes
Property Taxes
Tangible Taxes
Pay Roll Taxes
Income Taxes
Sales Tax
Training
Management Training
Office Training
In-House Training
Tech Training
Mfg. Training
Training Equipment
Safety Training
Update classes
License testing
Insurance
Building Insurance
Liability Insurance
Employee Insurance
Life Insurance
Business Insurance
Workers Comp.
Utilities
Gas
Electricity
Telephone / Fax lines
Internet Service
Toll Calls
Telephones
Pagers/Cell Phones
Radio Maintenance
Vehicles
Vehicle Maintenance
Ladder Racks
Interior bins
Fuel
Truck Signs / lettering / vinyl
Tires
Financial
Accounting
Loans
Tax Preparation
Interest
30+ Day Receivables
Bank Charges
Travel
Hotel
Meals
Airline / vehicle
Unique to the electrical trade
Permits
Licenses
Bonds
Inspections
Trade Association
Subscriptions
Memberships
Dues
Retainers
Safety PPE
-Lock-out/Tag-out kits
-Fall prevention harness
-Arc-flash clothing
-Hard hats
-Safety glasses
-Hearing protection
Tools
Company Tools
Safety Equipment
Ladders
2-way Radios
Test Equipment
Replacement Parts
Parts Storage
Damages
Tool Replacement
Job site storage
Misc.
Trips to Supply House
Theft
Uncollected Money
Collection fees
Unbillable Hours
Commissions
Call Backs / Warranty work
Shortages
Bad Checks
Delivery
Credit Card Sales
Drug Testing
Legal
Legal advice
Law Suits
Incorporation / LLC fees
Advertising
Marketing
Business cards
Signs
Radio / TV
Newspaper
Flyers / brochures
Material Purchases
Inventory
Labor
Wages
Salaries
Dispatcher
Answering Service

 

[tyha]

Some may noy apply to you:

Business Cost List
Building
Building
Warehouse Space
Trash Removal
Lawn Care
Snow removal
Upkeep & Repairs
Office Expenses
Computers
Stationary
Copy machine
Fax machine
Forms
Printing
Software
Office Equipment
Computer maintenance
Files
Postage
Office Supplies
IT
Internet service
Email accounts
Web site
-Initial creation
-Updating
-Maintenance
GPS services
Benefits
Vacation Pay
Holiday Pay
Uniforms
Uniform Maintenance
Unemployment
Bonuses
Incentives
Retirement Plan
Christmas Party
Taxes
Property Taxes
Tangible Taxes
Pay Roll Taxes
Income Taxes
Sales Tax
Training
Management Training
Office Training
In-House Training
Tech Training
Mfg. Training
Training Equipment
Safety Training
Update classes
License testing
Insurance
Building Insurance
Liability Insurance
Employee Insurance
Life Insurance
Business Insurance
Workers Comp.
Utilities
Gas
Electricity
Telephone / Fax lines
Internet Service
Toll Calls
Telephones
Pagers/Cell Phones
Radio Maintenance
Vehicles
Vehicle Maintenance
Ladder Racks
Interior bins
Fuel
Truck Signs / lettering / vinyl
Tires
Financial
Accounting
Loans
Tax Preparation
Interest
30+ Day Receivables
Bank Charges
Travel
Hotel
Meals
Airline / vehicle
Unique to the electrical trade
Permits
Licenses
Bonds
Inspections
Trade Association
Subscriptions
Memberships
Dues
Retainers
Safety PPE
-Lock-out/Tag-out kits
-Fall prevention harness
-Arc-flash clothing
-Hard hats
-Safety glasses
-Hearing protection
Tools
Company Tools
Safety Equipment
Ladders
2-way Radios
Test Equipment
Replacement Parts
Parts Storage
Damages
Tool Replacement
Job site storage
Misc.
Trips to Supply House
Theft
Uncollected Money
Collection fees
Unbillable Hours
Commissions
Call Backs / Warranty work
Shortages
Bad Checks
Delivery
Credit Card Sales
Drug Testing
Legal
Legal advice
Law Suits
Incorporation / LLC fees
Advertising
Marketing
Business cards
Signs
Radio / TV
Newspaper
Flyers / brochures
Material Purchases
Inventory
Labor
Wages
Salaries
Dispatcher
Answering Service

this is a very good list. but as all of the guys who have been in business for a while, like myself. you will learn that you will add what is needed as time, business and money become availible. I started out with myself , my brother and my very best friend. Now years later I have 14 guys ( had over 20) my best friend is still my best friend ( he doesnt work for me though) and my brother works here when he gets tired of working other places and we get over what ever made us split ways the last time. When I first started if it werent for the supply house I wouldnt have had enough money to buy a freaking ladder. I added everything as I went along. Im still adding stuff. But I will tell you that you have to make a very conscious decision as early as possible as to where you want to go, what you want to be. because through your path you are going to face different situations that can take you both ways and you need to know which way to turn. GET A BUSINESS PLAN

 

[fondini]

Best of luck!

 

[mcclary's electrical]

Thanks for the encouragement!

Yes I am licensed (tradesman, state, and locals). Yes I am insured with workman's comp (even though not required as sole proprietor, most GCs want to see you have it).

Don't get me wrong,,,I wasn't trying to discourage you. I'm simply saying one month's time is not gonna put you through the true test of time. All supply houses wanting their money in 30 days, while big companies hold your invoice for 60 days before looking at it, It can be tough, that's all I'm saying. I'm not being pessimistic, or optomistic. Good Luck.

 

[rich000]

Don't get me wrong,,,I wasn't trying to discourage you. I'm simply saying one month's time is not gonna put you through the true test of time. All supply houses wanting their money in 30 days, while big companies hold your invoice for 60 days before looking at it, It can be tough, that's all I'm saying. I'm not being pessimistic, or optomistic. Good Luck.

That's cool. I learned from my last boss not to carry big balances. I am paying as I go now. I will not work for a GC that has 60 day terms. Plus, I offer a discount if a GC I work for pays within 7.

 

[rich000]

Thank you all for the encouragement. Some really good advice and things to look at. I'll let you all know how I am doing in a year!

 

[220/221]

Get a Van. A big one.

Time is money especially when working alone so you want to be super productive.

If you shave a couple hours off an 8 hour job by having the right tools and materials, you will substantially increase your earnings . If you add a couple of hours to that same job by not having the right tools or materials, you just substantially lowered your earnings.

The best thing about doing contract work is that YOU get to determine how much you earn. Work harder/smarter and you will earn more. Be lazy/stupid....no so much.

 

[480sparky]

Get a Van. A big one. ...........

It also helps when you pull up on a job and the owner says, "Say, while you're here, we were thinking............"

 

[StephenSDH]

I wish you the best of luck. Keep your expenses low. Do work you can be proud of and know you are worth every penny. Good Luck, Steve

 

[benaround]

Rich,

One thing I have heard over the years, mostly from EC's, GC's, etc. is " I wish I had set up

my shop/company in ____________ this town right from the start " . This town, of course,

is the town where the people have the BIG money. Just thought I would pass that on.

This is the best time to test your business skills, if you make it through this tuff time,

when the good times show up you will really do good. Best of luck in your endevers.

 

[electricmanscott]

I will not work for a GC that has 60 day terms. Plus, I offer a discount if a GC I work for pays within 7.

This is just unrealistic.

I love the fresh meat enthusiasm. :grin:

 

[bradleyelectric]

This is just unrealistic.

I love the fresh meat enthusiasm. :grin:

That would depend on where your from. Why does a GC hold money for 60 days? Around here when architectural review is necessary you can still get your money in 30. Of course you can find some that will hold your money longer for no better reason that I know of than they want to and people appear to not mind that fact. I'm not for that.