.........Kind of the old testament version of marriage. He has the last word, but I reserve the right to chase him around the truck with a rolling pin from time to time.
I'd rather chase the boss around the parking lot with the truck.
Starting a new business
- Thread starter strawboss
- Start date
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I'd rather chase the boss around the parking lot with the truck.
NewOnMyOwn
Member
- Location
- NJ
In this economy 6 months of savings isn't enough for someone with a stable job to go to everyday.
To go into business for yourself that 6 months savings not only needs to pay for your own personal expenses, but the business expenses too. If things don't go perfect, which they very rarely do at the beginning, that 6 months of money might turn into 3 really quickly.
I'd advice to save significantly more and pay off any debt such as truck, tools, material stock, etc. That will relieve an immense amount of stress and worry from a new business.
ETA: I see brantmacga already beat me to it.
I look at the current economy as a good thing. It has lowered the competition through forcing several contractors out of business. Home and business owners have put off repairs and additions. My hope is there will be a major construction boom when the economy recovers.
Sparky480- thanks for the list, I have been putting one together myself. You have put some time into making that list and it shows
Sparky480- thanks for the list, I have been putting one together myself. You have put some time into making that list and it shows
N844AA
Member
- Location
- Los Angeles
Those contractors who are out of business are not your competition, but their employees now are. All these laid off workers have discovered for the first time in their lives that there are no jobs, so everybody is going the self employed route these days.
As if things weren't bad enough, there are now even more electricians chasing fewer and fewer jobs. The oversupply of electricians and the near absence of work has probably permanently damaged our industry in ways we can't presently comprehend.
electricmanscott
Senior Member
- Location
- Boston, MA
Congratulations George. It really is heart warming that in 2010 we as humans are accepting of all kinds. I support your decision. May your "partnership" endure life's many ups and downs.
electricguy61
Senior Member
Read the short book: "The E Myth, Contractor. Why Most Contractors' Businesses Don't Work and What to Do About It"" by Michael Gerber, published by Collins Business.
It really opened my eyes.
It really opened my eyes.
brantmacga
Señor Member
- Location
- Georgia
- Occupation
- Former Child
also read "how much should i charge" by ellen rohr.
it'll help you make sense of that 'business cost list' when formulating a rate.
it'll help you make sense of that 'business cost list' when formulating a rate.
- Location
- Windsor, CO NEC: 2017
- Occupation
- Service Manager
Congratulations George. It really is heart warming that in 2010 we as humans are accepting of all kinds. I support your decision. May your "partnership" endure life's many ups and downs.
Thanks, Scott.
N844AA
Member
- Location
- Los Angeles
Yes indeed, excellent suggestion.
rich9112
Member
- Location
- Southern Utah, USA
Required reading:
Markup And Profit
The E-Myth Contractor
Mike Holt Estimating Book[/QUOTE]
The same three I was going to reference. You should read and re-read these and commit yourself to learn and apply what they teach! You can make more money by being a good businessman than by being an expert electrician. That being said, you should be both.
Markup And Profit
The E-Myth Contractor
Mike Holt Estimating Book[/QUOTE]
The same three I was going to reference. You should read and re-read these and commit yourself to learn and apply what they teach! You can make more money by being a good businessman than by being an expert electrician. That being said, you should be both.
rich9112
Member
- Location
- Southern Utah, USA
Also, the cash reserves will give you the confidence to charge what the job is worth and not undermine yourself because you need the money. Working cheap because you need cash is a slippery slope that will sink a business in a hurry.
Good luck!
Good luck!
In the past few years we have seen most of the new guys packing up and look for full time employment, many of them taking jobs in other fields. Trying to start a new business without some long term contracts in hand, will sure make things pretty rough, on making it. Most of the guys that left jobs to strike out on their own, and failed, could not get their old job back, and in some cases, find if difficult to find any work, we still have plenty of exixting contractors holding on, and hoping for even a little work to come it, to continue hanging on.
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