I’ve been working on perfecting the paperwork part of a business here and there for a year now, and it seems like it’ll be four more before I get everything actually set up and in place “the right way.” At 29, that’ll make me 33 years old before I attempt to run my own construction company again.
I remember one old-timer in my local union saying “If you don’t start your own business by the time your 30, you’ll never do it.” I, however, am not willing to risk such a venture prematurely again. I have been wondering recently though; at what age did most of you successful contractors break into, and stay into, running your own businesses?
I was hoping this thread could sort of be about the success stories behind how some of you to got started off on your own. Don’t be too concerned about my use of the word “successful.” As long as the business pays/paid the bills without you having to work for someone ells at the same time, I’d be interested in hearing your story.
–T
Replies
Started at 20. 41 or so now - I am losing track and damn near don't care.
There aren't enough pages on the internet for me to tell the stories.
Every day is still a new expierience.
Love this place for all the people in the same boat.
Do what you love to do and everything else will fall in line. - that don't mean it'll be fun.
If you want to do paperwork for the rest of your life, then go for it. I do very little of it. I do remodelling and have people calling me to pay their bills that I haven't even got to them.
I ran/owned a pretty good sized new construction/building co. for awhile, made money, and hated it. Now I do what I love. I work. I like my job. And I make more than when I was running two crews building.
Sucess is in your passion not in your planning.
Remodeling Contractor just on the other side of the Glass City
I think my story is at least somewhat interesting. At least as far as how I got to this point. But then again. I wouldn't want you to think I was lying to you again. So I'll just keep it to myself. DanT
I thought you were only trying to annoy me. I didn't realize you were being serious. My apologies.-T
Maybe its just me and realize I am thinking about closing my business but...why wait another four years to take the next step. I appreciate planning as well as the next guy and making sure everything is in place but if you rethink it that much or spend too much time wondering "what if?", I think you may talk yourself out of it.
I say, do your homework, get things in place and go for it! If it doesn't work (which chances are the first endeavor won't) be ready to drop back and punt and play defense for a few downs to get the ball back and try something else.
Just my thinking of course but I wouldn't expect EVERYTHING to work perfectly on your first endeavor.
By the way, I am 38 if it means anything and have been in my own business for about 10 of the last 20 years on and off.
Mike
At 29, that'll make me 33 years old before I attempt to run my own construction company
I was 31 when I got into construction. I'm 57 now and starting another company. From scratch.
How old do you think you'll be in 4 years if you don't start a business?
SamT
I sent you an e-mail, but I'm not sure if it went through. I don't usually use that feature.
"At 29, that'll make me 33 years old before I attempt to run my own construction company
I was 31 when I got into construction. I'm 57 now and starting another company. From scratch.
How old do you think you'll be in 4 years if you don't start a business?"
Good points. Like I said, I intend to play it safe from now on anyway. I just had to create this thread though, because I was starting to wonder just how slow I actually am.-T
"I sent you an e-mail, but I'm not sure if it went through. I don't usually use that feature."Nope, not unless you are"Trinidad Raines
Great RX Deal, Pharmacy 80% discount only for you" LOLThe Prospero system must be messed up again. That only happens when they try to improve it, yano?Anywho...samtyler<at>mail<dot>comSamT
Thanks, hope I got it right this time.-T
Okay, that last try was my fault. I think I got the address right this time.-T
I started at 29, on April fools day 1987. A thousand dollars worth of new tools and an old van. No computer, pasted two sheets of twenty column accounting paper side to side to make my spreadsheets. Added up the columns with a calculator until I got the same answer twice. Started with small kitchen and bath remodels and bump-out additions.
With a new wife and baby at home I had to make a living, no possibility of failure. I can't say how many times I've started over with the paperwork side of things but I definitely wouldn't count on getting it right before you get started. I still re-write my business plan every spring.
Never heard the "do it before your thirty rule" but there is definitely something to that.
Go ahead and get started and get profitable as soon as you can. when you have time read "The E-Myth Revisited" by Michael Gerber (NOT the "e-Myth Contractor) I've probably given away a dozen copies of this classic to new business owners over the years.
------------------
"You cannot work hard enough to make up for a sloppy estimate."
That's an interesting story. Thanks for the book recommendation, I can use all the help I can get.-T
I was 29 and just about to get married. Most people thought I was nuts. They were right. Anyway... it all worked out. I had a regular job at the time.... but not a regular paycheck. I worked for a great guy, great carpenter, bad business man type. So somehow.... starting my own business was all about getting a regular paycheck. LOL.... if I only knew then, what I know now.
I was kicking the idea around for a couple of years before I actually took the plunge at 29. Finally my brother told me something that was stupid simple but struck a note with me for whatever reason. He basically told me that there's never truly a right time for much of anything in life. If you wait until the "right" time to buy a house, have a baby, start a business, buy a car, whatever......you'll probably always be waiting and never get what you really want.
Best advice I can give you is to never consider failing to be an option and never forget how to work hard. Hire the best guys you can find and treat them like family. If they don't reciprocate your feelings towards them then get rid of them. Don't be afraid to hire someone who may be even better than you are at what it is you do. Surround yourself with excellence, make excellence the company culture. Remain teachable and always be on the lookout for a better, faster, safer, way of doing thing. BTW.... that boss that I had before I got married... the good carp/bad business man..... he works for me now and it's a fantastic situation for both of us.
I don't know if anyone else considers me to be "successful". I don't really care either. I'm happy. My bills get paid and my savings grows. My quality of living continues to grow. My guys appreciate me and I appreciate them. It gives me great pleasure to see their quality of living grow proportionately with my business. I'm happy as a pig in sh2t and I think I frame a he11 of a nice house. So yeah.... I think I'm successful.
I was 23. Started out as a painting contractor. Did that for a few years and then started building homes at 26. Been doing that for 11 years now. I say go for it now. No reason to wait man....just jump in and get going!!!
Sam
"Best advice I can give you is to never consider failing to be an option"
great advice!
I think alot of what we do in life and how we do it depends on that attitude that we approach it with.
Due to circumstance I got thrown into starting out on my own sooner than I had planned. While I have been super busy and have have had absolutly no shortage of work, the business side has been all new to me. and in the this 1st past year I have made lots of business mistakes.
My father in law is helping me to straighen out my paper work. he warned me if I didn't make some changes then I will be out of business by the end of the year, and I will be better off working for someone else. I told him point blank, failure was not an option. whatever changes needed to be made to make it work will have to be made. My mother in law has also been on my case about the issue, and I told her there is no way I'm going to quit, and there is no way I will not succeed. yes I will make mistakes and struggle to start with, but I will learn from my mistakes and learn how to be successful.
success begins in our mind and is followed through with our actions.
View Image View Image
That's an awsome story. It's posts like that, that make a great thread.-T
<<Hire the best guys you can find and treat them like family. If they don't reciprocate your feelings towards them then get rid of them. Don't be afraid to hire someone who may be even better than you are at what it is you do. Surround yourself with excellence, make excellence the company culture. Remain teachable and always be on the lookout for a better, faster, safer, way of doing thing.>>Thats it in a nutshell. Well said man. Be wellM------------------
"You cannot work hard enough to make up for a sloppy estimate."
this is the part where everyone tells U their "win" stories ...
Go Me!
anyhoo ... go with what U think will win.
guessing the "old timer in the local union" had no freaking clue about running his own business.
29 or 33 ... who freaking cares.
I'd guess it's an easer sell for a 33 yr old guy vs a 29 yr old guy anyways with the average customer.
even at 33 yer gonna have to dye yer sideburns grey to get some respect!
that said ... I'd love to know what a difference of 4 years ... any 4 years ... is gonna make on the "make 'er break" of any one business.
thinking I smell failure right from the get-go!
Jeff
Buck Construction
Artistry In Carpentry
Pittsburgh Pa
i was a journeyman carpenter by 21, Worked a few years framing, trimming, roofing, worked union as a carpenter, then a foreman then started in my 30s for myself. I might be a slow learner but i dont think i really got a good grip on things till my late 20s, You just have to have the years in, I started but soon realized i knew nothing about bookkeeping, sales, bizness, Taxes, , Theres another 10 years till i got a grip on things, Maybe if a guy just did one thing but i did many things. It just takes time but there can be big rewards, You never get ahead if you dont take a few chances
That's a very down-to-earth post. Thanks for sharing your experience.-T
Let's see,
I will be 45 later this week---------at the time my oldest son( now 19) had just turned 1-----and my second son was" on the way"------so i was 26-27 somthing like that.
at the time sole support of 3 soon to be 4 people-----and I was working 50 hours plus per week at $6.50/hour in a chrome plating shop-----plus doing side jobs in the middle of a recession.
there was NEVER a better time to start on my own because I was already at the bottom, I was already poor, my wife was already buying pretty much all our clothes from Goodwill and we were already living mostly on chicken noodle soup and potatoes---- in short i had nothing to lose----and couldn't afford to lose even that.
i WOULD say age at start could be hugely important. At age 26-27 and already pretty broke I could recover from total failure.--- however 5-6 years later with both kids in private school etc., personally I would have considered the risk and consequences of failure to extreme to take the chance-----and at age 44, with 2 kids in college--- I would NEVER take the chance.
I will say---the first 4-6 years were REALLY rough----really just a continuation of the same poverty level existance we were in when I worked at the chrome shop------and one winter( oh-the shame of it,LOL) I took a job on a framing crew to get through the winter-------------
but after year 6 or so----both kids were in private school and my wife went back to college and I was commited to getting the 3 of them the education I didn't have........ blah,blah,blah------and things pretty much took off from that point.
At this point,-- if you have been studying the paper work for a year----and figure it is gonna take you another 3years to line up your paper work ducks-----------well it doesn't look good to me for your prospects---or you are planning something way more complex than practical. I suspect you are constructing an elaborate paper shuffling machine---which will be dependent on continually feeding it a steady stream of work
when in reality----------you might do better to consider each project as an individual investment---with little if any relationship to the others.---keeping it simple like that at the start means $15 and a 20 minute trip to Office Max to buy a " Dome Simplified Weekly Bookkeeping Record" and some manila job folders ----and presto--- you are in business------and it's IDIOT proof( even I can manage it!)
If you are gonna make the jump---make it NOW. there will never be a better time----and no matter how long you wait--- You are still gonna make some wopper mistakes----might as well make them now----while you are young enough to recover from them.
Very best wishes to you,
stephen
Not sure if I am a success story yet, but I feel like I know I can make it happen and have no worries as to my prospects.In this business, if you push the right way, it'll push back. Then the only decision you have to make is how big you want to be.Being in the position I am now of just getting to the end of divorce proceedings in a few months, I realize that I've been less than efficient the last few years...I turned 39 this last April, and in late 2004, I changed careers from being a commercial photog and decided I was going to do remodeling and home improvements.The first year and a half I was basically winging it and probably losing money - hell, I'm probably still or at least not making much...A year a half into it, I got my builder's license and set up an S-corp and got liability insurance and got a bit more serious.I bought QuickBooks pro 2006 and haven't touched it yet.... the last few years I've just been dumping my oragnized file folders of receipts at the accountants and it's been working out ok for the short term.For the last 2 1/2 years, I've been a part of a local BNI (networking) group, and the the referrals pour in pretty steadily as I've now got a pretty good history of satisfied previous customers behind me.I still do some handyman work as it's a good way to leave a trail of happy folks behind you, and I've found that if you solve folk's small problems, they or you will find larger problems that you can help them with.Now, I think it's a matter of getting smarter at estimating (and quicker!), and than getting
better at closing the sale.That, combined with some simple targeted promotion and sellig myelf on what I bring to the process and NOT on price - and in this area at least (metro detroit northwest subarbs) - there'll be all the work you want IMO.Note to self: must start using QuickBooks!Final note - stay around here and JLC and you'll learn all of the stuff that in the past took these guys 20 years in the business to learn - this is a great community and there's much to be learned here.Differentiate yourself from the other guys with pickups at HomeDepot (not hard to do), sell your quality not your pricing, and build a business, not a job.Do it now.Julian
as what Hazlett said about taking a job for the winter, I always worked for other guys when i was slow , I never actully took a full time job but subbed or did different things trying to get my roofing biz started, One month i might trim a house, 3 months later i might lay blocks for a week, I might lay shingles for other roofers per sq, When you start its pretty rare to have full time work. Most of the guys i knew were darn happy to get a extra hand when they needed it, Plus that got me more work, I never put my signs on my truck though working for some one else
Good tip. Thanks again.-T
Thanks for the encouragement. Nice story.-T
I sent you a PM, but Prospero can't deliver to ***************
SamT
Edited 8/27/2007 12:50 am by SamT
I was about 39 when I started this venture.
But i've been self-employed most of my life.
I think there is something to the principle that you should at least know where you are going in life by the time you are about 24 and have made a good start on it by the time you are thirty.
But it is by no means a cut and dried rule
Welcome to the
Taunton University of Knowledge FHB Campus at Breaktime.
where ...
Excellence is its own reward!
Alexander the Great got an early start on things, but he flamed out early
Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!
Piffen,
And Einstein had his greatest moment before turning 25. Abe Lincoln failed at everything he tried until he was 41. ( Along with his generals Grant, Sherman and Sheridan, failures all until the war ) I started 1st. business at 25 , let it go at 38, started another then (different field of endeavor) , failed at that , then started yet another at 43 that paid my bills and those of my family until I decided I would rather work for a steady paycheck and bennies so went I to work for others."Poor is not the person who has too little, but the person who craves more."...Seneca
I've never failed at a business.I just decided to close the store to quit loosing money...LOL
Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!
I like the way you phrase it! I don't have any regrets over my decisions, I always learned some valuable lesson about how to live my life better as I went forward."Poor is not the person who has too little, but the person who craves more."...Seneca
"I think there is something to the principle that you should at least know where you are going in life by the time you are about 24 and have made a good start on it by the time you are thirty.
But it is by no means a cut and dried rule"
Piffin,
I hope thats not a cut and dried rule as I will be 39 in December and I still can't decide what I want to be when I grow up! But contracting in Floirda may not be the best options right now. ;)
Mike
"Contracting in Floirda may not be the best options right now."
I think you may be right. The contractor I'm working for right now has a brother (a former contractor in Florida) that just moved over here to work for him. Imagine that, moving to Indiana to find more work! Construction must be pretty bad right now in Florida.-T
HEY-
you beat me to it
Thanks. That's some very encouraging, yet balanced and level-headed advice. If you started a successful construction company at 39, maybe there's hope for me yet.-T
I dunno about that.
I still don't know what I want to be when I grow up
Can't you start out with smaller projects? Do small bathroom/kitchen remodels at first. Just turn down ones that are out of your scope. Once you have those down you could take on some bigger projects.
Thank you - very good advice! When I do start on my own again, it would definitely be wise to grow the business at a slow and steady pace. Once I have estimate records for many small, low risk jobs, I could piece the records together for larger estimates.-T
Success in growing and running a small business is more a matter of determining how capitalized you have to be, and having the right temperament for the task, than "perfecting the paperwork". Each of the two times I started a business, it was despite skepticism from the typical nay-sayers. You have to really want to run a business, be/c it's much harder work than being an employee.
That said, your focus on paperwork instead of workflow, capitalization, and staffing; your tendency to blame others for your failings; and your temperament as displayed through a variety of threads here puts me in the camp of those skeptical that it's the right thing for you. What would be so bad about sticking with what you're currently doing? Why do you want to start a business? What do you expect it to do for your life and lifestyle?
journey....
one thing you want to think about... we are in or sliding into a recession / depression
if you can make it during bad times, it becomes easier when times get better
the converse is.. there are lot's of people in the trades that think the last 12 years or so is typical and are about to find out how ugly it can get
BUT.... being self-employed does have some benefits.. one... you are only at the mercy of your customers.. not your employer.. and i don's see a lot of job security /paycheck security out there for anyone... so jumping in now may be just the thing to do
me.. i never even owned a skill saw until i was 29..... by the time i was 31 i was in business on my own and the next 20 years were pretty interesting to say the least....
so.. i had no trade skills, no business skills, no capital, just a wife and a dogMike Smith Rhode Island : Design / Build / Repair / Restore
A recession is something I've also been thinking about. That's an awsome story. Thanks for the advise.-T
and a golf game
I have a different take on working for yourself. I'm often confused by all or nothing thinking when it comes to construction. For anyone with enough energy to work more than 40 hrs/wk there's absolutely no reason to not be working as a contractor on the side. Being self employed is easy. Experience is really what you need.
The kids with a Koolaid stand are self employed.
The highschool kid that mows lawns is self employed.
The construction laborer who takes on a side job doing demo is self employed.
The junior carp who takes his first side job hanging a door is self employed.
The carp who remodels a small bedroom on the side one day a week is self employed.
The transition from employee carp to self employed can even take place without going anywhere. Many small contractors hire carps as ligitmate subs in place of some employees.
Many small business advisors would also suggest easing into it if at all possible.
Personally, I started working for myself full time when my side jobs started adding up to a few months of guaranteed work. The transition was nothing more than working more on side jobs and much less (zero) for someone else.
When moving to Boise I worked for the best established contractors I could find as an employee and continued to do projects on the side until the specifics of the market and clients were figured out. Again, when at least a few months of work were in the wings it was easy to make the transition.
Many carps take the jump 100% without even trying to work side jobs, it doesn't work out and they are back to being an employee in a few months--broke.
Best of luck
Beer was created so carpenters wouldn't rule the world.
Thanks for the advice. Smaller transitions = less stress. I like it!-T
I started out working for my dad, and stayed with him until he retired.
I took over the business at that time, but my dad had never told me anything about running the business, even when I asked.
I made a lot of business mistakes, and even went out of business for a while.
But I've gotten wiser, and have cut WAY back on the mistakes.
I now make a comfortable living, can afford to take about a month's worth of vacation a year, and have customers who are willing to wait for me. I haven't had to bid competitively in about 5-6 years.
It takes a while. Treat your customers with respect, but don't let them take advantage of you, either.
If you do can do quality work, and learn how to charge properly, you should be OK.
edit to add: BTW, I was over 40 when I took over from my dad.
Edited 8/26/2007 9:14 pm ET by Shep
A very courteous message. Thanks for the advice.-T
We need younger guys in this business.
Us old timers won't be around forever ( I hope)
20 more years and I'm done.
T,
I think you are mistaken to wait for perfect paperwork. And what would it do for you anyway? It's kind of like the 80/20 rule. 80% of your results come from 20% of your activity. Good enough paperwork seems to keep me going.
I started when I was 25. Met with a SCORE counselor, and had another counselor from the SBA. Both were relatively useless. But I was also pretty clueless about the nuts and bolts of running an operation too. I learned by reading, talking to other contractors, and other business people.........and .....(ahem)........LISTENING TO THEM!!. (been entertaining reading your other threads)
I was single, no kids, or obligations except a mortgage payment. I sold a rental house to have a good chunk of cash in the bank. A year later it was mostly gone. (about $12K in 1991 dollars) So while it is a general rule that undercapitalization is a major reason for failure, having your head up your arse is also a major cause, even if you do have some capital.
But by divine providence I was allowed to blunder along, making enough to pay the bills, buy some toys, and put some aside for retirement. About 5 years ago I was close to getting out completely, and buying a different business. In looking at that possibility I became very aware of my business and personal shortcomings, and realized those problems needed working on whether I stayed in remodeling/construction or not. (Basically people skills, and to a lesser degree motivation)
Successful? By your definition perhaps. 16 years the bills are paid, savings set aside, I have had some fun, and never worked for anyone as an employee during that time. By my definition of what I thought it would be like? No, I don't feel like a complete success. I have not mastered the game by any stretch of the imagination. And perhaps my expectations are a little unrealistic. It is the "inner game" within that I feel most disappointed in.
Anyway, I'd say go for it. You will only learn what it is you don't know, by actually getting back in the game. After reading your other threads, its like the other football team took the opening kick off and ran it back for a touchdown. The game ain't over dude. You have a bunch of adjustments to make, but you have nearly 4 quarters of ballgame left to do it in.
Bowz
That's a very informative story and some well reasoned advice. Thanks for the help.-T