Replies

1. 
   BossHog | Apr 29, 2004 05:24pm | #1

   Welcome to the forum.

   There's a thread here about once every week or 2 from someone like you wanting info about going out on their own. If you use the advanced search function, you should be able to dig up a TON of these threads. Just search on the words "starting" or "business" and you should find tons of them.

   The La-Z-Boy... this is very flattering, isn't it? Why don't we just call it the half-conscious-deadbeat-with-no-job-home-all-day-eating-Cheetos-and-watching-TV recliner? [Jerry Seinfeld]

1. 
   WorkshopJon | Apr 29, 2004 06:41pm | #2

   "The La-Z-Boy... this is very flattering, isn't it? Why don't we just call it the half-conscious-deadbeat-with-no-job-home-all-day-eating-Cheetos-and-watching-TV recliner? [Jerry Seinfeld]"

   Boss,

   The wife managed to snag a "bootleg" Seinfeld disk from his post sit-com tour.  Too funny if you're into him.  No FCC regs.  E-mail me if you want a copy.

   Jon

2. 
   steve | Apr 30, 2004 12:56am | #3

   i'd start with going to home depot and getting into their installs program,get you lots of contacts etc etc, pay sucks but they do all the leg work, you'll need workmanscomp and liability insurance though

   if you are in canada go to your local Home Building Centre, stores are locally owned so red tape is much lower, they do all kinds of stuff from roofing to cabinets

   <P align=center><FONT face=Arial,Geneva,Verdana,Sans-Serif color=red size=3>caulking is not a piece of trim</FONT></P>
3. 
   crosscutter1 | May 02, 2004 03:52am | #4

   ENJOYING SOMETHING IS ONE THING MAKING MONEY AT IT IS ANOTHER GOOD LUCK

1. 
   Piffin | May 02, 2004 03:44pm | #5

   "ENJOYING SOMETHING IS ONE THING MAKING MONEY AT IT IS ANOTHER GOOD LUCK"

   I don't think it is a matter of LUCK.

   Making money at it is a matter of applying good business principles and doing good work. 

    

   Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!

4. 
   maverick | May 02, 2004 04:24pm | #6

   Subcontract work is good to get you started. Dont plan to sub for very long. After you factor in all of your overhead you will find you are not making any more money then if you were working for some one else.

   Focus on building your own clientel. If your work is good you will stay busy. If you are busy enough you can pick and choose jobs.

   Treat your business as your employer. After you give yourself a paycheck the business has to make money too or it will never grow.

   A high percentage of new business's fail in the first year. Know when to call it quits. Dont let it take you under financially. Learn from it, get a job and try it again when the time is right.

   Good luck

5. 
   Tomar | May 02, 2004 05:07pm | #7

   The money is much better working directly for the 'homeowners'.  Use the subcontracting as 'backup' and 'fill' work.  The fact that you enjoy what you do will guide you into doing every house as if it were your own, and good work breeds quick referrals.  Start small and don't get into 'bidding wars', target customers who are looking to get the job done right and are willing to pay for it.  You're reputation will soon 'precede' you.  Good Luck,   T R  (25 years in business)

6. 
   peteduffy | May 02, 2004 06:06pm | #8

   First, know something about business and accounting.  Lots of tax breaks for a home office for this type of business, and it is totally legit.  Also, retirement plans, KEOGH and SEP are pretty good deals for the self employed.

   Second, go about it in a professional manner.  Go to the library, or online, and research the myriad of information about starting your own business.  Doesn't matter what type of business you read about, because most of the information crosses over.  Just learn about starting a business.

   Figure out if you want to be a sole-proprietor, Partnership, LLC, or fully incorporated.  There are pros & cons to each.

   You need to develop a business plan, either formally or informally, to help keep you on track during those tough times.  Doing it formally has the added benefit of being able to use it if you ever need financing, or if the IRS does have a question.

   Get insurance:  business liability, and if you have subs or employees, workman's comp.  Also, don't forget about health insurance if you're not covered by something else.

   You'll need to inventory all your tools and supplies you'll use in your business, and transfer them from your personal ownership to business ownership for tax and insurance purposes.

   Make sure you realize the bookkeeping requirements, especially the time involved.  Writing up invoices, entering deposits, tracking expenses in proper categories (capital vs. COGS, etc.) takes time.  Either have some good computer and accounting skills, or hire an accountant.  Also, don't forget you'll have to pay your own taxes quarterly, since your employer won't be withholding taxes fromo your paycheck.

   Get some business cards printed up at Office Depot or Office Max or whatever.  Can get a good deal for about $50.00 or less.

   Word of mouth advertising is the best way to start.  1) it's usually someone who knows someone, so your chances of getting paid are a lot higher than someone who calls your ad in the paper or yellow pages.  2) it's free 3)it grows exponentially

   Make sure you charge enough, yet never gouge a customer.  Show up on time, clean up when you're done, and people will be ecstatic.  Do good quality work.  If something doesn't look right or feel right, be able to bite the bullet, tear it out, and make it right, even when you have to eat the cost.  It will pay off in the long run.

   Also, learn as much as you can about the building codes.  Invest in some code books, and research your local jurisdiction about their code and licensing requirements.  If you want to be treated like a professional, self-employed business person, you have to have the knowledge.  Otherwise, you're just a guy with a truck and some tools, and we all know there are ENOUGH of those out there.

   Pete Duffy, Handyman

1. 
   Schelling | May 03, 2004 12:41am | #10

   Great advice, Pete.

   One additional bit of advice I have to offer is that you might look to established contractors in your area for referrals. We often have people ask us to do small jobs that we don't have the time to do. We have a couple of guys who we are very comfortable in giving this work to, but we would always like additional names to recommend. It is very important that these folks do good quality work since it indirectly affects our credibility and we try to ask the original customer how it worked out.

7. 
   andybuildz | May 02, 2004 10:01pm | #9

   Van

         Be a handy man. Start with all those small jobs.

   Within that you will learn how to deal with customers and all the ins and outs without gettin in over your head.

   Thats the very best place to start!

   You will also see what you may be in for on larger jobs..ease yourself in bro.

   Be well

            andy

   My life is my passion!

   http://CLIFFORDRENOVATIONS.COM

8. 
   fdampier5 | May 03, 2004 06:13am | #11

   Are you real good at selling?  that will determine if you are a profitable businessman or not..

     Your first job is to find a customer willing to pay you to work for him at a scale that you can afford to do the work..

     real cheap and everybody will want you but in the end you will go broke.  too expensive and nobody will hire you..

     Don't think that you can just match what the experianced guys charge and expect to be a success. You won't be able to work as fast or as good as a real pro.   (sure there are exceptions but they only serve to prove the rule) 

       Bookkeeping!  for every hour you spend with a tool in your hand expect to spend 10 minutes doing bookwork relating to that work..   There are bids and quotes.  There are material lists and  contract specifications.. There are time sheets and job costs and well hopefully you'll get the idea..

       Hows your golf game?  Many good deals are signed on a golf course.  Same with bars,  lots of jobs are discovered in bars or talked over in bars etc.  Yet if you spend much time in either you run the risk of failure due to either drinking problems or time management problems..

     My suggestion,  work for a large successfull company for a while to learn some of the ins and outs of the business..

     Hitting a nail with a hammer is almost the smallest part of the job..

1. 
   andybuildz | May 03, 2004 01:50pm | #12

   Hitting a nail with a hammer is almost the smallest part of the job..

   Whats a hammer???lol...Havent used those in years.My life is my passion!

   http://CLIFFORDRENOVATIONS.COM

1. 
   maverick | May 04, 2004 02:08pm | #13

   "Whats a hammer???lol...Havent used those in years."

   A hammer is something you use to split your thumb open friday afternoon about 4:55. Other than that...useless