The School Of Hard Knocks. What I've Learned While Running My Business

 
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Old 12-27-2015, 09:36 PM   #41
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


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Thanks for your service. Mean not very cause to do it right and legit it will be tough not giving the business your full attention in the very beginning


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I realize it will be a little more difficult but Im willing to put in the long hours. My schooling is online so I can do that at anytime and im off work by 230.
I know it will be a tough
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Old 12-27-2015, 09:54 PM   #42
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Done by 230 so I guess your not installing Windows now as your job ?


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Old 12-28-2015, 07:37 AM   #43
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


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I realize it will be a little more difficult but Im willing to put in the long hours. My schooling is online so I can do that at anytime and im off work by 230.
I know it will be a tough
Are you planning on supplying the labor yourself or would you sub that out? Might be a good idea to start an entirely new thread with your question. Lot of info to give to your question.

There are a lot of older threads related to your question. Try using the search function, read a number of those, and then maybe post your question in another thread.

Good Luck.
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Old 12-28-2015, 06:22 PM   #44
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


This is awesome information, Thanks for putting it out here. Seems very timely for our company we have been struggling with trying to take that step of having guys on the job that are qualified that can do the work and myself looking and bidding the jobs.
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Old 12-30-2015, 08:43 AM   #45
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Building a local brand. Here's my last truck finally getting vinyl wrapped. I can't tell you the success I've had locally from driving around with these over the last few months.

Notice the new website matches?

http://www.themenwithtools.com/

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Old 12-30-2015, 01:30 PM   #46
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


I thought you did floors. Either way looking great!
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Old 12-30-2015, 04:47 PM   #47
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


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I thought you did floors. Either way looking great!
Sold the old company last year JBM. I'm now chasing larger window and remodeling projects with the new company.

I've built a solid local brand within 6 months driving these trucks around town.

People here recognize the new company. When I advertise it's much more effective and people almost always tell me "I see your trucks everywhere" when I ask, How did you hear about us?

Wrapping the trucks are a significant investment, however it might be the best money I've ever spent in marketing. Even better than a website!
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Old 12-30-2015, 05:07 PM   #48
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


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Sold the old company last year JBM. I'm now chasing larger window and remodeling projects with the new company.

I've built a solid local brand within 6 months driving these trucks around town.

People here recognize the new company. When I advertise it's much more effective and people almost always tell me "I see your trucks everywhere" when I ask, How did you hear about us?

Wrapping the trucks are a significant investment, however it might be the best money I've ever spent in marketing. Even better than a website!
I agree..Nicely wrapped trucks like that in an area as populated as staten island and NJ right next to it will get a serious amount of eyeballs. Have two cube vans that i lettered up 15 years ago and hear same thing about seeing trucks all over. Looks good
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Old 12-31-2015, 10:26 AM   #49
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


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Sold the old company last year JBM. I'm now chasing larger window and remodeling projects with the new company.
How would you roughly value a business to put it up for sale? Cashflow, net cashflow, whats the multiplier? Ive been wondering if building local businesses to sell are worth the headache?

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Wrapping the trucks are a significant investment, however it might be the best money I've ever spent in marketing. Even better than a website!
Say it aint so!
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Old 12-31-2015, 11:45 AM   #50
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


As a green business owner this is really insightful. I'm just starting to get my name out more now with business cards and Facebook. I did a lot of research and am finishing up all the paper work now. It certainly is going to get stressful the next few months working full time and estimating jobs on the side as well as working jobs after work and on weekends. But if all goes well I can make the leap come spring to just go full time.

Thank you for the advice! :shake:
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Old 12-31-2015, 01:33 PM   #51
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Quote:
Originally Posted by JBM View Post
How would you roughly value a business to put it up for sale? Cashflow, net cashflow, whats the multiplier? Ive been wondering if building local businesses to sell are worth the headache?







Say it aint so!

Me and my lawyer put a value on the existing business by taking 2 years of profits (Net and salary) and applied a multiplier of 2 plus the value of the equipment and real estate that came with it.

Construction businesses generally have a multiplier of 1-3. In my case, my business had a contract to install for a national retailer which accounted for 60% of the total revenue. Hence the reason for the multiplier of 2. The buyer technically bought the contract, customer database, website, equipment, building and the custom CRM built for my company.

Last edited by lawndart; 12-31-2015 at 01:47 PM.
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Old 01-23-2016, 11:52 PM   #52
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Very good thread . Good insight .

It breaks my heart to watch businesses fail for self imposed reasons .

Here are a few things I think have helped us :

Keep your hands off the working money . All you are doing is stealing from yourself.

Run a clean job . Nothing impresses a client much more than a a clean and organized job in progress.

Put it in writing . Doing jobs, changes and work on a verbal understanding will bite you sooner or later . The price , what's included, what isn't , the draw points , all are critical elements of the deal.

Do what you say you will. This alone will pretty much guarantee success in any endeavor.

I like what he said about the customer is not always right . Get that in your head.
Businesses that live by that creed are normally selling a $2 item, like a hamburger. One of the best things anyone can do to learn to survive is to learn to recognize people that are bad to do business with ....when you do that , you will almost automatically find your ideal client profile at the same time . When guys tell me they don't have a client profile ....that concerns me. It usually means they aren't aware ...which is pretty scary.

Threads like he's done , if guys will read and learn, can really save some heartache . He nailed it at the start ....its not a game ....you better do whatever you have to do to get it done and make it work, or you can lose everything you have . The stress can ruin lives, marriages and lead people to suicide.

You can have fun, laugh , treat people well, do great work, have a life , and be proud
of who you are what you do....and still make a buck .
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Old 02-02-2016, 12:39 PM   #53
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


I've been a full time accountant and have been running a part time handyman business. I have recently passed my CSL exam and received my license. I have decided to go into construction full time. I think the hardest thing for me is to find a focus. There are too many opportunities out there and sometimes you just want to do it all. Anyone have the same issue? How did you decide what business to get in to?


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Old 02-02-2016, 12:43 PM   #54
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Yes, that is a challenge. Go with your passion and interest s are, you ll need all you have in your heart to do this.
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Old 02-02-2016, 01:57 PM   #55
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


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I've been a full time accountant and have been running a part time handyman business. I have recently passed my CSL exam and received my license. I have decided to go into construction full time. I think the hardest thing for me is to find a focus. There are too many opportunities out there and sometimes you just want to do it all. Anyone have the same issue? How did you decide what business to get in to?


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Usually you have to start out doing multiple different things but usually you will find that your business will naturally take direction towards what you are good at and what you love doing.
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Old 02-02-2016, 03:28 PM   #56
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


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Originally Posted by Geronimo View Post
I've been a full time accountant and have been running a part time handyman business. I have recently passed my CSL exam and received my license. I have decided to go into construction full time. I think the hardest thing for me is to find a focus. There are too many opportunities out there and sometimes you just want to do it all. Anyone have the same issue? How did you decide what business to get in to?


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I think it's a tug of war between your heart and your wallet. I personally like the money from doing handyman work but if I have to be extremely neat and work around a lot of furniture, homeowners etc. I'm not a happy camper. I love working outdoors but I don't know if I could make as much doing production work like siding, roofing etc. So I think you have to strike a balance between your comfort level and where the money is.

One important thing to consider is help. For 2 years I had a guy that was very good at the things I hated doing. If I had an inside painting job, for example, I would simply drop off my helper and let him tackle the whole job rather than subject myself to what I consider torture. The ability to delegate allowed me to capture profitable jobs that I would probably pass on if I had to accomplish them alone.
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Old 02-02-2016, 11:13 PM   #57
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


A lot of people in the industry say to go with what has the biggest margins but i just want to do something I enjoy doing. I think I will try a bit of everything and delegate my least favorite tasks onto people who do well with it or actually like doing it.


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Old 02-09-2016, 03:38 AM   #58
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


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Yes, that is a challenge. Go with your passion and interest s are, you ll need all you have in your heart to do this.
I used to think this too, but now I think it's not so simple as that. If your passion leads you to a fulfilling career, that's great! Problem is, some people are passionate about doing stuff that doesn't pay very well.

As much as possible, I try to align my working passion with profit. Having delighted customers, being able to support my family, taking time off work, trying new experiences, preparing to retire... those more than make up for sometimes doing work I'm not initially passionate about.

An internally motivated person can learn to love almost anything he chooses to do. A while back, I caught a strong whiff of sewage while a guy was pumping out a temporary toilet on a jobsite. I asked him how he could deal with such a chitty job. He grinned and said, "That's the smell of money." Saw that guy a few more times and noticed that he always hustled like a real pro showing pride in his work. I doubt that he followed his passion into that job, but I respect him for the way he did it.

A guy named Cal Newport writes about this more clearly than I do;
"Matching your job to a preexisting passion does not matter. Passion comes after you put in the hard work to become excellent at something valuable, not before. In other words, what you do for a living is much less important than how you do it."
--excerpt from "So Good They Can't Ignore You", http://calnewport.com/books/so-good/

Not trying to argue, just stating an alternate view.
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Old 02-10-2016, 12:53 PM   #59
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


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I used to think this too, but now I think it's not so simple as that. If your passion leads you to a fulfilling career, that's great! Problem is, some people are passionate about doing stuff that doesn't pay very well.

As much as possible, I try to align my working passion with profit. Having delighted customers, being able to support my family, taking time off work, trying new experiences, preparing to retire... those more than make up for sometimes doing work I'm not initially passionate about.

An internally motivated person can learn to love almost anything he chooses to do. A while back, I caught a strong whiff of sewage while a guy was pumping out a temporary toilet on a jobsite. I asked him how he could deal with such a chitty job. He grinned and said, "That's the smell of money." Saw that guy a few more times and noticed that he always hustled like a real pro showing pride in his work. I doubt that he followed his passion into that job, but I respect him for the way he did it.

A guy named Cal Newport writes about this more clearly than I do;
"Matching your job to a preexisting passion does not matter. Passion comes after you put in the hard work to become excellent at something valuable, not before. In other words, what you do for a living is much less important than how you do it."
--excerpt from "So Good They Can't Ignore You", http://calnewport.com/books/so-good/

Not trying to argue, just stating an alternate view.
Excellent post.

When I started out as a young pup banging nails and working hard everyday I knew that one day I would own and operate my own business. I kept my head down and my eye on the prize.

My passion then and now has been about making lots of money not the actual trade.
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Old 02-10-2016, 02:21 PM   #60
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


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An internally motivated person can learn to love almost anything he chooses to do. A while back, I caught a strong whiff of sewage while a guy was pumping out a temporary toilet on a jobsite. I asked him how he could deal with such a chitty job. He grinned and said, "That's the smell of money." Saw that guy a few more times and noticed that he always hustled like a real pro showing pride in his work. I doubt that he followed his passion into that job, but I respect him for the way he did it.
Heard that most simply put as " Do what you love or learn to love what you do." It's as simple as that. Or be miserable in your crappy job. Misery and the incredible self sacrifice of just showing up for your crappy job?always get you promoted.

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