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

 
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Old 03-19-2016, 12:25 AM   #81
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Excellent read and very good points!
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Old 10-16-2017, 12:55 AM   #82
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Almost 2 years later and I've learned so much more. However, the most important, thing is still hiring the best people and creating systems/processes for your business.
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Old 10-21-2017, 05:48 PM   #83
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...Man, I'm there right now. You know, at that point of realization you described when your daughter turned 7. I've been working to find a way to turn that corner for a long time now. Reading this was very inspiring, thanks again.
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Old 11-01-2017, 07:07 PM   #84
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Good thread. I just listened to The E-Myth and man it was extremely paradigm changing for me. Changed my perspective majorly, broadened my scope, helped me see the big picture. I recommend it for anyone who isnít one of those lucky few who just seem to be born with the knack for making money and being successful.


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Old 11-08-2017, 08:09 AM   #85
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Interesting post. Thanks.
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Old 11-08-2017, 09:15 PM   #86
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Lots of great comments here.
The school of hard knocks - just last week i found myself tested on a project that went wrong. An epoxy floor job that turned out disappointing, to me and the customer. He wasn't happy and neither was I. I could have blamed the paint store, the rep, and whoever else. But none of that fixes it, i wanted to walk away but obviously i couldn't.

The customer didn't want excuses. I owned the problem.

A wise person once told me "You are not remembered for the problem but what you done about it."
You have to pay for your education - it is never free. Well last week my education was expensive.
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Old 11-12-2017, 04:10 AM   #87
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Nice post, lots of good info. Few things that help me.

1. Be honest and fair with Clients and Subs. Donít be a pushover but be fair. Always be able to go into any situation knowing you have nothing to hide, might not always be correct but always be acting for good of project.

2. Have enough capital in the bank for the project you are working on to go sideways and your business not fold.

3. Pay your subs right away. They usually need it, always appreciate it and will come when you need them.

4. Have a foot in residential and commercial. Both very different, and takes a bit of work. They are very independent of each other in both the volume of work and margins. You should know where the money currently is.

5. Keep a low overhead and be flexible in both your ability to ramp up or down. From what I see, a head office of 3 people should be able to handle over 10 mill a year including estimating, accounting, site management.

6. Respect your employees and treat them fair. Make sure they have proper tools etc.

7. Make sure your site is clean, organized and materials are there.

8. Donít skimp on material, can be used on next job and costs way more to stop because your out.

9. Donít go crazy on material.

10. Know when to back your client with the consultants and vice versa.
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Old 11-13-2017, 11:36 PM   #88
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Re: The School Of Hard Knocks. What I've Learned While Running My Business


Quote:
Originally Posted by MeanWeen View Post
Nice post, lots of good info. Few things that help me.

1. Be honest and fair with Clients and Subs. Donít be a pushover but be fair. Always be able to go into any situation knowing you have nothing to hide, might not always be correct but always be acting for good of project.

2. Have enough capital in the bank for the project you are working on to go sideways and your business not fold.

3. Pay your subs right away. They usually need it, always appreciate it and will come when you need them.

4. Have a foot in residential and commercial. Both very different, and takes a bit of work. They are very independent of each other in both the volume of work and margins. You should know where the money currently is.

5. Keep a low overhead and be flexible in both your ability to ramp up or down. From what I see, a head office of 3 people should be able to handle over 10 mill a year including estimating, accounting, site management.

6. Respect your employees and treat them fair. Make sure they have proper tools etc.

7. Make sure your site is clean, organized and materials are there.

8. Donít skimp on material, can be used on next job and costs way more to stop because your out.

9. Donít go crazy on material.

10. Know when to back your client with the consultants and vice versa.
Great advice, but #4 isn't for everybody IMO. Commercial work is risky and there are other ways to add revenue.

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