New Business

meo814

i am very much interested in starting a small painting business.have been doing it alot on the side for friends and family, but now would like to do more.......anyone have any suggestions on where to go for some guidance on how to go about it.also most important..when you see the term "T and M"...how do you figure out what your "TIME" is worth.........thank you so much in advance

slickshift

Read the E-Myth Contractor
Now
I mean right now
It should be at Waldenbook or Borders or wherever
If they don't have it, or it takes to long to order it Amazon has it

The E-Myth Contractor: Why Most Contractors' Businesses Don't Work and What to Do About It
http://www.amazon.com/E-Myth-Contrac.../dp/0060938463

It's not a motivational book, or a how-to
But it will give some much needed perspective on the subject

Seriously, read it ASAP

__________________
Signature Quote

Quote:

Originally Posted by ModernStyle I have never used this crap before and I pray to the paint gods that I never have to use it again, I would rather use Behr

meo814

hi and thanks for the reply........i will definatley get it and read it....i think i should be more specific in my post.....i do have a regular job that i do not plan on giving up anytime soon.....just feel as though if so many people are asking me to paint for them (all referrals so far).that i should try to make the best of it and do it properly......and then who knows where it may go....but i am not going to be delusional and think i will be an overnight success........it is something i have always loved and just feel like i may have missed my calling............thank you........if anyone else has any input i would appreciate it.....by the way slickshift, how do you figure out your "time" cost

slickshift

Great, keep your day job
That's a great idea and I would recommend it
That's a toughie
You may have to estimate at first, and then fine tune it later

Whatever you do, don't just charge what you'd like to make as a "tech" (worker)

What I mean is, if as a worker you are making $15 an hour, that's fine
But remember everything The Boss/The Company pays for that Paycheck Collectors don't give a second thought about
(one reason it's hard to explain to Mr. Homeowner why you'll go broke charging him what he thinks is a "fair hourly wage", eg: $15 an hour)

Paycheck Collectors don't give a second thought about the building, the water sewage for the bathroom, the electricity, the phone, the phone line, the desk, the pad, the pencil to write up the order
The coffee breaks, the sick days, the vacation days
the time they still get paid for when they are just sitting there waiting for the phone to ring
The advertising that makes the phone ring
The accounting and bookkeeping involved, the paper that their paycheck is written on
The insurance, the liability...
Even if you are storing paint in your garage, that counts
Even if you are using your "personal" truck, or your personal phone line, that counts
(and you really should get separate stuff for that right away)
You have to pay the receptionist (you), the sales staff (you), the estimator (you), the marketing dept. (you)
Oh, and don't forget profit
Whew...it's a lot of stuff

You'll probably have to estimate it at first, and adjust it as real figures start coming in
But do estimate it

For a ball park, it would be unlikely that your target hourly rate would be less than double what you'd like to earn hourly as a tech
Maybe a little less is possible, but more likely it would be more

I say target, because I use the figure to estimate to provide a bid for the job
If the job goes quicker or slower than I though that affects the actual rate I collect "per hour"
I don't actually charge people by the hour, it's a "here's the price" bid
To do otherwise often ends up with unhappy people on both sides

__________________
Signature Quote

Quote:

Originally Posted by ModernStyle I have never used this crap before and I pray to the paint gods that I never have to use it again, I would rather use Behr

meo814

HI SLICK.....thank you so very much for such a detailed response......i appreciate your time and energy

Workaholic

I will be checking that book out as well.

__________________
Sean

Dave Mac

track all your hours on everything you do, you need to learn your production rates. every time you paint something time yourself, record it, make sure you allow for set up and clean up, make sure you allow for prep, detailing what type of condition the surface is in.

thanks
dave mac