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How Much To Budget For Tools At Start-up?

 
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Old 11-08-2019, 05:31 PM   #1
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How Much To Budget For Tools At Start-up?


I'm starting a home renovation company and am wondering how much I should budget for tools?
Any estimates, based on your experience, for what I should spend on:
hand tools
power tools
ladders/benches

Thanks
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Old 11-08-2019, 06:53 PM   #2
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Re: How Much To Budget For Tools At Start-up?


I think you should figure out what you need to buy and then figure out how much all that stuff is going to cost. That's going to be the most accurate number.

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Old 11-08-2019, 07:38 PM   #3
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Re: How Much To Budget For Tools At Start-up?


Depends a lot on what you'll be self performing.and what you'll subcontract out. It also depends on your target market.

Some people should never paint, some should never drywall. Trades people are always wishing they never got into could be good to stay away from.

Consider the size of the projects and how practical it is to sub out different things. Small projects scheduling subs can sink you.

It all depends on your business needs and target productivity levels.
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Old 11-08-2019, 07:50 PM   #4
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Re: How Much To Budget For Tools At Start-up?


$100K minimum.
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Old 11-08-2019, 09:13 PM   #5
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Re: How Much To Budget For Tools At Start-up?


just tools working out of an existing vehicle you own or including the purchase of a truck/trailer or van?

you may be able to get going with 10k in tools if you're not silly about purchases. it can be done for less and more is better, but this depends on what you're going to undertake.
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Old 11-08-2019, 09:45 PM   #6
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Re: How Much To Budget For Tools At Start-up?


It depends on what you consider tools.

Demo saws and house Jack's ate one end of the spectrum and an impact and a saw ate the other.

Hard to say without knowing your plans

Also, there are a lot of tools that you can't budget for and just pick up as you do certain jobs.

Most of us roll with probably 5-10 grand worth on a daily basis before we drag out the specialty tools.

It nothing to have 3 grand in tools to do a simple repair.

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Old 11-08-2019, 09:46 PM   #7
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Re: How Much To Budget For Tools At Start-up?


Quote:
Originally Posted by DreamHomes19 View Post
I'm starting a home renovation company and am wondering how much I should budget for tools?
Any estimates, based on your experience, for what I should spend on:
hand tools
power tools
ladders/benches

Thanks
What type of home renovations?... general or specializing?
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Old 11-08-2019, 10:09 PM   #8
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Re: How Much To Budget For Tools At Start-up?


Huge variation. Let's say you're doing a down-to studs but reletively simple kitchen remodel in a modest home and subbing MEPs and counters. You buy modular cabinets and do everything else yourself.

In order of appearance, you may use:
  1. zip poles
  2. ladder
  3. impact driver to remove old cabinets
  4. crescent wrench and channel locks to disconnect plumbing
  5. screwdriver to pull switch plates
  6. prybars and hammer or small sledge to remove cabinets with less grace, remove flooring, remove drywall
  7. electric tester to make sure circuits are off
  8. temporary lighting if assuming electric is getting demoed and changed
  9. circ saw and sawzall for various cuts between materials that are being kept and being removed
  10. shop vac to clean up
  11. chaulk line, tape, pencils for layout
  12. framing nailer for some changes to soffits or blocking or a partition wall (could just use impact)
  13. levels to plumb your framing
  14. drywall gun, roto zip or at least keyhole saw to hang new rock
  15. mud pan and knives, electric mixer and paddle
  16. painting gear to prime drywall
  17. clamps, hole saws, possibly jig saw, fein tool, more levels, maybe handheld power planer, table saw, miter saw, brad and pin nailers, compressor to install cabinets and trim
  18. tile saw, mixer, trowels, grout floats, leveling system, etc for tile flooring and back splash

Quick off the top of my head, maybe $5k. I'm sure I missed something major, and there are lots of specialty tools as you get into more custom stuff.
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Old 11-08-2019, 11:29 PM   #9
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Re: How Much To Budget For Tools At Start-up?


how about going to work for someone for awhile so you can learn the trade, figure out what is needed and slowly acquire the tools...
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Old 11-08-2019, 11:37 PM   #10
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Re: How Much To Budget For Tools At Start-up?


5 grand should be enough.

You can save Money by buying used equipment.

Craigslist and garage sales are great places to find ladders and ladder racks.

eBay is the best place for tools, especially new cordless tools. You can generally save 30% off of retail.

Rent bigger tools or occasional use tools.

Buy good tools. Buy once, cry once.




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Old 11-08-2019, 11:39 PM   #11
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Re: How Much To Budget For Tools At Start-up?


Quote:
Originally Posted by VinylHanger View Post
It depends on what you consider tools.

Demo saws and house Jack's ate one end of the spectrum and an impact and a saw ate the other.

Hard to say without knowing your plans

Also, there are a lot of tools that you can't budget for and just pick up as you do certain jobs.

Most of us roll with probably 5-10 grand worth on a daily basis before we drag out the specialty tools.

It nothing to have 3 grand in tools to do a simple repair.

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And leaving them all sitting setup in a driveway while you go for lunch.
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Old 11-08-2019, 11:42 PM   #12
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Re: How Much To Budget For Tools At Start-up?


There is always the option of buying some used equipment. I sold my drywall lift a few years back in great condition for $50.

The first battery impact driver I bought used. Tool, 2 batteries, charger. It turned out to be one of the best at that time.

Some tools I wouldn't buy used, too much downside.

Also consider, if you have multiple jobs hoingcat the same time, you're going to need multiple tool sets, at least for some of them.
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Old 11-09-2019, 09:27 AM   #13
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Re: How Much To Budget For Tools At Start-up?


I wouldn’t recommend buying ladders off Craigslist, buy new. Other ladder stuff is fine like jacks and picks/planks, scaffolding.
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Old 11-09-2019, 10:02 AM   #14
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Re: How Much To Budget For Tools At Start-up?


Quote:
Originally Posted by Big Johnson View Post
I wouldn’t recommend buying ladders off Craigslist, buy new. Other ladder stuff is fine like jacks and picks/planks, scaffolding.
I agree for smaller ladders

I have scored a couple of 32 footers that were like new on craigslist. Seems that some painters buy them new for one job, and then are terrified working up that high, so they sell them off soon after.
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Old 11-09-2019, 10:17 AM   #15
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Re: How Much To Budget For Tools At Start-up?


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I agree for smaller ladders

I have scored a couple of 32 footers that were like new on craigslist. Seems that some painters buy them new for one job, and then are terrified working up that high, so they sell them off soon after.
Or they don't have storage or transport for them.

I have a 40' I use maybe every 5 years, and a 50' I haven't used in forever. Around here you're breaking out a 32' every time you turn around.

Every year I think about selling some of them, but haven't yet...
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Old 11-09-2019, 11:19 AM   #16
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Re: How Much To Budget For Tools At Start-up?


If you have no clue about the tools you will need for particular project or business, maybe you need to modify your business plan Abit...

....just saying
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Old 11-09-2019, 04:40 PM   #17
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Re: How Much To Budget For Tools At Start-up?


All the money you plan to make for about 3 years...
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Old 11-11-2019, 01:04 PM   #18
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Re: How Much To Budget For Tools At Start-up?


Thanks, everyone. I've been making a list of what I need and added a few things based on some of the comments here. Never thought of getting some used tools -- that could save me a fortune!
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Old 11-11-2019, 01:25 PM   #19
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Re: How Much To Budget For Tools At Start-up?


As an FYI, when I first started, I ended spending around 20K on tools. I pretty much needed everything. That did not include vehicles.

right now, I probably spend around $1500 to $2000 per year on tools for all of us, lost, broken, worn out, batteries, etc.
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Old 11-12-2019, 12:11 AM   #20
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Re: How Much To Budget For Tools At Start-up?


Quote:
Originally Posted by DreamHomes19 View Post
Thanks, everyone. I've been making a list of what I need and added a few things based on some of the comments here. Never thought of getting some used tools -- that could save me a fortune!


Lots of good sales with Black Friday coming up, free batteries, etc.


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