Anyone with a successful business want to give me some advice on how I start a siding business and any tips they can share? I would be very grateful. I'm scared to leave my good paying job for the unknown. I'm afraid to fail my family. But I'm sure I can do it.
Jerm86
I say jump now in an on fire market. I’ve stated here many times, I never hesitated to jump the fence to better myself or my business. Leave w/proper notice & don’t look back. How much is that company going to do for you when chips are down?
Mike
Mike
Go for it. You may fall flat on your face, but your family won't starve. You don't want to be 95 on your deathbed lamenting "Why didn't I start that siding business when the economy was so hot?"
Figure your labor, materials, overhead, and profit on every job... never guess or rush to price something
Know your worth
Remember that profit is not a 4- letter word. Don’t apologize for it and never negotiate price
Sent from my iPhone using Tapatalk
Know your worth
Remember that profit is not a 4- letter word. Don’t apologize for it and never negotiate price
Sent from my iPhone using Tapatalk
You need six months personal reserves and six months business reserves before you try. The #1 reason businesses fail is lack of money. Sounds obvious right? But it gets more complicated. You need to account for taxes (self employment tax @13% might surprise you). And liability insurance. And health insurance. Plan on actually being able to keep 1/3 of revenue after all the vultures get a piece of you.
My initial advice would be to ask yourself the following:
Can your market handle another siding business?
How will your business stand out?
Why will people call you?
Who will be your competition?
What equipment do you need to get started?
Be honest with yourself, if you have the answers then great, establish your business.
Do not plan on being cheap, your expenses will be more than you realize, pay yourself realistic wages and make sure the company makes a profit.
Best of luck.
Can your market handle another siding business?
How will your business stand out?
Why will people call you?
Who will be your competition?
What equipment do you need to get started?
Be honest with yourself, if you have the answers then great, establish your business.
Do not plan on being cheap, your expenses will be more than you realize, pay yourself realistic wages and make sure the company makes a profit.
Best of luck.
So now that we know you're scared... you should probably evaluate this better. Right?... it's ok to be a little scared but keep the "good paying job" part separate. Now that you're on this forum,
first - sleep on this whole thing a few nights.
second - grow a pair and start up your business
third - sell your first job even if you don't know how to do what you just sold
forth - come back to Contractor Talk, start a thread and we'll tell ya what to do nex
first - sleep on this whole thing a few nights.
second - grow a pair and start up your business
third - sell your first job even if you don't know how to do what you just sold
forth - come back to Contractor Talk, start a thread and we'll tell ya what to do nex
Starting your own business is definitely weird, man.
I went on with an ok amount of reserves to work with, and I left on great terms with my old company(important!). I had a couple jobs lined up which would theoretically take me to the next ones that I would surely come up with. There were definitely a few days where I "went to work" with absolutely nothing to do though. hah
I used to take walks around my neighborhood coming to terms with the idea of being a small business owner. You know what though? It was important to have those feelings of insanity and take those walks though, because that's really where I learned that one of the most important things you can do is tell every single living breathing person on Earth who you are, what you do, and what neighborhoods you do it in. You'll be amazed how many people don't have a relationship with ANY contractors. I'm basically the go-to advisor for everybody my age. Nobody knows how to hire people. They all go through me.
That can be you!
Bottom line: Leave your current job on good terms. Tell them exactly what you're planning on doing and ask if they would be open to a return in the future if self-employment isn't what you're hoping it'll be.
Now go on an' get it! Post here often. We like helping!
I went on with an ok amount of reserves to work with, and I left on great terms with my old company(important!). I had a couple jobs lined up which would theoretically take me to the next ones that I would surely come up with. There were definitely a few days where I "went to work" with absolutely nothing to do though. hah
I used to take walks around my neighborhood coming to terms with the idea of being a small business owner. You know what though? It was important to have those feelings of insanity and take those walks though, because that's really where I learned that one of the most important things you can do is tell every single living breathing person on Earth who you are, what you do, and what neighborhoods you do it in. You'll be amazed how many people don't have a relationship with ANY contractors. I'm basically the go-to advisor for everybody my age. Nobody knows how to hire people. They all go through me.
That can be you!
Bottom line: Leave your current job on good terms. Tell them exactly what you're planning on doing and ask if they would be open to a return in the future if self-employment isn't what you're hoping it'll be.
Now go on an' get it! Post here often. We like helping!
One of the problems I have seen is one person can't do everything. You can't estimate, market, deal with bank, insurance, etc. and swing a hammer. Are you planning on working for GC's? That goes to what someone else said -- make sure you have sufficient cash on hand. Sure, you'd like to be paid every week, but it rarely happens, especially if you are dealing with a commercial GC.
I think a start up company today needs a field guy and an office guy.
I think a start up company today needs a field guy and an office guy.
Respectfully disagree on that. There's lots of solo shows on here. There's been times I'd have loved office help, but I never actually needed it. Sometimes you just have to stay up a little late hemming and hawing while you watch tv. Sometimes it's annoying, sometimes it's actually kind of fun.
I'm a solo act. The paper end isn't that bad once you figure a system. Do all my with an IPAD. Keep my books simple. Have a file box in truck with yellow envelopes. Every job gets its own envelope. I set one day a week for estimate/paper catch up/rest. The rest is work. If you good work will find you and probably faster then you think.
Only thing for certain is, you gotta be all in. Your family has to understand and be willing as well. The first year is tough tough. Getting work is easy part. Balance and processes are the bank breakers.
You gotta be willing to burn until the kinks get ironed out.
Only thing I regret is not going on my own sooner.
Only thing for certain is, you gotta be all in. Your family has to understand and be willing as well. The first year is tough tough. Getting work is easy part. Balance and processes are the bank breakers.
You gotta be willing to burn until the kinks get ironed out.
Only thing I regret is not going on my own sooner.
My paperwork is quite easy. My bookkeeper can access my books online including my bank accounts. That way I can do what I do best. Build.
Mike.
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[emoji631] [emoji631]
Mike.
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[emoji631] [emoji631]
Part of my comment about 2 people was based on larger commercial jobs. I was working for a mid-size GC when the Owner got cancer and decided to shut down. Two weeks after he announced that, I had taken over one of his jobs. $5 mil. Out of town. It took a huge amount of time to set up a company, get insurance, banking, contracts, etc. Then, you spend at least half a day getting to the job, a day there and maybe drive home at night. There has been discussion on this forum about contracts. Mine was, I think, 8 pages of fine print, followed by multiple attachments (drawing list, detailed scope of work, etc.). Again, this is commercial; I'd say large commercial, but I'm not sure what the definition of large is anymore.
I spent 2 years working on the Donovan State Prison. That was gnarly commercial. The specs on everything was over the top.
Mike.
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[emoji631] [emoji631]
Mike.
___
[emoji631] [emoji631]
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