[RodsRenos]

Well im very new to the business. (I start my business full time on march 24)
Im looking for dos& donts in the renovations part.
I live in Regina Saskatchewan Canada, the wait for a new house's is 1-3 years. propertys have doubled in value over the past five years.
I have been reading here all night so far taking in all the hints I can.
Im still having a hard time to figure out whats a going rate to charge per hour.(but thats something i have to figure out)
any hints/helpfull info would be great

 

[A W Smith]

Don't underbid.

Don't think you can get as much done in as little time as specialty contractors who have many more years experience than you. I repeat. Don't underbid

watch your cash flow. Do not think because you have lots of money in your checking account two thirds of the way through the job that you can spend freely on that high ticket trick setup you were looking forward to buying. be careful. because the bills from the job. they will come. i can guarantee it.

Do not buy high dollar specialty tools you will only use once or twice a year. As a rule of thumb your tool investment should make you more money per year than your cash would otherwise generate in bonds or other interest bearing investments. the tool investment should eventually pay for itself.

 

[BigSlick]

Google Mark Up And Profit A Contrators Guide.

 

[Bill Brennan]

Bill Brennan

First, Good Luck with your new venture.

Al had some good advise and I can only jump on and tell you that you must charge what you need to stay in business and grow...you must decide immediately "what makes you different" than your competitors and defend it.

When someone tells you they can get it cheaper from XYZ company you need to come back with why you are charging them more (what makes you different) and stick with it. If you're getting more than one out of five bids accepted...your not charging enough.

I would also suggest that you get a good accountant who can tell you exactly what you need every month to live on, stay in business and grow. But, hopefully you've done this already.

 

[Teetorbilt]

Never put YOUR money into SOMEONE ELSE'S project.

Read this book....twice. http://www.nytimes.com/books/first/s/stanley-millionaire.html

 

[wizendwizard]

Never speak badly of your competitors.
If your customer mentions the compitition just nod and smile knowingly.
Now show them why you will work out better for them
That competitor could be the guy's brother that won't work for family.

 

[A W Smith]

Never speak badly of your competitors.
If your customer mentions the compitition just nod and smile knowingly.
Now show them why you will work out better for them
That competitor could be the guy's brother that won't work for family.

I made that mistake with a roofer i go to church with. Our prayer house has a fairly new carriage house roof. A few years back when i was new to the congregation they had a volunteer day to make some small repairs to the house. I commented to the roofer who I knew for quite a few years who was repairing a roof leak where the turret meets the main roof that whoever did the roof didn't use rake starter and it appeared to me that the courses ran slightly uphill from the west gable of the roof to the east. he didn't say anything. it was only recently that i became aware that he did the roof. he is also on the church committee.