canadagoose
That's preposterous.
- Joined
- Mar 11, 2017
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Or tried?
Have you guys ever started your own business?
- Thread starter canadagoose
- Start date
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knight1fox3
Jedi MASTER & Friend of Capt. Solo
Yes. Engineering consulting and computer building/repair business.
blybrook PE
Veteran 10k Spammer
Yes, I ran a small snow plowing business for a few years on the side. Currently helping the wife with a gardening & specialty treat side business.
knight1fox3
Jedi MASTER & Friend of Capt. Solo
Voomie
PE
I have toyed around with idea of opening my own firm. Any words of advice if I decided to go that route?
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Planning is key. I spent about a year making the decision, meeting with two attorneys that did the same thing (finance and legal professional service organizations are fairly similar to engineers), planning, setting up the spreadsheets, design software, details, templates, proposals, researching tax code, pc hardware, office costs, billing/invoice software, website, logo, insurances, ect. Eventually I just made the jump when the time was right.
It was very helpful to understand actual costs per employee regarding billing rates and profit margin to run the numbers between:
1.working by myself with minimal staff and better work/life balance
2 staying at my old firm, working side jobs for extra cash and watching my kids grow older every day
But I am not a good example, three months without a salary can be tough on the average family. It took about $20,000 worth of hard startup costs plus loss of income. But I have landed some big contracts that will off, and I keep getting new jobs. Talk to me in a year to see where I am.
knight1fox3
Jedi MASTER & Friend of Capt. Solo
The only thing I'd add to that, is with such a hefty investment, I think one really has to have some sort of established customer base/contact back-log with which to initially pursue various project opportunities. Without that, it could be very difficult to start securing some of the first couple projects.
@willsee is probably a good resource for this type of advice as well.
And congrats @SE_FL on making the jump and landing some of your first clients. :thumbs:
All the planning, details, software, lawyers are good things to go over, but if you don't have a customer base, you're may be going back to work for the man pretty soon. I am a partner in a couple of small firms, one we purchased a couple of years ago. The most important thing is a history with a few customers (not one) and some semblance of a backlog.
If you will be competing against your current employer (or could be seen as competing) I would recommend doing everything you can now to have everything set up that will take away time from going to get clients or completing work.
Word templates, schedules, blocks, details, forms, reports, file structure, website, excel templates, whatever. That way once you make the move you can go full bore getting clients and not spending time on other non revenue generating opportunities.
Also plan not getting paid for six months.
Get a client and perform services for thirty days -> send invoice for net 30. Wait 30 days not paid repeatedly follow up until they finally pay six months later
Road Guy
Well-known member
10 years ago my wife went back to school to be a nurse. I fully regret not pushing her to get an engineering degree and we could have opened up a DBE Woman Owned Company and set up shop and essentially go from being hundred thousandeers to millionaires... In the DOT federal money world 12% of all contracts have to go to DBE (Disadvantaged Business Enterprises) there are actually few of these firms in most states and if you are above marginally competent you will have enough work and money for ages.. so if any of you have that option its completely worth it.
On the other hand I ran into a couple friends of mine who opened up their own shops 10 years ago or so, most of them did so by eventually stealing company work doing shops for contractors and doing it themselves. It does seem that yes they make more money, and more time with the kids, but it seems like after 10 years they are doing the exact same thing everyday
On the other hand I ran into a couple friends of mine who opened up their own shops 10 years ago or so, most of them did so by eventually stealing company work doing shops for contractors and doing it themselves. It does seem that yes they make more money, and more time with the kids, but it seems like after 10 years they are doing the exact same thing everyday
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Can't she be the "marketing" person or "sales" person as CEO of the company and get the same benefit?
Road Guy
Well-known member
Most states have really scrutinized that in the last 15 years.
There used to be a ton of smaller contractors and firms that put the company's name in the wife's name but these days the owner has to have more skin in the game. If not an engineering or survey degree defin some work experience prior to owning the firm.
I believe there was some news stories a while back how the largest benefactor of EEO programs (federal level) was white women....
There used to be a ton of smaller contractors and firms that put the company's name in the wife's name but these days the owner has to have more skin in the game. If not an engineering or survey degree defin some work experience prior to owning the firm.
I believe there was some news stories a while back how the largest benefactor of EEO programs (federal level) was white women....
A guy I know set is wife up as the owner/president of his contracting company to get WBE projects. For several of the bids she had to go and be interviewed by owners/government agencies about the specifics of the company operations. He needed to school her on the details prior to the interviews so they are definitely trying to vet the system.
knight1fox3
Jedi MASTER & Friend of Capt. Solo
Perhaps I should rethink my career and try something like this:
https://www.cnbc.com/2017/11/02/28-year-olds-company-makes-millions-selling-walmart-buys-on-amazon.html
https://www.cnbc.com/2017/11/02/28-year-olds-company-makes-millions-selling-walmart-buys-on-amazon.html
ktulu
Well-known member
Road Guy
Well-known member
I wasn't near as committed obviously but I used to do that on eBay for a while with movies and other easy to ship items but by yourself it's a ton of work for little money- I'd like to actually know how many hours he would spend to get 1000 a month? I never see much but junk on the Walmart clearance aisle (must not have an eye for it!)
I need a lift for the jeep so might give it a try!
Anyone start getting Sunday deliveries with amazon? I think I am addicted to amazon prime just to see how fast they can get stuff but last week I ordered a hard drive for my kids laptop on a Friday and it was dropped off on Sunday but a kid in a personal vehicle?
I need a lift for the jeep so might give it a try!
Anyone start getting Sunday deliveries with amazon? I think I am addicted to amazon prime just to see how fast they can get stuff but last week I ordered a hard drive for my kids laptop on a Friday and it was dropped off on Sunday but a kid in a personal vehicle?
