| Author | Message | ||
     Cochise |
My last day as a car salesman was Friday. Monday I will be cleaning out foreclosed homes for the local banks and realtors. Also doing lawn care, tree trimming, patio building, even truck driving. Last night I drove a Semi for my friend who is the band director for our local High School. They had a marching band contest in Springfield, MO. | ||
| Ft_bstrd |
There is no better job than being your own boss. Once you stop punching someone else's clock, you'll never want to go back. Congratulations and good luck. | ||
| Bads1 |
There is no better job than being your own boss. Its got its pro's and con's. But what hes about to do I've been doing for 17 years. Be prepared to have a hard time walking away if you get in the commercial cleaning business. Banks were my number one customer. Expectations are high!!! | ||
| Oldog |
Good luck | ||
| Toona |
Congrats on the new venture. Make sure you do two things: 1) set money aside for taxes 2) take time for yourself when you get a chance, schedule time off so you don't burn yourself out. Best of Luck! | ||
| Mr_grumpy |
One thing to add to Toona's list, Make sure you work for people that are going to pay & pay on time. Cash flow problems due to non payment & late payment is the biggest killer of small businesses. | ||
| Toona |
Agreed Grump. I'm sure that others will add items as well. My 2 were just basics. I'll add another while I'm thinking about it, pay for everything upfront. No fund-age, don't buy. Payments on stuff you thought you had to have, sucks. Payments coming due when you don't have the cash because a customer hasn't paid on time, sucks even more.... | ||
| Etennuly |
I agree. Keep your budget tight at the beginning.....like the first three to five years. Pay for everything up front, like materials, fuel, parts etc. NEVER get into the credit game, borrowing on cards is a no no, a credit card machine only if your customers cannot pay with cash or a check, they need to be willing to pay more to cover the extra 5% and the paper work. If you are working on a 25% profit ratio why split it with the banks? Never use credit to "float" your customers if they are late paying. You are giving them a loan that you pay the interest on. You will loose them for a customer if you try to bill them for the additional monies spent on the credit. Prepare to hound them for money if they are late, sit on their porch steps if you have to, but don't borrow in place of what they owe. Work for others asap. You have a few things that you MUST pay before you get paid. In the following order: #1 Taxes of all kinds, #2 your accountant, they can bury you if you are late paying, #3 Employees, don't pay them.....see how work goes next week, #4 Utilities there is usually some float room there, #5 Mortgage and equipment payments if you got them, the room you have there is that they don't want the stuff back, they want you to succeed to make your payments, but they will burn your credit scores. Shortly after these things you can scrape out a few bucks to take the wife to dinner and a movie. The most powerful tool you carry as a business owner after you get going, is the ability to say NO. Do not be afraid to walk away from a contract where the margins are too low just to have work. I have proven to customers in the past that if I gave them $100 for not doing their job, and just sat at home on the couch I would be money ahead. I may be ambitious, but not enough to do a stranger a favor when I have projects of my own where no one has offered to do mine for free. B'ness is B'ness, don't confuse it with family and friends(unless they pay your bills). Always do your job a little better than it has to be done regardless of what a customer says. Every current job is the advertisement for the next one, so if you want the good stuff.....do the good stuff. | ||
| 12x9sl |
What Vern says about saying no is a big one-listen to your gut, it will usually steer you right. |
