Home Forums Hunting & Shooting Hunter's Campfire I'm thinking of going into business.

Plumbing ... ? It doesn't matter if it leaks.

Handyman work ... ? The post rots out before the posthole.

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Talus Monkey?

I worked in management for several large electrical manufacturers & own (with my wife) two small businesses. I would suggest first talking to a financial expert to determine if a corporation, LLC, or single proprietorship is the way to start. For a new business record keeping is a nightmare. There are many small accounting/bookkeeper services available for a small fee. As your business grows & you learn more perhaps then you could think about keeping your own records. As was stated finding some niche business is the key to success. Good luck.

Had some extra running to do last night so didn't get home until well after dinner and by the time I wolfed that down it was bath time for the twins. By the time they were tucked in, I was about whupped.

Thanks again for all the input. I have read each and every post and appreciate them all. I'm pleasantly surprised - I expected more negative responses, but other than expressing caution I don't think there was a negative post in this thread. The positive, if cautious, responses gave me a bit of a boost and even though yesterday was a long day, I wore a hint of a smile thanks to all the help offered by you all.

Thanks again.

plumbers are one business where its not as hard to go it on your own if there is work available in your area.....most plumbers i know are their own bosses....the book keeping part is just the big area cause nothing is going to be more frustrating than 8 months from when you go it alone knowing you need to cut costs somewhere and your staring at a box that has your whole business in it as far as receipts, invoices and such and no way to make sense of it all in a timely manner.....the P&L reports on quickbooks make it a simple matter to quickly and effectively look stuff over and not frustrate the hell out of yourself....we look at ours monthly, and we run different time periods to compare the first quarter this year to first quarters for the last 5 years and things like that so we can see trends and concentrate on what does make us money....

i really cant understate just how helpful that damn program is when used properly....

I'm with yo on this, rattler. I spoke to my wife last night at the dinner table about your suggestion to get quick books. I wasn't surprised when she told me that she already has it and knows it quite well, so that'll be a big help if I go through with this.

wow you on a roll!! I would think a good plumber would stay in business, I know down here in Louisiana plumbers are not cheap and the only ones out of work or LAZY ones.

hey you know what makes good money here? the plumbers with the pump trucks for treatment systems, when a house sells it has to be pumped and thats 800.00 to 1200.00 and it took the dude less than one hour, his wife was his helper too and he stated she was his book keeper and she wrote the bill and collected my check.

good luck dude!!

and if you do HVAC work to break it out separately.....most contractors are gonna want an itemized bid anyway so its just another step to break them out separately in your book keeping aswell.....that way, if down the road you find you like the HVAC side of the business better and want to concentrate on it more you have the separate numbers there to look at to see if it will float on its own......

this also helps when trying to isolate money pits within your business cause instead of seeing that you keep to much money locked up in parts inventory, maybe its just the HVAC pats or the plumbing parts you have to keep less of and things like that.....its why we break our sales down so far, so we can see trends in what is making us and costing us money in the business instead of just having one ad category.....

Not in the business myself, but my wife ran a front office and did book keeping for an electric/plumbing team for years.

From the thread it appears you're motivated and a thinker. If the market is there, and one does quality work, it sounds like a no brainer to me.

An issue with the team my wife worked with was a few customers that ordered up and received substantial work/parts/equipment and then mentioned they'd have to figure out a payment plan on the back end. Some inquiries from other service providers can often reveal the habitual elements. More often than one might think, they're often perceived as high rollers in the community.

Good luck,

This is excellent advice that's worth repeating. It's amazing how many people simply form an LLC without ever knowing about other options. You're way better off to spend a bit of money exploring the options before you get started, because changing course later can be quite expensive.

Hey bruin, it seems that you are mentally motivated for this task and seem to know enough about your industry to make it work.

Now, being good at what you do just isn't quite enough. You've got to be better than most of your competition in order to get customers to even begin to think about you.

I'm far from an expert, but I can tell you that I also own my own small business as an auto repair facility for over 33 years now. I also have an MBA in business mgt, so I've got a hint how a successful business works.


Here are some points to consider........

-Incorporate for limited liability.

-Hire an accountant, they are not very expensive and are the professionals. Tax rules are a biotch.

-Primarily helping people(customers) should be your main policy. This is the most important advice I'd give anyone who is self-employed. Following this rule will tend to always enable you to operate honestly and to the best of your ability. Money & profit will then come naturally.

-How tough are you? Sick, lunch, aches & pains, 9 to 5, coffee breaks, etc, are not words which can be in your vocabulary.
33 years and I never took a sick day. Doesn't mean I was never dead sick, just can't think about it.

-Liability insurance is a must.

-Warranty all work & all warranty work takes preference.

-Be nice. As tough as it gets, and it gets real tough with certain types of people. BTW, this is my 2nd most important hint.

-Have a game plan with a future forecast and follow it.

OK, just a few hints here to get you started. There is much more, but I could literally write a book.

Best of luck if you decide to go forward with the venture.

-Ken