Replies

1. 
   Joe_Hennessey | Nov 26, 2000 07:47am | #1

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   Wes, out on your own doing what? Commercial, residential, remodeling, drywall sub? Architect?

   The business folder has 267 sub-folders containing enough wisdom to keep you reading through the rest of the weekend (if you don't watch too much football)and maybe give you some kind of idea of what your next move is. Good luck, Joe H

1. 
   Davo_ | Nov 26, 2000 08:55am | #2

   *Wes,Way to go! The first move to change over is an agonizing one. I too am an industrial carpenter (having worked as one for the last 10-1/2 years at a large steel producing plant. I just recently quit my job and decided to go out on my own (into the remodeling line for starters).The big thing is that you need organization skills besides the technical knowledge. Sounds like with your experience, you have both. The next big thing is money! You better have enough set back so you can "weather the storm" until things get rolling smoothly. Most experts say you need at least 6 months worth of reserve funding on hand to pay your normal bills and such to keep you afloat till the business kicks in. Probably most guys who went into this business did'nt have that much, but I believe the more the better.I sold off some property I had so that I do have some reserve cash in case things geta bit tight.You need to contact a good accountant and a lawyer and discuss what is the best way for you to set up your business and what liabilities you will face, etc. etc. You need to know exactly what you are facing before quitting your current job "cold turkey."You also need to develop a good rapport with a local lumber yard where you'll be doing alot of business with; as well as know some reliable subcontractors if/and when needed. Having a good rapport with some general contractors who may be able to sub you out some business is also a good thing to have.Depending where you live, you may be required to pass a local or state contractor licensing exam.(I was required to do so) These tests can be difficult, (and a bit expensive in some cases) so explore this avenue as well. After exploring all these things, be honest with yourself about wanting to go out on your own. If you still feel its the right thing, then go for it! BUT DO BEWARE, don't enter into this arena lightly. Many have done so, and many have failed!I hope to get rolling after the first of the new year. I still am a little uneasy about the whole thing. Only time will tell if my decisions were the right ones. I wish you all the best of luck, and hope that if you do pursue a new career, that your efforts be handsomely rewarded.Davo.

1. 
   George_Abramshe | Nov 26, 2000 09:17am | #3

   *You mean I was supposed to do ALL that?? I started my own business because I hated my boss and knew I was working for a shmuck who swung his hammer like a prom queen. No ,seriously, that's some great advice and I just want to back it up that fall back capital is definately the most important thing. Don't undercut anyone else and love your job. Good luck.

1. 
   josh | Nov 26, 2000 05:59pm | #4

   *put money aside. If you are thinking of starting off in the middle of winter you shuld have some money to fall back on. Figure all you home expences that you are responsible for and all your business costs ( asvertising, cell phones, insusrance, fuel ) and try to have that out in front at least three months and you should be ok. For my first few years I never touched that cushion unless I had tyo and then replenished it. After I really got going I took that cushion and bought new tools and uped my advertising.

1. 
   Mike_Smith | Nov 26, 2000 06:18pm | #5

   *if you're married be sure your wife and you have the type of personalities thta can deal with living without much of a sfety net..it also helps if she is workig and you can survive on her income...having a capitalized business is very helpful.. and money in the bank... don't put yourself in the position of having to take a job for the wrong price because you need the cash...... i like joe hennessey's advice about reading all the threads in the business section...there is a about 5000 years of experience there.... and only about half of it is bullsh*t...b but hey , whadda i no ?

2. 
   Rich_Beckman | Nov 26, 2000 09:38pm | #6

   *Mike,There is no way my posts constitute half of that folder.Rich Beckman

3. 
   Mike_Smith | Nov 26, 2000 09:43pm | #7

   *rich... i was talkin about my half.....sorry....didn't mean to elevate my posts to the level of bullsh*t.... i now realize they almost never get beyond drivel......hah, hah,hah.....

4. 
   Francis_Voignier | Nov 27, 2000 06:07am | #8

   *WesWhere you live has a lot to do with how you are going to go about it. I started with no money, out of a cabin without electrical and a busted generator. No phone, a banged-up 66 Chevy truck and a few essential power tools. I took small jobs at first and built a reputation of dependability and sound work ethics. It took only a few years before I realized I had started a monster. I don't know what to do to keep business from coming in. I am at a point where I need to sharpen my logistical skills so I can find time to rest. Becoming licensed has given me a lot more leverage financially and by keeping things small, I have made them manageable as well. Don't see too big, trust yourself and your skills, and be the best you can ever be. Keep your personal problems where they belong and find a way to keep the clients happy. Honesty and a good attitude go a long way.fv

5. 
   Stephen_Hazlett | Nov 27, 2000 02:54pm | #9

   *The ability to manage money will probably be more important than anything else.This was brought home to my wife concretely over the weekend.At a high school reunion someone we have vaguely known for over 20 years asked" So what does stephen do in the winter"My wife explained that I do a lot of catching up on bookwork and paper work,product research,plan advertising etc.,and fix a few things around the house.The friend said" but what does he do for MONEY in the winter.My wife reponded" he doesn't do anything for money in the winter---thats why the roofs he does in the summer cost what they do---cause he has to plan ahead for winter.He has been doing this for 12 years,he knows what he is doing"I have had the same discussion countless times over the years with customers.Most people who have spent their adult lives collecting a paycheck can't grasp financial planning more than one week in advance.Keeping track of the money---where and when it comes in and where and when it goes out is more important than anything else to your survival.Quality work and customer service are important also,but they can largely be done by people without the money skills(employees)Keeping track of the money is job one.Making the customer think HIS job is your cheif concern is really job two.Have fun,cause you are playing in a high stakes game with real money---YOUR money.This is a thrill you can't get working for someone else.welcome to the Game,stephen

6. 
   Francis_Voignier | Nov 28, 2000 04:55am | #10

   *I agree with Stephen on the money management end. I studied book-keeping in school, so I have a bit of organizational skills at my disposal. Even though I was "dead-broke" when I started, I saved all I could for tools, calculators, office supplies,... planned my taxes in advance and kept my books straight on a -yes!- daily basis. Studies and research are also vital. Nonetheless, none of that matters much if the work is shoddy and the fear of the next recall looms...fv

7. 
   L._Siders | Nov 28, 2000 05:27am | #11

   *& when you are 60 like me you can work half days. And even pick the 12 hours you work.

2. 
   Wes_Mims | Nov 28, 2000 05:27am | #12

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   I currently work in industrial construction but would like to get out on my own. I had four years of architecture school and have worked construction for about ten years. Any ideas on what my first steps should be?