these questions need some answers:
-With a year and a half of experience in custom home building with a small company, a head full of ideas, and some interested partners (with $$) would I be crazy to try to start my own business in carpentry?
– How hard is it to get a contractors liscence in Virginia?
Replies
uh, oh.... playing with OPM is an easy way to lose OPM....
who knows, you may get lucky.. or you may start up just as the building industry tanks...
Mike Smith Rhode Island : Design / Build / Repair / Restore
If you need some partners with money to start a small construction co with that kind of experience, doesn't sound to swift.
Here's a fact for you. 90 percent of your competition isn't even charging for profit and overhead. How are you going to pay your partners?
When you can do it on your own you might be closer to ready.
That's my two cents.
Tom
tommy... wowie .. zowie...
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Here's a fact for you. 90 percent of your competition isn't even charging for profit and overhead. How are you going to pay your partners?
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right on..... my favorite is the guy who was making $15 as an employee, and thinks he's ahead of the game by charging $20 when he goes in business for himself..
one of the courses in high school should be business 101, with a good groundwork for overhead and profitMike Smith Rhode Island : Design / Build / Repair / Restore
Who are these people with the money mom and dad, sister brother? How do you plan to pay them back if you tank?
You are better off getting contracting lic. and start doing small jobs after work and on the week ends. Learn how to find customers, bid the jobs and pick up tools you need slowly as you can afford them.
if a year and a half is all the experience you have....I'd say stick with a good thing and learn....way more.
Are you a lead carp pretty much running things? I don't see that happening with only 1/5 yrs experience.......but maybe I'm reading this wrong.
Unless you are one of the leads...I'd say....stay and learn enough to be a good lead....then learn a bit more....then think about it.
Jeff
Buck Construction Pittsburgh,PA
Fine Carpentery.....While U Waite
If you're looking to start a carpentry business, then no license is needed, in most states anyway. However, a GC is a whole different animal. I started out doing cabinet installs in apartments (piece rate self employed) when I was 23 with no experience working for a company doing carpentry. I've been self- employed most of my life since that time.
The worst thing about self employment and/or starting a business when you are young and inexperienced is that you will grow to love the sense of freedom and self determination and may never be able to be an employee again even if the money, security etc. were better.
I would think long and hard about having outside investors in your business. Not only are you risking friendships etc if things go bad, but you're setting up a possibility of outside interference in your business decisions.
Again, I'm not sure what type of business you mean: carpentry sub or GC.
Zach, your idea sounds good and everyone involved is enthusiastic until money starts flowing out and the return isn't as wonderful as your partners had expected.
Do your investors have a background in homebuilding so they understand the potential pitfalls?
Do you have the experience to establish competitive pricing and deliver a quality product within budget constraints?
Do you have a pool of qualified subs to draw from? How about experienced help? Will you have them on your payroll or use only subs?
There are a whole lot of other issues that need to be covered in detail before jumping headlong into this venture so go slowly.
Finally, if you have investors you DO NOT have your own business.
My advice is to start out small ON YOUR OWN and build your business.
Don't mean to throw cold water on your plan but sometimes people let enthusiasm take over for business sense and find out too late, OOPS!
thank you all for your input.
with a decision like this one to make it is good to have some experienced voices to slow me down. the thing that i still wory about is missing an opprotunity. but perhaps others will come along.
-z
With a positive attitude, even problems are opportunities. Opportunity starts knocking when your eyes open in the morning. Every day.
The majority of them are bad opportunities.
Best of luck.Tom
Zach, you may have a good idea that will succeed. You just need a plan in writing a business plan actually. Not enough space or time to go into the specifics about business plan writing here but there are some good sources like the SBA (small business administration). Once you put together a good sound business plan (with the help of a CPA) and resembling a small book, will you determine if it's a good idea or not.
Those that fail to plan, plan to fail.