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Working for Yourself Questions..

Discussion in 'The Lounge' started by Chuck P., Nov 12, 2004.

  1. Chuck P.

    Chuck P. Here We Go Steelers

    Has anyone ever just worked for themselves or actually started a business? I need a couple helpful hints if I could. Licenses needed, Tax ID Numbers, etc, etc.

    I'm thinking of getting a General Contractors License (No Electrical, HVAC), getting Bonded, etc, and either getting into some concrete work or general home improvement. I have a couple guys I know that know what they are doing and one also has been working construction for the last 15 yrs or so. <-He's real good. :)

    Anyways, if you have any hints, tricks you would be willing to share, I'm all ears.

    Thanks a lot....
     
  2. rockbass

    rockbass Banned

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    My mother started the business that I now work for full time. I think though that if you would PM or email OGF member Action, he could help you more for what you do.
     

  3. catking

    catking Banned

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    I've been working for myself for years. It really isn't that hard to get started. You have to file for a federal ID number, get yourself some liability insurance & if you have employees, contact the Ohio Workmans Compensation office. The liability insurance isn't that expensive, but the workers compensation becomes more expensive with the more you make. I am just myself, so I don't carry it for myself, I have separate disability insurance, which isn't that expensive also. Hey, it all sounds like a bunch of crap, but it really is pretty simple. Good Luck !!!!!! CATKING
     
  4. I have been self employed/sub contractor for almost a year now. I am a inter./exter. painter and I'm barely staying afloat. See how many concrete workers there are in your town. You have to make a name for your self. Thats my problem right now, theres quite a few painters in my town and have more years under their belt. Before I started on my own I worked with other painters and watched how they bid on jobs, how they treated customers and seen the quality of work they did. Some were fair to there clients and some ripped off there clients. Your clients will pass the word on how you treated them and you will or will not get more work from them or there friends. Always give senior citizens a good deal. OK I have wrote a book here and good luck...............Rich
     
  5. Reel Man

    Reel Man Member

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    You don't own a business many times it owns you! :)
     
  6. If you're just looking to do the work cheaper than anyone else....keep working for someone else.....if you want to build a business and earn good money, you have to be more than a tradesman, you have to understand finance, handle people correctly (Customers & employees), have a good banker and be willing to take the risks.

    It can be very rewarding, but figure on working three times harder than you do now (If you are an exceptional worker) for the first few years.

    27 years ago I left a good job with a major company to become a wholesale distributor for the same type industry. I always made a good profit for the major company and felt I could do as well or better for my own company.

    In all those years, I never made less money than I did working for that major company and adjusting for the cost of living, have done much better than if I had stayed with the major corporation.

    Another factor that made me want to work for myself....the big companies were always giving someone the "Golden Hand Shake" at 50 years old. I wanted to control my own destiny.

    I just turned 65 this month and applied for Social Security, but go to work everyday.....I don't put in the time I used too...I have people doing that for me now, but it's very fulfilling to see what you built, thriving and growing under the people you trained and promoted.

    It used to be that it only took a "Strong Back and Weak Mind" to start a business.....today it takes both a "Strong Back and Strong Mind."

    Nothing ventured....nothing gained.

    Good Luck.
     
  7. Phil Carver

    Phil Carver Team Bass Xtreme

    I am with Reel man on this one , ours always seem to own us ! :(
     
  8. chuck,
    the first part of your post is somewhat misleading, do you know how to do the work or just you guy? if its just him you have to think about a few things
    1. who is the one going to be talking to the customer?(most contractors can smell a newbie a mile away)
    2. who is the one going to bid the jobs? (one loosing job could put you underwhen you first start out)
    3. who is going to fix a problem when one comes up that he doesn't know how to fix?(notice i said when not if)
     
  9. Chuck P.

    Chuck P. Here We Go Steelers

    We all know how to do the work. It's just that a few are a lot better at it than others. :)


    I'm doing my homework, at least trying to. Start small, work our way up...

    We'll see I guess.

    Thanks for the help guys...It is appreciated...
     
  10. I Had A Aplliance Repair Business...when I First Started Out I Advertized Everywhere I Could...i Also Used 5 Different Phone Nos.to Get More Business In Different Parts Of Town..i Worked After 5 P.m.every Day..i Worked All Saturdays And Even Sundays Now And Then..a Lot Of Guys Wouldnt Work Late Evenings So That Gave Me Some Edge..i Also Knew What Most People Charged So I Did Work For Lower Charges...i Did All This For The 1st 5 Yrts Or So..i Was A Go Getter And Was Good At What I Did...after I Had To Quit Working I Still Got Calls For Yrs After I Quit...i Made More Money Per Hour Than Anyone Could Pay Me An Hour...if You Want More Info You Can Pm Me.........
     
  11. The best thing that you can do is set an appointment with your county Small Business Development Center. The SBDC is free. They are very qualified and will guide you on your way. They will not only guide you, they will tell you if your idea is a good one and if you are putting out the effort that is needed to get started.
    I used them when I first thought about starting my funeral home. I had managed funeral homes for years and thought that I was qualified, they quickly shot that thought to peices. Without them I am not sure I would have been able to get open or stay open. I can highly recomend them. Their number will be in your phone book.
    And you guys are correct the business owns you not the other way. Opening my own business is still one of the best decisions that I have ever made.
     
  12. shadowman

    shadowman Supreme Being

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    if your making a decent living now you should think long and hard about going out on your own, theres not much to starting on your own....tax ID# and most important a good accountant.......and lots of seditives.....lol.......but it demands all your time so forget about the 9 to 5 gig.......good luck but think it over long and hard before jumping in.......i have been in business now for 5 years and if i had it to do all over again i just don,t know if i would................... :cool:
     
  13. Reel Lady

    Reel Lady Dreams DO come true!

    Hi Chuck,
    First of all, I'd like to say that I admire you for willing to start your own business. Rob and I began our business just a bit over 2 years ago. Neither one of us had ever had any experience in beginning or maintaining a business. What we did have though, was faith in eachother, both personally and professionally. We share in having extremely high work ethics, an incredible sense of fairness and honesty, and the desire to help people. To me, these factors were and are the keys to our success as a company.
    The birth of our company required that I learn how to wear many many hats. I went from being "computer phobic" to a "computer geek" in a very short amount of time. This really was out of necessity. I became pretty efficient with Adobe Photoshop because we needed ways to advertise our business. Yes, I suppose I could have hired a graphic artist to design our logo, brochure, business cards, etc, but I welcomed the challenge.
    Here are just some of the hats that I wear:
    1) Marketing and Advertising
    2) Customer Relations
    3) Accountant/Bookkeeper/Taxes
    4) Graphic Design
    5) Trade Show Design
    6) General Secretary/Office Skills
    7) Scheduling/Coordinator
    8) Accounts Payable/Receivable/Collections

    The list really is endless. But, like they say "Where there is a will, there is a way"
    I found the internet to be an incredible source for information. Here are some links that could get you pointed in the right direction.
    http://www.irs.gov/businesses/small/index.html
    http://www.sos.state.oh.us/sos/busiserv/index.html
    http://www.odod.state.oh.us/edd/osb/sbdc/
    I also found a resource for very affordable liability insurance. You can PM me, and I can provide you with his name and contact information. We were quoted in the $4,000.00 range (per year) for a million dollar liabilty policy. We pay less $1,000.00 through Jeff.
    Well, I could sit here and ramble on and on about what it took, and continues to take to run a successful business for hours. Let me just tell you...It is a huge commitment that you cannot punch out at 5:00 and be done with it. We feel a personal responsibility to take care of each and every one of our customers.
    I'm proud to say that we have been very well received by over 150 Woodworking/Plastics/Solid Surface Fabrication company's in all parts of Ohio and Pennsylvania. That's telling me that something we are doing is right.
    Good luck to you in your adventure, and don't hesitate to contact me if you have any other questions.
    Marcia
     
  14. Chuck P.

    Chuck P. Here We Go Steelers

    What a wealth of information....Thanks to each and every one of you..


    Marcia, your first link takes me to Microsoft.com??

    I'm sure I'll be PMing most if not all of you in the near future...Thanks again.
     
  15. I may not be able to help you with any tips or hints, but my father always told me that you'll never get rich working for someone else. They might, but you probably won't get rich. The satisfaction you'll get for working for yourself will be rewarding enough.

    Eric
     
  16. Reel Lady

    Reel Lady Dreams DO come true!

  17. Chuck P.

    Chuck P. Here We Go Steelers

  18. catking

    catking Banned

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    You won't regret this move Chuck :cool: Like I have said in the past, I've been on my own for years. Yes, at times you have to work long hours, but for the past 8 years I average about 30 hours at the most a week, and make twice the money I used to ;) It's all in who you get hooked up with. Good Luck buddy.......... CK
     
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