So you want to start a business. I am no expert in this field but I did spend 15 years as a business owner. My experience started in the wonderful world of Construction.
I spent a couple months with a Commercial contractor in Virginia working for my Uncle who was the Super on the job. It was a great experience right out of school as I got to get my feet wet and get a better idea of what I wanted to do in Construction.
Next I moved back home and got a job with a Framing contractor after scouring for a job with many not giving me a chance because I lacked experience. Don Updegrave gave me a much needed chance and I worked for him as an employee just over 2 years.
My next position came by chance as I noticed the add in the paper for a trim carpenter. I wasn't a trim carpenter but knew I wanted to get deeper into it so I made the call. I met Ron one evening on my way home from work and he offered me the job wanting me to start immediately. I remember taking a day or two to think about this change. I turned down the offer because I could not leave Don without giving proper notice and felt the decision had to be made to quick. Ron refused my refusal and told me I could take the time I needed to give the notice I needed to start. I ended up taking the job and spent 6 months working for Ron and learning how to trim.
My next role was to start my own business. I did some research but not near enough on starting on my own. Don, Ron, and a few other contractors kept me busy for the next 13 years or so. I took missions trips, Joined the Marine Corps and served 2 tours in Iraq, and got married during this time period. I also started purchasing property.
Things I would make certain to do if I started on my own again.
Have sufficient living expense or emergency fund
With hold 30 % on all revenue and retain for taxes. (make all tax estimate payments)
Pay cash for all equipement unless it makes viable sense to borrow the money.
Ensure that I spend enough time on equipement maintenance
Charge an appropriate fee for services
Pay yourself an hourly rate for the work that you perform
Start a Simple IRA or Roth IRA and immediately start putting something into it.
Purchase and learn to use a software program designed for your type of business
Find a good attorney (look into forming corporation, llc, etc....)
Things I would not do.
Work under the table or for cash
Trade or barter your services unless it truly made sense
Hire an accountant without a fee schedule
Assume that you will get paid on time
Sadly some contractors or clients will take their time in paying you
(it's a good idea to have a set timetable for payment and utilize a fee or percentage of billables due after set time)
This will be an ongoing thread as I think of new things to add to it or decide on a better way to say something.
I spent a couple months with a Commercial contractor in Virginia working for my Uncle who was the Super on the job. It was a great experience right out of school as I got to get my feet wet and get a better idea of what I wanted to do in Construction.
Next I moved back home and got a job with a Framing contractor after scouring for a job with many not giving me a chance because I lacked experience. Don Updegrave gave me a much needed chance and I worked for him as an employee just over 2 years.
My next position came by chance as I noticed the add in the paper for a trim carpenter. I wasn't a trim carpenter but knew I wanted to get deeper into it so I made the call. I met Ron one evening on my way home from work and he offered me the job wanting me to start immediately. I remember taking a day or two to think about this change. I turned down the offer because I could not leave Don without giving proper notice and felt the decision had to be made to quick. Ron refused my refusal and told me I could take the time I needed to give the notice I needed to start. I ended up taking the job and spent 6 months working for Ron and learning how to trim.
My next role was to start my own business. I did some research but not near enough on starting on my own. Don, Ron, and a few other contractors kept me busy for the next 13 years or so. I took missions trips, Joined the Marine Corps and served 2 tours in Iraq, and got married during this time period. I also started purchasing property.
Things I would make certain to do if I started on my own again.
Have sufficient living expense or emergency fund
With hold 30 % on all revenue and retain for taxes. (make all tax estimate payments)
Pay cash for all equipement unless it makes viable sense to borrow the money.
Ensure that I spend enough time on equipement maintenance
Charge an appropriate fee for services
Pay yourself an hourly rate for the work that you perform
Start a Simple IRA or Roth IRA and immediately start putting something into it.
Purchase and learn to use a software program designed for your type of business
Find a good attorney (look into forming corporation, llc, etc....)
Things I would not do.
Work under the table or for cash
Trade or barter your services unless it truly made sense
Hire an accountant without a fee schedule
Assume that you will get paid on time
Sadly some contractors or clients will take their time in paying you
(it's a good idea to have a set timetable for payment and utilize a fee or percentage of billables due after set time)
This will be an ongoing thread as I think of new things to add to it or decide on a better way to say something.
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