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Old 04-25-2012, 03:00 AM   #1
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Default new electrical buisness

Hello everyone I have just recently obtained my c10 looking for any good advice on starting my buisness.
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Old 04-25-2012, 06:43 AM   #2
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Cash, plenty of cash deals, then incorporate , cash checks and deposit the minimum amount of money just to cover bills in the account.
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Old 04-25-2012, 12:31 PM   #3
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Quote:
Originally Posted by zamaral
Hello everyone I have just recently obtained my c10 looking for any good advice on starting my buisness.
Is it just you or do you have a crew?
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Old 04-25-2012, 12:58 PM   #4
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Originally Posted by zamaral View Post
Hello everyone I have just recently obtained my c10 looking for any good advice on starting my buisness.
Get out there and shake hands and kiss baby's and give lots of dog bisketts .

Make up some flyers and business cards and tell as many people as you can what you are doing and always do the best job that you can.

Welcome to the forum...
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Old 04-25-2012, 02:47 PM   #5
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If you intend to have $1 million by the end of the year, you'll need to start out with 2 million.

Seriously, be sure you can cover your living expenses for at least a year. Most small businesses fail in the first year, but of course you'll be the exception. Unless the economy or state laws or the weather changes. Which we all know never happens. So be sure you can support the business and yourself until you get the hang of things.
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Old 04-25-2012, 03:09 PM   #6
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If you intend to have $1 million by the end of the year, you'll need to start out with 2 million.
That's funny.....


Quote:
Originally Posted by CraigV View Post
Seriously, be sure you can cover your living expenses for at least a year. Most small businesses fail in the first year, but of course you'll be the exception. Unless the economy or state laws or the weather changes. Which we all know never happens. So be sure you can support the business and yourself until you get the hang of things.
+1

add, I would plan on 2 yrs expenses in the bank as a min.
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Old 04-25-2012, 03:32 PM   #7
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Ellen Rohr - How Much Should I charge?

The business is your life now, at least for the first few years. The more committed you are to it, the better you'll do. There'll be many obstacles in your way the better you handle them the more success you will have. You'll come across things you never anticipated and this forum here can help you get past them. Always remember to do what your customers want, not what you want. Good luck.
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Old 04-25-2012, 04:54 PM   #8
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Good luck. Shasta County is one of the poorest counties in the state, yet pretty damn beautiful. That means you are going to have to work harder.
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Old 04-25-2012, 07:41 PM   #9
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Hook up with contractors,build up credit accounts,have a business phone and address, have cash reserves, no craigs or magic, network with other crafts, Good Luck,it's not overnight....Insurance also.
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Old 04-27-2012, 01:09 AM   #10
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Is it just you or do you have a crew?
Just me for now pretty new at the whole buisness thing. Plan on having employees though
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Old 04-27-2012, 01:21 AM   #11
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Thank you everyone for the advise. I have been an electrician in my area for a while before obtaining my license so I've managed to make a lot of contacts so things are picking up fast. This is pretty much my second week so still rough on filing and records. A friend had mentioned quick books so that's my next step along with finding some funding for some bigger jobs
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Old 04-27-2012, 11:27 AM   #12
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Yes, Quickbooks is your friend. It also doesn't hurt to have a tax professional/accountant look at your financials at some point and advise you on deductions, payments, etc. so you don't miss anything.
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Old 04-27-2012, 11:41 AM   #13
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Set your goals high and expectations low. NEVER lie or short change the customer. If you screw up- fix it & eat it. Don't go buy personal items after your first big job--- INVEST back into your business. Expect 10 'No Thanks" for every 1 "you're hired". Stay positive- it's a dog eat dog world out there.
And to concur with previous posters.. get insurance and a dang good honest cpa... Incorrect bookkeeping and taxes will kill you the first year. Lastly, be humble- ask for advice (financial, electrical, etc) There are great people out there that WANT to see you succeed and will give you good advice--- learn from the "big-dogs"... they are on top for a reason-- follow the leader .
Best of Luck!!!!
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Old 05-01-2012, 11:36 PM   #14
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Hey everyone was just called about a job involving turning power back on in a old grocery store. The store has been closed for a couple years. The previous owners turned off all breakers and went nuts with a sawzaw cutting all power to refridgeration units and registers so there's basically wires everywhere. Capping off old wires in j boxes and making safe is not my issue. My question is how to do I do the job without being responcible for the whole building. I'm a new electrical contractor have only been licensed a month. PLEASE HELP lol thanks
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Old 05-02-2012, 12:22 AM   #15
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Hey everyone was just called about a job involving turning power back on in an old grocery store. The store has been closed for a couple of years. The previous owners turned off all breakers and went nuts with a sawzaw cutting all power to refrigeration units and registers so there's basically wires everywhere. Capping off old wires in j boxes and making safe is not my issue. My question is how to do I do the job without being responsible for the whole building. I'm a new electrical contractor have only been licensed a month. PLEASE HELP lol thanks
First of all you need to price out this job from start to finish and you need to come up with a grand total price for the customer and get a large enough down payment that will pay for all the stock.

Also Do not take on a job that you cannot afford to pay for your self and still survive.

This one you are going for bankruptcy right off the bat.

Unless you have a huge amount off cash on hand I would walk away from that one.
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