If you only knew

stay in school, get a desk job, retire early, join the navy, buy low sell high.

wildleg said:

stay in school, get a desk job, retire early, join the navy, buy low sell high.

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Yes wouldn't life be great then?

I would have stopped living on the road in motels chasing shut downs.

Asked my dad for advice before he died.

Then, make all the same mistakes over again because I'm a slow learner :laughing:

30 years ago...overhead calculator with realistic hours invoiced per year, task tracking, written contracts, up-selling...but yeah, stay in school. This is rough on the bod after 40 years.

Ok. Yes stay in school. Good advice for twenty year olds. Reality is we can't all be doctors and desk jockeys. I like my career I chose and am too old with mouths to feed to start over. Besides like I said I enjoy what I do.

Some real advice would be helpful

Locknutz said:

Besides like I said I enjoy what I do.

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That's one of the most important things. Obviously you need to earn enough to support yourself, but being happy in what you do is so essential.

Would not have done it

Just went on a paid vacation for the first time in twenty years, because
I now work for a company again. Owning a business has it good sides and bad, but alot of time is unbillable. I now have health benifits, paid holidays, sick time ....... So I would not do it again

I have had this company for 2 years and grown more than I would have thought. But one thing I would say. Is understand the trade as best as possible. Specialize is something to make it profitable. And LEARN HOW TO DO BUSINESS OFF THE FIELD. Understand accounting. And how a company is run in the numbers.

Built2ride said:

I have had this company for 2 years and grown more than I would have thought. But one thing I would say. Is understand the trade as best as possible. Specialize is something to make it profitable. And LEARN HOW TO DO BUSINESS OFF THE FIELD. Understand accounting. And how a company is run in the numbers.

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Where is a good place to start with the accounting? Any suggestions on books?

If you don't mind me asking what specialization has worked for you?

just the cowboy said:

Just went on a paid vacation for the first time in twenty years, because I now work for a company again. Owning a business has it good sides and bad, but alot of time is unbillable. I now have health benifits, paid holidays, sick time ....... So I would not do it again

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But I bet it was one hell of a ride when you were in business and you would not have been satisfied with yourself if you hadn't

Locknutz said:

Ok. Yes stay in school. Good advice for twenty year olds. Reality is we can't all be doctors and desk jockeys. I like my career I chose and am too old with mouths to feed to start over. Besides like I said I enjoy what I do.

In all fairness Locknutz, you asked, "If you could rewind time 5 years before you started up business what preparations would you have done?"

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My answer would be the same as many here. Stay in school. In spite of the fact I read lots of self help motivational book, which I attribute most of success today to, I wish I had pursued an MBA.
Since going to school would not have been possible for me 30 years ago, I wish I had a handle on the financial side of business (knew the numbers) 5 years before I started. I could have got to where I am today a lot sooner.

Locknutz said:

Some real advice would be helpful

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If you could be more specific, perhaps more help would be forthcoming.
What areas in business do you need advice on?

It's really meant to be open ended.

I have about five years before I can really consider making the leap. I guess the business/management side is where I would want to hear the most about.

Books that helped,skills u wished u would have developed more etc.

Stay in school doesn't help much unfortunately.

flyboy said:

My answer would be the same as many here. Stay in school. In spite of the fact I read lots of self help motivational book, which I attribute most of success today to, I wish I had pursued an MBA. Since going to school would not have been possible for me 30 years ago, I wish I had a handle on the financial side of business (knew the numbers) 5 years before I started. I could have got to where I am today a lot sooner. If you could be more specific, perhaps more help would be forthcoming. What areas in business do you need advice on?

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When you saying new the numbers what do you mean by that? Is there an area that you struggled more than others?

Locknutz said:

When you saying new the numbers what do you mean by that?

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"Know the numbers" as in know how much to charge (price for profit) to cover direct cost, overhead and make a profit (15-25% net profit).

Locknutz said:

Is there an area that you struggled more than others?

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Yeah, people skills...:laughing:

I had the value of a college education behind me before I started....Studied accounting for 2 years then materials management for my B.S. If you are a sparky you have the brains to run a business...its not rocket science....but heres the catch..."the devils in the details"...being able to keep a dozen balls in the air and tracking them is key...if you can do a lot of things and keep track of all of them success can be had....you have to be organized...not crazy neat but organized....lastly...sales...you have to be able to sell what they are buying...you can be the best at all the above but if you can't sell....they won't buy...good luck... keep us posted:thumbup:

To speak the truth selling to me seems the most intimidating of all the aspects. Mainly because it's never been required of me in any of my jobs.

Locknutz said:

But I bet it was one hell of a ride when you were in business and you would not have been satisfied with yourself if you hadn't

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Yea your right it was fun:jester:

Locknutz said:

To speak the truth selling to me seems the most intimidating of all the aspects. Mainly because it's never been required of me in any of my jobs.

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for a long time it was the same for me.

however, a lot of people have natural sales instincts and they just don't realize
it until they have to sell. if you can make people feel comfortable with your manners and your knowledge and your skills for the task at hand, or ability to perform the task at hand well, you can sell, and it will come naturally. Allowing people to feel comfortable with you (as a person and as a contractor) allows them to feel like they are making the right decision with you (and hopefully they are).

as usual, just my 02