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#156004 - 03/07/05 08:44 PM Going out on my own.  
ROMEX-COMANDO  Offline
Member
Joined: Mar 2005
Posts: 13
NEW JERSEY
Hello guys, i just wanted to say thanks for all the great posts on this site. Ilearned more hear in a few nights about running a electrical contracting buisness, than i would have reading a couple hundred books on the subject. Just to give you some info on me, Had my license for ten years now and work a full time job at another place, but i want to go on my own now.I live in central new jersey. I have been studying for the last two years everything i can about running and electrial contracting buisness{very tired}.I have been working on my hourly rate wich is 140.00 an hour for now and i am thinking about going flate rate to make things simpler.If anybody has any suggestions i would love to hear them. Thanks again.


Business, Office, Estimating, Legal:

#156005 - 03/07/05 09:40 PM Re: Going out on my own.  
Joey D  Offline
Member
Joined: Oct 2003
Posts: 259
Arlington MA U.S.
I like to go by a price on everything. Hourly most will think your to high.
Make sure all your insurances are covered, liability, comp and health.


#156006 - 03/07/05 10:24 PM Re: Going out on my own.  
ROMEX-COMANDO  Offline
Member
Joined: Mar 2005
Posts: 13
NEW JERSEY
Thanks joey d and lk.I never even thought about raising the cost per hour to do commercial, 175.00 that sounds good to me. My 140.00 an hour covers all my costs of doing buisness, i dont include healhcare or retirement in that figure. Do you guys have any advice on what point do i make the decision to leave my regular job to go full time? Like have x ammount in bank,x ammount of work secured any kinda rule of thumb for this? How did you guys first start out? Thanks.


#156007 - 03/07/05 10:27 PM Re: Going out on my own.  
ROMEX-COMANDO  Offline
Member
Joined: Mar 2005
Posts: 13
NEW JERSEY
LK if you could e-mail me any info on the sales sheets you offer that would be great. thanks a million!


#156008 - 03/08/05 08:10 AM Re: Going out on my own.  
Electricmanscott  Offline
Member
Joined: Jan 2002
Posts: 1,457
Holden, MA USA
Alot of guys find out the hard way that doing the electrical work is the easy part of running a business. All the administrative stuff can take just as long as working a job and is sometimes more difficult and stressful. And of course don't forget Uncle Sam will be a partner in the business like it or not.


#156009 - 03/08/05 08:15 AM Re: Going out on my own.  
Dnkldorf  Offline
Member
Joined: Dec 2004
Posts: 1,064
nowhere usa
I would like to know from all of you if possible, how you need to charge $140/hr just to cover costs?

I am amazed that your overhead is this high.

Is it that expensive to live and work in NJ?

Rough numbers indicate $140/hr=$5600/week.
That's $22,400 a month?

How is that broken down?


Dnk..


#156010 - 03/08/05 10:09 AM Re: Going out on my own.  
highvoltageguy  Offline
Member
Joined: Mar 2005
Posts: 53
Silt, Colorado, USA
Romex, I'm in same situation as yourself, I've had my Masters lic. for ten years and am leaving a reg. job also. My situation will be a semi retirement allthough from the reg.job, house paid for no bills at all, so can wing going on my own somewhat easier. Myself i'm in western colorado and going to charge $45 hr. for local new house bidding work (still need to figure out service call charges myself)in past I've just gone bye and looked at stuff for people (which mostly were ranchers, people I know etc.) and didn't charge anything til I started doing any work, allthough I know that will have to change. Allthough I do have a high econamy neighbor called ASPEN home of very rich which is only 70 miles upvalley and in past while doing side jobs my hourly rate has been as high s $100 hr. the closer the job was to ASPEN, and they knew that was a bargon, all I can say and ask is dont ask for private emails on this, I'm sure there are other's wanting to follow all information that can be read on this site, glad I found it myself, I will sure fill you in on any mistake I do in the future. Thanks PETE (aka highvoltageguy)


#156011 - 03/08/05 11:04 PM Re: Going out on my own.  
ROMEX-COMANDO  Offline
Member
Joined: Mar 2005
Posts: 13
NEW JERSEY
Yeah i guess the cost of doing buisness in new jersey isnt cheap.You have to remember, the 140.00 an hour covers everything to run the buisness like insurance, workers comp, auto insurance, tools, accountant,software, bank fees,ect...ect.Belive me once you list everything the dollars add up quick. I know my total overhead is 14,800.I already own a truck and tools to do the jobs, if i didn"t i would have to figure that in and the hourly rate would easily be around 150.00.Just remember also you need to pay yourself well to,why go out and be and electrical contractor,take all the risks involved, be responsible for other peoples lives and property but only make as much as you would working for someone else? Just my way of thinking about it. what do you guys think?



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