ECN Electrical Forum - Discussion Forums for Electricians, Inspectors and Related Professionals

Topic Options
Rate This Topic
#158424 - 05/07/06 06:47 AM new business
Sparks30 Offline
Member
Registered: 03/23/02
Posts: 125
Loc: Connecticut.usa
I'm trying to start a new business in CT, was wondering if anyone had any hints that would make it easier. This would be part time for now, also probably be LLC. Thanks
Top
Business, Office, Estimating, Legal:
#158425 - 05/07/06 10:58 AM Re: new business
macmikeman Offline
Member
Registered: 07/16/02
Posts: 717
Loc: Honolulu, Hawaii
Good for you, your question is precisely the right first step. Step 2 is learn about breakeven cost and the proper way to charge for your services. Read previous posts in this section by LK or Mahlere and also some other members. It will save you time and headaches to get it right from the startup rather than learn after 20 years of headbanging. Good Luck.
Top
#158426 - 05/07/06 06:10 PM Re: new business
LK Offline
Member
Registered: 01/21/03
Posts: 1429
Loc: New Jersey
First, even before starting your business plan, check the area, and see if there is a need for your services, too often the desire to go in business , closes the mind, to the critical needs, of a new business, part time, or full time, you will need to get your business plan ready, this is your road map to making a go of it, it is not necessary to have a formal plan, a sheet of paper with your plans on how you intend to operate, and finance the business, what your expected earnings will be, and the markets you will be servicing, the plan is not in stone, it will change with your needs, and business conditions.

You said probably be LLC., do you have an attorney to advise you?

Do you have an accountant to help, before you start off in the wrong direction?

Does your state have lic, requirements?

What insurances will you need, and will they be the proper coverages?

Equipment, and trucks needed?

From my experience, part time did not work well, i had all the expenses, and not eniough hours to recoupe the expenses, it was like a tred mill.
Top
#158427 - 05/08/06 12:37 PM Re: new business
Sparks30 Offline
Member
Registered: 03/23/02
Posts: 125
Loc: Connecticut.usa
I have been working with some builers for sometime now. I have the plan mostly reno's ans additions. The lawyer I am looking into already have insurance. My wife is going to school for accounting already has one degree going for masters. The input has been great. Thanks and any more suggestions.
Top

Member Spotlight
Member Since: 08/22/05
Posts: 44
New in the Gallery:
SE cable question
Featured:

2017 NEC and Related
2017 NEC
Now Available!

Shout Box


Who's Online
0 registered (), 45 Guests and 11 Spiders online.
Key: Admin, Global Mod, Mod
 
New in the Gallery:
SE cable question
 
Top Posters (30 Days)
Admin 47
HotLine1 43
gfretwell 19
Ruben Rocha 12
Trumpy 9
 
Newest Members
Stack, Scotto, Freecrowder, clee512, Jdscott2005

ECN Electrical Forums - sponsored by Electrical Contractor Network - Electrical and Code Related Discussion for Electrical Contractors, Electricians, Inspectors, Instructors, Engineers and other related Professionals