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Joined: Apr 2003
Posts: 362
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I am presently turning work away. I do not like to do this and many of my long time customers are becoming frustrated by waiting. So I am thinking it is time to hire some one. I am not sure were to begin? How do I find good people? How much do I need to have in the bank for payroll? Taxes? Co. Policies? Any feed back is welcome ![[Linked Image]](https://www.electrical-contractor.net/ubb/smile.gif) Phil
Choose your customers, don't let them choose you.
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Joined: Dec 2004
Posts: 1,064
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Phil, are you running any kind of business software, "quickbooks, quicken, ms small business"?
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Joined: May 2004
Posts: 697
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I'd consider carefully if my existing situation was profitable, and how adding payroll expense will affect that. Beware unless you know how to recalculate your "break-even" point. More work isn't always the same as more profitable work.
It may be a good oportunity to raise your rates, thereby becoming profitable, or increasing your profits.
Dave
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Joined: Apr 2003
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dnkldorf, Iam using Quick books pro. I am in the process of working out things with mt accountant so it will be a better tool. (reports etc.)
Dave,
We do have a handle on our expenses and our rates I like to be as close to the most expensive as possible. We also have some subs that are a big help, but they are couple days here and there. Is this the right track?
Phil
Choose your customers, don't let them choose you.
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Joined: May 2004
Posts: 697
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I run this business alone, Obsaleet, so I can't be much help. I'd personally rather work 60 hour weeks and rake in the dough! I lost a kitchen job last summer when I was very busy, but she hated the other electrician and had me finish the job when I became available.
Sometimes when I'm busy I bid jobs at overtime since I'll be completing them in overtime hours. I don't get many of them, but the ones I do get are very profitable (and you don't want to be low-bidding when you're busy). Enjoy it while it lasts!
Dave
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Joined: Jan 2002
Posts: 1,457
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Dave if you enjoy it while it lasts for too long you'll be heading to your grave wondering where your life went. All work no play.......
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Joined: May 2004
Posts: 697
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I'm all for smelling the flowers, but with three in college I work it when I have it. There are still slow times when they wish I wasn't around so much.
Dave
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Joined: Jan 2002
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Ouch! You better get away from the computer and get to work.
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Posts: 144
Joined: March 2008
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