ECN Forum Forums General Topics of the Trade Business Related Discussion Interesting reading.

LK, you are starting to sound cynical

I did good this week, I actually made enough profit to by bait and a fishing pole so I can catch dinner for next week

[This message has been edited by Rich R (edited 08-25-2006).]

well, you got that going for you, which is good.

let me know when you can get the lobster and steak.

"LK, you are starting to sound cynical"

There are many on the forum, that have offered good business advice, including yourself, that is about all you can do, is offer.

The good news is, there are many younger EC's taking on the challange of running a business, they are soaking up all the information, on operating a business for both growth, and profit, these young gents, see themself, as having something of value to offer, that is, their combination of trade, and business skills, i have confidence, they will lead this industry to a new level.

Let's look at it this way...

Running a business is WORK. Sometimes that can leave you quite frazzled. Expenses, personnel issues, paperwork requirements, and- don't forget finding / keeping customers!

There are countless businesses out there. Some do well, while others fail. Whatever the product, whatever the service, the successful ones tend to have some things in common. Imitate & succeed.

Some claim there is some "secret" formula. Not true. Can another help you in areas where you lack competence? Sure- but you'll never take the "work" out of success.

Some folks are secretive about how they do things; I'm not sure why, as the 'secrets' invariable turn out to be stuff found in textbooks. Perhaps they're just not interested in having others question their choices.

For every "secrecy snob," there's a wildly successful, talkative person. This second group can't seem to stop writing about how they did it. Eddie Rickenbacker, Donald Trump, Sidney Biddle Barrows, Lee Iacocca... the list is endless. Read and learn.

As for the "Seminar Gurus," well... going to a seminar is sort of like going to church. You pay to hear someone extoll virtue- but never see THEM practice it! Maybe they do, but all you see is the show.

"Some claim there is some "secret" formula. Not true. Can another help you in areas where you lack competence? Sure- but you'll never take the "work" out of success."


Good Post!

My last job as a employee was for a hvac control contractor we always worked for mechanical companies. mech contractors seem to like to take on many tasks like sprnklers plumbing sheetmetal boilers refrigeration controls. there like gcs. Im 1st year in business and my business plan is to latch on to mech contactors and feed off them, maybe my business may even turn into a mech electrical business in the future.It seems that mech cont. offer more value some how for there sertvices. As a employee(foreman)I noticed that mech guys were rarely concerned about time, compared to electrical contractors who were watching labour much more closely through out the job. Mahlere I always enjoy reading your posts and i will definetly check out pm

Prayer works.

In Response to Les' post,

I'd like to offer an excel spreadsheet that allows you to figure the right hourly rate price for your business.

If you send me an email, I will be happy to forward a copy of the hourly rate calculator that I have.

So, for anyone interested, send me an email...

Glen

When I started my business I wrote a busines plan. And one of the lines in my business plan was "stay home and stay even" and it was the best rule that I ever followed.

I picked an hourly rate based on cost plus profit based on what an employee would cost per hour plus company profit, even though I had no employee's at first, cause when I finally had them, it would have been an uphill battle to raise rates. I bid jobs and due T&M work with this rate. Some jobs I bid I get, some I don't. I make payroll every week, carry a simple health plan for me and my employees and maintain my vehicles best I can and I am currently only slightly in debt to my suppliers.

Some contractors accuse me of being too expensive, I said to one "If you don't want to pay me this, then don't hire me." He didn't. 8 weeks into the project, his hired electrician filed bankruptcy, walked off the job and stiffed him for an 8 grand. Funny thing is I was only 6 grand higher than that guy.