Starting a new business from the ground up. Now I know why so many people just throw the towel in. My stress level is at the top of the ladder and the business has not made it to the second step. { of a 20' ladder }
Starting a new business
- Thread starter DThrash
- Start date
Making a device used when fishing. I had a machine shop take on the production. Now I guess I will be the wholesale man.
80% of new businesses fail in less than 2 years. Not a promising piece of info. Been in business since '82, faced bankruptcy and closeing 3 times. Some times it's good, sometimes it's bad.
Been there done that, yes it's sometimes very stressful but it can be very rewarding as well. I bought into a very small business when i was 38, it was very tough for about 5 years. We sold after 20 yrs. and have lived well since except for the aches and pains.
We had a lot of customers and lots of work but a small shop, we worked 12 hr. days for 20 years, we expanded 4 times but tried to keep our debt as low as possible. Try not to let any one customer owe you too much because if he goes down he may take you as well.
We had a lot of customers and lots of work but a small shop, we worked 12 hr. days for 20 years, we expanded 4 times but tried to keep our debt as low as possible. Try not to let any one customer owe you too much because if he goes down he may take you as well.
Thrash, do you have any videos to show how it's used? This is coming from a guy who can't fish to save my life. I saw you posted something about this on another thread saying it gives you good results. A friend of mine who is big into fishing sharks uses some kind of stinky juice off the shelf and swears by it so I bet he would be interested.
Every time I start to think about running my own shop, Im reminded of my two friends. One still has his company, the other closed up and we worked together at Trane for a while.
As an Industrial/Commercial HVAC Tech, I could underbid the phone book. 90% of competent shops that Service Centrifical chillers are Corporate. Trane dictated 35-45% profit on everything. The shop I work for now can go as low as 10% to get us in the door. The trade off with being a small shop is much more install work.
As a Service Tech/Installer/Fitter/Welder/Truck Driver/Project Manager/Salesman It gets old. Now toss in Accountant and CFO and beat on doors for customers who owe you money and the joy is gone. Our Owner is getting burned out and it's starting to show. Customers who take 90-120 days to pay are becoming the norm, while you owe a Supply House 100k.
I could do residential and run out of a single van, but theres no money in it. Homeowners are cheap, slow to pay if ever and will take to "Yelp" to flog you over something stupid while leaving out the fact they still owe you $5000.
The Business Owner ship has sailed for me. My back and looming hip replacement have me thinking of rejoining the Corporate landscape to get out of the field.
As an Industrial/Commercial HVAC Tech, I could underbid the phone book. 90% of competent shops that Service Centrifical chillers are Corporate. Trane dictated 35-45% profit on everything. The shop I work for now can go as low as 10% to get us in the door. The trade off with being a small shop is much more install work.
As a Service Tech/Installer/Fitter/Welder/Truck Driver/Project Manager/Salesman It gets old. Now toss in Accountant and CFO and beat on doors for customers who owe you money and the joy is gone. Our Owner is getting burned out and it's starting to show. Customers who take 90-120 days to pay are becoming the norm, while you owe a Supply House 100k.
I could do residential and run out of a single van, but theres no money in it. Homeowners are cheap, slow to pay if ever and will take to "Yelp" to flog you over something stupid while leaving out the fact they still owe you $5000.
The Business Owner ship has sailed for me. My back and looming hip replacement have me thinking of rejoining the Corporate landscape to get out of the field.
I will have a video as soon as I get some help to get a web sight up. But it is simple, soak those foam pads in the attractant and pull the bait trough it.