Posts
228
Joined
10/12/2011
Location
Gilbert, AZ, USA
Backstory: It has officially been 7 full years to the day since I have owned a bike. I went from growing up racing the local circuit, to getting sponsor recognition as an amateur and doing nationals, to my father filing bankruptcy and having to sell the bikes leaving me on my own. Bought a leftover 2009 KX250F with my own money when I turned 19, but then had to sell it the next year to help pay for a new vehicle when mine crapped out.
Fast forward to today, I'm 25 years old, happily married with a wife and son, but working a dead end low paying warehouse job, in debt after my career in the oil fields was ended abruptly due to the receding oil prices.
I have always been a tradesman. Carpentry has been in my family for generations, but I decided to diversify when I figured out I couldn't do the college route. I really don't mind the hard work and long hours, but I'm sick and tired of working for other people. I have NEVER cleared $36,000 annually. I know the value I bring to the table. I have made companies hundreds of thousands of dollars as an employee, and I would rather bust my a$$ making a name for myself and my values and beliefs .
I want my son to be able to look up to me as a good hard working role model, and I would also like to be able to send him off to college and buy him a bike if he so chooses to ride.
Question: I'm seeking advice from those who make 60k+ a year or run a successful business with NO college experience;
What did it take to get to where you are now?
What would be your advice for someone who will be 'bootstrapping' a business?
Do/Did you have a partner, and what is your take on hiring employees as opposed to trying to do everything yourself?
Did you have a mentor or someone to help you along the way if you had any questions?
Fast forward to today, I'm 25 years old, happily married with a wife and son, but working a dead end low paying warehouse job, in debt after my career in the oil fields was ended abruptly due to the receding oil prices.
I have always been a tradesman. Carpentry has been in my family for generations, but I decided to diversify when I figured out I couldn't do the college route. I really don't mind the hard work and long hours, but I'm sick and tired of working for other people. I have NEVER cleared $36,000 annually. I know the value I bring to the table. I have made companies hundreds of thousands of dollars as an employee, and I would rather bust my a$$ making a name for myself and my values and beliefs .
I want my son to be able to look up to me as a good hard working role model, and I would also like to be able to send him off to college and buy him a bike if he so chooses to ride.
Question: I'm seeking advice from those who make 60k+ a year or run a successful business with NO college experience;
What did it take to get to where you are now?
What would be your advice for someone who will be 'bootstrapping' a business?
Do/Did you have a partner, and what is your take on hiring employees as opposed to trying to do everything yourself?
Did you have a mentor or someone to help you along the way if you had any questions?
These fields have UNLIMITED earning potential...require no college education (you will have to take some industry specific education and pass state and/or federal tests...but it is EASY)...you get to be "self employed" without all the risk of starting a business (outside of the fluctuating income..when you're just getting started)...you pick your own hours. Pull doctor and attorney income without all the schooling.
I'm in mortgage lending...there are guys with no college degree-but who are smart and with crazy work ethics-making well into the 7 figures (this isn't common though), anyone with half a brain and even a modest work ethic can earn $60K/year, if you're smart-not even necessarily book smart, but "intelligent"-and have a decent work ethic will get you into 6 figures in a few years.
Insurance has residual income, which is awesome! But it takes longer to build up to a livable wage (but your income is far more stable in the beginning). A friend of mine went from working as a laborer in construction to $120K/year in two years in insurance (11 years later he's making $300K+ now). He is crazy motivated and a crazy hard worker...right after he got his insurance license he started going door to door/business to business during the day (working up P&C, workers comp, health and life insurance quotes for people), then cold calling leads from about 5 or 6 to about 8PM...then was working nights at Costco. His first year (with no residuals) he make like $50K in policies...those all renewed the next year plus all of his new business put him at $120K his second year. After year two he stopped the door to door stuff, now he has two telemarkers that do all that for him. Now the guy golfs most days, goes into the office at 10 or 11 every morning and is home before his kids get out of school. Great income, great life style.
The only other qualifier, would be personality. You've got to be a "people person"...I'm not talking crazy outgoing, life of the party type of personality (I'm neither of those things)...but you just have to be comfortable talking with people, and be able to make people feel comfortable talking with you...if you've got that kind of personality and can handle sitting in an office all day and have a good work ethic....honestly, I'm not sure why you'd look anywhere else...pick one, put your head down and get to work and it will pay off.
I did the carpentry thing after high school and started building spec homes with my best friend- that ended badly and we havent talked since- My opinion is to skip a partner.
Realizing building homes, roofing, siding, etc would quickly wear out my body I finished college and took a "desk" job. Think about that aspect..
I think your risk to start a business is low because your young (you'd have plenty of time to recover should it end bad), you dont make much money now so your not giving up a big paycheck, and you have skills that are valuable to others.
I am in a similiar but opposite situation- I make very good money, great 401k, great benefits (unlimited vacaiton etc), but would really love to work for myself. Risk to me is giving up great pay and great benefits..
Whatever you decide- good luck!
If I were you...I would probably look at buying an existing business, in your case carpentry. That way you bypass all the corporate filing, as well as customer base, labor, payroll, insurance and location. Might even be able to have exiting owner carry you.
No partners, not even family. If you have employees it's important that there is only one final decision maker at at company.
Employees, as the old saying goes, "Surround yourself with good people and let them do their job." And don't think that you should be paid the most just because you own the company, good people are going to cost you, but will be worth it. Besides, they're making money for you now. In the end, you're the one that's going to be cashing out.
Mentor...? don't really believe in them. Just be honest, respectful and build a good reputation. Don't need anyone to tell you that.
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I've been applying for jobs with zip recruiter in the DFW area as a project manager or superintendent in commercial or residential construction because thats what i do now in Belgium. If there is one thing i learned it's that in the carpentry in general its far more important to know what your doing instead of being educated and never did any carpentry yourself.
So i suggest you aim high and try to land a job with a better pay you can always start out lower than average on that job and work your way up. You explain yourself too the employer in the best way possible that the only thing you need is a chance to prove your worth the money. And i'm 1000% sure your salary will grow fast
You can always get a job working for someone else if it doesn't work out. But it will work out if you hustle.
On a side note, I have an employee that does lyft on the weekends. She works about 20 hours per weekend and never makes less than $1000. Last weekend she made $1600. Her fuel bill last weekend was $50.
How big is your company? How many employees?
Can you explain why you're worth more to your company? What do you do that has grown their business outside of your job assignment? From a business owner's perspective, he hired you to frame. If you're framing, you're doing your job and the next guy will come do that same thing for the same pay. But if you're finding ways to cut expense, or speed up production, or helping market the company in some way, you're now becoming more valuable to the owner.
Are you a home framer? Not sure what kind of carpentry you're into. Sounds like framing.
I've been dabbling in building decorative stuff and furniture lately. I've actually been able to sell several items too. If I had a more ambitious attitude at this point I'd dive off making all kinds of stuff like that and selling it.
My father-in-law had to chop and sell wood when my wife was a baby. He started building houses and is doing very, very well.
I started in journalism 18 years ago, with a salary totaling the princely sum of $18,000/year. Now I make more than quadruple that but it took many years of solid working to get there, and it still ain't easy.
But salaries have changed. Where I work, kids come in with degrees from Yale and they are making in the $50s and $60s. That is great out of college, but it ain't enough to live on in a major metro area.
Become incorporated to protect your personal assets. Own as much of everything personally and lease it to the business.
Be cautious as to whom you borrow money from and what it costs you. Try to fund your projects on your own until you become comfortable with using a line of credit from your bank. Having money readily available is a great thing so you can jump at a moments notice when an opportunity arises. Being able to pay it back in a timely manner is a key factor in being successful. Borrowing money from individuals can be a killer. I know several wealthy people who fund local contractors from time to time and their rates and terms are pretty brutal.
Make sure you have a good accountant to keep your paperwork, payroll and taxes in order. You do not want to be on the wrong side of the tax man.
What kind of insurance will you need for your profession?
After a few years you may stop and ponder the comment above about making someone else hundreds of thousands of dollars. The business aspect of running a business may prove otherwise.
If you're good with basic engine, low voltage electrical, and hydraulic diagnosis, you should look into small power equipment repair. There are very few guys getting into this profession, and the money is pretty good if you're doing it on your own. I charge $60 an hour, and $100 an hour mobile. I work 4 days a week 10-12hrs a day, and typically have a 1-3 week back log all year. Target commercial outfits, like landscapers, loggers, and construction companies, and rake it in.
I got into this after working in the motorcycle industry for years, and left a pretty cush job with Ducati. I now make more money, have more free time, and I'm my own boss.
Doesn't have to be glamorous. Something people have to have.
If that something needs a kind of license, so much the better. As long as you don't need 8 years if training to get it.
Licenses keep a lot of people out, so the prices you charge can be above average.
Some call it rent.
Try to go with something that doesn't take a lot of money to get going,
And something you can kind of shut down for the times it gets slow.
A guy that owns a restaurant must keep hustling, big electric bills, big lease, employees, advertising, equipment maintaince , those guys are slaves to a monster, and there's a lot of businesses like that.
Me, I do hvac. I have a full time gig, but have a side thing set up.
Everyone needs heat,ac, the restaurant guy freaks out when the refrigeration in a walk in box goes down,
It's busy, the van rolls. It slows down, the van gets parked.
Electricians usually make the most of all the trades. Plumbers too.
But, those guys have licenses that take years to qualify to even take the test.
Roofers are killing it. All you need for that is a contractors license. Which isn't that hard to get.
Here in WV, the have what's call Handymans licenses. Residential and Commercial. You can get that license online,
no experience. No need for insurance. As long as yo stay a proprietor , not a corporation, you don't even need work men's comp.
If I was starting out, that's probally where I'd go.
Get some cards printed up, hit all the businesses in town, let them know, they need anything. Lines painted in the parking lot, roof leaks after storms, power washing anything, hell, I know guys that make a good living just cleaning
the whole outside areas with leaf blowers once a week.
And charge. Most licensed whatever's, can command 60 bucks just to show.
Find out what the National chains get, like Serv Pro. You'd be shocked to see what a Roto Rooter guy wants to visit your establishment on a Saturday afternoon.
Run a clean show, be there when you say you are going to be there, do a good job, people will want to pay you good.
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I have no college degree, and I do pretty good with Real Estate and a couple of little side businesses.
Pit Row
Lots and lots of hard work mixed with risk.
2 What would be your advice for someone who will be 'bootstrapping' a business?
If youre serious, start now. Put together a plan, set some realistic goals and know what you are getting yourself into before you bite off more than you can chew. DONT BORROW MONEY TO GET STARTED, start with small jobs and work your way up to the big jobs, dont let dollar signs control you. Learn to live well below your means until youre well established.
3 Do/Did you have a partner, and what is your take on hiring employees as opposed to trying to do everything yourself?
When I first started no, I didnt have a partner, but since then I have put together a sort of group that pools our resources together for certain deals. Do all the work yourself until you get to busy to do it yourself.
4 Did you have a mentor or someone to help you along the way if you had any questions?
Yes, I did. To this day I have lunch with a few guys a month who are successful and pick their brains or just talk. Ive always tried to surround myself with people who have been more successful than me, even when I was young.
You said this:I want my son to be able to look up to me as a good hard working role model, and I would also like to be able to send him off to college and buy him a bike if he so chooses to ride.
If you take any of my advice, take this to heart, No amount of money or success in the world will make your son look up to you if you dont spend time with him and teach him about life. Make a little less and spend more time with your family, trust me, its one of my great regrets.
In our area the hot trade job is to become a hydro operator. Those guys build any and every thing, and are paid accordingly.
Thank you all for the kind words and advice.
And for those of you wondering, I actually have experience in a lot more than just carpentry. I can do concrete/masonry, finish carpentry, excavating/heavy equipment operating and grading, and am a certified SMAW and GMAW welder for structural steel as well as pipe up to 32" diameter.
I have worked closely with a few guys that owned their own general contracting business, so I'm very aware of everything that goes into building a company. I definitely know it does not happen over night, that you shouldn't expect to get paid more than your best employees (especially true for good salesmen/account managers), and that it can be much more work than being an employee.
Might be worth looking into and your son would definitely look up to you if you did. Trust me.
Unconventional idea's should always be explored, the other side, a commercial roofing business is based on a service that never goes out of demand, especially in our country's storm belt.
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