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<blockquote data-quote="cmoultrie" data-source="post: 451006" data-attributes="member: 3160"><p>I still work a day job. But, I have a sign/wrap company on the side. The downside that I didn't fully understand as it grew and I moved out into a public location/public eye.</p><p>With that being said I carry a million worth of insurance, pay city/county/state taxes, power/water/internet/phone bills, not to mention the overhead I carry. The worst part is that I deal with a good many big companies/industrial accounts so in turn that means working with net30/60/90 on payment.... Which say its a 20k job and 10k is materials, well I end up holding that 10k for 30/60/90 days and it gets tough not to mention there has been times when I have had multiple big jobs going on and not really sure how to fund them. My best advice is do not buy any materials/consumables and pay cash or pay for them at the time of purchase. Setup credit accounts with all vendors and let them go the maximum amount of time before payment to reduce overhead costs. I started out paying for everything as I went except for equipment that I didn't have the funds for and it has almost came back to bite me a few times. Now, I can do it and not worry as much. Insurance is a must, if you build something and it kills someone and you don't have it you are screwed. If you plan on delivering or installing parts/fab in industrial plants most now adays require 3 million to set foot on their sites. You also get into the realm of general liability/workman's comp if you add employees. My best advice is research every aspect and even talk to guys who have been in the business you are looking into starting a while and pick their brains, once you've done that develop a thorough business plan that breaks down your fixed costs(power/water/insurance/internet/rent/phones/trucks/office personnel) and your variable costs, and then you have your estimated cash flow to cover these in addition to any incidentals. I know some of this sounds elementary and simple but, managing all of it can become cumbersome at times without a plan. I hope this helps.</p></blockquote><p></p>
[QUOTE="cmoultrie, post: 451006, member: 3160"] I still work a day job. But, I have a sign/wrap company on the side. The downside that I didn't fully understand as it grew and I moved out into a public location/public eye. With that being said I carry a million worth of insurance, pay city/county/state taxes, power/water/internet/phone bills, not to mention the overhead I carry. The worst part is that I deal with a good many big companies/industrial accounts so in turn that means working with net30/60/90 on payment.... Which say its a 20k job and 10k is materials, well I end up holding that 10k for 30/60/90 days and it gets tough not to mention there has been times when I have had multiple big jobs going on and not really sure how to fund them. My best advice is do not buy any materials/consumables and pay cash or pay for them at the time of purchase. Setup credit accounts with all vendors and let them go the maximum amount of time before payment to reduce overhead costs. I started out paying for everything as I went except for equipment that I didn't have the funds for and it has almost came back to bite me a few times. Now, I can do it and not worry as much. Insurance is a must, if you build something and it kills someone and you don't have it you are screwed. If you plan on delivering or installing parts/fab in industrial plants most now adays require 3 million to set foot on their sites. You also get into the realm of general liability/workman's comp if you add employees. My best advice is research every aspect and even talk to guys who have been in the business you are looking into starting a while and pick their brains, once you've done that develop a thorough business plan that breaks down your fixed costs(power/water/insurance/internet/rent/phones/trucks/office personnel) and your variable costs, and then you have your estimated cash flow to cover these in addition to any incidentals. I know some of this sounds elementary and simple but, managing all of it can become cumbersome at times without a plan. I hope this helps. [/QUOTE]
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