Going From Carpenter to Businessman as a Remodeler
I received the follow question from a carpenter via the send a message function of my web site:
“Where is a good start for a carpenter to become a business man as a remodeler?”
Here is my reply:
Bruce:
Thanks for your question. It’s a great one! I’m glad you are asking before you start out on your own. That makes you very different than most.
I suggest you find a mentor to help you get started. Find a person who has done it before so they have the experience and knowledge to guide you. Even if you have to pay this person it will end up being an investment that can be quickly paid off if you do your part because you will get going toward success much faster and will save a lot of money in tuition at the lumberyard school of hard knocks.
One of my current remodeler clients got his parents to finance the coaching and mentoring I am giving him to help him get going. We prepare reports for him to share with his parents so they can see how the money is invested and so they can see how he is doing regarding actual profitability against the plans and budget I have been helping him with. In actuality it’s the same information any business owner needs to know how the business is doing. It’s the same information a bank would want to see if it loaned you the money.
Thinking about and planning what you will do before you get going is critical.
Consider this: "You can either set up what you want to have happen or you can settle for what you get."
For a good overview see if you can find the book below. It’s an old one that is out of print, and some of it is dated, but I think if you read it you will get a lot of good info to consider before you get started. Try Amazon to find it.
Professional Remodeling Management
By Walter Stoeppelwerth
Using the book as a guide, find out about all the legal requirements, insurances and all the overhead costs you will have before you start. That’s what I did before I started my business. Then, do a budget so you will know what to expect for costs and what markup to use so you don’t guess at it.
Keep in mind, 9 out of 10 contractors will fail within 10 years. You can beat the odds by doing your homework before getting going.
Keep me posted about how you are making out. Let me know if I can help.
