Business start up question

jroark · Thu May 19, 2016 7:37 pm

I know it's election time and that may be an influence in some of your answers but just to ask anyways, how do you guys feel about starting a business or already having your own business as opposed to working somewhere that you can make decent money and not want to kill yourself at the end of the day? Some people that have their own shops say go for it and some say no, but I get the same mixed responses from people at work too. I'm not planning a huge venture but just starting small to see where it goes. So how do y'all feel about it?

Thu May 19, 2016 7:46 pm

The answers you're getting are linked to the respondent's personal level of confidence and courage. Starting a business is not for everyone. Some people started businesses in the depths of the Great Depression. Some succeeded.

Advice is free, and worth what you pay for it.

Steve S

Farmwelding · Thu May 19, 2016 8:42 pm

Depends on what type of person you are. Some people are better suited for one thing or the other. If you have a really good idea and the ability to start a business go for it. Or some guys work for a living and then weld after work, weekends, or if they are temporarily laid off. You can always do both (brown dog welding does welding art and makes some good money.)

jroark · Thu May 19, 2016 10:01 pm

I don't really have some kind of new idea or anything creative. Just welding repairs, yard junk and other stuff. I guess it depends on demand and ability also. I was just curious about some personal feelings about how you got started or how you felt after you did and if it worked out or not, and if you knew why or why not. All my dads brothers and my dad have their own businesses or did have and it just seems like it's expected in my family. I'm just less froggy than I used to be and don't jump as fast as I used to.

Diesel · Thu May 19, 2016 11:47 pm

I'm in the middle of this at the moment. I have a great "boss" that is handling all the contracting and license stuff. He's ~10 years older and has much more experience and knows way more people. Retire marine and ironworker that his family started. That's why he's in charge of the business end. If you were to start one I'd find a good lead man that can take charge and get it done. There are plenty of jobs and contracts you can get to put food on the table. But it all depends on who you know, what your area is like and how far you're willing to travel.

motox · Fri May 20, 2016 5:26 am

i agree with Diesel. I've been in business for
40 yrs (not welding) and the most important
thing you need is customers.
craig

DLewis0289 · Fri May 20, 2016 8:19 am

It can be scary, especially if you have a family depending on you. No guarantee there will be a paycheck every Friday. But on the other hand you could make a boat load of money if the business is successful. Risk/Reward calculation.

You can start really small, like a 20k investment to test the waters.

Important things: Insurance, Licensing if applicable and form a LLC for personal asset protection (check your state laws on personal or multi (wife, brother, dad, partner, etc which is best)

My personal opinion, set your self a salary, put money back in the business every opportunity.

And if everything goes right, in the beginning will probably be the hardest and longest hours you have ever worked.

ldbtx · Fri May 20, 2016 8:38 am

Owning your own business can be very rewarding. You'll find, if you're successful, that you are the hardest boss you've ever had. You'll put in longer hours than ever before, and be ultimately responsible for every detail. When I had my business, not a welding business, there were times when in order to pay the bills and make sure the hands got paid, we had beans at my house. But, we always got through those times. Would I do it again? Oh, hell yeah!

Larry

Coldman · Fri May 20, 2016 9:23 am

Firstly you have to be very good at what you do if not wait until you are.
Its best if you have already developed relationships and have work to go on with rather than starting off cold. Easy to go under that way.
Never leave a job until it's finished and the customer is happy and if a problem develops don't make excuses just get in there and fix it.
Do the difficult jobs nobody wants to touch. Your customer will appreciate it and give you gravey jobs and repeat orders.
If you really want to bullet proof your business be good at least three things so if one segment is slow one of the others will be busy.

DLewis0289 · Fri May 20, 2016 10:31 am

Coldman wrote:Firstly you have to be very good at what you do if not wait until you are.
Its best if you have already developed relationships and have work to go on with rather than starting off cold. Easy to go under that way.
Never leave a job until it's finished and the customer is happy and if a problem develops don't make excuses just get in there and fix it.
Do the difficult jobs nobody wants to touch. Your customer will appreciate it and give you gravey jobs and repeat orders.
If you really want to bullet proof your business be good at least three things so if one segment is slow one of the others will be busy.

Coldman makes a tremendous point that if you can do it, it is a big boost in regard to existing relationships. Basically how our business got started back in the 50's. Grandpa built water towers for CB&I and saved a little money. Dad was a millwright/electrician for GM Foundry Divisions. Grandpa put up the money for equipment and Dad basically started subcontracting for GM and built from there.

And for the record, and I say this with pride. Grandpa had an 8th grade education struggling to read me the funny papers as a kid and Dad went as far as a High School Diploma. Did it and did it well.

: When men were men.; 1m1g3.png (182.54 KiB) Viewed 1731 times

jroark · Fri May 20, 2016 12:14 pm

Hey DLewis, that's such a cool picture!! Thanks for posting that. I'd be very proud too regardless of the grade they passed. Our society puts so much insistence on education and that's ok but it goes nowhere if you can't do what pays the bills. Wouldn't matter to me that he didn't go too far in school his work would speak for itself. Thanks for the replies too.

DLewis0289 · Mon May 23, 2016 4:14 pm

For getting your feet wet I have attached a pic of what my guys tease me is my "part timers' rig. I can easily throw it on and off my truck anytime I want with a forklift or OH crane. If you shop right you can put this together for about 10-12k and handle a lot of service oriented stuff. Combine that with a decent used truck for another 10-12k you are in business with a pretty small investment.

This by no means would be a setup to go and pipeline. I would not roll up with nothing but my "real rig" with the SA on it for that. But this little setup can make you money and it only has a 4ft x 4ft footprint.

: QUICK RIG.jpg (60.43 KiB) Viewed 1501 times

AKmud · Tue May 24, 2016 10:22 pm

Easy way to test the waters is to go part time. I've been doing it for about 4 years now. I'm not quitting my day job since I'm less then two years from retirement (gov job) and am looking forward to drawing that pension. Once I pull the pin, I plan on welding to supplement my retirement check. Not sure yet if I will go all in with a 40+ hr a week shop or try to keep it low key to keep some fishing time open. So far I have made good side money and really have more work than I want simply from word of mouth. I've been able to pay for a lot of new equipment and still have "mad" money to support my dirt bike habit.

jroark · Wed May 25, 2016 12:23 pm

+1 on the fishing time. I've been doing a little part time stuff and I really enjoy it. My dad says to go all out but my job pays good and it's not that bad so I think just doing what you guys suggested would work fine for me. This is a picture of my trailer. I painted it since I took the old ranger 8 off to have it serviced. I used galvanized strut for the rails so I would have a spot to put a strap anywhere.

Coldman · Thu Jul 20, 2017 7:31 am

Ding ding spam alert

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Simclardy · Sat Jul 29, 2017 10:32 pm

I started my electrical business in 2010. I really did not want to run a business and it was part time at first...as time went on I could not keep up and it made no sense to stay with my boss. my advice, try and let it grow organically. Don't force it. As someone else said, you need to have a skill that people need first. You should also build up your tools as needed and as you can afford. I know welding is different than electrical in some ways. If you need a loan you need it, but I have seen many young start ups run to the bank and buy all new tools and trucks and then go under. I have never pulled a loan and I have 50-75k worth of tools. Example. I bought a $8k thermal imager for 1k on eBay. Again good welding equipment is hard to buy used but all I'm saying is let it grow. Cheers best of luck.

jroark · Sun Jul 30, 2017 4:54 pm

Thats a good idea and one I've sort of settled on. It might take a few years to mature but I've got nothing but time really. My job is doing fine so no worries. It does feel good to have a little something to fall back on if need be.
Also, that was not SPAM!! Haha