To grow or not to grow?

jroark · Thu Nov 24, 2016 10:53 am

Hey guys. I've been listening to the tips and tricks podcasts lately and really enjoy them. I thought that Roy and Jonathan had these big operations going on but when they said it was side work I was surprised. I'm sure they're in demand and probably could make it on there own. So it made me think that maybe I dont need to put so much thought into growing a business and just be good with my little side work bonus money. I make a few extra grand a year and I'm good with that.
I've got a great job. Making I've 50k a year right now so why not just stick with what I've got? I mean if I just spend all my extra money or more tools and more this and that I have to wonder if I'm really making money for the right reasons. Nothing wrong at all with more tools. You really never can have enough clamps. Maybe I'm just rambling a bit but what do y'all think? Is working for yourself really all it's cracked up to be? A lot of my self employed friends have said if they had some advice on going into business it's DONT. This isn't meant to discourage anyone from trying it's just my own thoughts.

exnailpounder · Thu Nov 24, 2016 11:20 am

jroark wrote:Hey guys. I've been listening to the tips and tricks podcasts lately and really enjoy them. I thought that Roy and Jonathan had these big operations going on but when they said it was side work I was surprised. I'm sure they're in demand and probably could make it on there own. So it made me think that maybe I dont need to put so much thought into growing a business and just be good with my little side work bonus money. I make a few extra grand a year and I'm good with that.
I've got a great job. Making I've 50k a year right now so why not just stick with what I've got? I mean if I just spend all my extra money or more tools and more this and that I have to wonder if I'm really making money for the right reasons. Nothing wrong at all with more tools. You really never can have enough clamps. Maybe I'm just rambling a bit but what do y'all think? Is working for yourself really all it's cracked up to be? A lot of my self employed friends have said if they had some advice on going into business it's DONT. This isn't meant to discourage anyone from trying it's just my own thoughts.

Self-employment is a hard road uphill. If my wife didn't make good money, we couldn't survive on what I make slugging it out in the trenches. I have the the tools I need to do most things and what I don't have I improvise on. I do carpentry work as another source of income but I absolutely HATE it so I tend to go after repair/welding work more than carpentry. I used to build houses, hence my screen name, but old age and the rough pounding I gave my body doesn't allow me to do that kind of work anymore. Now I do remodeling. Easier on the joints but still hard work. There is an old saying.."do what you love to do and you will never work a day in your life". I hate construction but I have always loved welding and fab work. My advice...keep your day job and weld on the side. If you find yourself getting busier and making more than you could working then you can re-evaluate your position but....I have seen MANY self-employed people go under..alot more than ever make it. There one day and gone the next. Personal freedom is awesome but risky. I just saw an aqua-cutting business go under after almost 30 years because the demand for his services ebbed because the fuckin Chinese have been stealing our lunch money for 35 years. Maybe Trump can revive our manufacturing and open up new doors for guys like us but until then, make sound decisions.

Farmwelding · Thu Nov 24, 2016 11:37 am

If you are satisfied with your job keep it. Starting a full time business is risky. If I was you I'd keep on going with what I'm doing. Do them weekend jobs. It keeps you up in the field. And if for some unlucky reason your employment becomes jeapirdized, which I pray doesn't happen for anyone, then you have a temporary back up gig to have some source of income.

jroark · Thu Nov 24, 2016 12:00 pm

I totally agree with you. I weld at my day job but you know how it is. Mig welding 40 hours a week gets old. I really just like having a repair to do or something to fab so my mind doesn't get full of cobwebs. It's good to make some extra too. I don't wanna work for free either. I've got a lot invested in what I do have from tanks to machines and the other odds and ends. I can't give that stuff away. I want to seem legit but don't think I'm ready for a bigger commitment than I'm already giving. On the same hand I don't want to come across as some fly by night welder just because I don't have a 100k dollar rig when I show up on a job. I'm serious about my career and my craft but I'm not ready to put down that kind of money on keeping up appeances. Just because I don't have the new 30k dollar big blue doesn't mean I can't give a quality job. If you do have that machine though I think it's great and kudos to whoever has it going on like that. I'm proud of them for that but I'm proud of my little bit too.

MosquitoMoto · Fri Nov 25, 2016 2:08 am

As Exnail said, self-employment is tough. Just like him, I have a wife with a steady job that helps fill in the cracks when cash flow gets wobbly. And despite the fact I've been doing this forever now, there are still times when it does.

I think you are on the right track - keep your job, earn some money on the side, kit yourself out with some sweet tools and add to the capabilities of your side job.

My dream is to earn enough from welding on the side to maybe buy a Miller Dynasty 280. That would be something. Of course along the way there will be lathes, mills, saws...you know how it goes.

All the best.

Kym

FoxZulu · Fri Nov 25, 2016 7:43 am

As all above have said, self-employment is not easy. I've had several businesses over the past 30 odd years and had some great times out of it. I've also lost a marriage, a house and been bankrupt twice. I now have a nice little salaried job as a technician/assessor at my local college and get to spend my evenings and weekends doing what I want. The pay isn't great but it's enough and regular.
Just because someone is good at their trade doesn't necessarily mean they're a good businessman.

Having said all that I would never advise anyone not to try it, but I do think from personal experience that if it's what you want to do you'll already know that, and be doing something about it!
One other point I should make is that every time I started a business, I started with nothing, so had nothing to lose.

Best of luck which ever way you decide to go.

Poland308 · Fri Nov 25, 2016 10:45 pm

A regular day job is a sure thing. If you run a side shop then it will become self evident when it's time to jump. Until then keep taking the money there giving day to day, and pocket the side stuff or put it into tools.

Skylineauto · Sat Nov 26, 2016 3:40 pm

If it's something you love doing then go for it! I started my shop over two years ago and would never go back to working just so someone else can make money from my hours put in. Just like the others said, it's not easy. But nothing that's risky is. I started out as a general automotive shop. In the first year it turned into a tuner shop. I sold my tire machines and bought a better tig welder because that's where the business was going. I found the trick is doing what you know best. I read Jesse James book and there was a part in it when he was doing motorcycle stuff out of his garage and working for Boyd coddington and started making more money on his side job than his everyday job. That's another way to go if you want the stability.

Jakedaawg · Sun Dec 04, 2016 6:50 am

I can give you my experience, it seems to be the same for me as many others...I loved boats, grew up working on boats, working at the marina... word gets around and pretty soon side work comes your way. If you have passion for what you are doing then the quality of your work is good by default. With me it ended up that I didn't have a choice but to go into business. Side work got so demanding that I was sick of working all day for $28/hr and then get home and work in the shop til 3am at $85/hr less obamas (actually reagans) share. It just happened. To this day I have not advertised except for 3 months during the heart of the recession.

As a matter of fact, the shop is expanding again. Too many pontoons are cracking and leaking because every one wants to hang a 4-stroke refrigerator off the stern. Not many good weld shops in the area that can do aluminum to the degree that will satisfy me and, therefore, my customers. Solution: just bought a miller dynasty and we will do it in house. I am confidant I can do it well because when you love what you do you take the time and care to do it right, if not, its a miller and will sell quick.

Point is you build your business if its right for you. You really dont have a decision to make. All the real successful guys around my parts would tell you the same thing. They did not choose it, they just built it. Its just passion for seeing it done right.

I think the guys that sit around and think about hanging out their own shingle end up being the hacks that give the good shops a great name. They are always trying to do it cheap so they can make money, thining they have to charge less to get the work. To make money you charge, charge a lot. When it comes down to it people are happy to pay shop rates of $125 and more(marine repair) to the place that they know it will get done right the first time.

Superiorwelding · Mon Dec 05, 2016 9:43 am

jroark,
First, thanks for listening to the Podcast! I'll start out with this. If those you ask that are self-employed are telling you not to start a business, than why are they still out there? I never could understand that mentality. I won't speak for Roy, maybe I can get him to comment as well, but for myself, once I tasted self-employment I have always wanted to go back. I have had Superior for a little over 5 years and about 1 year of that was full time in a rented show producing very large projects. That customer is now my current employer but I have been working on going back out on my own again over the past 2 years, and will hopefully make that break in the next few months. I use my day job to take care of my regular bills and Superior is allowed to pay for extra bills, invest in tools to allow me to grow and set some aside for that time I am back out on my own. I personally feel this is the best way to go. Some will advise to just quit and go for it, but not me. I like the fact, as others have mentioned, that even if welding/training/repairs are slow, my regular income is unaffected. Now, I am getting to the point where I make more in a day doing welding training than I do all week at work so my hand is being forced, and I am not complaining, to quit the day job.

If you want to go full time you have to be willing to take the extra risks and really push toward that goal. Not all work will fall in your lap for sure. And remember, I would rather fail trying to make my business and dreams succeed than wake up when I am 70 and wish I had tried.
Jonathan Lewis

jroark · Mon Dec 05, 2016 6:37 pm

I guess my friends that say don't do it are just more used to having that steady day job and not having to beat the bushes and wonder if they're gonna make it sometimes. I agree with you johnathan about keeping the day job. I'm nowhere near where I'm being pressed out of my day job and I'm really still learning how to bid jobs and quote material costs. I feel like I've got a long ways to go right now and I'm not really sure where my niche is. Welding is such a big field.

exnailpounder · Mon Dec 05, 2016 6:50 pm

jroark wrote:I guess my friends that say don't do it are just more used to having that steady day job and not having to beat the bushes and wonder if they're gonna make it sometimes. I agree with you johnathan about keeping the day job. I'm nowhere near where I'm being pressed out of my day job and I'm really still learning how to bid jobs and quote material costs. I feel like I've got a long ways to go right now and I'm not really sure where my niche is. Welding is such a big field.

I got to hunt with Ted Nugent a long time ago and he called employed people 40 hour wage slaves. When you have that kind of talent that kinda stuff come out of your mouth easily but he's right. I've had more than my fill of bossholes and I don't think I could work for anyone anymore. Where else but in my own shop can I drink all I want and listen to my own rock and roll music and smoke ..um..cigarettes without having to go outside. I am very slow right now and there isn't a day that I think about getting a real job but I know I couldn't tolerate another bosshole.

Superiorwelding · Fri Dec 09, 2016 9:36 am

jroark,
Be on the look out for episode 23, I believe it will be anyway, where we dove into your question/thoughts on growing or not growing. It was nice to be able to talk about this since it effects the three of us hosts as well. It was also nice to talk out our reasons to grow or not to grow with Roy and Jody (and a special guest

) since that was a much needed boost in my arm.
Jonathan Lewis

jroark · Fri Dec 09, 2016 7:04 pm

Looking forward to it. I really enjoy the podcasts and this site. Great info and a lot of help. I appreciate all the effort y'all put into these things. Hope you all have a merry Christmas.

Antorcha · Fri Dec 09, 2016 8:11 pm

Grow abilities. Not problems. i have the same three people since 2005
I havent owed anyone since 1997. I can't even rent a car..... No "credit" card.
I can buy one in a heartbeat tho.Cash.No work right now. Its the false holy-daze when people piss away money they don't have, for things they don't need, and gifts that are not appreciated, to perpetuate the problem for another year.
i'll chill a few weeks and get back to it.
Doing some steel racks right now.
Feliz Navidad......... dummies

exnailpounder · Fri Dec 09, 2016 8:15 pm

Antorcha wrote:Grow abilities. Not problems. i have the same three people since 2005
I havent owed anyone since 1997. I can't even rent a car..... No "credit" card.
I can buy one in a heartbeat tho.Cash.No work right now. Its the false holy-daze when people piss away money they don't have, for things they don't need, and gifts that are not appreciated, to perpetuate the problem for another year.
i'll chill a few weeks and get back to it.
Doing some steel racks right now.
Feliz Navidad......... dummies

Great post!