New to forum - Hello all

[HES2019]

Good evening all,

I'm new to the forum and thought I'd just say hello. I run a small electrical contractor business in the West Midlands. I'm currently looking for advice / mentoring on progressing my business to the next stage. If any contractors on here are on a similar path, or already walked this path, I'd love to hear. Also if anyone can recommend a good business mentor, it would also be much appreciated.

Many thanks

 

[LukeD]

Never ever be the cheapest.

 

[HES2019]

Never ever be the cheapest.

Agreed.

 

[James]

Remember to consider not only how much you can make on a job, but also how much you could loose.

p.s. I am based in coventry and Birmingham, but mainly industrial machine control systems and a tiny bit of installation.
I am always looking for good people to pass work onto that falls outside my preferred remit.

 

[Dustydazzler]

Price every job properly and remember PROFIT is not a dirty word

 

[Intoelectrics]

Price every job properly and remember PROFIT is not a dirty word

Absolutely, its very easy to end up a busy fool!!

 

[LukeD]

"YOUR Terms and conditions" make sure you are up to speed and confident and also wary of entering into a clients Terms and conditions by accident >Friend Got caught and had to wait 90 days to be paid .It was all legal !

 

[HES2019]

Thank you for all the replies, much appreciated. I'm at the stage where I need to take the next step for the business and myself to progress. I have a couple of subcontractors that I use part time, on a weekly basis. The workload for myself is becoming quite intense now with still being on the tools, quoting, invoicing and general admin. Ideally I'd like to come off the tools and hire an electrician full time, as well as using sub contractors as and when. However I have the typical nerves that come along with this decision with hiring someone on the books. I am fairly confident I have enough work coming in and have done for some time now for an electrical full time and then some. I would then use my time to run the business and look for some contract work to hopefully grow the business.
If anyone has been through a similar path, I would love to hear from you.

Many thanks

 

[Dustydazzler]

Can't you just find another subby or two to take some of the strain rather than directly employing someone,?
I initially worked full time Paye for a firm in London but left them to go self employed to do my own work but then ended up back subbing from them for months at a time.

 

[member 149282]

Thank you for all the replies, much appreciated. I'm at the stage where I need to take the next step for the business and myself to progress. I have a couple of subcontractors that I use part time, on a weekly basis. The workload for myself is becoming quite intense now with still being on the tools, quoting, invoicing and general admin. Ideally I'd like to come off the tools and hire an electrician full time, as well as using sub contractors as and when. However I have the typical nerves that come along with this decision with hiring someone on the books. I am fairly confident I have enough work coming in and have done for some time now for an electrical full time and then some. I would then use my time to run the business and look for some contract work to hopefully grow the business.
If anyone has been through a similar path, I would love to hear from you.

Many thanks

Depending on whether you're going to remain on the tools or not, it may be worth considering a job management software app. I don't have my own business but I follow enough smooth operators out there that swear by them. Job management software will let you set your quotes up, help manage your subbies and general admin.

If you can stay on the tools for a bit, you might want to consider taking on an apprentice and maybe someone newly qualified, passing on the baton so to speak. Ideally, you want your apprentice, intermediate, super-talent and subbies on standby for that blend to sustain and grow. It's all about what you can honestly afford, manage and balance.

Have a business plan for the growth. Prepare for your turnover to increase (hopefully!) but net profit to either stay the same or take a bit of a hit in the first couple of years on taking the plunge to grow with staff. Account for the expenses surrounding taking on new employees (tools, vans, training, ppe, pension, insurance, national insurance contributions, uniform etc). Is it worth hiring an administrator? They could work on a remote basis.

Certainly lots of things to consider but if your reputation and work is there, definitely grow - but do it with eyes wide open and with realism about the nitty gritty. HTH!