PDA

View Full Version : Been growing for years, is it time to finally get paid?


Right Touch
05-03-2009, 07:58 AM
Started my business at 15, went full time at 25, im 29 now. From 25 till this season, been investing everything back into the business so that I have a full time lawn crew and a full time construction crew (to install about 75% hardscapes, 25% landscapes) and im pretty much doing all the paperwork, estimates, mechanics... Anyone else start from nothing and pretty much pay yourself nothing for years so you can build a solid business? I dont plan on adding any more crews or making any more capital purchases in the next couple years, but I felt I needed to get to this point to actually start making a name for myself to get the big construction jobs, and its working. Anyone else ever have that feeling like every time you had extra money there was somewhere else for it to go but in your pocket? Im tired of putting so much back in to the business- i just got married and really need to start my life! Thought that I was finally gonna start putting some good $ in the bank as I just paid off 2 of my larger financed pieces- then yesterday the brakes went on my F450- turns out the caliper is seized AND someone cut my ABS lines! not really sure how that happened but it may be a disgruntled fired employee or someone who just didnt want ABS. ANyway, the point of my story is, every time I get money, it just seems to go back out again- will it ever get better? Or has my goal for all these years been just a pipe dream? I feel like im moving in the right direction, but today feels like one of those when it rains it pours kinda things, but maybe its a darkest before dawn kinda thing...

JB1
05-03-2009, 08:27 AM
if brakes going out on a truck and that puts you in a bind with no money for yourself, you might as well hang it up. That should not be a problem for you. You have been apparently taking money all these years or how do you live.

bohiaa
05-03-2009, 08:29 AM
Seems I too do a lot of purchases, this year I'm going to be in trouble. I have nothing LARGE to purchase, so the tax man will hit me and hit hard. was thinking about buying some land, to avoid this. but then there's that damn redemption tax.

try to move the paper work over to someone else. this is what I have dont this year. it's hard to let it go. But also keep an eye on them. and start having money goals.
sock it away into a savings account, when it reaches 10,000 take it to a CD.

having goals is the only thing that keeps me going sometimes, Rather it seems that way.
doing this, you may find your self saying NO I dont need this or that, and watching your net worth grow.

Best of luck

Az Gardener
05-03-2009, 12:46 PM
I have to agree if a brake repair cost causes you grief you need to look at your numbers. Do you own a business or a low paying job? I have seen your posts and I have no reason to think your an idiot like some that participate.

I would expect you just need to analyze where you are making money and where you are subsidizing the business to keep going and then make your decisions.

Your right it is time to get paid. If you don't already, check out my e myth thread here in the business section. Eden has a funny name but he has helped me tremendously.

jsw2008
05-03-2009, 01:05 PM
Seems I too do a lot of purchases, this year I'm going to be in trouble. I have nothing LARGE to purchase, so the tax man will hit me and hit hard. was thinking about buying some land, to avoid this. but then there's that damn redemption tax.



I'm in the same boat, uncle sam is definitely getting his chunk from me this year since most of the gross income is going straight to the bottom line and into my savings account. I have nothing big to buy either, other than a tiller possibly. Maybe I can talk the wife into "letting" me buy an F-250...for tax purposes you know.

Right Touch, it is time to get paid. The point of owning your business is to make money, not just to look like you make money while you send everything you make back into the biz. Just make sure you set back enough for those rainy days, because there are always things that come up.

soloscaperman
05-03-2009, 01:09 PM
Its normal, its like,

1.)You love your car and you buy heads, and a cam, then you want better braking, and better rotors, then bigger rims and better tires

2.) You go shopping and you buy pants but you think well while I buy the pants I need newer shoes, then you buy a shirt, etc.

3.) Your business is like a CD account at a bank the more money you put in the more you will receive in the future.

Just don't over due it and treat your self and you will be okay.

Right Touch
05-03-2009, 01:58 PM
of course I have paid myself over the years, but it has pretty much been what I need to get by- with the thought of the more i put into the business, the better it will pay off in the end. I think what I posted this morning is more out of frustration than anything. The first (full) month of mowing just ended so all those invoices just went out May 1st. But for that first month all the mowing guys still need to get paid, and of course in that first month theres always the little kinks with the machines that need to be repaired. And yes, I do get prepays from customers but all that money is socked away in our "down payment" savings account for our house. It was just so much easier when I was single- ive been married almost a year now and now i look at the business in a whole different way, and its a fine balance between keeping customers happy and making as much as possible. If anyone out there has a winning lottery ticket that they dont need, Ill take it! :waving:

bohiaa
05-03-2009, 04:48 PM
Funny how advertisement can play into the "GAME" here.

I was talking to my tax lady, asking her if I build a HOT ROD, then have my co. mane on the side will this be a write off.

her answer was Well Some what.....

I fugured well it was a good ideal....

JDiepstra
05-03-2009, 06:55 PM
Seems I too do a lot of purchases, this year I'm going to be in trouble. I have nothing LARGE to purchase, so the tax man will hit me and hit hard. was thinking about buying some land, to avoid this. but then there's that damn redemption tax.

try to move the paper work over to someone else. this is what I have dont this year. it's hard to let it go. But also keep an eye on them. and start having money goals.
sock it away into a savings account, when it reaches 10,000 take it to a CD.

having goals is the only thing that keeps me going sometimes, Rather it seems that way.
doing this, you may find your self saying NO I dont need this or that, and watching your net worth grow.

Best of luck


A CD is a terrible long term saving vehicle. Is this your retirement plan?

LouisianaLawnboy
05-03-2009, 11:36 PM
Maybe I can talk the wife into "letting" me buy an F-250...for tax purposes you know.

Of course:D

bobcatnj
05-04-2009, 06:38 AM
You got to pay yourself. Take the same pay every week, dont go from one week 1000 then the next 4000. Crap breaks all the time, so you have to have some money in the bank to fix it and pay your monthly bills ( truck, insurance, matertials, e tc..).

bohiaa
05-04-2009, 08:00 AM
A CD is a terrible long term saving vehicle. Is this your retirement plan?

CD's are short term, you can get them for as little as 6 months. they too are liquid assets.

as far as retirement. Your Joking............Right ?

John from OH
05-04-2009, 11:47 AM
You should sit down with your accountant and have them do a detailed explanation of how you are doing financially. Cash flow, profit, return on investment, and how your numbers compare to the industry overall. You may have a production/ pricing problem, as the others said, a brake repair shouldn't cause you stretch thin after 14 years of working to establish a business. Now that you are married, the business needs to be looked at for your families long term security.