Originally Posted by stuvecorp
Sean, I have a couple thoughts on this thread as there are many 'topics' here. I mean this as respectful as possible but Andrew and You are the exception, I bet many of the rest of us are not 'successful' in the conventional sense and there are many reasons why. If all it took was hard work I think there would be many more that are 'successful'. I hate to say it but there is a lot of 'luck' and 'connections' that are very important.
Another point is the commercial vs residential market. An excavator last year kind of told me I was wasting my time doing residential work and should go after more 'big' work. The problem with that is I can't afford to wait to be paid, absolutely hate dealing with the regulations that come with commercial work and it is very dog-eat-dog. Yes some home owners are a pain but some are awesome to deal with and I've found there is much better margins with it and leave with a check.
My last thing is connections make or break you, that is the most important thing. I am not a pushy or very out spoken so I find the 'selling/schmoozing' part very tough, the work is the easy part...
I could not have worded any beter.LOL
Just because you deposit alot of money in your account or work long hours does not mean your buisness is succesful.
Always remember that this is a Labor buisness and you will always be limited on your income because of that. Each employee can only generate x amount of profit. To increase your income you have to have more employees or find a way to charge more for each employees time. I pass on large projects everyday because of the headaches, engineered drawings that are wrong, GC's that are idiots, waiting on pay and poor profit margins. I prefer homeowners myself as clients. Depending on only commercial work is a dangerous thing especially with a few for your contracts. If you only 2 cutomers and you lose one then there goes half your wqork. You have 50 customers and you lose one then it is a minor bump in the road. Always have a backup plan and be a very good stewart of your money. Save and be frugal because the well will eventually run dry if even for a short spell.