Originally Posted by B16bri
The problem with owning / starting an electrical company is its actually harder that you would think to do it legit which of course I would do you need to get a second license. In electrical there are two different licenses an E-2 which I currently have which means you licensed but not considered a master electrician (E-1) you need that license to be able to pull permits and start a business. Now I understand this is doable but until you have take one of these test you don't know how hard they can be theres a 70% fail rate so once you figure in the cost of the test the cost of the exam prep courses the llc cost and the high insurance cost along with the tons of tools I don't have that would be needed to own a business. Add all those costs add up on top of the fact I really dislike almost hate what I do for 8 hours a day and while I understand if you own an electrical company and make it big you could be rich I honestly have no desire to own that sort of business. Honestly ide rather make less money and be happier doing something else. And I understand that a job is a job and everything after a while gets old and im sure cutting grass in 100 degree heat isn't all its cracked up to be either but I want out of what im doing now.
FWIW, I've been in the electrical business long enough to go from a journeyman working for 'the man' to master electrician (with EPA refrigeration certification) licensed in several states with a payroll of 63 back to a two-man operation who cherry picks which projects we will or won't do. We only do commercial and industrial since residential is nearly entirely price driven and we have no desire to compete with crap. If my options were limited to working for 'the man' as a journeyman or striking out on my own in landscaping, I'd pick doing my own thing as an LCO but I'd also keep working toward my master license. IMHO, I don't see this as strictly an either/or decision as there is always the possibility of both. Once you have that license, you have the ability to do, in-house, all of the lighting and related electrical required for those hardscapes you'll be doing once your landscaping business takes off.
First, in this economy, I would diversify as much as possible - you are much better off to have skills you don't need rather than need skills you don't have.
Second, regardless of what so-called-experts say, don't grow too large or quality and, perhaps, your sanity will eventually suffer. More, often times, doesn't equal better. In my case, the gross revenue was much higher with many employees spread over several jobs but the net revenue is nearly the same now with only two of us and far lower expenses. Since chopping the business down to size back in 2007, much of my hair has grown back and my BP is now normal since I do less babysitting.
Good luck to you!