Planning for Retirement

Discussion in 'Introduce Yourself' started by JHLawns, Oct 24, 2006.

  1. JHLawns

    JHLawns LawnSite Member
    from NJ
    Messages: 27

    I will be retired in 5 years from the corporate world and have always been active and an outdoors person. Have enjoyed my own landscaping & lawn maintenance as well as for family members.

    I was in business for myself 20 years ago as an Electrician - still have my license but that business doesn't interest me anymore.

    Have recently come across an opportunity to own my own lawn business and am in the process of researching how to set this up so that I build my business and reputation over the next 5 years so that I am established to go full time at that point.

    This site has been extremely helpful but I realize there is alot that has changed in the last 20 years for business ownership and am trying to catch up with all the changes and learn the new information.

    My wife is willing to help although she will not be able to retire from her day job for a number of years. I am looking to her mainly for bookkeeping and keeping me out of financial trouble.
  2. JHLawns

    JHLawns LawnSite Member
    from NJ
    Messages: 27

    Was supposed to meet with an accountant tonight but an emergency came up (on his part). Rescheduled for Saturday.

    Any thought, tips, questions that I should keep in mind for my meeting?

  3. JHLawns

    JHLawns LawnSite Member
    from NJ
    Messages: 27

    Well, just to keep you up to date. All paperwork, legalities, insurances, licenses, etc taken care of.

    Truck and Equipment purchased and so far 2 active customers. Need to do a couple estimates for others.

    I am spending most of my time on this forum just searching and soaking in others knowledge.

    So, thanks to all for sharing. At some point I will be among those doing the educating but for now....
  4. Allure

    Allure LawnSite Senior Member
    Messages: 426

    Best of Luck JH. What part of NJ ar eyou in?
    I am in Jackson Twp.
  5. PTP

    PTP LawnSite Bronze Member
    from Tulsa
    Messages: 1,398

    I am assuming that you are planning on doing this solo or at least being in the field yourself for a majority of the work since you mentioned that you like to work outdoors and such.

    If that is the case, then there is really no need to "build up" your business for the next 5 years so that you can then go full time. If you have a reasonably agressive ad campaign and more or less know what you are doing in the field and in the office, I would suspect that you could get enough business to keep you busy within a few months - maybe less.
  6. JHLawns

    JHLawns LawnSite Member
    from NJ
    Messages: 27

    Allure - I am in Salem County.

    Lawnmower - I have found that you are quite right - my problem may be too many customer too quick. I want this to be a quality, professional operation with slow growth while I educate myself on the aspects that I am lacking knowledge. Seems already there are people literally knocking on my door!
  7. golfkingisaac

    golfkingisaac LawnSite Member
    Messages: 19 will help you with most stuff, we all learn from each other hear!
  8. parkeeee

    parkeeee LawnSite Member
    Messages: 227

    JH I am doing the same thing, looking towards retirement. Customers have come to me without advertising.

    LawnSite has been an invaluable resource (sometimes need to pick through the posts).

    Best of luck to you.

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