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Anyone here own or operate a small construction business
Posted on 4/1/16 at 9:37 am
Posted on 4/1/16 at 9:37 am
I'd like to get some first hand knowledge on the process.
I've done some research myself, but i'd like to get an idea of the costs associated on a month to month basis as well as start up costs.
Obviously there are some licensing, insurance, DOT regulations, worker's comp, etc.
Anything i'm missing?
I've done some research myself, but i'd like to get an idea of the costs associated on a month to month basis as well as start up costs.
Obviously there are some licensing, insurance, DOT regulations, worker's comp, etc.
Anything i'm missing?
5
Posted on 4/1/16 at 9:39 am to TDcline
I'm sure people are willing to help their competition so you can undercut them
Posted on 4/1/16 at 9:43 am to Navajo61490
Well being that I live in Austin, and a majority of this site's posters reside in Louisiana; I think they're safe on the competition front.
There's also numerous types of construction.
Thanks for attempting to be a smartass though, I appreciate the effort.
There's also numerous types of construction.
Thanks for attempting to be a smartass though, I appreciate the effort.
Posted on 4/1/16 at 9:45 am to TDcline
I recommend the Money Board. 90% of the OT lives with their mom, including me.
Posted on 4/1/16 at 9:45 am to TDcline
What kind of construction?
Posted on 4/1/16 at 9:52 am to TDcline
quote:
Well being that I live in Austin
Texas has no licensing board for contractors like Louisiana does. They allow local municipalities to determine what is needed to pull permits and act as a builder but the state does not regulate it outside of making you put up a $20K bond to act as a new home builder. Call the Governing body of where you will be completing work to as what they require.
If you are just doing handyman type work, then Texas does not regulate that either because they don't want to impeded commerce according to their site. LA, on the other hand, never passes an opportunity to create more state jobs and make processes even more convoluted.
This post was edited on 4/1/16 at 9:55 am
Posted on 4/1/16 at 9:53 am to TDcline
Started flipping houses in NOLA 3 years ago as something for the girlfriend to do and it turned into a small company.
In my opinion estimation is the most important skill you need. To be able to look at a project, remodel, new construction etc, and figure out what your cost will be is crucial...if you want to make money.
I'm assuming you already know how to swing a hammer.
In my opinion estimation is the most important skill you need. To be able to look at a project, remodel, new construction etc, and figure out what your cost will be is crucial...if you want to make money.
I'm assuming you already know how to swing a hammer.
Posted on 4/1/16 at 9:56 am to TDcline
I do, commercial construction, about 5-6MM in contracts per year
overhead is about 350K not counting job cost
you'll need GL/WC/umbrella and a bonding company relationship in addition to whatever license TX require
job cost is usually about 80% of contract value
keep your overhead to an absolute minimum and bust your arse and its a relatively stress free way to make a living. You'll need superintendents that know what they are doing, and they are not cheap (100K)
overhead is about 350K not counting job cost
you'll need GL/WC/umbrella and a bonding company relationship in addition to whatever license TX require
job cost is usually about 80% of contract value
keep your overhead to an absolute minimum and bust your arse and its a relatively stress free way to make a living. You'll need superintendents that know what they are doing, and they are not cheap (100K)
Posted on 4/1/16 at 9:58 am to cgrand
started the company with 250k capital if that helps
I've since taken it out
I've since taken it out
Posted on 4/1/16 at 10:32 am to cgrand
I own a hardwood flooring business..
You can make good money flipping houses and land. My advice to you would be to focus on a particular area of construction instead of construction in general. The money can be just as good without the major tax and insurance costs.
You can make good money flipping houses and land. My advice to you would be to focus on a particular area of construction instead of construction in general. The money can be just as good without the major tax and insurance costs.
Posted on 4/1/16 at 10:50 am to Fins up
I'm in specialty subcontracting.
If you aren't making money in the construction business right now, you're doing it wrong. There's so much work all over the place. We turn it down daily.
On that note: spend money on a GREAT bookkeeper/accountant. They will make or break you.
If you aren't making money in the construction business right now, you're doing it wrong. There's so much work all over the place. We turn it down daily.
On that note: spend money on a GREAT bookkeeper/accountant. They will make or break you.
Posted on 4/1/16 at 11:10 am to Fins up
Where?
Posted on 4/1/16 at 11:19 am to YumYum Sauce
quote:
If you aren't making money in the construction business right now, you're doing it wrong. There's so much work all over the place. We turn it down daily.
How can this be when the economy in general and O&G in particular are doing so bad? I see all the construction in town and it amazes me.
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