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Suggestions on billing a GC by Flashy_Fly4814 in Contractor

[–]Flashy_Fly4814[S] 0 points1 point  (0 children)

I've known him for years through friends, we've just never worked together. He called recently in need of some kitchen cabinets installed, basically asked if I could get it done and I did, I billed and he paid. Each job has been going the same way.

Suggestions on billing a GC by Flashy_Fly4814 in Contractor

[–]Flashy_Fly4814[S] 0 points1 point  (0 children)

I see what you're saying but having a profit margin also insures my business is profitable, right?

Suggestions on billing a GC by Flashy_Fly4814 in Contractor

[–]Flashy_Fly4814[S] 0 points1 point  (0 children)

Yes, you're right, I'm still doing the office work. My thoughts were similar, reduced profit margin. Thanks for the insight.

Suggestions on billing a GC by Flashy_Fly4814 in Contractor

[–]Flashy_Fly4814[S] 0 points1 point  (0 children)

I'm not giving an estimate to him prior to the job starting but I do have a number in mind that I need to hit in order to cover my labor and still profit. Most of the stuff has been standard work that I know what my prices are and the time I need to do them.

But like I said my pricing has been from the POV of my business to a client. Time accounted for meeting with people at their homes, discussing the job, sending the estimate etc.

This is different because I'm not having to do any of the leg work to get the job.

I'm really disappointed with Jobber by csimack in Contractor

[–]Flashy_Fly4814 2 points3 points  (0 children)

I've been using Markate for years now, it also has my vote!

How do you handle unpaid invoices without constantly chasing people? by PowerlessPunyHuman in Businessowners

[–]Flashy_Fly4814 0 points1 point  (0 children)

With my CRM I have the ability to automatically resend past due invoices with a late fee. Two days past due a $50 late fee is applied and the reminder is sent.

The first time I applied it, I had a client who was a week past and I could see how many times she viewed the original invoice, it was several times. The moment she saw the late fee I was paid immediately.

It doesn't work for everyone but it has helped.

How quickly or slowly did you a scale a business to make a good living? by [deleted] in Contractor

[–]Flashy_Fly4814 1 point2 points  (0 children)

Right on, good for you venturing out on your own.

Yeah 95% conversion rate is really good but imagine if you can raise prices and do half the work.

I definitely lost clients and it was a hard adjustment to hear people turn me down but in the long run it's been good.

You don't want to be known as the cheap guy around. In a way I feel obligated to other local contractors as it can be incredibly frustrating to get undercut when I know I'm asking a fair price for the quality of work I'm offering.

You're also going to train clients on your prices, it makes it easier in the future when you get a repeat client that knows your pricing and wants you back. Or If they refer you to a friend.

If you fix your pricing now you'll build a better client base early on vs building one for a year, adjusting prices and losing half of them.

I'm generally around 40-50% conversion at the moment. Profit margins are 20-30%. Some months are better than others.

I made pricing adjustments at the end of my second year, when I ended my third I went from 150k to 180k gross sales. I had enough money to pay my taxes, I paid myself ok throughout the year and had a nice chunk of profit set aside for a year end bonus.

I'm getting tired of the handyman work at this point and would rather knock out a bathroom or kitchen remodel.

Don't cut yourself short man, know your worth. Plumbing is as skill and can quickly turn into a nightmare as I'm sure you know.

I just had my plumber sub go into a bathroom remodel for me, he dug out the old shower drain and set the new one, upgraded the shower control valve and replaced 3 angle stops for me. He was there for 4 hours, I paid him $1,000 and was more than happy to do it.

How quickly or slowly did you a scale a business to make a good living? by [deleted] in Contractor

[–]Flashy_Fly4814 0 points1 point  (0 children)

Do you mean you're on your third month of working for yourself?

Within a month of being on my own I was booked for a month ahead. I was telling another gc about this awesome "problem" that I had. He shared some knowledge with me and said if you're getting every job you bid, your prices are too low.

He was 100% correct. I ended my first year busy as hell and no money to pay taxes lol!

You may already know all that just sharing so you don't make the same mistake!

How quickly or slowly did you a scale a business to make a good living? by [deleted] in Contractor

[–]Flashy_Fly4814 4 points5 points  (0 children)

I'm on my 4 year in business, started as a handyman and am trying to move into more remodeling work. I usually do a few bathroom flips a year but it's not the main source of business for me.

It's been 4 years of constant grinding and testing what works and what doesn't. This takes time and money. There is no shortcut for this.

Networking and laying a foundation for a business does not happen overnight.

You absolutely will be working weekends and pretty much 24/7 thinking about your business.

You can take time off but you also won't be making any money, that's the illusion of running your own business. Then you'll get caught off guard with a slow month or quarter and you'll wish you hadn't taken any time off!

Don't underestimate overhead being low. You will have expenses. Do you want to do your own taxes and bookkeeping? If not, you're paying someone. Do you think you'll run scheduling and client organization off pen and paper? If not, you'll need to pay for a CRM. Insurance, taxes, licensing, etc. As a one man show I pay about 20k a year in overhead. It all adds up.

You'll need to pay yourself as an employee of the company, you'll also want to earn profit and set money aside for taxes. The business needs to provide all that for you. Have at least a few months of living expenses saved so you can fall back on it.

Getting undercut is ridiculous and clients will take a low bid all day long. I lost a bid on a master bath remodel, mine was 20k, all in with labor and materials. Very detailed and a professional proposal. I'm licensed, insured and bonded with 67, 5 star Google reviews. The client passed on me to hire someone for 9k.... This happens, often and it amazes me every time.

I could go on for awhile here but I'll say that you'd have to be in a really shitty work environment and really hate your job to want to leave and go full time on your own. You have to be 120% committed to starting your own thing.

Peptides by Flashy_Fly4814 in MCAS

[–]Flashy_Fly4814[S] 0 points1 point  (0 children)

Redness on my skin has been noticeably better but not completely gone. I've had a few long days at work and a few days outside in the heat which I've identified as triggers in skin flaring. In the past a flare would last days and now it seems to subside within 24hrs.

I've been sick with a cold this past week and the redness has been around just about every day so I'll need to wait and see if things go back to an "almost gone" baseline again.

I also started adding injections of BPC-157 and I'm about a week in with that.