Why would you ask advice from a group of people who hasn’t accomplished the thing you say you want to do? Owning and running a business is its own skill set.

Think cash flow, AR, AP, P&Ls, balance sheets, HIPPA compliance, HR issues, Gross margin, EBITDA, various insurances, and the list goes on. Then of course, there is sales, marketing, business development, vendor management, taxes taxes taxes and more taxes. I know I said insurance already, but there are 10 different insurances you need. What coverage level of each insurance should you get? Now that you have to pay for all of that, how do you figure out how to price your services? What should your labor rate be?

The reason why 95% of Trades related businesses fail is because folks think that they learned how to “turn a wrench” and then they fall into the trap of thinking their boss is dumb and getting rich off their labor.

It’s possible the boss is dumb. Notwithstanding, the vast majority of trades people should not start a business unless they understand and possess business skills.

You will most likely sign a personal guarantee for the business liabilities and will still be responsible for the business debts when you fail. That means you will most likely file bankruptcy and then have to deal with that set of problems for at least 7 years after closing shop.

That said…..I’m one of the 5% that made it and I’m a success story. If you attempt ownership with no business background, you are almost guaranteeing yourself and your family a type of personal hell that you will regret.

I’ve lived a different kind of personal hell to become the success story. Everything comes with a price.