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Wish I Woulda Known That! - Avoiding Big Mistakes as a Contractor
Manage episode 414542409 series 3409559
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On this week’s episode of Contractor Radio, we pull a golden gem out of the Contractor Radio Archives . In this episode originally aired in season 3 of Contractor Radio, Jim lays out things he wished he knew when he was running his own contracting business. Instead he had to pay in the “education tax” in order to learn these lessons and doesnt want home service contractors to have to face many of the issues he did. He breaks down the top 5 areas where he (and other contractors make mistakes.
Production:
-Create a Safe Workplace or pay the price.
-The Importance of managing warranties.
-Workmans compensation and injuries on the job.
Legal and Contracts:
-Make sure you have policies regarding employment and subcontractors in writing from subcontractors to salespeople including terms of employment, payment structure, and insurance.
Insurance Coverage:
Make sure you know what insurance policies you have and take in to account any exclusions and other terms of the policy.
Finance:
-How to get and manage a line of Credit through banks, credit unions or suppliers.
-Make sure you pay yourself and know your margins.
-Keep up with your taxes, find a construction specific CPA and put checks and balances into place.
Business Organization:
-What type of company structure are you going to set up.
-New construction business vs. Retail business and what might be right for you.
-How to narrow your focus from broad array of services to just a few key services you - and your team is are great at.
-Be cautious of nepotism and hiring family
-Consider looking into setting up a holding company.
If you are new to business, or a seasoned pro, this episode is sure to have some advice for you to help you take your home service business to the next level and avoid issues that may arise from lack of knowledge.
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