Whats it approaching one a Contractor? I was considering getting into this as I am a upright project...
I was considering getting into this as I am a upright project manager... mostly expanding existing houses; anyone out here have any stories, virtuous or bad?
Is it profitable?
I've be a Contractor for 6 years now. It can be profitable but in that is also the constant worry of someone not paying me and I'm stuck near all the costs incurred from the project. We did a Gatiland, which be about a $100,000 project. I received the first 4 draws and consequently wam no final and no retainage even after they opened. I be out about $20,000 contained by the end and though I'm suing them they are counter-suing and economically that lasts forever. Plus the cost of the suit is almost more than the amount we're suing for at this point. It's fun though my suggestion would be to build up a saftey net for yourself first. Save up some dosh, because I'll tell you, someone won't money you and you'll have to income your subs and suppliers somehow or they won't do buisness with you following.
My dad is a contractor, he has mostly desperate stories.
He was conversation the other day that he be in charge of a living room insert, but he was helping build it as powerfully. They got something like 90% of the way done, and next got booted stale of the job. The race screwed him over. He was supposed to acquire 22grand from the job, and he merely got 5grand.
It's not the first time it happen either.
Answers: There are more failure than successes.
Most small businesses operate at a 'loss' for the first couple of years.
You have to REALLY soak up the work, for there are a LOT of headache, hehehe.
I strongly advocate have a good 'working knowledge' of any of the tradeskills you will be surrounded by contact with. If not, it would be uncomplicated to make mistakes, or to hold the less meticulous take plus of you.
As with any small business, you hold to count the costs.... insurance, taxes, overhead...there is abundantly to keep track of. Don't be suspicious to see a lawyer, accountant, or small business association for minister to... and do it BEFORE you have a problem, hehehe (ounce of prevention vs pound of cure? hehe) Some of the costs may surprise you...insurance is not cheap... taxes ...ably, need utter no more...heheheh
Profitability depends on a lot of factor... you, how you work, how organized you are, what kind of abet youve got, what youve get in the passageway of resources to work with, what compassionate of jobs/projects/contracts you want to work on/with...even WHERE you are at can affect it.
A good nonspecific approach is to slowly expand on what you are currently doing. Very few of us can simply jump from one craft into another and immediately be profitable...when it does develop, there is a moral background of childhood and experience to draw on. Most often it have been a second agitation or hobby, before the transition. Become a 'sub-contractor' yourself on projects larger than you are currently working on. This is a apposite solid approach, and the little things you may learn can move about a long way to helping you when you're the one who's person held accountable for the intact shebang, hehehe.
Good Luck