I wanted to test the waters and get some opinions on today's environment for guys wanted to jump in and go for it. My focus would mainly be infrastructure jobs, sewer, irrigation, boxculverts, septics, embankments. I worked for a big company for about 10 years and always wanted to jump out on my own, however I just get a "feeling" that it might be a long up hill battle right now. I look at bid lists on city and county jobs here in Florida and there are always 8-10 contractors bidding with the top 5 within a few % of each other. With most cities and counties broke these days, seems the infrastructure spending here in South Florida is very thin. I would be more inclined to start in a less competitive environment, but am here for family reasons. How do you even get your foot in the door these days? I have no bonding capability, no equipment storage, labor is a joke here in South Florida. More or less looking to see what its going to take these days, besides patience
anyone?
There are several avenues of business I feel I could have made a go of, but I chose the one that had a big empty hole waiting for someone like me to fill it. I would not go into something where there were 8-10 competitors already fighting over scraps.
The muni market is not a market I would go after starting out, especially the way you describe your local market. What kind of cash do you have and equipment at your disposal? What is your local market for private contracting jobs? Monster76 is making a good go at it in south Florida - HeavyEquipmentForums
Now is not a great time to start a business. Commodity prices and stocks are down. There's talk of deflation on the horizon. I wouldn't advise taking on any debts right now. (I'm not a financial advisor ).
I agree now is not the best time to start a business and no way am I going into any kind of debt. The economic indicators are just not looking good. It's also an election year.
If you want to make a run at things, try to establish some relationships with the builders in your area. Look for work you have an advantage over the other bidders. Bidding municipal work is tough. Lots of management involved, and lots of competition, as you have seen. If you can build a client base of private work, you may do better. Be careful about going into debt anytime, but especially when the business climate is unsettled as it currently is. Make sure to learn how to manage the business side. Most new contractors do fine on the work, but make mistakes in the business management and financial side of things that cause them problems. The work is the easy part. The rest takes a lot of work.
One thing i would like to say on a positive note starting a business is a hard time one good thing to look at is it can only get better right?
Things can and probably will get a lot worse before it gets better.
not the best idea , but if you do and are married put the company in her name because she would be a minority and it would move you up the county and city lists
A little south of Florida, but seems similar situation here. There are big jobs going but not where I am! I do mostly farm infrastructure work (tracks,dams,land contouring,tree clearing ...) there are a lot of contractors working in forestry but when it slows they "hit" the farm sector which adds competition. I have been in business 4 years and have loyal customers, and have looked outside the square to stay in work. I get called in when the local power company can't get to the power poles (steep hill or river) normally winter work, and maintenance work (cleaning culverts/drains) seems everyone wants to build roads but maintenance gets overlooked.
A smart and wealthy business man told me one time that if you were married, it didn't matter who's name the company was in as each spouse has 1/2. :cool2 Might as well use everything one has available.
A man once told me that it's a bad idea to be business partners with your wife. His reasoning was that if you own 50% of a company and your wife owns 50% of what you own, then on paper, you only actually own 25% of your business because half of your half belongs to her through marriage.. (The man who told me this is neither wealthy nor a business man)
He needs a better lawyer.:tong
Thats a bad way to look at things. should always stay positive you know it could be worse.
Always better to plan for failure, if things go good your fine, if it goes south you're ready to handle it.
I agree. Always have an exit strategy if things go sour. All of us that went through the 2008 real estate crash know that very well..