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I'm closing my company down to go full time Crypto in January.
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</blockquote>Not entirely sure what just happened, why the sudden close on the company?<br />
What is full time Crypto?<br />
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<blockquote data-attributes="member: 10055" data-quote="Alty" data-source="post: 318706"
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Conclusion: Good bread winner but always be on the look out for something more profitable.
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</blockquote>... just when it was getting interesting reading your post.<br />
<br />
--- I still go off and price commercial or residential roofs in NJ for my fathers company once in a blue moon. We are near to finish a convent for a private college in Northern NJ, profit with a nice margin of 100-150k...<br />
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I'm not entirely sure as to why people say Construction isn't very fastlane. Yes of course there are better options out there, but there is a lot of money to be made within this industry. My father's company is suffering though, as you may find from other posts of mine & the entire reason it suffers... take a quick guess...YEAP, lack of projects to complete.<br />
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He has a pretty good system in place and here is how it works, (aside from the fact that he is awarded projects)...<br />
<br />
1. Find project.<br />
2. Bid on project, with % profit margin.<br />
3. If awarded... this is the good part.<br />
3a.... subcontract it to others...<br />
3b.... make sure project is progressing on schedule.<br />
4. While waiting/checking on the project once or twice a week, bid on other projects.<br />
<br />
The 100-150k profit margin came from masonry work (installing blocks and rocks on walls..not sure on terms here, I'm a commercial roofing guy since middle school). Total project was 653k at 15$ a sq. foot of installation including labor and material.... that is a 22% profit margin. What did my father have to do, to withhold these earnings? ....weekly job meeting, directing subcontractor on progress of masonry installation a few times a month.<br />
<br />
----<br />
Issues I see with the construction industry...and how I think if you took my advice you can make it fastlane<br />
<br />
<br />
1. Contractors can't manage WHATSOEVER.<br />
2. THEY DO NOT KNOW how to market/they have no knowledge in these BUSINESS aspects.<br />
3. No offense to those that know what they are doing as a business manager, but from experience of being in construction for 5 years, they aren't really good at this.<br />
<br />
What needs to be done for a fastlane construction business, if you do ever go back to it.<br />
1. Get a project.<br />
2. Finish project.<br />
3. As working on project, look for more work.<br />
4. Be awarded a project, HIRE MORE PEOPLE, and finish these 2 projects simultaneously.<br />
5. ...Guess what? ... you really need to pump out at least 1 bid to a project every week!<br />
5a. If you can't price 1 bid a week, you NEEEEEED a refresher at reading plans and pricing according to them.<br />
5b. Create an excel sheet, with every single item on a unit or per sq. foot basis, and figure out what the prices are...<br />
5c.. When pricing projects, just look at the total sq. footage of the plans and what is needed X the number you have come up you are willing to do the work at.<br />
5d...NO REASON to look back at the price. Installing drywall? What does it run per sq. foot of installation and material?... read the plan, 50k sq. feet of dry wall?...well do the math.<br />
<br />
You should only be pricing projects, and subcontracting it out, as you start you may even hire some people...<br />
<br />
6. Stick to just subcontracting it and building a relationship with your vendors.<br />
7. ONLY DO THIS, DO NOT TOUCH physical work... THIS IS "FASTLANE" in the construction industry... why? All you do is look at plans for a day, possibly price 2 a week with experience, and you are set.<br />
<br />
THEN, and this is what I dont like, you are thinking "oh but the subcontractor will be taking a cut..." you know what? Go ahead and hire more people to do the work on your behalf, go ahead and deal with employees, and workers comp and insurances and so on... IMHO DO THE MATH, you are better off just pricing jobs, being awarded the jobs, and subcontracting it all.<br />
<br />
No need for actual manual labors, no need for buying tools, or anything like that.<br />
<br />
"Sounds easy" ...its a lot of work, to price a project? OR is it MORE WORK to actually dig the holes, and mix concrete and place the blocks? ...<br />
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To sum this up...<br />
<br />
Fastlane general contruction = a lot more headaches and overhead.<br />
Fastlane "construction management" = BEST...<br />
<br />
1. Bid on projects.<br />
<b>2. Subcontract it to others. ----(This is key)</b><br />
3. Take a nice clean profit.<br />
<b>4. Hire someone to help price/bid on projects. ---(This is key) ....hire these guys, the more you get, the more you can price, the more you'll be awarded the more $$$ you'll make.</b><br />
5. More profit.<br />
6. Rinse/repeat.<br />
<br />
You want to be on the top of the totem pole when running the construction company. That is the 2nd highest position possible when starting out... the only position above that is, being a business owner that shows up 2 times a week, to make sure the bidders/your bidding manager is on top of his game, after a meeting and then calling it a day as you collect a check.<br />
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Hope I helped. Maybe it did, maybe it didn't... but if you are doing the actual work yourself/hiring employees, try to get away from that, and try to get into the actual "bidding & just subcontracting it out" portion of business.<br />
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My father does okay, but he isn't scaling his company, and getting projects is "tough..." ...get rid of "tough" with your company, hire a bidder/estimator and give him a commission for successful bids, based on the total profit from the project, this seems to motivate them greatly. It should also be these estimators that meet clients, NOT YOU. Just until you scale up again, and you hire someone that just meets clients...and so on<br />
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Good luck!... remember luck is just action towards your desired reaction.</div>
