RCS Influencer Ross Riddle says that a new contractor should be sure to understand what they are taking on and to be as prepared as possible.
If I had one piece of advice to offer a contractor just getting started, it would be…make sure you know what you’re getting yourself into, and that you are well prepared. That said, here’s a short list of things I’d offer for consideration:
- Plan this venture ahead of time and don’t go into it haphazardly
- Start with adequate working capitol
- Assemble a good crew and pay them a good wage
- Have the proper insurance, both workers comp, and general liability
- Work with a supplier who can help you stay out of trouble, and that has your back. Remember, the relationship has to be mutually beneficial
- Find a good mentor…and listen to him or her
- Stay small and manageable and grow slowly and when you’re prepared for it
- Don’t work for wages…the biggest mistake I see is people working too cheap. If a job doesn’t look profitable going into it, don’t do the job!
- Always be honest and up front with your help, your customers, and your supplier
- Pay your bills on time and take the discount
- Don’t forget to have a cash reserve…if you don’t have to use it, Great! If you do need it, you’ll be glad you have it
Ross Riddle is the president and CEO of South Coast Shingle Company. See his full bio here.