Starting my own company?????

[pbmatt2001]

I am contemplating starting my own Surveying Company. I am recently licensed and the job market is, as most of you know, not good. I could start slow with very low overhead and take my time building a client base, etc, etc. My question for you out there that did do this (start your own company) is; are you happy you did, or given the chance, you wish that taken the easier path of working for someone else?

[coast]

Number 1 - Don't do it until you understand exactly what you're getting into.

Number 2 - Once you do find out but insist on proceeding, find out about what it means to run a business or it will most certainly run you! Take a class or two in business administration so you can learn how to perform your own bookkeeping, payroll, and, most importantly, what overhead is and how it affects your pricing.

Number 3 - Is there anything that sets you apart from the others? If there is, use it to your advantage. If not, realize that you're just another number to most of your future clients.

Number 4 - What type of surveying do you want to do? (See Number 3 above). Be ready to reevaluate and adapt when the economy goes south.

Number 5 - Kiss off days off, holidays, and vacation until you get your business established.

You will probably not get rich, but there is alot of pride, enjoyment, and fulfillment that comes from having your own business. BUT go into it with your eyes open and realize that there is also alot of hard work, many unpaid hours, unbelievable clients (both good and bad), and plenty of competition out there whose prices most certainly indicate that they don't truly understand what they are doing.

[PLS7393]

Coast summed it up very nicely, as I have contimplated the same from time to time. I truly like the statement; "and plenty of competition out there whose prices most certainly indicate that they don't truly understand what they are doing." Remember, undercutting others does our profession no justice, just to get a job.

I've seen where a large company undercuts a proposal so much, that there is no way they break even (even loose thousands of dollars), but they want to get their foot in the door, hoping to get other jobs in the future from an agency.

With the economy the way it currently is, I have been told if you can make it during slow times, you will do very well in the long run, so good luck if you make it.

I still keep in mind some wise words from someone I respect, who said, "In slow times surveyors should raise their fees. Ok, so you get less jobs but make the same, giving you more time to play golf!"

Why not???

Good luck on your ventures!

[pbmatt2001]

Thank you so much for your replies. I think I have a good understanding of what I'd be getting into. That’s why I'm hesitant to jump in and go for it. I've been researching for months now what it would entail and want to be 100% sure of my decision before I start investing money. I know if I decide do it, that it will be a 7 day a week ball of stress that won’t be going a way anytime soon. I also like playing golf.

[coast]

You can forget golf!!!

[Jim Frame]

I agree with most of what Ruel said. The item I most disagree with is No. 1, because I don't think you can really know what it's like to be successfully self-employed until you've done it.

In response to the question, my answer is this: it was the best career decision I ever made, even though I made it for the wrong reasons. In terms of income, I probably could have averaged about the same if I had continued working for others. In terms of personal and professional satisfaction, there isn't a job in the world that can touch it.

Some questions for Matt:

A. Do you have a realistic business plan? In the current economy, pay particular attention to the extent to which your plan relies on borrowed money. Generating enough income to cover debt service might be much more difficult than you think right now.

B. Do you have a bailout plan? Knowing when to cut your losses can help keep you out of long-term trouble if your business plan proves to be less realistic than you thought.

C. Do you have enough money in savings to live for at least 6 months with no income?

D. Are you -- or can you realistically become -- a self-starter? There won't be anyone around to kick you in the butt when you start to drag.

E. Are you going to try the solo route, or hire one or more employees? Solo requires more expensive equipment; employees add a big layer of complexity.

When I started in 1993, the only questions I had solid answers to were C and E. I had substantial savings and very low overhead, so I knew I could get by even if nothing came in the door for an extended period. Robotic guns weren't readily available then, so I knew I'd have to hire someone.

I can't say it's always been smooth sailing, but overall it's worked out great for me. I can say with confidence that it's not for everyone -- some folks aren't cut out to be their own boss, and some just don't like the absence of colleagues in the same office.

If you're on the fence, it's probably best not to make the leap, but if you weigh all of the above and still find yourself wanting to jump, by all means go for it!

.

[Mojavegreen]

I think everyone here has covered all the bases when it comes to a new company. Things also to remember are:

Insurance- E & O Insurance, General Liability, truck insurance
Employees- EDD, workmans comp, and if you are doing public works jobs prevailing wages.

Like Coast said "Is there anything that sets you apart from the others? If there is, use it to your advantage. If not, realize that you're just another number to most of your future clients." I have found my nitch in this market and that has kept the doors open. Understand what your strengths and weakness are. Work on both.

Well I am off to go play some golf.