stuckincincy Posted January 15, 2009 Share Posted January 15, 2009 You can start a roofing business out of the back of a pick-up truck. Link to comment Share on other sites More sharing options...
Kevbeau Posted January 15, 2009 Share Posted January 15, 2009 You can start a roofing business out of the back of a pick-up truck. There's a country song in there somewhere. Link to comment Share on other sites More sharing options...
BUFFALOTONE Posted January 15, 2009 Share Posted January 15, 2009 Hello My Friend: My name is Eliamba Mutambo. I hav recently find $500,000 with you are name on it. Please send a persenl check wif my name on it. Thes way I can get you your mony. Sincrely, Eliamba Now Thats a wise investment. Link to comment Share on other sites More sharing options...
mead107 Posted January 15, 2009 Share Posted January 15, 2009 Lots of cost in starting up a roofing company . Your ins. and workers comp will cost a lot of money . Sit down with your insurance agent and gets the facts on cost . Cost on getting rid of material and permits are added cost . This is not a weekend business where you can get away with no ins. and no permits . Truck ,trailer , tools and safty equiptment all have to be looked at . Best to look in to this very hard before you make the leap . You need to see a lawyer for a partnership agreement and getting it setup as an LLC . I would start with doing this on the side to see how things go before you quit your job . Link to comment Share on other sites More sharing options...
bills_fan Posted January 15, 2009 Share Posted January 15, 2009 I would be very leery right now for many reasons... 1- Never, ever mix business with friendship, it will end badly 95% of the time. This is really not a good idea. 2- Bad climate. Residential roofing will be put off except in the most dire circumstances. Nobody is spending for big ticket items right now unless they absolutely must. This WILL NOT change in 2009. In fact, 2009 WILL get much, much worse than 2008 ever got. 3- Life situation. No offense Gordio, but your life isn't set up for this right now. You have a 4 year old and one on the way (I have a 3 year old and one due in March). If you were single, maybe I could see it. Right now you have to be the provider, not the risk-taker. You work for a bank, good job etc. Even if you were laid off, you would most likely get severance and unemployment. If you quit, you get neither. Think about that. 4- Let the bank job ride. Play it out. If you get laid off, get your severance and unemployment and take a shot...well, not the best idea, but at least you'd have a bit of a cushion. Quitting and going for nothing....really bad idea. Think you got stress now? 5- Don't stress what you can't control. Worry about your specific job, reduce your debts and expenses and put yourself in the best position should something happen. Other than that, don't worry about what you can't control. Link to comment Share on other sites More sharing options...
stuckincincy Posted January 15, 2009 Share Posted January 15, 2009 Lots of cost in starting up a roofing company . Your ins. and workers comp will cost a lot of money . Sit down with your insurance agent and gets the facts on cost . Cost on getting rid of material and permits are added cost . This is not a weekend business where you can get away with no ins. and no permits . Truck ,trailer , tools and safty equiptment all have to be looked at . Best to look in to this very hard before you make the leap . You need to see a lawyer for a partnership agreement and getting it setup as an LLC . I would start with doing this on the side to see how things go before you quit your job . Section 8. Guaranteed cash - you don't have to be good at what you do. Plenty of landlords that will wink. You will never be found out - the landlord will bury problems, so their taxpayer checks come apace. The tenants most always don't give a da*n - they are part of the gravy train, and are savvy about the con game. Link to comment Share on other sites More sharing options...
ricojes Posted January 15, 2009 Share Posted January 15, 2009 Maybe Millbank has a philosophical story to help you make your decision.... Link to comment Share on other sites More sharing options...
taterhill Posted January 15, 2009 Share Posted January 15, 2009 I would be very leery right now for many reasons... 1- Never, ever mix business with friendship, it will end badly 95% of the time. This is really not a good idea. 2- Bad climate. Residential roofing will be put off except in the most dire circumstances. Nobody is spending for big ticket items right now unless they absolutely must. This WILL NOT change in 2009. In fact, 2009 WILL get much, much worse than 2008 ever got. 3- Life situation. No offense Gordio, but your life isn't set up for this right now. You have a 4 year old and one on the way (I have a 3 year old and one due in March). If you were single, maybe I could see it. Right now you have to be the provider, not the risk-taker. You work for a bank, good job etc. Even if you were laid off, you would most likely get severance and unemployment. If you quit, you get neither. Think about that. 4- Let the bank job ride. Play it out. If you get laid off, get your severance and unemployment and take a shot...well, not the best idea, but at least you'd have a bit of a cushion. Quitting and going for nothing....really bad idea. Think you got stress now? 5- Don't stress what you can't control. Worry about your specific job, reduce your debts and expenses and put yourself in the best position should something happen. Other than that, don't worry about what you can't control. Very well said Link to comment Share on other sites More sharing options...
Hammered a Lot Posted January 15, 2009 Share Posted January 15, 2009 Your buddy makes a killing working the weekends, CASH JOBS? No W/C, G/L no income tax. How are you going to fair against the same weekend Cash guy? What about OSHA training? Are you going to INC, DBA, LLC. Go this weekend and talk to the guys at Miris on Southwestern Blvd in OP. They are open on Saturday till noon. Ask em how many new customers/roofers came in this year. Every time a plant closes ..... Last year was a tough year for roofers, and this year looks worse. Your shinlges are more than likely IKO. They don't last and there warranty sucks. After over 53 years in the roofing business (and never once have we stepped in to small claims court because we do the job right the first time) I only do custom work now. There are guys bangin nails for $40.00 a square? Insane. Go work for M&T. Link to comment Share on other sites More sharing options...
KD in CA Posted January 15, 2009 Share Posted January 15, 2009 Your buddy makes a killing working the weekends, CASH JOBS? No W/C, G/L no income tax.How are you going to fair against the same weekend Cash guy? What about OSHA training? Are you going to INC, DBA, LLC. Go this weekend and talk to the guys at Miris on Southwestern Blvd in OP. They are open on Saturday till noon. Ask em how many new customers/roofers came in this year. Every time a plant closes ..... Good point here; if you are running the business you need to do it by the book. Gotta have insurance, pay people on time, withhold taxes, match FICA, register with 43 different gov't agencies, etc. etc. Link to comment Share on other sites More sharing options...
mead107 Posted January 15, 2009 Share Posted January 15, 2009 Your buddy makes a killing working the weekends, CASH JOBS? No W/C, G/L no income tax.How are you going to fair against the same weekend Cash guy? What about OSHA training? Are you going to INC, DBA, LLC. Go this weekend and talk to the guys at Miris on Southwestern Blvd in OP. They are open on Saturday till noon. Ask em how many new customers/roofers came in this year. Every time a plant closes ..... Last year was a tough year for roofers, and this year looks worse. Your shinlges are more than likely IKO. They don't last and there warranty sucks. After over 53 years in the roofing business (and never once have we stepped in to small claims court because we do the job right the first time) I only do custom work now. There are guys bangin nails for $40.00 a square? Insane. Go work for M&T. well said He should help his buddy on the weekend and put the cash in his pocket . Everyone that has lost his job in the past few months and thinks he is a handy man will be starting up a new company and doing the work for nothing . hard to compete with the weekend handy man. Link to comment Share on other sites More sharing options...
Gordio Posted January 15, 2009 Author Share Posted January 15, 2009 Your buddy makes a killing working the weekends, CASH JOBS? No W/C, G/L no income tax.How are you going to fair against the same weekend Cash guy? What about OSHA training? Are you going to INC, DBA, LLC. Go this weekend and talk to the guys at Miris on Southwestern Blvd in OP. They are open on Saturday till noon. Ask em how many new customers/roofers came in this year. Every time a plant closes ..... Last year was a tough year for roofers, and this year looks worse. Your shinlges are more than likely IKO. They don't last and there warranty sucks. After over 53 years in the roofing business (and never once have we stepped in to small claims court because we do the job right the first time) I only do custom work now. There are guys bangin nails for $40.00 a square? Insane. Go work for M&T. Thanks for the advice everybody. If I do go into this believe me I would do a ton of research on it. I am just in the beginning stages. My buddy does do cash jobs now & believe it or not he actually works for an owner that pays him under the table for alot of the work he does. I would not feel comfortable about going about business in that manner. BTW, I did work for M&T right after getting out of college. Did not really like it there so I left after 2 years. I work for the other big bank in town. Link to comment Share on other sites More sharing options...
Stussy109 Posted January 16, 2009 Share Posted January 16, 2009 I am in business for myself and was faced with the same decision to leave the safe secure paycheck behind to pursue my own dreams. My best advice is to start small to grow big. I have done many ventures, some great, some bad. Why would you quit your job to do books and advertising which could be done on the weekends or after u got hom from work. Keep your positive cashflow from work as you start the roofing on the side. If you get so busy that your 9-5 gets in the way, then its pretty easy for you to decide to move in the direction of dedicating all of your time to your business. For now the best bet is to pull 65hr work weeks, 40 to the 9-5 and 25 to your biz. The biggest mistake you can make is not having enough money to get through the inital startup which is usually slower and less stellar than you expect. Anticipate the worst and hope for the best. DO NOT quit your job until you KNOW your job is keeping you from making more money. Link to comment Share on other sites More sharing options...
Stussy109 Posted January 16, 2009 Share Posted January 16, 2009 Good point here; if you are running the business you need to do it by the book. Gotta have insurance, pay people on time, withhold taxes, match FICA, register with 43 different gov't agencies, etc. etc. well... Link to comment Share on other sites More sharing options...
Terry Tate Posted January 16, 2009 Share Posted January 16, 2009 Ok, let's see - Currently has high-paying job. Has a kid, wife is pregnant. Wants to quit and start a company with his good friend. Doesn't know anything about the business. Friend has no money to bring to the table. Wife is dead set against it. Nope, can't see anything wrong with this. Good luck! Link to comment Share on other sites More sharing options...
ans4e64 Posted January 16, 2009 Share Posted January 16, 2009 I can't believe you are trying to make a profit off taking advantage of young girls. Link to comment Share on other sites More sharing options...
Tcali Posted January 16, 2009 Share Posted January 16, 2009 I have been thinking about this for awhile. But with the current jobn market the way it is, I think now might be the right time to take a chance. First I should tell you that, I have pretty good white collar job right now. I make close to 6 figures,full benefits, 401K package, retirement/pension etc... This last year our company has really taken it on the chin(I am in the banking industry) & I am constantly stressing over my job security. I guess I am runned down by it. You may ask why the roofing business. Well, one of my best friends is a roofer. He works for someone else but does these side jobs on the weekends & makes a ton of money. We have talked about this before where we would open our own roofing business I would handle the books/marketing/business side of things & he would handle all the roofing. I have know this guy since I was 4 so I do trust him. We stood up in each others wedding. The one problem is, since he just went thru a messy divorce I would probably have to put in all the capital. I work for a bank so I am pretty certain right now no bank would lend to a startup roofing contractor in this climate. So I would probably have to dip into my savings. I have about $80K secured in CDS/Money Market accounts that I would be willing to use. I would not be able to use all of it since I would want a little cushion in case it failed/living expenses while I do not have a steady paycheck coming in every week, but from the research I have done it looks like with the downpayment on workers comp/liability insurance/tools etc.. I think I would initially get by with about a $30-$35K equity injection for startup costs. My friend thru the years has made alot of contacts with suppliers & such & says we would not hurt for business. My wife of course is dead set against the idea which kinda complicates matters. Does anybody have any advice/experience of being in a similar situation? keep your job---do this on weekends---and hire cheaper labor do expand into weekday jobs. Link to comment Share on other sites More sharing options...
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