AllistonGT
Well-known member
I hear ya. I can see myself getting out in the next 2 - 5 years. I'm still working now because I want to. Every passing year that "want" is becoming less. Thats a sign.
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Accounting question
- Thread starter nobbie48
- Start date
Untangling yourself from not doing paperwork takes a lot more time than just doing the paperwork, you loose invoices , track of hours , travel time and how do you know if your actually making coin?
If your side hustle Fred doing decks and fences it’s maybe less a deal , but if your doing actual Reno’s with multiple suppliers and managing more than one project at a time , it will go sideways pretty fast .
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If your side hustle Fred doing decks and fences it’s maybe less a deal , but if your doing actual Reno’s with multiple suppliers and managing more than one project at a time , it will go sideways pretty fast .
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If you're worried about liabilities you keep the limited status so you have more complex accounting than when moonlighting.
Suppliers and subs lose interest as your volume drops. The tile guy bumps you and you're stuck between him and the end user. Do you go for the guy with an ad taped to the light pole?
Insurance may go up as they feel you may go cheap on safety. A friend had a company put in a $3500 privacy fence along his driveway. They drilled through a gas line, shut down the street and paid three times that to fix the mess.
Pick your side jobs carefully. Pick your clients even more carefully.
Of course if they're family or friends they'll expect bargain basement pricing.
And, the smaller the job, the pickier the client.
A lot of people comment that after retiring they're busier than they were when working. That's not because they're doing a lot of stuff. It's because the job expands to fit the time available. Add to that you end up babysitting other people's problems because you're not doing anything.
What day is it?
I have also found the small jobs always bite you in the ass. Some guy you slid in for 100 bucks ends up costing thousands. I need to be less nice and turn away the small guys..
Sent from the future
Sent from the future
So my idea of starting small is bad. Again GTAM walks me away from an idea
Thanks (I guess)!
Thanks (I guess)!
A friend asked me to help him put in a new laminate counter top, U shaped. I'm trying to get him to hold the smart end of the tape measure but he insists I do it. I make a fully dimensioned drawing and off it goes to the countertop people.
Two weeks later the new one arrives and we pull out the old one with it folding in half at the sink cut out. On goes the new one and it doesn't fit. He's looking at me (Free labour) and I start measuring along the back. All dimensions are correct
Then I check the depth, 25".....my drawing says 26"
The counter guy admitted the error and rushed through a replacement.
I hate working with stuff that can't be fudged
26 would be an odd top , HPL tops have been mostly 25” for about 60 yrs . What I hated was Toronto was all 5/8 pb with laminate and south western Ontario was 3/4 . You couldn’t take a Toronto top to Niagara and reinstall without cutting the backsplash.
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That was how I lost a lot of sleep. The tooling is $30K. Hope to hell I've estimated the shrinkage correctly.......
That said few things were sweeter than finding out my drawing was correct and the part was wrong.
many years ago when we were starting out as a family i built a lot of decks fences sheds , re did bathrooms and drywalled basements , because it was easy cash money for friends and family.
Its very different now, I'm not sure i would do it on the same scale. I'd do less and charge more.
Its very different now, I'm not sure i would do it on the same scale. I'd do less and charge more.
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