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business

Ted_9
Ted_9 Member Posts: 1,718
in THE MAIN WALL
Your asking thr wrong questions. Those are the simple matters. I would start by going to some business classes geared for those who want to start a business.

PATRIOT HEATING & COOLING, INC.

Comments

  • shawn_4
    shawn_4 Member Posts: 16


    I am considering starting my own business here in mass I know i need liability insurance what does it usually run around here what does every body usually get a million dollar bond also how bad is workmans comp and would i be better off getting inc.is there alot more tax cuts .Please any info on anything would help
  • shawn_4
    shawn_4 Member Posts: 16


    did everyone take business classes any other advice would help.
  • ScottMP
    ScottMP Member Posts: 5,883
    Some of us

    went to the School of Hard Knocks ! I am an alumni, but would not recommed that road to anyone.

    Eventually I smartened up and went to a night school with a Business class. It helped a little.

    Your liabilty will be determind by the size of the projects you do. Start off small and as your business grows, increase it to match your exposure.

    Workmanscomp will be determined by your payroll and apparantly how much money the insurance company can SUCK OUT OF YOU. Sorry that got carried away, you'll understand in a few years.

    Talk to a insurance agent and get an idea of what it will cost to operate your business. Then use those numbers to help find your over head along with your other operating cost.

    You've probable got work right know. Make sure that work will stay with you when you find out what it Really takes to operate a business.

    Good Luck

    Scott

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  • Boston Boiler_3
    Boston Boiler_3 Member Posts: 1
    Shawn

    You'll probably spend a little time finding one that will talk to you, a lot of them want 3 years behind you. I found like Scott said it is based on how much business you will do and also whether you sub out or are a sub, that was a big question from most of the ones I talked with. I think they want to be sure you get certificates from anyone you may sub out to. The price ranges were wide open and if you get a lazy agent that doesn't shop around you will get hit even harder.
    Good Luck...........ROOKIE
  • John Felciano
    John Felciano Member Posts: 411
    Shawn

    Sit down with your attorny and set your business up as a LLC (limited liability Company). It will give you some personal protection against claims if you have employees.

    A quick call to a couple insurance companies will get you rates on insurance.General liability isn't too bad but the cost of comp is ski high.It will also raise your liability.Just another cost of haveing employees.

    The most important thing is going to be setting the cost of your billable hour.Track down some of Ellen Rohr's books "How much should I charge" I believe you can find them here.Make sure you charge enough to cover your overhead AND show a proffit.

    Good luck if decide to take the leap
  • heatboy
    heatboy Member Posts: 1,468
    If I had known then...............

    what I know now...........

    hb

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