When to go on my own?

I

irish93stang

I took a sweet gig for the town a while back has great benefits and great guys but I also bought a bucket truck, big chipper, dump trailer and F350. Looking to add on a big chip truck. I've been working all week for DPW after hours tree work and weekends tree work. At what point do I fly the nest? I have enough work to keep me busy for a while only because I don't advertise, if I did I would be swamped and have 0 free time. What do you guys think?
 
Keep the town gig. There is a lot to be said for benefits and pensions. Keep doing tree work on the side but concentrate your efforts and talents to caring for trees. Find a niche and make a little extra funny money. Going out on your own can be rewarding and fun but it comes with a new level of headaches that might make you dreaming of that "sweet" job with the town.

Chris
 
I feel like I am selling myself short and could be making a lot more money. The pension isn't that great but its a pension. I would have to retire around 66 to get 80% of a 40 hour week. I have some serious potential for growth. I made a lot of good connections at my old job for subbing equipment and places to get rid of debris and chips. But I am also aware of the cost of health insurance and potential for work drying up. But I am also aware I have a lot of equipment just to be doing "side jobs"
 
Not that this will happen, but I was in a very similiar situation a while back. Decent pay, excellent medical benefits albiet I did have a bit of issue with my immediate boss. Had worked to develop a good amount of side business and made no attempt to hide it from anyone, didn't double dip, didn't take business calls etc on city time etc. Finally couldn't take it any longer and burnt the bridge and things looked great. Six weeks later my 6 year old son was diagnosed with leukemia and it was like a broadside salvo. Managed to limp along for 11 years before I had to give it up. Happy to say my son is 33 now. Not saying don't do it, just saying measure twice and cut once.
 
Don't get greedy. You have a good thing going with the city in terms of benifits and pension, but most important you have job security. You also have a good thing going with your side business, but you have to be 100% sure that that's what you want and can suceed at before committing fully. Once you go down the business owner road it's all or bust.
 
It takes a long time to really make any decent money in the tree business. As the owner you will get paid past. If you plan to build a business there is great potential for profit, but it takes some time. You have a head start because you have collected some equipment. Is it all paid for? Do you plant to have employees? How many employees? What about winter?
I started my business last year. Going really good. 10x more work than I ever would have thought even though people told me it would be hard work. I enjoy it, but I work more now making less money than when I was a foreman for a tree company. I know that in a few years this will change as I am building the business.
You need to decide where you see yourself in 5-10-15 years.
 
I would not jump ship. Only reason I say that is I am in the same boat. Work full time at a great job with awesome benefits. I have the "side business" that originally started as a "hobby" 9 years ago and it quickly go out of hand. Now when I look at work it's automatically a 2 month wait. But there is no way in this world I would give up the benifits, and the opportunities my full time job offers.
You say you would have to work till 66 to get 80% of the pension, you leave... How long will you have to work??? Just sayin'.
 
I am turning 35 in July ... so 31 more years before I can retire. All equipment is paid for. Winters I could plow or relax or sell firewood. I have lots of avenues I could take this... but right now work is out of hand , using vacation days to work and working all weekend... the old lady gets crabby lol and thanx for the advice guys
 
irish93stang said:
I am turning 35 in July ... so 31 more years before I can retire. All equipment is paid for. Winters I could plow or relax or sell firewood. I have lots of avenues I could take this... but right now work is out of hand , using vacation days to work and working all weekend... the old lady gets crabby lol and thanx for the advice guys
Click to expand...
We have much more in common then I thought :whistle:.
I used to do the plowing and firewood thing...... It did nothing but cost me money. Better off taking the winter off! I still wouldn't give up the 40 hrs of security. You just have to control the habit. I increased my hourly to try and knock back some of the work. Worked for a while, thinking about going up again.
 
[QUOTEI "irish93stang, post: 435776, member: 4959"]I am turning 35 in July ... so 31 more years before I can retire. All equipment is paid for. Winters I could plow or relax or sell firewood. I have lots of avenues I could take this... but right now work is out of hand , using vacation days to work and working all weekend... the old lady gets crabby lol and thanx for the advice guys[/QUOTE]
Yeah, i was the same age as you too and wife got crabby also. Flying squirrel gave some good advice. Set a limit on the side work, select a hand full of special clients and give them outstanding service. True tree guys never retire, just look around at an ISA Chapter conference and see who the leaders are, old guys!
 
Wow... Lots to contemplate.

I know a few owner operators who are funding their retirement and health care in this industry, but I think that is a small number. When you look at the true cost of retirement and health insurance it is staggering...

At 35 you are in the prime retirement saving years. Spend 5 to 10 years building a business and then start saving for retirement and that window maybe closed...

I would find a good financial planner or CPA and really think about the implications of your decision. Best of luck in whatever path you chose!
 
I w
flyingsquirrel25 said:
We have much more in common then I thought :whistle:.
I used to do the plowing and firewood thing...... It did nothing but cost me money. Better off taking the winter off! I still wouldn't give up the 40 hrs of security. You just have to control the habit. I increased my hourly to try and knock back some of the work. Worked for a while, thinking about going up again.
Click to expand...

I was told the story once of a really good heart surgeon who was getting a bit older and as a result wanted to slow things down a bit, for his own comfort level's sake. He figured if he doubled his prices it would dramatically cut back on the number of people that wanted to use him, but since he would be making so much, he would hopefully not be harmed financially too much.

Instead of his business dropping off, people thought, "This guy must really be the best if he charges so much." His business exploded, and he ended up with less free time than ever.

I just thought that was a funny story about unintended consequences, and the idea that you won't know what the market you are in will bear unless you ask for it and see what happens next.

If you chose to keep the steady gig, the goal would be to have nothing but really high paying customers for the side work that is taking up the remainder of your precious time. Just to make it all worth being away from your family so much.

Those are just my offhand thoughts on this issue. I'll say nothing either way about what you should do in the end. It's a totally personal choice, and you and your family are the ones that are going to pay the price or reap the benefits of this monumental decision. Like everyone else says, consider all the facts, and then make your decision.

Best of luck for a superb outcome either way you choose to go with this.

Tim
 
What's it gonna cost you if you get hurt doing side jobs? That should be considered in your pricing. If you're rolling cash side jobs, keep in mind when you start a biz uncle sam gets his share. The older my kids get the more jealous I am of you guys that work for somebody. Grass is always greener on the other side right?
 
Reed2179 said:
What's it gonna cost you if you get hurt doing side jobs? That should be considered in your pricing. If you're rolling cash side jobs, keep in mind when you start a biz uncle sam gets his share. The older my kids get the more jealous I am of you guys that work for somebody. Grass is always greener on the other side right?
Click to expand...
Insurance can take care of most of those concerns. Actually it can be pretty in-expensive to get covered for a disability insurance and life insurance if your young a non smoker, and in decent shape. I just received 500,000 of life insurance pretty in-expensive
 
All good things to ponder. thanks for all the input and I think I will ride out the DPW for the time being but next year I may jump ship or buy a crane so I can get work done faster =)
 
im in the same exact boat. i am a town arborist and have a side business. i am constantly using my vacation days personal days etc to do work. weekends have always been booked. i sell over 160 cords of wood every year. i just turned 27 and sometimes it kills me to see 2 chips trucks 2 chippers a grinder firewood processor etc just sitting there during week waiting till weekend. i have to work till I'm 60 and i will have 25 years in. leaving with 60%. I've sat down and calculated etc the benefits the insurance etc and its worth keeping the town job, for a couple of reasons. I've never advertised for work and i just get busier every month, the amount of jobs i get from being at the town is ridiculous, i remove a leader over the wires or take the dead tree down by the road and the home owner comes out gives water and i sell the removal/ pruning for everything eles in the back yard. winter i have tons of overtime with plowing salting etc,the firewood and tree jobs i do in winter are just a bonus. i work on equipment for other tree companies to keep money coming in. its hard for me to want to stay at the town with how they work ( or lack of ) when i have so much and its hard for me to up sell more work because i can only do so much
 
RIVIEZZO TREE EXPERTS said:
im in the same exact boat. i am a town arborist and have a side business. i am constantly using my vacation days personal days etc to do work. weekends have always been booked. i sell over 160 cords of wood every year. i just turned 27 and sometimes it kills me to see 2 chips trucks 2 chippers a grinder firewood processor etc just sitting there during week waiting till weekend. i have to work till I'm 60 and i will have 25 years in. leaving with 60%. I've sat down and calculated etc the benefits the insurance etc and its worth keeping the town job, for a couple of reasons. I've never advertised for work and i just get busier every month, the amount of jobs i get from being at the town is ridiculous, i remove a leader over the wires or take the dead tree down by the road and the home owner comes out gives water and i sell the removal/ pruning for everything eles in the back yard. winter i have tons of overtime with plowing salting etc,the firewood and tree jobs i do in winter are just a bonus. i work on equipment for other tree companies to keep money coming in. its hard for me to want to stay at the town with how they work ( or lack of ) when i have so much and its hard for me to up sell more work because i can only do so much
Click to expand...

why not hire a few guys to run your equipment while you work for the town. Nothing crazy but maybe a few jobs a week. I think that is the problem with most of us. We want to do it all. If you could get some help you will make more money, go farther in this industry, and have more YOU time. Just my 2 cents
 
Royce makes a great point. The lament of many successful businessmen is that they no longer get to do the thing that they love; they're always teaching someone else to do it for them. In this way, they become a force multiplier. They set up the business, train the personnel to do the work, acquire the work that keeps the crews working, buy more equipment to start more crews, and keep growing the business.

Reg Coates seems to think trying to go big might be a mistake, if I'm reading him correctly. He wonders whether or not the owner ends up any further ahead financially by having lots of employees, and high overhead.

To me, though, you seem like the quintessential entrepreneur. On fire; champing at the bit. You are so young to have acquired such gear, too! High energy level due to your youth and just your own physiology.

I'm thinking you need badly to talk directly to Brian Bixler, of Bixvid fame, if I'm getting the spelling right. He seems like he might be just like you, only he's a bit further down the path than you are right now. If he were willing, he might make a great mentor for you, even if it's just long distance, over the phone once in awhile.

The big thing to try and find out from him is how much he likes or dislikes being out on his own.

I wish you good fortune whatever direction life leads you.

Tim
 
i agree royce, i guess i haven't made that jump with trust yet. i feel like i have to be there for quality control, but i know thats what i need to do. main problem is finding good guys with cdl license's and i have a 0 tolerance for drugs too. the 3 guys i have work for me every sat and sun and sometimes during week work for the old tree company where i was the mechanic at. i will have to make a leap i guess of maybe bringing them to me full time and ill focus on sales and the maintenance.


thanks tim, well i have sacrificed a lot to get to where i am because lets face it, i can't start to work and hustle when I'm 50. at that point i got one leg in the box already. with how the world and economy is i don't see how its possible to save for a house etc just working my town job. i don't know who is " brian bixler " of bixvid fame. set it up. I'm always down to talk trees and business strategies. thanks
 
I know where you are coming from. I'm a machinest and also test and build transmissions for Twin Disc. I usually work 3rd shift and make great money and good benefits. I started doing my own tree work after we purchased a home on a heavily wooded lot. I started climbing and really loved it. Fast forward a few years after lots of books and videos I started building a buisness to fall back onto just incase anything ever happened to my job. It's grown like I couldn't believe and could probably do well if I made trees my only gig. But I just cant justify leaving a steady good paying job with zero headaches that when I leave work I don't have to think or worry about anything when I'm not there. I feel a lil foolish busting my ass and spending all my free time on this buisness when I know I'm better off staying where I'm at (I'm over 70k a year on strait time alone) but I know I couldn't replace what I make there so I keep chugging along building up my reputation just incase I'll need to fall back on it some day. I'm 29 by the way.
www.TimberTimeTree.com
 
You must log in or register to reply here.

New threads New posts

Back
Top Bottom