Save 3 months of living expenses. In cash. Then you have a buffer in case of payment delay/injury/delay of contracts etc. This for me was a huge game changer. It allows you to take a breath, and focus on building necessary relationships, and choose contracts wisely. I also call it my FU money. Why? Because when push came to shove I could put my tools down and walk away when my boundaries were pushed in the wrong direction.
Yep, I just went though my first winter as a business owner in construction (solo) and I had saved my money over last fall and it just got me through the hard months, plus losing about 3 weeks to injury. As good as it is to finally take the leap, def. make sure you have I would say Minimum of 10,000 saved and thats gonna go quick!
I will note, When I started my business I had no money saved, I made the leap of faith but I knew when the jobs were coming in, I needed a safety net. During the winter Jan-March I didnt have much going on but due to those small savings I was able to survive till spring and now busy as ever. Believe in yourself guys and girls, theres nothing like being your own boss. I blame Kyle for that dang Live The Dream video, that one really hit me. I quit my job as a union carpenter making plenty of money to do my own carpentry business, I was sick of listening to others tell me to be safe, If you have the passion get out there as soon as you can, don't let it slip out of your hands before its too late. As Elon Musk has said, there's going to be some suffer in there, I can tell you that right now, it aint easy, but true passion will overcome all. Live the dream, just have insurance and have a savings account.
It’s actually a very well written and comprehensive book ru-vid.comUgkxhgbP-6hUnXu_QRaoHgLztgsI0YF3HqR0 . I wanted to pair this with an updated book on local codes to start planning a post-retirement dream shop. I think I have just about everything I need between the two. The extra plans available for purchase towards the end are priced almost as much as full home plans, not little sheds however.
I personally use Next insurance and I absolutely have had no issues with them I watch RR daily and have learned several high quality tips that have make huge changes on my job site
After 20+ years building I'm finally launching out on my own. I enjoyed these videos. I am the guy who can do whatever comes my way. Always been a rewarding job building another man's company but I got tired of clients and coworkers asking me why I make someone else rich 🤷 let's see what happens, wish me luck.
I'm continually impressed with your work ethic, Kyle. You bust your butt building huge post-frame structures, but do it with a perfectionist attitude. You're active and engaging on social media, and to top it all off....you post great RU-vid videos for us all to enjoy. You set the gold standard for a modern-day tradesman. I'm just Joe Homeowner who enjoys watching your content. More and more I flirt with the idea of doing a little side business as a handyman or what not, but I'm not sure I have the skills to do it.
Adrius , the fact that you are able to say the words " I'm not sure I have the skills to do it " tells me that you ALREADY HAVE what you need . Humility is the BEST tool to have in your toolbelt . The knowledge that " I don't know everything " is the best motivator that there is . This realization is what pushes me to ask questions , to do research , and to rely on everyone around me to KEEP ME HONEST ! When i describe my almost 40 years as a carpenter , i NEVER say " I AM SELF TAUGHT " . The fact that I haven't ever taken an institutionally-run carpentry course does not in any way mean i was SELF-TAUGHT . I was however , taught everything I know by the amazing carpenters around me in my 35+ years with bags on my waist . And , all of my plumbing , electrical , h.v.a.c , concrete abilities came from the people I have worked with who were involved in those trades . It was THOSE people who taught me . I wasn't self-taught . All we have to do to become the person we want to be , is to "DESIRE TO KNOW MORE" . One of my younger sons , I have 4 , is also a carpenter . And I learn something from him EVERY time we work together . No one ever looked at me as stupid when i asked them a question . Most of them were only focused on showing me how smart THEY were . But , it doesn't matter to me what their motivation was , I wanted the knowledge that the answer would give me . HUMILITY . Humble yourself , and the world will come to your aid !! My Grandfather told me long ago that " the man who knows something , knows that he knows nothing at all " . He told me that almost 50 years ago , long before Erica Badu put those words in a song . Everyone , please don't ever subscribe to the notion that you have learned everything . I have found that if I can't get to sleep fast enough , it means i didn't learn anything on that day . So , i turn on Discovery Channel , and I find out that whales fart when they jump out of the water , and I'm fast asleep in 2 minutes . It doesn't matter what I learn , my spirit has to be satisfied before I sleep . When we stop learning , out spirit leaves us , and moves to a place where it CAN learn . Love and happiness everyone , cheers !
When I decided to start venturing out on my own, Next Insurance was the easiest, most cost effective company I found when getting liability insurance. I dreaded the process but I was up in running in less than 30 minutes.
Im not a post frame builder and probably never will be but you have taught me something new every time you have uploaded a video. Your content is is so valuable. Even to a remodeling contractor like myself please keep the vids a coming
With my wife having her own massage therapy business for the last year or so the biggest thing we learned is you just need to do it. She went to school and had a job in the field at the time. But it was not hers. It was a lot of back and forth for her and I on right time, place, blah blah but at the end of the day we had a day where we just said let's do it. We then remodeled an office space we rented for her everynight when I got off work. It was a lot of get off work at 6 then go to her office and work till midnight to get it done but it got done. We used stimulus money and a little savings and it turned out beautiful (not RR beautiful but I am damn proud of my work). Her business has low overhead really just rent as the costs because she had everything already. 3 months in she had enough clients that she was making a profit. Now she is banking months ahead on rent in her business account and her extra income is what we are using as our vacation fund. It has changed our lives for the better all the way around. She is killing it everyday and I found in remodeling her office I enjoyed doing that kind of work. I don't think a career for me but it was fun to do and I do much more around my house now because of that confidence boost. None of that would have been possible if not for the day we said hey let's do it. This country was founded as a place for people to say today is the day. So if you have a passion or a side hustle you love then make today your day to say ok let's do it. That does not mean you open the doors tomorrow maybe you have to save a little money first, or finish school, or start the business while your still working another job to support yourself while the business grows. But make today the first day you quit thinking about it and start that journey.
Great results brother , and please don't lose sight of the most important thing about your journey . And , I'm not referring to what you learned to do , or what you accomplished . I'm referring to how you and your wife FEEL about yourselves AFTER those accomplishments ! You said it yourself sir , your takeaways were , PRIDE , ENJOYMENT , CONFIDENCE , PASSION and THOUGHT !!! How does it feel to now be WIDE awake ? Congratulations brother !
So true on finding a good accountant that you can trust! Don't be afraid to ask questions from the support people you hire (Insurance, Accountant). Your local chamber of commerce can be helpful as well. One last thing I have learned is as you gain experience, don't be afraid to charge more. as long as people feel that they are getting a good value, they will pay for it!
I just started in April. "Your Volt Counts Electric llc." Its all about getting out there and hustling from my limited experience. Half of the people I've worked for so far have said, "We can't get anyone out her to look at it or work for us." Ad long ad you are willing to work i truly belive there is work out there to be had and profit from.
No matter how good you do, or how near perfect your build, or video, or whatever, someone is always going to be negative twords you. Forget them! You guys are awesome, and I love ⌚ ng you guys build beauty.
Most people want a business but will never put in what it takes to be successful at it. It will consume u but make sure u like it because u won’t mind.
Started a handyman business in Florida, after moving from northern Illinois, to help my aging mother. Moved with two duffle bags. Started doing work in her retirement village on word of mouth. Borrowed stepfather's tools. Drove a Hyundai elantra with rear seats removed. Easily hauled 8 ft. Lumber. Every job, bought tools. Was fortunate, obtained a ton of tools from widows, wanting to get rid of husbands' tools in exchange for work. 5 years later, have a nice 03 Tahoe, tools and backups, beyond belief. Haven't been less than 6 weeks out on work! And 98% is within my village of 600+ homes! Show up on time, do good reasonable work. I started at time and materials. $15/hr. Customers said I didn't charge enough! Now easily pulling $25 -$40/ hr. Depending on type of work. Always answer your phone if possible! People love when they Know their issue will be fixed on the initial call. Do the work you would want done, if you couldn't do it yourself! Honesty and integrity will make you rich in many ways!
I know this was 3 years ago but I hope you’re charging more than that now. Union rates for some trades now are 40-50 plus benefits. I don’t do hourly rates so occasionally get jobs where I’ll make 200+ an hour. Incentivizes working fast and efficient.
Be persistent… I’ve touched base with potential customers for months and always followed up. Always touch base with past clients as customer service is very important. With so many resources online it’s much easier to learn new skills.. but the best way to become good at something is to get out there and do it.. volunteer for habitat for humanity.. get with your church.. easy way to learn from others and hone in your skills.
Thanks for all of the excellent content that you share with us across the world. You are an incredibly clever bloke! Well done on your success to date and hoping for a heap more into the future for you.
Hey Kyle my name sergio am from north California am construction concrette working man I see your video for information . I owned a 200 acre and need to build a barn 40x60 thanks for your help .
RR buildings is one of my favorites to watch! Kyle and Greg’s attention to detail is the best there is. Wished I lived in IL for you to build one for me.
I worked in the residential remodeling field for almost 8 years before venturing on my own I slowly started doing side work built a customer base and started getting enough work I was able to fully go own my own that was back in 2016 every year seems to get better! All I know for a fact is that doing quality work is key because you will live and die from word of mouth advertising
18 Years old, just started my business two years ago. Here's what I've learned. 1) Niches are riches 2) Find out which work you and enjoy the most and of that, what is most profitable. Do that work exclusively and don't ever look back. 3) Offer your customers the best value (Highest quality products for the price they are willing to spend) 4) Do not judge anyone simply by how much money you think they make. I have made as much money building decks for trailer homes as I have for multi-million dollar mansions. 5) Charge for quotes to turn away the tire kickers who want to waste your time 6) Always do quality work 7) Treat your customer with respect but tell them when they are wrong 8) PAY YOURSELF (read profit first) 9) Be happy with what you have and dream about what your business could become 10) never give up and work hard everyday
"Charge for quotes to turn away the tire kickers who want to waste your time" True. There are a lot of "customers" who are NOT worth your time and effort.
Been in business since 2013 as a GC in Chicago. Everything you said was 100% spot on. There’s no training like ON THE JOB training. Get a job working as a laborer for a big construction to steal as much knowledge as you can.
AUDIO COMPRESSION for your Videos?! Big Fan here, love ur work. Have you considered running all your vids through a digital compressor on iMovie or whatever software your editor uses? It can set the max decibels to chop off on the top end so all of your voice levels will be included but any nailer or saw spikes in the audio will be chopped or flattened = problem solved for your audience here constantly fiddling with the volume. thank you! love ur channel!
If you want to be the owner of a business you have to be ready to be the hardest worker there. You should never expect someone to care about your company as much as you.
That is so true! Ten years in as a legitimate business owner/operator i can attest to that fact. Always pay your trade partners on time and cultivate those relationships. We are so fortunate that we have excellent word of mouth which is the best form of advertising.
Glad I found ya channel Kyle (hope that's how ya spell it???) many many moons ago 🌛🌛🌛. Here in the land of Oi Oi Oi there is IMHO a market for post frame sheds. Just about everyone over here builds steel framed sheds. But the possibilities of what post frame offers, especially for those with the skills and the tools to build ya self is exponential!!!! Also luv how anal you are about everything being plumb (that's Aussie for things being "square") Greate channel 👌👌👌
Been self employed for 25 years. When you get up in the morning and go to work but it doesn't feel like work. That's when you know you've found your niche.
@@RRBuildings Kyle, I'm helping my son build his home. The home is about 1500 sqft, not post frame. We are doing 95% of all the work. My son and I both watch your channel so as we work on his house together I'm always asking him "Is that the way Kyle would do it" . We have alot of fun discussing your work.
Illinois must be freer than Washington state. I have to be licensed with the state, bonded, and insured. Without that I am not legally allowed to work self employed. Thanks for the video Kyle! Love your work. Biggest thing for me starting my own company was the fear - don't be afraid to fail!!! Good luck all!
Dude, you are a nice guy, a wark worker, full of skills so on... Appreciate your time and all videos shared to date. The only point to make here is regarding all the contributions you might have taken from your family to remodel the blue house. Is it a family state where you got the land and an old house free of charge? And have you used the money you saved from your previous job to carry out the remodeling to the blue house? If that is the case, it might explain why you managed to do well (considering since day 1, you haven't had to pay rent, as an example). But I think, will not be elegant for you to share this level of details on the internet (on the other hand, it give us, the full picture and help people that are watching you to set realistic perspectives)
I have paid for everything Andre… no ones has given me anything. Lots of long nights and weekends and not buying anything for myself. I also had two Full time jobs in college that paid good and all my money went to remodeling my home
Well I took your advice and tried to get a quote from NEXT. They said post holes filled with concrete is considered a foundation, and they won't cover it. 🤔
I'm really close to you. Started in 97'. Left my job throwing bags in a warehouse. Bought a hammer and pouch at Walmart, and put steel on my first roof in Fenton. Just slowly accumulating tools and equipment is the way to go. If amazes me how some guys starting off have brand new trucks and trailers. I think insurance is one of the biggest problems. First off, just getting companies to give you a quote for roofing, and second, make sure they code what you are doing properly. One year, some young kid from the company came out, checked out the operation, and said this is the code you need. The next year, when they did there audit. I found out I had overpaid so much, I got a huge refund, and the next quarter was already paid for. Insurance code is key!
A question, Kyle; what or how did you get so thoroughly exposed to the post framing system. I don't usually think of knocking down the odd wall and putting it over there renovations- but I'm from an urban end of the trades. Your journey would be interesting to some of us. FR
I'm 19 and started my own fence building company at the beginning of this summer. I landed a big contract that gave me as much work as I wanted this year because they liked my work. But I quit because I didn't price one of my own jobs (outside of the contract) right and I ended up loosing money on the job due to the rising lumber prices. I ended up just breaking even between the loss of this job and the profit of all my other jobs. Hoping to start my own thing up again soon once I get my feet back on the ground. Definitely learned a lot from my failed business and am still learning from guys like you Kyle. Keep it up and hopefully I'll be at the same level as you one day. Thanks for the vids man
Brother that’s not a failed business, that’s part of the process. If you really want to make it as an entrepreneur you have to push through mistakes like that, not throw in the towel. I’ve been a contractor for 4 years now and still only “break even” on a job every once in a while, but you learn and estimate it better next time. When I started, I made just enough to pay the mortgage for over a year and never knew where or when the next job would be. Having faith in God, providing my clients with quality work, and sticking with it through tough times has led me to be profitable now with two employees, a good reputation in my area, and more work than I can handle. Get up off the bench and get back in the game dude, it’s just beginning and you can succeed if you stick with it.
I build am a Carpenter, the way I bid jobs is this: I figure out how many days I think the job will take, then I add one or two for leeway. And multiply how much I want to make by the number of days.. Say for example I think the job will take 5 days, I add 2 days to that making it 7 days. Say I decided my minimum pay per day is $350, 7x$350=$2,450. If I look at the job and think it looks nasty I may add a few more hundred for inconvenience. Then I figure up how much material I need, posts, 2x4s, concrete, nails, fence pickets etc. I call the list in and get a price. I write all this up in a nice estimate stating what I will and won't do in plain English, I also tell them how much that material price and the labor price is, as well as any dumpster costs. I have the owner pay for the material and dumpster costs, when I am done with the job I get paid my labor. Unless it is a big job, such as a house, then I get paid in draws. In all these years building I have only had one person cheat me. Oh, and if I don''t like the job I will tell them I decline to do the work and wash my hands of the whole thing. Don't give up, dust yourself off and begin again!
The average "entrepreneur" fails 5x before becoming successful. The "business of business" is where most small/new businesses fail. In addition to having a good insurance agent, a good lawyer & a CPA (who consulting oriented) are essential & will accelerate your learning curve. (Full disclosure: I'm one of those CPAs.)
Having the backbone to finish what you’ve started is the biggest part of this game. My estimating and hands on skill is learned from this old house, years of loving tactile work and saints like Kyle who share their knowledge.
There is also the possibility, through Pell grants and such, of going through a vocational college. I, myself, am on break from college where I am getting the training to become a fully licensed electrician.
You very simply explained marketing in a way I have never heard before. Something in my brain just clicked and I instantly began to brainstorm my own specifics and who I want my target market to be. Thank you!!
There is a huge opportunity in the trades because of a massive shortfall of people getting into these professions. I think I'm about the same age as Kyle. When I graduated high school in the early 2000s, the housing market was starting to roar and many of my buddies were going into the trades. At the time, it was difficult to get into the local tech college electrical program. Fast forward 20 years and the same tech school is looking to close the electrical program because there aren't enough students. This presents a major opportunity for anyone willing to get trained in these trades. The demand for those skills is only going to increase as more baby boomers retire.
Bitcoin trade is great unlike the stock market and other financial market, bitcoin has no centralized location since it operates 24hrs in different parts of the world.
Getting a roofing license in Illinois is also very difficult. When I started in 97', you applied, and they gave you one. Sometime later they changed that. I accidently forgot to renew, so I had to take their test to get it. I talked to lots of people that were on the third or fourth attempt. It turned into a real money grab for the state.
@@FishFind3000 no, it used to be easy. When I started in 97', all you had to do was apply, and they gave you one. Those people were all grandfathered in when they changed the rules.
Reputation is everything, one good job is told to 10 people on average, one bad job is told to fifty. You make money on some and lose money on others, do what ever it takes to make the customer happy without letting them take advantage of you. In this sue happy world everyone is looking for a bargain and also so willing to litigate even when they are in the wrong. Also contracts that are CLEARLY defined, not word of mouth with a hand shake. You can have a lawyer draw up a standard one for use over and over again for a grand or so plus it’s a write off.
That was a very informative video. Appreciate you taking the time to present this. I wish it was easier where I live and work. The bureaucratic red tape done here is insane. Quarterly updates on the 3 building codes and in service training is a pain.. Sothern Building.Code, International Code and Hurricane Codes by the different Cities change dramatically frequently. Enjoy your videos and will see You and Greg on the next one. Be sage!!
How you get start up money: it's called determination. Col Saunders tried to sell the only thing he had, his chicken receipe , nearly 1,000x before he was successful. Me, I started part-time, while working a job, segregated the money I made & used it for seed capital. (A service business doesn't require as much startup.) My experience as a CPA & business advisor has shown me that people who think they need to get a million dollars from somebody will blow it and wonder how it went wrong. (When told he would've needed a million dollars to start his already successful magazine, Napoleon Hill's response was that he was glad he didn't know that when he started.) The hard work begins long before the business starts. ("The fight isn't won in vf the ring. It's won in the gym and on the road, long before the fight." [Mohammed Ali]) If you want to be successful, study successful people.....
Absolutely agreed, Kyle! I've been inbusiness for myself for 36+ years. You said t all, brother. Accou tant, insurance, training. All important. If you can do without a bank, do so. I purchased an insolvent business for a mere pittance and grew it. Customers are coming to me.
Amen! I would add that when you are working for somebody else you are still representing you. ALWAYS do your best, honestly, and fair. It pays forward back to you. Treating others well pays back.
I've never met a retiree that wished he had worked more hours. If you love what you do, it's not really work. I'd love to break free from my anchor job and go find my Bliss like Kyle Stumpenhorst did.
1:01 you have a successful business which means you're not wrong. However what's worked for you and your business isn't guaranteed to work for someone else and viewers need to keep that in mind. People should soak up every piece of information that can and then figure out how to apply some or all of that to their specific scenario.
Wow I love watching your videos, I have been working for 6 years doing pole buildings with steel structures America, and I am determined to start my company, I love what I do.
Awesome video! I would love to know what all you wrote off on your taxes. I feel like a ton of businesses are missing out on getting theirs filed right.
Be conscious of the Dunning Kruger effect, worth looking it up and always keeping it in mind when running a business - "I thought I knew a lot until I learned a little"
Have owned several business. Here are my keys. First, what problem are you solving? All businesses solve some problem or personal need. If not, then what are what value do you have? 2. Are you better than or as good as others? If not, what's the point. There is no way to differentiate you from others. 3. How do you make money? Sounds simple, but most people never consider what they actually make. Only 87% of business make up to $100k. 4. What is your profit margin? What do you keep? If it'd not high enough don't do it. 5. How little cash do you need to start? To launch and get you business up and out? 6. Where are your customers and how do you reach them? If you don't know how to reach them, then you can't get business. If you can't get sales, your done.
I just subscribed and love your videos. I come from 2 GC family businesses that failed due to mismanagement. I’m a self taught carpenter so I ran everything in the field. After the last business, I went into sales basically because I had a family to support. I thought long and hard about starting my own business in 2006 but was advised to take a stable job that was offered to me. It was a good call considering 2009 economy. I miss carpentry everyday but I still get to do plenty of remodeling around my house and I just finished my sons basement. I don’t recover as quickly as I used though. The blessing was that I wasn’t beating the hell out of my body anymore. I look forward to watching all your videos.
Ad in paper to see if anyone objects about you using this and this as a company name? This sounds like XIX century practice. Weird. In Europe you basically register your company, company name, etc. No one has a right to object anything before you start your business. They just check if there's already a company in the registry with the same name and basically that's it. You just submit the paperwork and if everything is fine, you're ready to go. Then, after having your company registered, you just go to the bank and open a business account. No need to run any ads or wait 2 weeks, or whatever
Love this Kyle. I've been doing general contracting and home remodeling for about 6-7 yrs on my own. But never been able to pull the trigger and start my own business. Yes I know I'm already doing it. But just seems there's more to it.
Adopt a 'continuous improvement' mindset to always be improving your processes and procedures to provide the highest quality product at the best possible price point.
You are a true blessing on RU-vid. I learned so much from your videos. Your transparency, hard work & honesty has taught me a lot. Thank you Kyle God Almighty bless you.
This all sounds totally nuts as an Australian. You wouldn't be allowed anywhere near a building site here without some formal qualifications. You aren't allowed to build large structures without a building licence - which isn't just a permit you go pay for, you pretty much have to have done a formal apprenticeship as a chippy or bricklayer and then been on the job for over 5 years.
Thank you for sharing your advice, you are a huge inspiration to me. Even though our businesses are so different from each other, the quality you work too, your work ethic and outlook are all things I strive towards. Thank you🙏
One thing I have learnt from your vids is to rely on the maths and a laser level, if the math don't add up it ain't square and the laser level speaks for it self. Love you work Kyle 🇦🇺
Pushing through the imposter syndrome i found was a tough one. Self doubt can be fatal, you have to push yourself through the doubt. And you can seriously surprise yourself with what you can do. Well that has been my experience anyway.
