Be Your Own Boss
make more money
make your schedule
get tax write-offs
and awesome benefits
I went from being a worker for a large construction company to running my own successful business in 1 week. There’s so much work out there that anyone is able to set their company up, dig in, and take a piece of the pie.
With British Columbia’s booming construction and the explosion of real estate, now may be the right time to start your own small business and be your own boss.
What kind of work can you do?
Once I received my name approval from the government, I started advertising the business and did some old school marketing. I told all of my friends and family about my new business and landed some instant residential jobs. In addition, I reached out to construction companies that I was familiar with and handed out resumes to some well-known restoration companies. That following week the phone started ringing, and before I knew it I was working on my first project. Here’s a few things that changed immediately after starting my new business.
When you start working your business you get paid by the job, not by the hour. You can triple your wage instantly by charging for your service as a whole and not by how long it takes you.
When a construction company hires you, they pay you by the hour and base their projects on that hourly wage they set for you. They determine how much of a profit they will make once the job is completed. When working for yourself, however, you get paid your hourly wage plus all the profits as well.
Set the schedule based on the pace you want to work, and fit your customers in accordingly.
Most companies operating in British Columbia start at 7am and usually kick off at 3pm, Monday to Friday.
The B.C bylaw states that workers can start at 7 a.m. and finish at 10 p.m. to regulate noise or sounds which may disturb the quiet or peace of a neighbourhood. All construction activities are regulated under this by-law.
When you’re working for yourself, you determine if you want to work 3 to 5 days a week and maybe 4- 6 hours a day. It really depends on your work load for that week and how you want to tackle the projects.
When working on residential sites, most homeowners want you there around 8 a.m. to 9 a.m., so you’re not jumping out of bed at 5:30 and running out the door to make it to work. Instead, you can enjoy your morning, organize your day and start whatever time you have arranged with your customer.
In a nut shell, this basically means is you’re able to deduct an amount off your taxable income. When it comes to doing your taxes you can “write off” a percentage of your materials You use on all your projects.
Managing your invoices and receipts on a daily basis is key to keeping organized and will help you be ready for tax time, keeping you organized .
An easy way to get started is to use four boxes labeled with your expenses. At the end of the day, drop your receipts into the appropriate box. At the end of every month, add up your totals for each category, place them in an envelope and label them with that month. When it comes to tax time you should have all your expenses totalled up for the twelve months.
Once your business is registered and up and running, you’ll start seeing the benefits of having your own company. Your new life in the trades starts whenever you decide on how you want to use your skills.