IET logo
 
IET
Decrease font size
Increase font size
Topic Title: Struggling ;-(
Topic Summary:
Created On: 27 June 2013 07:45 AM
Status: Post and Reply
Linear : Threading : Single : Branch
Search Topic Search Topic
Topic Tools Topic Tools
View similar topics View similar topics
View topic in raw text format. Print this topic.
 27 June 2013 07:45 AM
User is offline View Users Profile Print this message



markespark

Posts: 87
Joined: 27 November 2010

Hi guys - really disillusioned at the moment - seem to be working all hours but finding it hard to make ends meet dread every months wholesaler bill etc etc
Been in the game years always had/have work but no money !
I know its prob because I don't charge enough but I honestly find it hard to do so

Feed up with builders as well lol

I know its down to me though to pull through but been there and done it so many times - just tired

moan over
 27 June 2013 07:51 AM
User is offline View Users Profile Print this message


Avatar for dickllewellyn.
dickllewellyn

Posts: 1150
Joined: 19 March 2010

Chin up Mark.

Put your prices up a bit and see how you get on, try and figure out ways of working more efficiently, and stop working for the builders if that's what it takes. The last is a move I have made this year save for two "artisan builders" I work for who are slower than the Chinese container ship and spend more time accurately cutting roof timbers than other builders spend in the betting shop! They really are a pleasure to work with, the rest are a world of CIS related pain with retentions deducted! I don't think I will be racing back into contracting. I'm recently back on my own after building up and coming back down again. I'm definitely happier at the moment, but time will tell......

-------------------------
Regards
Richard (Dick)

"Insert words of wisdom and/or witty pun here"
 27 June 2013 07:59 AM
User is offline View Users Profile Print this message



primo

Posts: 432
Joined: 10 January 2008

You're not alone even though it often feels that way. Your post is a summary of the conversation I've just been having and seem to have every day at the moment! I'm going to put my prices up again as last time i tried it obviously wasn't enough as have more work than before but still no money! Time to re-assess. Anyway, off to try and keep everyone else happy.
 27 June 2013 08:00 AM
User is offline View Users Profile Print this message



markespark

Posts: 87
Joined: 27 November 2010

your right about dropping builders 30% of my income 90% of my aggro I think im just on a downer at the mo everyone wants it yesterday so it seems
But I will pull through -have to lol
 27 June 2013 09:10 PM
User is offline View Users Profile Print this message



ryespark

Posts: 203
Joined: 05 March 2008

Yes drop the builders! I recently done it am enjoying my work again now, more hassle than they are worth!

-------------------------
Ryan Andrews

http://www.electrician-hampton.co.uk/
 29 June 2013 09:24 PM
User is offline View Users Profile Print this message



DOUGIE1000

Posts: 4164
Joined: 13 August 2005

We are super busy at the moment due to several big local companies going belly up. We struggle with cash flow and even considered going onto one of these invoice financial from the bank, opinions?

-------------------------
Dougie
Power Plus Electrical.co.uk

My mission is to live as long as possible......so far so good!
 30 June 2013 02:05 AM
User is offline View Users Profile Print this message



baldelectrician

Posts: 311
Joined: 11 June 2005

Business is a bit of a manure sandwich at present.

One decent week between 2 carp weeks.

One thing I have done is paying wholesalers weekly.
I get a deposit when I book in the work and this helps with the cash flow as I pay materials as I go.

I will go to the wholesaler on Monday and pay last weeks bill. If I don't go in they now send an email and I pay debit card or bacs that week.

I also don't work for builders- they want it all for nothing and then want a 50% discount

-------------------------
baldelectrician.com
 01 July 2013 06:47 AM
User is offline View Users Profile Print this message



bionetekg

Posts: 2
Joined: 24 June 2013

lol goodluck -_-

___________

bionetekg.com - bionet cardio products seller
 01 July 2013 11:01 AM
User is offline View Users Profile Print this message



bartonp

Posts: 49
Joined: 28 September 2009

It's called 'factoring', and can be done against individual big invoices ad-hoc (although they will charge you more) or on all invoices (for slightly less).
Have to weigh up the risk/cashflow against the cost - each situation will be different.
Ask for details from several & take professional advice.

Phil.
 01 July 2013 10:03 PM
User is offline View Users Profile Print this message



paulskyrme

Posts: 769
Joined: 12 February 2003

DON'T DO FACTORING!
IT is a WORLD of PAIN.

IF you NEED to PLEASE weigh up al other options first & REALLY check the small print.

I have a friend who runs a very high turn over business and can't do without factoring.
IF the debt goes over 90 days from the due date the factoring company take the invoice value back, charge interest on the "loan" and charge an admin fee.

PLEASE be sure that this will suit your business model & needs.
We looked at this in a previous business and it was not viable.
Just be sure that it suits YOUR business BEFORE you sign up as once you are in, you may be tied to a term, and it could be a pain...
 02 July 2013 11:03 AM
User is offline View Users Profile Print this message



bartonp

Posts: 49
Joined: 28 September 2009

Factoring - again , depends on the scheme - some will also shoulder the risk (for yet more money). Need your wits about you and some good (ie/ paid for) professional financial advice....
 02 July 2013 12:13 PM
User is offline View Users Profile Print this message


Avatar for OMS.
OMS

Posts: 19602
Joined: 23 March 2004

Be very careful of factoring (or avalising).

In a previous life, I acted as the lenders engineer for projects in the former eastern bloc after the fall of the Berlin wall.

It was a horrible, hard and brutal business and plenty of suppliers were squeezed (hard) and lost a fortune to my employers based on fees and the like.

Remember always the old maxim of risk and reward - if it's more risky the better the return (potentially) - for those suppliers that didn't have the appetite for the risk in working in very unstable circumstances and wanted thier money gauranteed - then they took the hit with regard to the % and fee paid.

Trust me, "they" never lost money

Regards

OMS

-------------------------
Failure is always an option
 02 July 2013 09:50 PM
User is offline View Users Profile Print this message



largelunchbox

Posts: 365
Joined: 06 July 2008

REASONS FOR HAVING NO MONEY

1, YOU DONT CHARGE ENOUGH
2, YOU OVER PAY AT THE WHOLESALERS
3, YOUR TOO SLOW

YOU HAVE THE CAPACITY TOO CHANGE ALL 3
 02 July 2013 10:46 PM
User is offline View Users Profile Print this message



Zuiko

Posts: 521
Joined: 14 September 2010

no need to shout
 03 July 2013 08:46 AM
User is offline View Users Profile Print this message



505diff

Posts: 142
Joined: 20 March 2006

I must admit I'm having a very busy and profitable couple of years, profit up about 15k on years before which weren't exactly bad either, but I'm finding more work is taking other trades longer to get to 2nd fix stage, customers want things that have to be ordered in taking weeks to arrive holding things up. All in all it means when I sit in the office and work though bills to be paid, quotes to go out, Certs to complete I'm left with a small if not non existent list of jobs I can invoice for so I need a rather large float to keep things running. If that money's in the bank you get little interest on it so I'm speculating to accumulate at the moment, the problems start when you don't have a float in the 1st place unfortunately and any business needs working capital and lots of it!
Statistics

See Also:



FuseTalk Standard Edition v3.2 - © 1999-2014 FuseTalk Inc. All rights reserved.