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What is your profit margin?


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  #21  
Old 12-20-2007, 01:48 PM
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No, Tim... not windy... informative... I love reading your posts... I always learn something new!
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  #22  
Old 12-20-2007, 03:47 PM
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I guess another big part of this discussion is about keeping your expenses low.

How big of a deal do you find this to be?

How important is keeping your expenses low vs showing off to everyone that you seem to be going great guns?
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  #23  
Old 12-20-2007, 10:10 PM
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Quote:
Originally Posted by [b
Quote[/b] ]I guess another big part of this discussion is about keeping your expenses low.

How big of a deal do you find this to be?

How important is keeping your expenses low vs showing off to everyone that you seem to be going great guns?
I think when you are a newe business owner all expenses need to be kept low as possible. I don't pay on any of my epuipment. I don't have all brand new stuff but I don't need all brand new expensive stuff yet.

I used to get emabarrased in my little s-10 but I could care less now. It does the job and brings in good money. I'll buy a new truck in a couple months cash. Nothing fancy just what I need.
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  #24  
Old 12-21-2007, 02:06 AM
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Quote:
Originally Posted by [b
Quote[/b] (Team Gopher @ Dec. 20 2007,4:47)]I guess another big part of this discussion is about keeping your expenses low.

How big of a deal do you find this to be?

How important is keeping your expenses low vs showing off to everyone that you seem to be going great guns?
That is the hardest part of the whole thing steve, keeping your expenses low, your just starting and there is alot of upfront cost that you will never recover, so the first year or two you may not show much of a profit but you made it throught the tough times so this is a big deal to everyone just starting. If the average man/woman goes out and starts a company he/she is doing it on a shoe string budget. So keep cell bills down to minium and schedule your jobs in low milage routes even if you have to move a mowing day on someone.

and yes there is always going to be the Nickle Millionaire at any business and they never last, and if they do its a bigger suprise to them than to anyone else. EVERYONE goes throught the feast and famon thing I did I have and I know what it is like to have little to no money to even go to the grocery and buy food. but determination had paid off form me. I sold my security business to Honeywell and retired to this. I really wish I would have done this type of work 20 years ago.
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  #25  
Old 12-21-2007, 05:13 AM
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Very interesting insight!

It seems to me, it's the expenses that is the bigger trap than anything else.

It seems we all want to look good, not just entrepreneurs but everyone in society. We all want to project the image that we are on the top of our game.

Rob you brought up a very interesting point that I wanted to explore more.

Quote:
Originally Posted by [b
Quote[/b] ]I used to get emabarrased in my little s-10 but I could care less now. It does the job and brings in good money. I'll buy a new truck in a couple months cash. Nothing fancy just what I need.
Can you explain this a little more because I bet a lot of people reading this can relate to you. Why were you embarrassed by your truck? Who did you feel embarrassed by? Customers? Other Lawn Care Operators or just everyone and anyone?
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  #26  
Old 12-21-2007, 07:51 AM
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Quote:
Originally Posted by [b
Quote[/b] ]Can you explain this a little more because I bet a lot of people reading this can relate to you. Why were you embarrassed by your truck? Who did you feel embarrassed by? Customers? Other Lawn Care Operators or just everyone and anyone?
Well when I first started out I didn't really have any money. I bought it from my neighbor for $250 and put a new transmission in it myself for another $250 just to get started. I felt kind of embarassed by customers when I showed up to do work because I wasnt in any type of company looking truck. And also when I was driving around from job to job passing other lcos in a little s-10.
One time their was 4 guys (lcos) in a nice brand new chevy and we were at a stop light. I looked over and the 2 in the back (same age as me) were looking at my truck and laughing. But this is after months of being in business so I didn't really care. Because what it took them a month to make working for that other lco I made in a week easily. Of course thats during the busy time of the year.

Anyways I learned that people want to see quality work. They don't really care what your driving. But I think it might show that you have been in business longer or are more professional with at least a okay looking truck. I think it also gives off a better image to your customers. When you can upgrade then it doesn't look like they might not ever see you again. Maybe kinda shady.
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  #27  
Old 12-21-2007, 08:38 AM
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Rob I applaud you for sharing this insight with all of us.

I want to point a few things out to you.

Quote:
Originally Posted by [b
Quote[/b] ]One time their was 4 guys (lcos) in a nice brand new chevy and we were at a stop light. I looked over and the 2 in the back (same age as me) were looking at my truck and laughing.
As far as this specific situation goes. The 2 guys in the back were laughing? I am guessing that they were sitting in the back because they weren't owners. They were laughing because you are a shinning example right in their face that you are in the drivers seat and you are making it happen without having to go into debt to buy a brand new truck. They use all these excuses to allow themselves to stay as employees and they fear venturing off to do what you are doing now. They laugh because it makes them uncomfortable that you called them out on their excuses. It's nervous laughter. Let them laugh. You are a success in my book.

Now for more stories.

Have you ever heard of Henry Ross Perot?

Henry Ross Perot - Net Worth: $4.2 billion
Source: Investments, computer services, real estate
Self made

Age: 75
Marital Status: Married, 5 children
Hometown: Dallas, TX
Education: US Naval Academy, Bachelor of Arts / Science

Former IBM salesman founded Electronic Data Systems 1962, sold to General Motors for $2.5 billion in 1984. Founded rival information services firm Perot Systems in 1988. Stepped down for politics in 1992, making 2 unsuccessful bids for presidency; warned of job losses from free trade agreements. Since then Perot Systems set up subsidiaries in India. Chairman emeritus spends time supporting military veterans. Son Ross Perot Jr. stepped down from top spot at dad's company last year, still heads Dallas real estate firm Hillwood Development. Money management firm Perot Investments lead investor in new intellectual-property fund.


When Ross Perot ran for president in 1992 it was revealed that he still drove a 1983 Chevy Nova.

Now think about that. This guy is a billionaire!

When you take a moment to reflect on it, you can see how he became a billionaire. He knew where to spend his money and where not to. He was thrifty.




Now let's move on to another billionaire Sam Walton.

This is Sam's actual truck! See more of it here.


Sam Walton - Despite having billions, Walton still drove a pickup truck and wore clothes from his own discount store, Wal-Mart.





Ingvar Kamprad - KEA founder Ingvar Kamprad, ranked 4th richest man in the world, drives a 15-year-old car and always flies economy class, in part to inspire his 90,000 employees worldwide to see the virtue of frugality.

Here is his actual car!
I am attaching the picture its a white volvo.

Net Worth: $28 billion
Vehicles Owned: 1993 Volvo 240 GL




Now how does this effect your view on what you drive?
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  #28  
Old 12-21-2007, 10:32 PM
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How does it go -
Those who are busy trying to look rich are actually broke
Those who look broke - are broke
And the rich look like everyday people

I think this is true most of the time.

All the time when I'm driving thru these nice neighborhoods with the huge houses, boats, nice cars, I think wow nice stuff but I bet they don't own any of it. I wonder how much they are in debt.
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  #29  
Old 12-22-2007, 07:50 AM
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Quote:
Originally Posted by [b
Quote[/b] ]I wonder how much they are in debt.
There is a huge amount of debt going on now in our society. You are going to see a lot of fall out from it as well.

Keep all this in mind when you consider taking on debt yourself. Don't try to impress anyone. Do what's best for you and your business.
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  #30  
Old 12-22-2007, 01:25 PM
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Quote:
Originally Posted by [b
Quote[/b] (FourSeasons @ Dec. 21 2007,11:32)]All the time when I'm driving thru these nice neighborhoods with the huge houses, boats, nice cars, I think wow nice stuff but I bet they don't own any of it. I wonder how much they are in debt.
Probably up to their EYE-BALLS cus the bank owns their other balls or at least one of them anyway. Your right on the money with the old saying:
Those who are busy trying to look rich are actually broke
Those who look broke - are broke
And the rich look like everyday people
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