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General Business Discussions A place to talk about general business discussions.

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General Business Discussions

A place to talk about general business discussions.
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  #1  
Old 01-18-2010, 05:46 PM
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Default Saving money

Did you ever find there was a psychological amount of money you had a hard time breaking as far as your savings goes?

Like where you felt the toughest amount to save was $1000 or $2000?

Because when you had that money in the bank you couldnt help but think of all the things you could buy with it, but once you held yourself back from taking the money out, it got easier to save?
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  #2  
Old 01-18-2010, 06:49 PM
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Personally I would say my biggest hang up and something I sometimes fight with is to just stop adding equipment or in the shop tools, I think I have myself under control.....well most days anyhow.

As for saving, I am of the school where saving is critical, I have passed this on to my own two children and it really stuck with my son and he has wnough at the moment to pay for a house if he wanted, daughter well she has quite a bit in her account but like me material things are sometimes hard to stop spending on.
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Old 05-06-2010, 09:55 AM
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Steve. I lived paycheck to paycheck until I bought my house. The idea of being $1 behind on my payments and losing all I worked for scared the hell out of me. Now I have less toys but a mountain of cash to fall back on.
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Old 05-06-2010, 10:18 AM
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I had that problem for a while. I wanted to save a certain amount to get something but just before I got to that amount I would see something else I liked and use the money to get it. I solved my problem by opening a savings account that required two signatures to withdraw the money. My mother was the other person on the account. I had to go to her to get money out and she always made me sit down and think it through. Since she passed on I now only have an account in my name. However, whenever I want to spend money out of it I always sit in my Mom's old rocker and think it through. Most of the time I don't spend the money.
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Old 05-06-2010, 11:07 AM
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Saving money? What is this? I do not understand...

HAHAHA

I have a problem, as every time I get a nice amount going on I gotta get some new tools.

It's not awful considering what the company wants, is what I want too. I don't want a bigger tv, new silverware... I want damn equipment!

If I get gas for my birthday coming up, It'll be the best gift ever. LOL.

As far as saving goes... Well... You just have to know your expenses & continue to save up for those random "accidents".

I could blow all my money on newer gear, while I let all my present gear rot. Though that's just stupid. Maintaining everything is what will help me save money.

Every time you buy a piece of equipment, make sure it gives you money back.

If you use a self propelled lawn mower & can manage with it, don't bother with a zero turn. The work still gets done, a zero turn is just a toy.

Though if it can bring you more business, by all means get one.

Personally, I'm getting one for comfort. So I can be fat all year round

Though this does not mean I wont be busting my arse trying to make it all worthwhile. I can be more efficient give or take, & manage more properties.

In my mind, I don't necessarily need a zero turn, but I want to have it before I do... Which isn't that wise, but it's what I want baby!!!!

With this zero turn, I could be working 3 1/2 days instead of 5. Which means I get more time to relax (silly) or pick up new customers (smart).

If I can fill up the rest of my days with even just 15 customers, the machine is paid off instantly & I can continue to enjoy what I do even more!

So the lesson in business is, don't spend your money on what doesn't make you money.

A lot of new companies start off with two guys (friends), that takes a toll on your funds majorly.

A helper doesn't even double your efficiency on a property. So right away your throwing money away.

Start alone, pay yourself well right away so you can spend on better equipment.

My goal is to take on as much work as I can handle. When I'm about to die on the job, is the only time I'll consider hiring.

I will have more money, which I can buy efficiency with (ZTM). Then I will gain more lawns. Now when I can't handle any more lawns with a ZTM at my side, THEN I will hire help. This is when I actually precisely know it's time to hire, & I'm not making a mistake.

I manage enough lawns other companies are doing with 2 man crews per week. Am I that far behind them during the day? They finish at 3pm, I finish at 5pm... Big deal! I'm not losing money at all!

Do what YOU can do, max yourself out. Then expect the same drive in the next person you hire.

That is how you save.

Am I going to hit a brick this season? Your damn right I am. I'm not hiring help, so that way I can afford repairs.

The only reason I don't do garden work, & hire someone to manage the jobs, is because I don't have the patience a garden requires. Though every garden pays for my worker, my workers pay NEVER comes out of my lawns.

Gutter Cleaning jobs allow me to enjoy McDonalds. Spring work allows me to maintain my equipment pre-summer & purchase materials & accessories / small tools.

Anyway, :P
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Old 05-06-2010, 01:34 PM
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Quote:
I had that problem for a while. I wanted to save a certain amount to get something but just before I got to that amount I would see something else I liked and use the money to get it. I solved my problem by opening a savings account that required two signatures to withdraw the money.
What things did you find yourself spending money on that you felt you shouldn't have?
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Old 05-06-2010, 02:10 PM
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Default Savings

My monthly expenses (not counting food, gas, and entertainment) is $1,196.00. I try to keep ~ $7,175.00 (six months expenses) in the bank.

I have 2 savings accounts - 1 for monthly expense security and one for mostly business expenses.

My checking account is funded weekly for expenses ($295.00) per week plus $200.00 for food, gas, and entertainment having utilities and regular expenses such at insurance, etc. automatically paid. Anything left over from both my wifes income and my income goese into the savings accounts.

Any extras that come up are paid with a debit card from the general savings account.

I also use PayPal for my webstore expenses. Customers pay with PayPal and I pay my suppliers with PayPal. I have not taken anything from that account for personal expenses as of yet.

Emergencies come up from time to time and lower it, but I replenish it as soon as posible. I have nothing financed at this time but my house which will be paid off in less than 2 years. This will reduce monthly expenses by $598.17 per month. There is no property tax in this state for homeonwers over 65 so I will only have to fund that account for about 2 years.

For retirement, we have invested an amount equal to what has been taken out of our pay for Social Security since we got married. 38 years in September!

Make a plan and stick to it.

Steve
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Old 05-07-2010, 08:27 AM
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Quote:
Originally Posted by Steve View Post
What things did you find yourself spending money on that you felt you shouldn't have?
Mostly specialty tools that I don't use very often. They are nice to have when I need them but really only use them twice a year or so.
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Old 05-07-2010, 03:22 PM
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Quote:
Mostly specialty tools that I don't use very often.
Which ones would you advise new lawn care business owners to not go out and buy, instead they should be renting?

Quote:
we got married. 38 years in September!
That is an amazing accomplishment! Congratulations
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Old 05-08-2010, 08:27 AM
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Quote:
Originally Posted by Steve View Post
Which ones would you advise new lawn care business owners to not go out and buy, instead they should be renting?
I would say just start out with the basics and see where you business takes you. If you find yourself doing a lot of fence work, for example, then by all means get an auger. Otherwise just wait and see what kind of clients and jobs you get in your area.
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