So You Are a Business Owner… Now What?

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So You’re A Business Owner, Now What?

STEPS TO SUCCESS

What will you need to succeed?

To begin with, a business plan!

What is a business plan?

It is a written document which includes your ideas, goals and objectives for growing and sustaining your business.

Two types of plans:

  1. Simplistic
  2. Technical

 

1. SIMPLISTIC PLAN

  • A simplistic plan lists your goals for a short period of time, perhaps quarterly or semi-annually.

2. TECHNICAL PLAN

  • This plan should include: (for banking purposes)
    • Company name, address, phone number on the cover page
    • Where is the company located and the description of the city in which you are located
    • Business description, what does the company do to earn revenue?
      List of employees with a resume for each
    • A job description for each position in your company and those to be created in the future
    • Current equipment list and equipment needs list with budget
      A list of goals and the objectives on how you are going to reach each goal
    • A financial statement current and future projections
      • include insurance company names and addresses, etc. and coverage amounts
      • include the employee benefits packages offered
    • A project/reference list and description of your largest projects including how they were financed
    • A list of your business associations that you belong to
    • Build information as the bank requires it!

 

REVIEW IT OFTEN

Review quarterly, semi-annually, or annually as needed. Continually update your plan, as your goals and objectives change. The more education and business you build the more your goals change.

 

Where Do I Obtain Support?

CONSTRUCTION TRADE ASSOCIATIONS

Construction trade associations represent particular segments of the construction industry. These include ones which represent general contractors, others representing specialty contractors, such as roofing and painting, and some which represent both.

These associations are formed to further develop the trade, to create a representative body to present concerns, and to establish and maintain an effective communication network. The primary charge of the trade association is to focus on issues, innovations, and communication within the specific constituency they represent, and depending on the size of the association, educational opportunities. Trade publications and other membership services may be offered.

PROFESSIONAL SOCIETIES

Professional societies are established to enrich the different professions within the construction industry. Architects, engineers, and constructors all have related professional societies. The purpose of these societies is to inform members of trends and activities affecting the industry, to establish industry standards, and to present concerns. These societies provide professional development opportunities in the form of seminars and workshops, which are held at regional and national meetings. The society may also publish a professional journal that covers current industry topics and concerns. Other membership services, such as offering discount insurance coverage, may also be provided.

INSTITUTES

Institutes are formed to promote a cause, typically in an area of specialized research. Any sector of the construction industry is likely to have an institute performing a service of research for the betterment of that segment. Trade journals, newsletters, and other periodicals provide a wide variety of news, general information, advertisements, and technical data pertaining to a specific institute’s work.

The Exterior Design Institute and your fellow members will be a prime source of support as you build your business.

The following publications or resources are also a great source for leads to new construction and the bidding process:

  1. FW Dodge – Dodge reports currently paper and on-line service
  2. The legal notices in the newspapers
  3. Get to know your City buyer and obtain jobs through the City
  4. County and State Authorities
  5. Referrals
  6. Home Builders Association
  7. Architects you have worked with in the past – help them build a budget prior to a project going out for bid.
  8. Networking Clubs, Friends in the Industry, etc.
  9. YOUR MANUFACTURER

The following agencies are now taking EIFS Inspections very seriously:

  • Relocation Companies
  • Realtors
  • BOMA – Building Owners/Managers Association
  • Banks
  • New Construction – Owners

Additional authorities to become certified with:

COSE – Council of Small Business Enterprises

MBE – Minority Business Enterprise

FBE – Female Business Enterprise

DBE – Disadvantaged Business Enterprises

SBA – Small Business Association – GREAT!

NAWIC National Association of Women in Construction

NABO – National Association of Business Owners

CIT, CCA, etc.

 

RECOMMENDED READINGS

Exterior Insulation and Finish System Design Handbook and EIFS New Construction Inspection Manual by Robert G. Thomas, Jr.

Walls and Ceilings Magazine

ICC Publication Updates

Swim with the Sharks, by Harvey MacKane

Swim with the Dolphins, Connie Glaser and Barbara Steinberg Smalley

The E – Myth, by Michael E. Gerber

The Polished Professional, Elizabeth Haas Fountain

 

I’m Still Confused, here are a few suggestions.

#1 – BUILD CREDIBILITY – (About $1400)

EDI Certification
Home Builders Association
Chamber of Commerce
Better Business Bureau
Certified Applicator Status

#2 – GET THE EQUIPMENT – (About $6000)

Computer System
Phone / Fax lines
Ladders / Caulking
Manufacturer Manual
General Office Supplies
Business Cards / Stationery
Digital Camera with zoom

 

#3 START THE BUSINESS – (About $2000)

Business License
Liability Insurance
Set Fee Structure (decide on clientele pursuit)

 

#4 CREATE THE FORMS – (About $2500)
CLIENT CONTRACTS

Show scope of work performed
State fee CLEARLY! (No fine print)
Errors and omissions disclaimer
Define who the client is
Describe payment terms
Get attorney/insurance approval

FIELD WORKSHEET/CHECKLIST

Shows organization
Reduces mistakes/omissions
Written words/photos better than memory
Allows for better testimony later

PREMISES INSPECTION REPORT

Be precise
Show photos of all findings
Never SUGAR-COAT or EMBELLISH
Be legal and binding
Never give recommendations (offer opinions or options)
Have a conclusion (this is what they pay for!)

INVOICES / BILLING

Professional community bills
Homeowners pay fee at inspection
Decide terms in contract (after the inspection is NOT the time to negotiate the deal)

 

#5 – GET THE BUSINESS

ARCHITECTURAL SEMINARS

AIA Level, 3 credits
Luncheons for entire firm
Show industry videos/trade magazines

BUILDER LETTERS / INTROS

Explain what you do
Be sympathetic but truthful
Ask for referrals

HOTEL / MOTEL MANAGEMENT CORPS

Inspect before buying
Inquire on current maintenance problems

INSURANCE COMPANIES

Some companies cover fee in policy
Active customer base

MEET CODES OFFICIALS

Most are EIFS uneducated
Excellent free second opinion

ATTEND HOME BUILDER ASSOCIATION MEETINGS

Contractors become more open
Builds credibility

MEET THE LOCAL DISTRIBUTORS

Excellent Customer Base
Could become proactive
Direct link to manufacturers
Aid in obtaining manuals
Great technical support

MEET LOCAL APPLICATORS

Build rapport with reputable firms
Distance your business from shady apps

ADVERTISE

Yellow Pages
Talk radio (usually lower rates)
Local newsletters (HBA, AIA .. )
Any way to get your name in public

 

CONCLUSION

You are ready to do an inspection!   If you have questions or concerns, be sure to reach out to the network you have built working through this business building process including your EDI peers and EDI headquarters.

 

 

 

Ensure all topics are marked as complete in this lesson. Click on the link below to proceed to the lesson quiz.

Inspection Documents and Process Quiz