I’m Alex. I’m looking forward to growing here.

[Mralexhartle]

Hi all!
I’m an electrician. I never wanted to be, but I’ve been on the search for a way to make money using my skills and aptitudes since high school, but nothing has seemed to stick.

I could definitely live a great “slow-lane” life where I am, but I have no desire to. It’s time to make a change.

I currently live in Oregon with my wife and 4 kids. I’m looking forward to meeting many of you here!

 

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[perchboy]

I'm guessing you get paid a good wage as an electrician but the problem is that your money is linked to your time so there is a limit on your freedom and on how much you can make.

It's all just math:

Hourly electrician:
$40/hour x 8 hours/day = $320/day
The complete maximum you can make in a day if you worked 24 hours is $960. The amount of money you make purely depends on how many hors you work and you can only work 24 hours in a day.

Self employed electrician:
price per job x amount of jobs = profit
The amount of money you make is now determined by your price per job AND how many jobs you do. However you can't do an unlimited amount of jobs since jobs take time.

Electrician business owner:
job price x amount of jobs - wages = profit
Now all you need to do is schedule jobs and you get paid while you're sitting at home. Your income is determined by the price per job and how many jobs you take on. You can take on as many jobs as you want since you are outsourcing the work.

Use your knowledge in the industry paired with a Fastlane mindset and there is a great opportunity for you. Now to start the first question is how can I start getting my own jobs? I would run Google Ads so you can get calls from people looking for electrician service.

Good luck!

 

[Mralexhartle]

I'm guessing you get paid a good wage as an electrician but the problem is that your money is linked to your time so there is a limit on your freedom and on how much you can make.

It's all just math:

Hourly electrician:
$40/hour x 8 hours/day = $320/day
The complete maximum you can make in a day if you worked 24 hours is $960. The amount of money you make purely depends on how many hors you work and you can only work 24 hours in a day.

Self employed electrician:
price per job x amount of jobs = profit
The amount of money you make is now determined by your price per job AND how many jobs you do. However you can't do an unlimited amount of jobs since jobs take time.

Electrician business owner:
job price x amount of jobs - wages = profit
Now all you need to do is schedule jobs and you get paid while you're sitting at home. Your income is determined by the price per job and how many jobs you take on. You can take on as many jobs as you want since you are outsourcing the work.

Use your knowledge in the industry paired with a Fastlane mindset and there is a great opportunity for you. Now to start the first question is how can I start getting my own jobs? I would run Google Ads so you can get calls from people looking for electrician service.

Good luck!

Thanks for the reply!

I actually make $80/hr, but I don’t care. I hate getting paid hourly. No hourly rate is worth it.

Even though electrical is expensive, the margins aren’t there. My friends started their own business and did over $600k last year with $20k profit (but likely ran in the red due to unpaid taxes).

I’m not sure about the rest of the US, but in Oregon, the trades are regulated very strictly, so unless you’re doing the work, there’s little profit. Buying an existing company could work, but that’s several million for a profitable company.

I’d like to learn an online-based business. I’m confident I could find a need and learn a skill to fill that need. Possibly even to help tradesmen with their business/education/etc.

Have you found your Fastlane yet?

 

[RightyTighty]

I had an electrical/mechanical consulting firm for many years and am very familiar with the nuts and bolts of electrical installation. Given the state of skilled trades these days there is plenty of opportunity for training aids. And there is always profit in government regulation - the NEC is pretty well covered but there is still room in other areas. Construction is also a great niche market for tools and jigs that improve installation efficiency and quality, if you’re into physical products.
Welcome to the forum!

 

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