03-20-2017, 01:39 PM
Congrats on the skills, sorry for your somewhat forced participation in this crappy non-voluntary business arrangement with an uninvited 3rd party.
I rebuilt gas apparatus (regulators, torches, etc.) for 10+ years and my accountant/wife held my hand for all the government hoop jumping.
Learning how to enter ALL my business stuff into Quick Books to satisfy an accountant saved me a lot of money and kept me aware of what exactly was happening with the business. My workload allowed it, yours may not. Don't skimp on the accounting.
Legal means legal all the way. I've seen others drop the "legal ball", and it ain't pretty.
I have an aunt and uncle who ran their own electrical business for around twenty + years in the pre-Quick Books era, and aunty working their books was a full time job. Everything is documented, everything. Aunty and uncles greatest challenge seemed to be their electrical business expanding and contracting, and the employee challenges that come along with that.
My own experience working for an electrical contractor showed me the importance of niche work. The license holder I worked for did a LOT of high end client stuff. Changing light bulbs, hanging fans, etc. for upscale clients for $80 an hour, minimum 3 hours. Stuff like that was the stuff that kept his crew busy and the lights on while he chased new construction and more involved remodels. He had the gift of schmooze and a relationship with an interior design/lighting store -priceless. The bay he rented was in the back of the interior design/lighting store. Need someone to hang that fancy $500 fan for you? I happen to know a guy...