Starting a legitimate renovation business

 

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Starting a legitimate renovation business

I have been doing side jobs on nights and weekends for 15 years. I’m getting ready to take the plunge likely in the spring to start my own thing. I have a ton of questions, and I know random people on the internet don’t have all the answers. However, perhaps Some responses will at least point me in the correct direction. I never plan to have employees.

Do I form an LLC?
Is there software out there which will allow me to track expenses, save client info, type up estimates, invoice, etc? I know others use Quickbooks, but will this be sufficient?

I definitely need to speak with an accountant. Is that where I should start?

Thanks for any input.

Starting a legitimate renovation business

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3 Replies to “Starting a legitimate renovation business”

  1. Yes – form an LLC and file taxes as an LLC.
    You want some sort of separation from you and the company in case something that could end your business happens ( protect you from personal bankruptcy )
    I ran a 45mm construction company using QB, and now run my recon business – about 2mm with QB.

    You can either have your accountant set up the chart of accounts, or try and google a remodel chart of accounts.
    It’s important to know your direct material and direct labor costs ( including Subs) as well as knowing your overhead expenses.
    Track any marketing – Is say that you want to keep marketing at sub 5% in this business.

  2. Check out freshbooks, it’s awesome for keeping track of everything including bids for jobs, client info, taxes you name it.

  3. I dont know if its the same everywhere, but in California once you start an LLC you owe $800. So my suggestion would be don’t start one now if you are 6 months away from starting the work.

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