Contractor Success Map With Randal Dehart | Contractor Bookkeeping And Accounting Services

This Podcast Is Episode Number 461, And It's About Construction Companies Who Fail Have One Thing In Common Every contractor who goes out of business has one thing in common, bad financial reports or none at all. Does this sound familiar? Contractor opens a business because they are so skilled at trade. With a small amount of cash, less than $10,000, a few credit cards with $5,000 available credit, they are off to the races. You tell friends and relatives about your new adventure and get lots of jobs. Of course, you wouldn't take advantage of friends or relatives at meager prices, would you? You open supplier charge accounts credit cards from Home Depot and Lowes. Your working capital increased by $20,000. "Wow, life is excellent! I should have done this a long time ago!" You were earning $25.00 an hour working for someone else. The contractor was charging $50.00 an hour for you. What a ripoff! You charge $30.00 an hour to be fair and undercut your competition. In six months, cash is gone, credit cards over t