OK I thought it would be a good time to update this thread.
We did just about $600,000 in business last year. We really didn't start doing high cost jobs until July, so basically we made 90% of our revenue in half the year.
I didn't make a dime, in fact I had to put money back into it to keep afloat. All the money either went back into the business for capital expenses (equipment), or payroll, taxes, insurance, etc. Plus, as a newer company, we had more than our fair share of f' ups. The things I learned in 6 months astound me. Not saying we're perfect, because we're still fucking up, but I'd say I'm 50% better right now than I was in July of 2023.
2024 started very, very slowly. I overbid a few jobs and didn't win, and that cost me 3-4 jobs that would have paid the bills. I had to put several $10,000 into the business just to stay afloat and pay vendors. I won't make the same mistake next year, we will work for break-even in January/February if necessary. I really need to work on raising prices, but right now as a new company I'm stuck competing on price and not quality. I hope that changes this year.
March is a lot better, we've been getting a steady flow of work and made several big projects happen over the last few weeks. Our skillset and competence is much better, although we did have one f'up last week that put us behind after some very good weeks. My oldest son has been a real driver, he has put his all into this and has really grown. We've had our share of hiccups, but starting to see some real successes. My youngest son has been working too, but I haven't been pushing him too hard yet.
I lost one employee last year that I wasn't sad to see go. He was good on some days, and so-so on others. I miss his work output, and I have not been able to find a full replacement.
One of my guys just turned 19. He's a slow learner, but he shows up everyday, works hard, is honest, and getting more and more capable by the day. I'm really glad to have him, and I've been raising his pay up slowly as I can afford to. The guy that left, I had him raised up pretty good and the first time I had to cut hours in the fall he left the following week (cut hours down to 40). He was making about $1,000 a week FWIW. I was paying him $16/hr plus overtime.
I'm still working my regular job, it gets harder by the week to juggle. I really don't want to leave this job yet, it's the best job I've ever had and it's not hard. I suspect that as soon as we have our first "profitable" month I'll start very seriously considering leaving. What I mean by that is when we pay all our bills and have a very good surplus. We had to buy so much equipment to get started that it sucked a lot of resources away last year, but our capital expenditures should be far less this year. I say that, but I'm already eyeing other equipment to supplement what we've got. There's always something you "need" to make things easier/faster/better. It's definitely a balancing act.