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  1. #1

    Default starting my own company

    hi everyone , i have been welding for about a year, i have minimal field experience but i am interested in starting my own business with my buddy (which is also a welder) down the road once we have a few years under our belts but i have no idea where to start. im trying to do my research now and up till we decide to go forth with it but i need direction on what to research like is there certain things i need to have like licences and insurance. etc and what is a good area to get into like custom fab , structural

    i would greatly appreciate some direction

  2. #2
    Join Date
    Dec 2010
    Location
    Andover, Ohio
    Posts
    91

    Default

    Welcome tro the forum Doug.
    You did not say what equipment you have or how deep your pockets are.
    Kind of like saying I just got my driver permit wht type of car do you recomend with no other info.

  3. #3
    Join Date
    Sep 2005
    Location
    northern NJ
    Posts
    1,847

    Default

    Welcome to the forum. If you do a search on this site you will find lots of threads about starting a business.

    The first thing that comes to my mind is it can be very hard to have a partner in a small business, especially a buddy. Not saying it can't work but I have seen partnerships go south more than have prospered. When it fails so does the friendship.

    There is no "good" area to get into. It is whatever will support you in the area you are in.
    MM250
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  4. #4
    Join Date
    Dec 2013
    Location
    At the epicenter of the Green Mountain Range in VT
    Posts
    291

    Default

    When I was your age I started a moonlight partnership with a friend, rebuilding wrecked BMW automobiles. After investing in tooling, trailer and rolling stock, we did a few wrecks. One, he drove as I remember 12 years after the rebuild. It was a rewarding endeaver in satisfaction, and money.

    Trouble was we stopped getting along. At first it was a few petty minor issues, it grew to a dissolution of a partnership. I bought him out on a few items, others we couldn't agree on price, We sold on the open market. The venture failed for no reason other than a clash of personalities.

    Partnerships don't work even as often as marriages, you aren't in love with your partner. You don't have love as an incentive to tolerate. When my wife piles stuff behind a door, so I can't open it all the way, I get irritated. She knows it annoys me! When a partner does it it goes beyond annoying, it pisses me off. Very small companies do better with one boss.

  5. #5
    Join Date
    Jun 2014
    Posts
    8

    Default

    There's a saying for this- The only bad ship is a partnership.

    While I have never been in one I have seen many fail. But some do fine.

    While not a guarantee, the only way for it to work is don't assume anything make sure each one's duties/position is delineated. Communication is key. As mentioned above about stuff piling up behind the door, don't let it get that far.
    Put everything in writing.

    Typically the biggest problem I've seen is one is not doing as much as the other thinks they should.
    I realize this isn't what you were asking for but you didn't give much info an this is probably more important than what u do.

    As to your original question. What is the void in your area? What do you like doing?

  6. #6
    Join Date
    Dec 2007
    Location
    PA
    Posts
    356

    Default

    I have a friend who owns a sign shop and has been in business for 34 years.
    He makes a living by finding a niche market and doing jobs he can do without a lot of overhead such as needing a crane or a bucket truck.
    If a job requires these, he rents them.
    I have welded up some sign frames for him so we trade favors.

    He is presently a one man shop as his helper recently passed away.
    Asked him how he started and he showed me this book.

    http://www.dummies.com/store/product...764576526.html

    Told me that he would have paid hundreds of dollars for this book if it was available when he started. Said he made about 80% of the mistakes the book warned about and luckily managed to survive.

    Best of luck.
    Thermal Arc GTSW400, Airco Heliwelder II, Miller Dynasty 350, Hypertherm 1000, oxy-fuel setup, metal cutting bandsaw, air compressor, drill press, etc.:

    Call me the "Clouseau" of welding !

  7. #7
    Join Date
    Aug 2004
    Location
    Milan Michigan
    Posts
    1,705

    Default

    When I read your statement about Partnership, The first thing that came to mind is a Partner is a bad idea and that most of them Fail just like the others said.

    The best thing you can do is get a job at a welding shop, and do your own thing on the side and start slowly learning, Then when you get enough clientele to go out on your own Go get yourself an accountant to keep your taxes inline and put money aside to pay them.

    Then yes you will need insurance.

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