Are you skilled in trades and starting your own business? Wondering why you're working so hard and not making much money at it? Thousands of people are heading out on their own, only to find they know much about a trade and little about how to create a great company. Jack Borden's system in Faster, Cheaper, Better helps the budding entrepreneur get it right. You'll learn how build a successful, sustainable business, from negotiating with suppliers for the best rates to operating your passion with purpose. The real secret amid the frustration and failure is that you can do it Faster, Cheaper, Better.
Foreword xvIntroduction xvii1 Faster, Cheaper, Better 11. Faster 32. Cheaper 33. Better 34. Good Project Management Will Help You AchieveFaster, Cheaper, Better 45. Managing the Project Process 42 Considerations for Being a Self-EmployedEntrepreneur 71. Risks 82. Are You a Self-Starter and a Hard Worker? 83. Leadership 8vi Faster, Cheaper, Better4. Your Specific Field of Expertise 95. Sell, Sell, Sell 96. Accounting and Financials 97. Responsible and Reliable 98. Life Changing Commitment 109. Money 1010. Challenges and Heartaches 103 Business Fundamentals and the Business Plan 151. Required Skills: Sales, Production, andAccounting 172. Prepare a Business Plan 192.1 Financial projections 202.2 Write your business plan 263. Working Capital 304 How to Structure Your Business 331. Sole Proprietorships 331.1 Incorporation with one shareholder 342. Partnership Options 342.1 Unincorporated partnerships 362.2 Partners in a corporation 362.3 Partnership of corporations 362.4 Partnership agreements 363. Should You Purchase an Existing Business? 384. Finding a Location for Your Business 405. Other Things to Consider 415.1 Name your business 415.2 Design a logo 415.3 Insurance 425.4 Set up a business bank account 425.5 Reporting and registration requirements 425.6 Business contact information 426. Legal 437. Human Resources 44Contents vii5 Prepare a Marketing Plan 451. Purpose of Your Marketing Plan 461.1 Define your market area and services 461.2 Define your market size and your market share 471.3 Find your target market 471.4 Reach your target market 471.5 Prepare your business message 481.6 Marketing plan kick off 482. Advertising 482.1 Website 493. First Contact with Potential Customers 496 I'm in Business! 517 Sales 571. How to Be a Successful Salesperson 572. Meeting Your Customers' Project Objectives 592.1 Document the objectives 612.2 Objectives defined and prepared by others 623. Making the Bid on a Project 653.1 Pricing the project 673.2 Getting the price right 698 Produce It 731. Project Management 742. Create a Project File 763. Purchasing Materials 774. Contract Administration 795. Construction Management 816. Customer Relations 827. Scheduling 838. Managing Resources 859. Mobilizing 8610. Supervising 8711. Quality Control 88viii Faster, Cheaper, Better12. Demobilization 8813. Contract Wrap-up 899 Account for It 911. Hire Someone to Help You 912. Invoicing and Collections 933. General Accounting 964. Banking 975. Job Costing 995.1 Estimated cost to complete 1005.2 Projected over or under 1016. Asset Management 1107. Financial Reporting 1128. Cash Flow 11310 Risks 1171. Identify the Risks 1182. ""Selling It"" Risks 1182.1 Misunderstanding project objectives 1182.2 Customer misunderstandings aboutobjectives and pricing 1192.3 Underestimating the cost of a project 1192.4 Bidding too low on a project 1192.5 Lack of understanding of a project'scomplexity and unforeseen conditions 1192.6 Lack of resources to undertake yourproject commitments 1202.7 Issues with subcontractors and suppliers 1202.8 Unscrupulous customers 1202.9 Poor relationship with the customer 1202.10 Lack of vision 1213. ""Building It for Less Than You Sold It"" Risks 1213.1 Not meeting your Customer'sProject Objectives 1213.2 Project mismanagement 121Contents ix3.3 Not building the project Faster,Cheaper, Better 1223.4 Not building it for less than you sold it 1223.5 Inaccurate and unreliable cost-to-completeestimates 1224. ""Accounting for It"" Risks 1224.1 Under capitalization 1224.2 Not getting paid by your customeron schedule 1234.3 The customer has financial difficulties 1234.4 Personnel problems 1234.5 Inaccurate and unreliable job-cost reporting 12411 Suppliers 1251. Supplier Credit 12812 It's Time to Make Some Money! 1311. What Happens to the Profits in Your Company? 132Conclusion 135Download Kit 137Samples1 Statement of Earnings 232 Balance Sheet 253 Sources of Capital and the Implications of Each Source 314 Project Proposal 635 Project Types 666 Job Cost Estimate 717 Project Plan 788 Purchase Order 809 Paper Trail for Projects and Related Accounting 92Requirements10 Invoice 9511 Job Cost Report 102x Faster, Cheaper, Better12 Estimate Sheet 10313 Work in Progress Report 10814 Cash-Flow Statement with All Accounts ReceivableCollected on Time 11415 Cash-Flow Statement with Some Accounts ReceivableNot Collected on Time 115Worksheets1 Are You Suited to Be a Self-Employed Entrepreneur? 122 Are You Ready to Make Personal Sacrifices? 13