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Tool Talk Discussion Forum

Money Makin' Buisness

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Glenn FitzGeral

03-22-2006 11:10:57

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The bladder in my well pump pressure tank went bad. I called the folks who installed the system some years ago. $340 installed, and he could do it today! I thanked him and did some phoning around. $140 for a new tank. I picked one up. 20 minutes later I'm back in buisness. I think I know what buisness I'm going into. Glenn F.

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Glenn F.

03-23-2006 13:30:54

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Re: Money Makin' Buisness in reply to Glenn FitzGerald, 03-22-2006 11:10:57

I appreciate each of your responses. I also appreciate the first hand experience from many of you. I know running a buisness isn't all gravy. We have farmed for generations. We also have a auto body and mechanic shop in the family. Clearly people don't understand the cost of operating a small buisness. However this was a little gravy job for whoever did it. Such jobs are necessary for any buisness. Glenn F.

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Bill from Wisc.

03-23-2006 07:26:13

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Re: Money Makin' Buisness in reply to Glenn FitzGerald, 03-22-2006 11:10:57

Glenn, You are more than welcome to be in the pump buisness. Be prepared to invest time and moeny before making a profit.Then buying a lic from the Dnr each year and spending time each year following the wisc DNR state mandates plus time with the DNR before you can buy or renew your Lic.Changing a tank that has a pipe union close by is easy. but having to plumb things or pulling a rusted pump in a six inch well that hasnt been touched for 20 years isnt easy work for someone with only a few small pipe wrenchs.The quote you were given I am sure was sight unseen. I am happy it worked out for you to save a few bucks as we all try to do that.I hope you chorinated the water system once got the tank changed,and sent a water sample into the state for testing.

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T_Bone

03-23-2006 06:39:13

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Re: Money Makin' Buisness in reply to Glenn FitzGerald, 03-22-2006 11:10:57

Hi Glenn,

The last time I figured service truck cost was 20yrs ago at $15.50/hr based on 1500hrs of billable hours per year. That's not including the man hour cost, just the service truck cost.

That $15.50/hr was cost for the year requardless if we got paid for a service call or not, anotherwords when we opened the shop door each morning the truck cost $15.50/hr wheather it was sitting in the shop or out on a job site.

I would bet it's closer to $28/hr today.

T_Bone

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larry in tn

03-23-2006 05:38:39

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Re: Money Makin' Buisness in reply to Glenn FitzGerald, 03-22-2006 11:10:57

I don't blame anyone for shopping around. It makes good sense to get the best value for your money. However most people don't realize what the small business man has invested before he ever arrives at your door. In todays world you need permits,licenses,liability and auto insurance plus tool's, parts and gasoline. Any profit is whats left after all the above are covered. Based on my experience, the to you cost for the tank and service was in line considering the cost of the tank only with no cost for your own labor. I was in a similar business for 15 years so I have a feel for that side of the issue.
Of course I've had the shoe on the other foot as well. For the last 50 years I've always done my own oil changes on my cars and trucks. Old age finally forced me to hire the job out. Cost me $35.00 to get something I normally did myself for about $12.50. Ouch!!!!! !

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Steve Crum

03-23-2006 04:56:25

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Re: Money Makin' Buisness in reply to Glenn FitzGerald, 03-22-2006 11:10:57

You did the right thing for you, if you have the tools, the knowledge and the TIME, it would be foolish to pay somebody else. On the other hand The fellow that quoted you is doing what he needs too, to stay financially solvent. I'm often asked if I can do something cheaper. After a few seconds to consider their situation, I ask if them if they went into work on a particular day and their boss asked them to work for 25% or 50% less because the boss thought their wage was too high for that day, would they feel good about it?
Small business is even more intense. Consider All the costs involved to replace your tank.
Cost of the tank, vehicle mileage, investment in tools, insurances, taxes. So in the end, the small business owner would probably realize a net gain of about the mid range average wage most would make working in a factory.
An interesting point many don't consider is the cost of their own time. If I take 1 hour out of my shop to do a job, I consider it a $35 job. If I can pay the kid down the road $35 to spend 3 hours mowing my lawn I'm money ahead. If I have reputable plumber install a pressure tank, and in the middle of the night there's a problem, I'm money ahead.
Granted there are situations where a cost to have somebody else do something is too rediculous, likely a second phone call is in order. It all relates to what your financial prioritys are.

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BobMo

03-22-2006 18:29:43

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Re: Money Makin' Buisness in reply to Glenn FitzGerald, 03-22-2006 11:10:57

Personally I wouldn't have done it for the 200 he was going to charge for labor. By the time he drove to your place did the work and returned to his place of business he had a major investment in his time.
I know you didn't expect him to work for nothing. If you didn't want to pay what he asked, you did the right thing. Good luck.....

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jeffcat

03-22-2006 15:51:49

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Re: Money Makin' Buisness in reply to Glenn FitzGerald, 03-22-2006 11:10:57

Got to remember guys-- in ANY business.
If you don't make several hundred % markup you are loosing money! Jeffcat

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03-25-2006 08:20:55

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Re: Money Makin' Buisness in reply to jeffcat, 03-22-2006 15:51:49

I must be in the wrong business, I am not making close to that kind of markup!!!!! !!111

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tim, ohio

03-22-2006 12:34:49

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Re: Money Makin' Buisness in reply to Glenn FitzGerald, 03-22-2006 11:10:57

Glen,

You probably did this because of experience,
but I thought I would remind you that you need to adjust the pressure in your new tank.
They are typically precharged and if you want them
to last they need to be adjusted to 2PSI below
the low start-up setting of your pressure switch.
For example, if your switch is 30 on and 50 off, the tank pressure needs to be 28 PSI.

Best regards,

Tim, Ohio

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old

03-22-2006 11:49:29

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Re: Money Makin' Buisness in reply to Glenn FitzGerald, 03-22-2006 11:10:57

Thats very common with a lot of buisnesses. Parts cost you half of what the labor is.

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