Quote Originally Posted by air1 View Post
I'm curious, what purchases were a waste of money?
Nickles and dimes mostly. My biggest one probably was I went a little heavy on inventory. I went based on about what I carried when I worked for Hobart. Come to find out that the market I serve now doesn't really require such an inventory. Example: Dishwasher parts. Dishwashers were a big part of my repair when I was at Hobart. Now that I mostly work in locally owned mom and pop c-stores, and smaller restaurants I simply don't have as many dishwasher calls. I now have a better gauge of what I actually use frequently, and have adjusted in inventory accordingly. With the diverse amount of work I do, I practically buy almost everything as I need it. Another big factor was automobile expenses. I have drove around some clunkers last year. I think I finally have a decent truck that will hopefully give me a few years of service, but it's far from new.

I spent $50 on a tamper bit set at grainger, a few months later I discovered one that would have done the job (the exact same kind I had at Hobart) for $15.

To be frank and blunt, when I started I was just so caught up in the "cool factor of owning a business", that I really didn't pay much attention to where the money was going. When the bank account started to get low I snapped out of that mode of thought really quick. Now every expense, not matter how small gets mulled over to the fullest before I write any checks. When it comes to insurance, I don't want any unnecessary bells and whistles, I just want the coverage I need at a minimum cost. In 2013 I resolved to treat my business more like a business, and less like a glorified hobby.

And now, I'm happy to report that the bank account is slowing inching back up.

On a different note, I stopped by the insurance office today, she is going to work up some quotes for me. I hope to hear back later on today or tomorrow.