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Going into the electrical contracting business (or any business for that matter) is a decision that must be carefully thought out. Many a good electrician has thrown out his shingle only to find out there is much more to running a business than there is to running the wire. First you have to get the license (the days of having a "leased license" are pretty much over. Then the contractors license (required by our good friends at TDLR.) If you are going to operate in Austin, you have the local union to deal with. And you haven't billed the first hour yet. Then comes insurance, a building (watch out for deed restrictions,) and vehicles. Oh yeah, then finding some qualified, dependable help. Don't let the union fool you, they don't have them either. $50-60 dollars an hour sounds like great money, but when you factor in the true and hidden costs of running a business, you will find the margins slim and you won't have much room for the occasional customer that won't pay or for the bid that you missed something on.
I am not trying to rain on your dream, just go in with your eyes wide open.
A great book to read is "The E-Myth Revisited" by Michael Gerber. It will give you many things to consider and set you on the path to success. GOOD LUCK!!!
 
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