Best options for a blue collar small business
Lic plumber looking for advice and suggestions with business. Already own a small business PT on side with no business debt at all.
Option 1:
Continue to work gov job with health insurance, pto and retirement. Continue to run part time plumbing business on side. Slowly grow. choose which jobs I feel like doing. No plans to hire anyone. Keep 100% of profits. Own all of my needed tools and equipment. Very low overhead. The biggest con is that it's like having a 2nd job and cuts into a lot of our families time off. Keep trying to save money and eventually buy rental properties.
Option 2:
Join up with a larger trades company that wants to get into plumbing. Run the physical work end and permiting/regulation side of it. Make a little more salary, but out of pocket health insurance and self funded retirement would eat that difference. Addationally responsible for enployees as it's my license. Also, very limited pto. Pros is that you own 10-20% of a plumbing company that is partnered with a significantly larger existing hvac or electric co. Realistically, let's say it billed 800k+ within the first few years, 20% margins, but only 10-20% of the profits would actually go to me. Maybe walk away with a 15-30k extra a year until the business grows. Earning potential is unlimited. Higher stress managing and more responsibility.
Which path would you say sounds better long term? Any advice or tips appreciated