Now You Know....:)
Do you suffer from this?
Have you ever encountered an Inspector with this dreadful complex?
Starting an electrical contracting business is exciting—but one of the biggest mistakes new contractors make happens before they ever wire a house, bid a job, or hire their first employee:
They mix business money with personal money.
In this episode of The Executive Drive, Paul Abernathy explains why every new electrical contractor should open separate business checking and savings accounts as early as possible.
Keeping your business and personal money separated makes bookkeeping easier, helps you understand whether your company is actually making money, keeps expenses organized, and can make life considerably easier when tax time arrives.
Paul also discusses a simple habit every new contractor should consider:
💰 When money comes into the business, set approximately 25% aside for taxes.
That money isn't your spending money. Creating the discipline to reserve money for taxes can help prevent one of the most painful situations for a new business owner—having a profitable year but discovering that the money needed to pay the tax bill is already gone.
In this video you'll learn:
⚡ Why your business needs its own bank account
⚡ Why mixing personal and business expenses creates bookkeeping headaches
⚡ How separate accounts help you understand your real business finances
⚡ Why contractors should prepare for taxes throughout the year
⚡ The importance of setting money aside before spending business profits
⚡ How good financial habits early can make growing your company much easier
Being a great electrician doesn't automatically make you a great business owner.
If you're starting an electrical contracting company—or thinking about starting one—build the financial side of your business correctly from day one.
🎥 The Executive Drive with Paul Abernathy
Real-world discussions about electrical contracting, business, hiring, firing, leadership, marketing, growth, the National Electrical Code, and the lessons nobody teaches you when you decide to work for yourself.
🔔 Subscribe for more electrical contracting and business education.
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This is most certainly a podcast you are going to want to listen too. Yes, it's LONG but man it is PACKED with education.
The Executive Drive | The conversations will be Business, Contracting, Success, Failures, Truth, and maybe even some CODE. This unique series is coming soon to FastTraxTube.com
We are pleased to announce that the 2026 NEC Fast Trax Video Series has started on FastTraxTube.Com and under "Series" folks will see 2026 National Electrical Code Series available for subscribers. This is an active series that will continue to upload for the remainder of 2026 as previously announced.
10 Important Tax and Write-Off Reminders
Flat Rate vs Time and Material Pricing. This is a long one so just letting you know
Hope everyone is enjoying a lazy, well deserved break today. Sometimes we all need a day of rest to fuel up for a week of CRUSHING IT. So, enjoy your day..... Tomorrow you better GET IT DONE!