New Electrical Contractors: Do THIS With Your Money Before It’s Too Late!

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.

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