well that sounds cool!! i do like this board as well! So what did you do te first time around that worried you?? Maybe it is something that could help us out as well!!
I did my first inventory back in 2003 (don't get too excited yet), but I soon discovered that I was not able to achieve that high standard that I hold myself to for work so I decided to stop offering the service soon after that first one. Since I was running my video production business home inventory was just another service that I was offering my clients. Unfortunately it was still in the infancy stages and information (not to mention software) was really scarce.
But, (cue up the great film score here!), this time around I am spending a lot more time doing research instead of plunging in like I did before. This time I'm going in well eductated and prepared. Right now I am still at the "practice inventory" stage so I have not racked up a lot of paying jobs yet. I want to make sure that when I really kick my networking & marketing into high gear that I am ready to hit the ground running, not merely walking cautiously into the future.
With this great community of people that Fred has fostered and the great tools & technology that we have available to us it is a much better deal than it was 4 years ago.
hey Darin how many inentories have you done so far?? What is your time frame on your jobs?? I would be curious to know !!How many freebies have you done to prepare? We did 3 freebies! How about any more input?? Thanks kim
The liability issue for an employee/non-employee will depend on your specific business insurance policy -- so this is something to ask your insurance agent.
For example, my coverage includes Business Liability ($1 million per occurance/ $2 million aggregate) which includes "Employees Covered as Additional Insureds." "Employee Dishonesty" coverage is also available from my insurer (State Farm), although I didn't choose to include it.
Also, keep in mind that the IRS definition of an employee can be different than the "insurance" definition of an employee, so that's why it's important to ask your insurance agent about your specific policy. (The IRS' interest in an employee is whether you should be withholding taxes).
Bonding is a separate issue. Your surety company will tell you if you need to cover contractors (or if they will allow you to include contractors), and what the additional cost will be. (Generally, it's a percentage of the cost to add additional people, not double for 2, or triple the price for 3, etc.) Unless you're working with a spouse, it's wise to have an agreement (contract) with your helpers/partners. (If they are truly partners, you'll also want a partnership agreement.) If they are "helpers," you'll want an agreement that spells out payment terms and arrangements, that they are independent contractors and therefore they are responsible for taxes on their payments, spell out the confidentiality requirements of the work, etc.
We put just about everything in the report! the 20 hour one had 5 bedrooms garage shed and 2 FULL living rooms and closets.2 kitchens 2 dining rooms and 2 patios. She also had alot of china and crystal that she wanted documented as well as a ton of special art work! We move along pretty quickly. The other house we just did had a ton of art work on the walls and alot of antiques! We also had a garage and a storage shed and a 2 story work garage. So I guess that is way more then the SQ ft I mentioned! So i guess that would be normal for the amount we did!! There is no way of doing any quicker unless we leave stuff out!! We do a few group shots so we are not doing 1 shovel. That would take forever and not be worth the time(for the customer) so we do a group shot of tools and such, closets kitchen stuff ect. I guess we just had a couple with alot. Now we do only take 3 hours on normal contents! we diid a 3300 sqft in 3.5 hours and 1700 in 3 hours plus a garage and a VERY full shed!!!
You mean you have 2 people working, entering data directly into the laptop onsite, and it still takes you over 3 hours per house? Then the 7 and 20 hour houses, what happened there? I am very interested to hear how there is so much difference in these homes. I think I remember you talking about the 20 hour home (your insurance agent?) but this is very interesting. Please explain.
It really depends on what they have!! I did a 5000 square foot house it took 20 hours and a 1500 and 3000 sq ft house in 3.5 and a 2400 square ft house in 7 hrs! plus i did a ton of work at home!!
I think i am going to start charging a 50 an hour outside the house!!
Anyway that is 2 people and us directly adding the inventory to the computer!!
Has anyone been advise by their insurance agent regarding having addtional persons assisting but not "formally" added as employee to the business. I'd love my daughter with me to take the notes, but liability insurance wise, i don't think she is covered unless I state that she is an employee.. which involves tax reporting...disability...etc...
I like where you are going with this Bridget! I've got a college here in town and may pursue that avenue myself. I see the advantage of having a team versus the solo approach. I know that many of us are starting this business on the side while we work our "day job" just to see how things work out before going full time, so hiring people isn't much of a possibility.
But your suggestions are very interesting about getting people to help you without actually hiring employees at this early stage. The idea of getting in there and getting the inventory done as quickly and efficiently as possible is a great idea. We look like professionals and we are out of the client's hair so they can go about their business and we can return to the office to finish our work.
Lucia -- see my answer on your other thread, but a general guideline is 60-90 minutes per 1,000 square feet of space. That's an "average" based on the 'normal' house. We've all been in houses where it's packed with stuff (that's why you'll see some businessowners on here who offer non-binding estimates over the phone, or don't provide a quote until they've done a walk-through), but it's a pretty good guideline.
As I mentioned on the other thread too, I would *not* recommend doing this by yourself. First of all, there *is* a bit of a safety issue in going into a stranger's home unaccompanied. For that reason alone, a lot of us prefer to work in teams. Second, "many hands make light work!" A two-person team can do a room in an hour; a three-person team (one taking photos, one handling items, and one taking notes) can do it in 35-40 minutes. If you're able to do 2 inventories in a day (one morning, one afternoon), you'll make twice as much money.
You don't have to hire an employee yet to form a team. Stay-at-home moms are a good possibility (especially if you can arrange it so you're doing inventory while the kids are at preschool or school). Another good source is your local college (if they're a four-year program, contact the Communications Department and speak with a photography professor -- students would like the flexibility working with you would offer. They might even be able to arrange an internship for a semester in exchange for a scholarship (business students would be a good source -- they could help with your marketing materials, business plan, and day-to-day work for a semester in exchange for a $500 or $1000 scholarship. It would be deductible for you, but they wouldn't have to be an "employee.")
Miggy12, All very good questions. As for time I can not answer as I am too trying to get this business going. As for you husband. Explain to him the value of having a third party do the documentation. Than ask him if he knows of ANYONE that has done an inventory of their own home! Including himself??? Erik
I would like to know how many hours I should allow for the inventory. Say I get an assignment for a 2,000 sqft house and it is full of inventory. How long should I typically take to finish it?
I will be the only one working as it is a sole proprietorship and at the moment I don't have any employees. Maybe later, if I find someone that is interested in doing it and that I can afford to pay.
instead of plunging in like I did before. This time I'm going in well eductated and prepared. Right now I am still at the "practice inventory" stage so I have not racked up a lot of paying jobs yet. I want to make sure that when I really kick my networking & marketing into high gear that I am ready to hit the ground running, not merely walking cautiously into the future. 
