What is "Bonding"?

[restored2x]

I have been seriously thinking about starting a specialized cleaning business. The cleaning part will be easy - and I just want to make some extra bucks.

I will be receiving a call soon from someone who needs this work done - however, my contact said they will only hire a company that is bonded.

What is bonding?
How to acquire bonding.
Is it expensive?
Where do I go?
Does it take a long time.

Any info is greatly appreciated.

Yeah - I know I should've done all this work beforehand - but the opportunity kinda came before the chance to get everything in order came.

[sgrizzle]

You go through an insurance & bonding company.

It's not extremely expensive.

If your fail to perform as specified, the client can come after your bond money.

http://www.sba.gov/aboutsba/sbaprograms/osg/index.html

[restored2x]

Thanks!

[Conan71]

Not so fast.

We work on bonded projects all the time.

Depending on the size of the job or contract, chances are the bonding company will want an updated financial statement, tax records, etc.

If you have excellent personal credit you just might get the bond.  Otherwise, if it is not a going business already, be prepared to hit a few walls.

I'm not trying to discourage you, just telling you that even a reputable 52 year old company doing the same type of work all those years, hits snags in getting bonded from time-to-time so you might have a hurdle or two to clear at first.

If you are talking about cleaning an office or manufacturing plant, I would imagine the bond is more theft of their property or non-performance.

Forgot to mention that some companies waive bond requirements in lieu of a guaranteed letter of credit from a bank.

[restored2x]

I'm not easily discouraged.

This is for janitorial work for doctor's offices. Whom do you suggest I call?

I have just been thinking about this for a few days and thus have no corporation formed. Is that going to be an issue?

Is the bond based on me, or a corporation?

Sorry to be ignorant -

[PonderInc]

It's my understanding that "male bonding" is when a bunch of guys get together and drink and complain about their girlfriends and drink some more until they throw up.

"Female bonding" involves talking about boyfriends, husbands, children and friendship until everyone starts crying and hugging each other.  Drinking may or may not be involved.

[RecycleMichael]

quote:Originally posted by restored2x
This is for janitorial work for doctor's offices.

I will help get you started on recycling.

If janitors do trash, they should offer recycling. I would promote any janitorial company that does it right.

[restored2x]

quote:Originally posted by RecycleMichael

quote:Originally posted by restored2x
This is for janitorial work for doctor's offices.

I will help get you started on recycling.

If janitors do trash, they should offer recycling. I would promote any janitorial company that does it right.

RM: Send me anything you have on recycling as it pertains to janitorial work. It would be really cool (and responsible) to offer "green" cleaning services - or at least as green as possible.

I really would like the business to be offered exclusively to small and medium sized doctor's offices. The name I have chosen is "Scrubs", and the uniform is... you guessed it, scrubs. I've already made the logo.

Green Scrubs.

ALL: Since this is a touch-and-go thing that I'd love to do - any help from any of you who have started local businesses would be greatly appreciated.

PONDER: Female bonding sounds like so much more fun than male bonding. Maybe we'll see some of that at the Happy Hour tomorrow at the Empire. (Just kidding)

If you steal my idea - remember, this post is dated and public!

edited mispelling

[Conan71]

Well, R2X, here's the issue- you are starting the business, there is no business history to go on, so they will go on you.  Depending on how much is at stake will determine whether or not you can be bonded.

Since it is doctor's offices, I may be overstating, but be prepared for a criminal background check and random piss tests.

It could be a whole lot simpler to get bonded when you are cleaning a doc's office in some ways than moving a 60,000 pound piece of equipment into a basement.  Yet not having the business prior to now may cause a problem.

Try Tyler Thomason & Lynch. They have a pretty good reputation.

I'm afraid if you look up bonds in the Yellow Pages all you will find is bail bonds.

[Breadburner]

quote:Originally posted by PonderInc

It's my understanding that "male bonding" is when a bunch of guys get together and drink and complain about their girlfriends and drink some more until they throw up.

"Female bonding" involves talking about boyfriends, husbands, children and friendship until everyone starts crying and hugging each other.  Drinking may or may not be involved.

I thought the latter was called bunko.....[]