Tuesday, July 23, 2013

Understand Money Management Issues With Contracting From Florida Contractor School

By Guy Stannard


Florida contractor licenses can be obtained by sitting for and passing a licensing exam administered by the Construction Industry Licensing Board (CILB). Many candidates enroll into a course so that they have an almost certain guarantee of passing the state or county license examinations. It's not just about getting licensed, though, because students get to learn a lot about both the technical and business aspects of the trade.

Many sign up to understand money management issues with contracting from Florida contractor school courses. These courses are about learning how to run a stable business and be financially responsible. Students will learn how to move from being just another skilled worker to becoming a successful business owner.

The curriculum of this course includes the basics of financial planning and the practical aspects of accounting. They will learn about money and debt management, handling credit, investments, asset protection, insurance, risk management, etc. All of this is not just about learning things on paper, because the course has both short and long term benefits.

State law specifies that applicants seeking a contracting license must be deemed to be financially responsible. In order to prove this, they need to have a credit score of at least 660 or above, or must be bonded. A $10,000 bond is needed for Division II contractors, while those classified under Division I need a bond of $20,000.

This bond amount may be reduced in half if the applicant takes a CILB-approved financial responsibility course. In other words, the aforementioned course in money management will help contractors save money in getting licensed. Not to mention all the skills and concepts imparted that will come in handy to run a successful business.

Certified contractors will teach students who join such courses that help them obtain Florida contractor licenses. The tutors usually have extensive experience running contracting businesses. They will guide candidates and help them prepare for the licensing exam, and teach students all the tips and tricks of the trade that are essential for contractors.




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