Join Early Retirement Today
Reply
 
Thread Tools Display Modes
College Student Internship Update
Old 10-24-2006, 12:14 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 12,880
College Student Internship Update

Last year my daughter (then a freshman in college) signed up for a summer internship with College Works Painting , a program run by National Services Group. She's now done and I thought I'd update you on how it went, in case any of your kids are interested in something like this.

Summary: The company is reputable, and the experience was a good one. DD learned a lot, although she ended up not making enough to cover her living expenses for the spring/summer.

She ran her own painting company after some training in marketing, painting and estimating. She bought equipment and paint, and hired crews to do the work. The training and marketing started in March, and so it interfered a bit with school work.

Once school was out she worked seven days a week interviewing and hiring, and going door to door seeking painting contracts.

By the end of the summer she had booked and completed $60,000 worth of painting jobs. CWP takes 40% of that, which left $36K. She spent 19K on payroll and 10K on paint, supplies and equipment. The result was about 7K for her.

Where she went wrong was with expenses that were too high. That is, she paid her painters too well, and bought paint that was too expensive. Her expenses were about 50% of the gross revenue whereas many of the interns had expenses of only 25%.

Bottom Line: A program like this is worth considering.
__________________
Al
TromboneAl is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: College Student Internship Update
Old 10-24-2006, 12:31 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Jan 2004
Posts: 2,049
Re: College Student Internship Update

Now that she has the equipment and the expertise, could she do it again next year? She'd save the franchise fee, which would make it a pretty worthwhile summer.
eridanus is offline   Reply With Quote
Re: College Student Internship Update
Old 10-24-2006, 01:30 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 12,880
Re: College Student Internship Update

There was a non-competition clause in the agreement.
__________________
Al
TromboneAl is offline   Reply With Quote
Re: College Student Internship Update
Old 10-24-2006, 01:45 PM   #4
Thinks s/he gets paid by the post
Sheryl's Avatar
 
Join Date: Apr 2004
Posts: 1,463
Re: College Student Internship Update

So maybe she could apply her newly gained expertise to another field (like duct cleaning? )
Sheryl is offline   Reply With Quote
Re: College Student Internship Update
Old 10-25-2006, 11:52 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 12,880
Re: College Student Internship Update

Much as I admire TheFed, I'm not sure I want him as a mentor for my daughter.

I'm hoping that she'll get a nice, boring, non-risky job this summer.
__________________
Al
TromboneAl is offline   Reply With Quote
Re: College Student Internship Update
Old 10-29-2006, 10:41 AM   #6
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,179
Re: College Student Internship Update

Quote:
Originally Posted by TromboneAl
Much as I admire TheFed, I'm not sure I want him as a mentor for my daughter.

I'm hoping that she'll get a nice, boring, non-risky job this summer.
Well, she already has the addresses of the people that bought her services last summer...why not teach her how to do some follow-up marketing, and sell some other product/service to her previous clients? (assuming that they were pleased with her painting ).

CWP takes ****40%**** of gross receipts!!!?!?!?!? Damn, I need to start my franchise rip-off gimick scheme business
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Re: College Student Internship Update
Old 10-29-2006, 02:41 PM   #7
Recycles dryer sheets
 
Join Date: Feb 2006
Posts: 403
Re: College Student Internship Update

Quote:
Originally Posted by TromboneAl
There was a non-competition clause in the agreement.
I'm not sure a more than 12 month non-compete clause on "painting houses" anywhere is entirely enforceable.
macdaddy is offline   Reply With Quote
Re: College Student Internship Update
Old 10-29-2006, 05:22 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 12,880
Re: College Student Internship Update

I figured 40% was pretty reasonable. The company provided lots of training (marketing, estimating, painting) and handled all payroll paperwork. There was also a district manager that helped with a lot of things. The name and company behind it also helped significantly (shirts with logo, web site, etc.).
__________________
Al
TromboneAl is offline   Reply With Quote
Re: College Student Internship Update
Old 10-29-2006, 09:50 PM   #9
Thinks s/he gets paid by the post
Sheryl's Avatar
 
Join Date: Apr 2004
Posts: 1,463
Re: College Student Internship Update

I thought 40% seemed high at first, but now that you explain the details, I can understand it.

What have you decided to do, Al?
Sheryl is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Kids & College Empty Pockets Other topics 73 02-17-2007 09:49 AM
College Savings/Aid Update TromboneAl Other topics 10 07-07-2006 08:45 PM
Credit card for college student Sam Other topics 11 04-19-2006 02:01 PM
College Cost Sharing/Structuring TromboneAl Other topics 6 05-03-2005 07:34 AM
College savings and "fairness" malakito Other topics 23 03-03-2005 05:11 PM

» Quick Links

 
All times are GMT -6. The time now is 08:28 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.