He began his business 12 years ago by bidding on small jobs and saving money after each project. Michael Hosteen also increased his equipment by buying used tools and vehicles from companies that were going out of business.
Now the owner of Hosteen Wade Electric LLC, an electrical contracting business serving residential, commercial and industrial clients on the Navajo Nation and throughout the Southwest, is closer to his goal of becoming a federal government contractor.
He has partnered with the general contracting company, the Sparrow Group, which is undergoing the U.S. Small Business Administration’s 8(a) program, a nine-year SBA certification process offered to diverse business owners designed to strengthen their ability to compete in federal contracting. Hosteen will apply for the program when the Sparrow Group has completed its certification under the SBA’s Mentor-Protégé program.
The Navajo entrepreneur trained for five years under the New Mexico Joint Apprenticeship and Training Committee for the Electrical Industry, then became a member of the International Brotherhood of Electrical Workers Local Union 611 in New Mexico before opening his own business.
Some of the biggest jobs came after meeting a general contractor who offered him electrical work on the remodeling of grocery stories while taking his licensing test.
“We did two jobs for him and the general contractor liked our work so he started asking us to bid with them to get those contracts,” said Hosteen, who is based in Prewitt, NM.
While moving toward the federal certification, Hosteen and his eight employees are also continuing to do electrical work on the Navajo Nation for veterans homes and the wiring in multi-story buildings such as office space in One Park Square in Albuquerque.
Hosteen said The Loan Fund has been particularly helpful with the lines of credit, which help him purchase materials before a job starts. The Loan Fund also aided in setting up payroll for his employees and provided other financial advice.
The keys to success he said are “finding a good financial place to help you meet your goals and help you out in general.”