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Started By
Message
Business owners- when did you make the decision?
Posted on 3/29/17 at 9:17 am
Posted on 3/29/17 at 9:17 am
When did you finally decide to start up the business yourself and quit working for another?
What pushed you to make the decision?
Tough spot right now. I'm weighing whether to start my own business in the next few years but obviously several factors involved.
Right now my job benefits are steady good pay, some flexibility, but no other benefits. I like the folks I work with as well
What pushed you to make the decision?
Tough spot right now. I'm weighing whether to start my own business in the next few years but obviously several factors involved.
Right now my job benefits are steady good pay, some flexibility, but no other benefits. I like the folks I work with as well
10
Posted on 3/29/17 at 9:39 am to HailToTheChiz
do it when you are young and stupid and have nothing to loose. Bought my own business when I was 30 and it has been great for me, but today at 45 I would not do the same deal
This post was edited on 3/29/17 at 10:02 am
Posted on 3/29/17 at 9:55 am to Tigerpaw123
I'm not a huge Dave Ramsey guy, but his analogy of starting your own like stepping onto a boat from a dock holds true. You want to wait until the boat is next to the dock, not jump from 3 feet or you risk falling in.
Even if you have plenty of cash to last a while without income from your new business, you need to have some type of revenue/income from business on your own before you start just so you aren't jumping wildly.
The 'right' time to start is when you have enough income from your own business that you can survive financially without a W-2 position also.
But there's also plenty of times people quit because they are unhappy or their w-2 is headed into a bad spot.
Even if you have plenty of cash to last a while without income from your new business, you need to have some type of revenue/income from business on your own before you start just so you aren't jumping wildly.
The 'right' time to start is when you have enough income from your own business that you can survive financially without a W-2 position also.
But there's also plenty of times people quit because they are unhappy or their w-2 is headed into a bad spot.
Posted on 3/29/17 at 9:58 am to HailToTheChiz
quote:
Business owners- when did you make the decision?
I left a secure company and industry after 6 years. Simply got tired of the travel and being away from my family every week. I missed too much.
I'm in the process of trying to get my business off the ground. It's been a long process filled with highs and lows, stress and more stress, however I am optimistic that I am considerably closer today than I have ever been.
And being able to lay my head down on my own pillow in my own bed every night is something I don't want to lose anytime soon again.
This post was edited on 3/29/17 at 10:01 am
Posted on 3/29/17 at 10:11 am to baldona
quote:
Even if you have plenty of cash to last a while without income from your new business, you need to have some type of revenue/income from business on your own before you start just so you aren't jumping wildly.
The 'right' time to start is when you have enough income from your own business that you can survive financially without a W-2 position also.
So to start a business, you already need a profitable business?
None of what you said makes any damn sense at all.
Posted on 3/29/17 at 10:14 am to Will Cover
quote:
being away from my family every week.
I'm getting to that point in my life as well. I feel I will be making the jump in the 1-2 years into my own business, just haven't figured out exactly product/service it is going to be. That has always been the road block for me. How did you decide "This is what I'm good at and what people are willing to pay for"?
Posted on 3/29/17 at 10:15 am to HailToTheChiz
quote:
Tough spot right now. I'm weighing whether to start my own business in the next few years but obviously several factors involved.
Right now my job benefits are steady good pay, some flexibility, but no other benefits. I like the folks I work with as well
That right there is why the majority of small businesses you see are run by immigrants. These immigrants are fearless about failure and don't care about sacrifice to achieve their end goal of freedom. Nevermind that many don't even have a formal education, but the fact you're contemplating staying in the 9-5 grind over "benefits" and decent pay is all I need to tell you that you're not ready to own your own business. When you're a kid they tell you to get an education so you'll always have something to fall back on right? If you go start a business and it fails, do you not think something similar to your old job would be available? I'm willing to bet it would, but you're still timid. A business owner almost has to be reckless in a sense that you can't be so fearful and you have to just go with the flow. Some fail, some succeed, but people that are scared don't stand a chance.
Posted on 3/29/17 at 10:16 am to southernelite
quote:
So to start a business, you already need a profitable business?
None of what you said makes any damn sense at all.
He said quit his current employer. And yes, many if not most people do side work or have side income outside of their W-2 employer before quitting. That can be as simple as a contract or promise of new business before you quit your W-2.
You really think most people literally leave their employer one day with 0 things done for themselves and start at ground 0 for themselves the next day? That's not how it works.
Posted on 3/29/17 at 10:20 am to dabigfella
quote:
It is better to try and fail than fail to try
I do not have time to reinvent the wheel.....it is why I am looking into buying a franchise to go with other streams of income. However i am not risking my proven winners for it. i may have to get a business loan.
Posted on 3/29/17 at 10:21 am to HailToTheChiz
Posted on 3/29/17 at 10:22 am to baldona
One thing that really helps imo starting off, is having a business model with a somewhat endless stream of business. For example, if you are starting a restaurant don't start off only doing lunch or dinner but as many meals as possible. If you are just selling burgers it makes it more difficult.
In the beginning you need to have a very proven business model from experience, or be willing to work your tail off until you do. You want to try and find a business model where you are turning down work because it doesn't pay enough or you don't have enough hours to work it, rather than have a business model where you are trying to scrap up enough business to survive.
In the beginning you need to have a very proven business model from experience, or be willing to work your tail off until you do. You want to try and find a business model where you are turning down work because it doesn't pay enough or you don't have enough hours to work it, rather than have a business model where you are trying to scrap up enough business to survive.
This post was edited on 3/29/17 at 10:23 am
Posted on 3/29/17 at 10:25 am to HailToTheChiz
quote:
but no other benefits.
i take this as no health insurance? 401k? paid vacation? bonuses? meh. don't sweat it.
I had none of that either when contracting through my S-corp. have my own retirement accounts like most. Had insurance through wife's plan at the time. You may be best off keeping day job and burn that midnight oil until you can leave job. my $.02
Posted on 3/29/17 at 10:27 am to lilsnappa
quote:
How did you decide "This is what I'm good at and what people are willing to pay for"?
I'm preparing to go into an industry that has shown considerable growth the last 5 years and will increase by 33 % in the next 5 years as well.
I'm also very good at it and have a passion for doing it.
I'm hopeful that the projected growth, coupled with my passion and business experience (in other industries) will allow me to become successful when I look back on it.
This post was edited on 3/29/17 at 10:31 am
Posted on 3/29/17 at 10:29 am to dabigfella
quote:
is why the majority of small businesses you see are run by immigrants.
indian nationals sure have bought up all the old motels in georgia and california last few times i was there working. crazy.
Posted on 3/29/17 at 10:29 am to baldona
quote:
You really think most people literally leave their employer one day with 0 things done for themselves and start at ground 0 for themselves the next day? That's not how it works.
I did. Gave three weeks notice. And left. Cold turkey. In hindsight, it may not have been the best idea, because that's all it was at that time - an idea (nothing written, so I can't call it a plan).
But I'm very thankful and grateful that I was able to do it. I've made up for a lot of missed time. Sure, there are other stresses that have been created, but we are in a better financial position today than we ever have been.
Posted on 3/29/17 at 10:33 am to Fat Bastard
quote:
indian nationals sure have bought up all the old motels in georgia and california last few times i was there working. crazy.
Indians dominate my industry too, the thing with them is they work in cohesive family units its amazing. A friend of mine in my industry that I've gotten to know over the years is an indian man with 40+ gas stations and his entire management system is family. He has his wife,brothers, sisters, brother & sister in-laws, kids, nieces,nephews.The entire operation is run by his family and he says its incredible bc he has all the help that I struggle to find in running my business.
Foreigners tend to have tighter knit families and in the small business world you need all the help you can get, so that combined with their drive to work as many hours as it takes to succeed makes them very successful in the small business world.
Posted on 3/29/17 at 10:40 am to dabigfella
quote:
the thing with them is they work in cohesive family units its amazing.
yep. i saw that as well. I could never trust one of my BIL to work for me.
Posted on 3/29/17 at 10:54 am to Will Cover
quote:
I did. Gave three weeks notice. And left. Cold turkey. In hindsight, it may not have been the best idea, because that's all it was at that time - an idea (nothing written, so I can't call it a plan).
It happens sure, but OP asked for advice and no one should recommend that. All I'm saying is ideally you work for you w-2 while drumming up side business on nights and weekends that doesn't compete directly with your W-2, then once you have enough side business to where you are comfortable going out on your own you do it.
Benefits are extremely overrated to stay with an employer over. Health insurance is extremely easy to get on your own, retirement is just a percentage of your gross salary, and most of everything else is just a percentage of your salary also. Just include them in your gross pay.
Posted on 3/29/17 at 10:57 pm to HailToTheChiz
I just couldn't stand having a boss any longer and the idea of working for a salary got depressing...I also always wanted to start my own deal...did it w/ partners.
Posted on 3/29/17 at 11:11 pm to cwill
I was given the keys to the golden handcuffs, so the decision was made for me. Single at the time, and willing to work my tail off. Bought a failing business, turned it around and sold it after 10 years. Started the process over in a different field.
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