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re: Business owners- when did you make the decision?
Posted on 3/29/17 at 11:24 pm to HailToTheChiz
Posted on 3/29/17 at 11:24 pm to HailToTheChiz
Two things for me:
1) I was in sales for a few different companies and knew the people were buying me, not the company I worked for. I knew if for a while, but was just scared to pull the trigger.
2) The collapse in '08 was all the impetus I needed in order to quit and start up my own company. I wasn't let go by my employer, but I knew that it was time to depend on myself instead of others who could have let me go at anytime they pleased.
Everyone thought I was crazy at the time for leaving a secure job, by my own choice, as the economy was imploding.
One of the best decisions I've ever made. The only thing I regret is not doing it a few years earlier.
1) I was in sales for a few different companies and knew the people were buying me, not the company I worked for. I knew if for a while, but was just scared to pull the trigger.
2) The collapse in '08 was all the impetus I needed in order to quit and start up my own company. I wasn't let go by my employer, but I knew that it was time to depend on myself instead of others who could have let me go at anytime they pleased.
Everyone thought I was crazy at the time for leaving a secure job, by my own choice, as the economy was imploding.
One of the best decisions I've ever made. The only thing I regret is not doing it a few years earlier.
This post was edited on 3/29/17 at 11:25 pm
1
Posted on 3/30/17 at 6:06 am to stuntman
I'm 8 months in here. Have not left my full time job. Work several hours per week on average over the course of the month. On pace to generate 15-20% of my current annual salary over the first year.
I'm fairly certain that with the right marketing (I've spent $20 grand total so far in advertising) and time invested via dedicating to my biz FT I could generate the same income I experience now. But the Retirement & Insurance benefits I receive are huge factors that put any notion of striking out totally on my own a few years away. At least.
I look at it as a way to increase my take home pay, lower my taxable income for the first few years and allows us to pay off debt. There may be a time to discuss a plan to make it something I currently don't view it as (my only job as opposed to my side hustle or 2nd job). But sticking with a conservative outlook, I don't see that time in the near future, like I said before.
I'm fairly certain that with the right marketing (I've spent $20 grand total so far in advertising) and time invested via dedicating to my biz FT I could generate the same income I experience now. But the Retirement & Insurance benefits I receive are huge factors that put any notion of striking out totally on my own a few years away. At least.
I look at it as a way to increase my take home pay, lower my taxable income for the first few years and allows us to pay off debt. There may be a time to discuss a plan to make it something I currently don't view it as (my only job as opposed to my side hustle or 2nd job). But sticking with a conservative outlook, I don't see that time in the near future, like I said before.
This post was edited on 3/30/17 at 6:08 am
Posted on 3/30/17 at 9:11 am to HailToTheChiz
Oil crashed. Baby on the way.
Time to get serious and figure out how to grind it out.
Time to get serious and figure out how to grind it out.
Posted on 3/31/17 at 9:16 am to HailToTheChiz
You don't have the mentality to survive at owning a business honestly because you don't seem to have any direction. People who make it that do the 9-5 world several years generally do their side business in their spare time, sometimes for several years before making the leap. You're on an anonymous message board posing a random idea based on something tough that's happening in your life or career. I guess the way to know is when you realize you've built the side business to the point you know you're better off focusing all your time on the side business. And remember this, the easier and more common something is to do, the more competition you're going to have, the more likely you are to run out of money.
Posted on 3/31/17 at 9:23 am to carguymatt
i find the thread interesting that people assume i have a 9-5 job, and that the business would be a "side business" turned main business 
edit: thanks for the responses
edit: thanks for the responses
This post was edited on 3/31/17 at 9:26 am
Posted on 3/31/17 at 9:37 am to HailToTheChiz
Was one of hardest decisions I ever made. I recall sitting in my cube fretting over it for weeks.
Worked for an insurance provider doing administration and inside sales bs right out of college. For one of the big providers. What I do now I've done since graduating high school, I own a pressure washing company. College it wasnt so serious, made cash and had a good time cleaning houses and driveways... I started back at it after my "real job" just to supplement my pay. Got to a point where I couldnt stand sitting in that cubicle any more. Also had hustled enough to where I was confident I could match my current pay. Established some good customers, a solid 10 days of straight work and then jumped. At the time I had a paid off truck, a wife with a career and her insurance. That made my decision easier. In fact still have all of those thankfully. Now things have grown substantially every year and it's definitely what I had hoped for, however took longer than I anticipated. I'm still learning every day and adapting. I anticipate I will until I hang it up. I had a 5 year vision with this, now it's looking like what I'll do until I retire. I'm making significantly more money than I ever did in the cube, my work is actually work and the stress at times is real. When your paycheck literally depends on what you do that particular day you find out what you're really made of.
If you're going to do it, do it sooner than later. I did it when my wife was pregnant. If I would of done it prior to kids, would of probably been a less stressful move.
Worked for an insurance provider doing administration and inside sales bs right out of college. For one of the big providers. What I do now I've done since graduating high school, I own a pressure washing company. College it wasnt so serious, made cash and had a good time cleaning houses and driveways... I started back at it after my "real job" just to supplement my pay. Got to a point where I couldnt stand sitting in that cubicle any more. Also had hustled enough to where I was confident I could match my current pay. Established some good customers, a solid 10 days of straight work and then jumped. At the time I had a paid off truck, a wife with a career and her insurance. That made my decision easier. In fact still have all of those thankfully. Now things have grown substantially every year and it's definitely what I had hoped for, however took longer than I anticipated. I'm still learning every day and adapting. I anticipate I will until I hang it up. I had a 5 year vision with this, now it's looking like what I'll do until I retire. I'm making significantly more money than I ever did in the cube, my work is actually work and the stress at times is real. When your paycheck literally depends on what you do that particular day you find out what you're really made of.
If you're going to do it, do it sooner than later. I did it when my wife was pregnant. If I would of done it prior to kids, would of probably been a less stressful move.
This post was edited on 3/31/17 at 9:41 am
Posted on 3/31/17 at 5:48 pm to Cmk07c
My buddy's dad owns a business and what stands out with him is how he can easily juggle 20 things at once
Posted on 4/1/17 at 9:51 am to Statsattack
Ten years in, best decision of my life. Could not imagine working for anyone now. Make OT money...almost five times what I made working for thr man. Plus the write offs...
Like others said, I did some moonlighting for? about three years. Made a good bit extra and felt I could take those clients and make it work.
Like others said, I did some moonlighting for? about three years. Made a good bit extra and felt I could take those clients and make it work.
Posted on 4/1/17 at 10:06 am to ColdDuck
I just opened my own brokerage for insurance a year ago.
I was offered an agency in Mobile, AL with an already established book, but did not want to leave the gulf coast.
More stress and headaches than I could have imagined, and I am constantly working, but things are going well.
Moving from a suite to a storefront next month, and referrals are coming in everyday.
Like others said repeatedly, should have done it sooner.
I was offered an agency in Mobile, AL with an already established book, but did not want to leave the gulf coast.
More stress and headaches than I could have imagined, and I am constantly working, but things are going well.
Moving from a suite to a storefront next month, and referrals are coming in everyday.
Like others said repeatedly, should have done it sooner.
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