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re: Do you have your own business?
Posted on 6/16/15 at 3:27 pm to Cheesy Beaver
Posted on 6/16/15 at 3:27 pm to Cheesy Beaver
Craziest challenge was starting a remodeling business during the recession
I do not recommend this
Taxes are no fun, and seemingly, I add no monies into the profit side until July every year, expenses at every turn
I am starting to find my groove - finally
I do not recommend this
Taxes are no fun, and seemingly, I add no monies into the profit side until July every year, expenses at every turn
I am starting to find my groove - finally
0
Posted on 6/16/15 at 3:50 pm to Cheesy Beaver
quote:
I would have to imagine that is a very awkward situation.
Firing a partner? I was in a position of strength and he brought nothing to the table other than some money. I paid him off and let him go. The business was built around my expertise.
Posted on 6/16/15 at 3:55 pm to tgrbaitn08
quote:
quote:
what are some of the craziest challenges you've encountered?
paying taxes
Just paid estimates yesterday. I hate my government every time I write one of those checks, knowing how poorly it is spent. I really want to see a law that requires people to write a check to their employer for their withholdings before they can receive their paycheck. The psychological impact of writing a check for taxes is just this side of soul crushing.
Posted on 6/16/15 at 4:46 pm to Cheesy Beaver
I'm starting my own. I've been approved for a 2 million dollar investment from an angel investment group...just going through the process of closing it now. Very frustrating because things keep getting delayed
Posted on 6/16/15 at 4:53 pm to deltaland
2 questinos.
1) what business? Catfish?
2) Why in the devil's tarnation would anybody give you 2 mill?
1) what business? Catfish?
2) Why in the devil's tarnation would anybody give you 2 mill?
Posted on 6/16/15 at 4:57 pm to Cdawg
I started my business with a deposit check from a client. I can't imagine beginning a business owing two million.
This post was edited on 6/16/15 at 4:57 pm
Posted on 6/16/15 at 5:07 pm to Cheesy Beaver
I work with a lot of businesses. The biggest issue I see is managing their cash flow. Its a mystery to me how some treat it like a personal piggy bank and then wonder why things aren't going well. Another issue is they get an accountant to structure things so their tax returns show that the business isn't making a lot of money. Then when they need financing, the bank looks at the tax returns, sees the lack of revenue, and turns them down.
So many owners start their business because they are good at one particular thing and before they know it, they're doing a bunch of things unrelated to what they're good at. They refuse to adapt or refused to stay disciplined.
So many owners start their business because they are good at one particular thing and before they know it, they're doing a bunch of things unrelated to what they're good at. They refuse to adapt or refused to stay disciplined.
This post was edited on 6/16/15 at 5:11 pm
Posted on 6/16/15 at 5:26 pm to johnnyrocket
If you don't mind me asking, which hardware stores?
Posted on 6/16/15 at 6:11 pm to Cheesy Beaver
Whether to shave and get dressed that day or not.
Posted on 6/16/15 at 6:34 pm to Cheesy Beaver
Early on I put way too much emphasis on work and felt like my wife and kids were neglected. The fear of failure is a great motivator, so it all worked out in the end.
Another challenge early on was raising capital. Even with strong sales, profits and a solid business plan, the banks wanted lots of collateral but wouldn't use my inventory to give me a line of credit. Now that I don't need them much, their money is readily available.
Another challenge early on was raising capital. Even with strong sales, profits and a solid business plan, the banks wanted lots of collateral but wouldn't use my inventory to give me a line of credit. Now that I don't need them much, their money is readily available.
This post was edited on 6/16/15 at 6:37 pm
Posted on 6/16/15 at 6:40 pm to FairhopeTider
quote:
So many owners start their business because they are good at one particular thing and before they know it, they're doing a bunch of things unrelated to what they're good at
You talking to me?
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