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Started By
Message
I'm tired of working for someone else.
Posted on 10/10/13 at 2:40 pm
Posted on 10/10/13 at 2:40 pm
I'm tired of helping someone else make lots of money. Don't get me wrong, I am VERY appreciative of my job as it pays the bills. My boss is pretty good and my perks are nice. But every year when my boss leaves on his large boat to spend 3 months in the Bahamas, I die a little.
I don't want to be rich to buy things. I want to change my family tree. I want to break the cycle of working for someone else. My dad is in his 60's and is a great man but has no outlook on retirement anytime soon. I don't want to be him. I don't want to be in my 60's as a tire salesman still working for someone else.
Where do I start? What do I look for? I've been scouring craigslists' business section and have come across a few businesses for sale but I have no capitol, no experience in valuing a business and I'm too chicken to make the jump.
Business owners how did you do it? what motivated you? Was it a hobby? A skill? Where did you get your money to start? How many times did you fail?
I'm married with a child. Mortgage and a car note that need to be paid.
I buy and sell things for some spare cash every now and then and I have flipped a few houses for small profits but it seems like the people with the most security in their future are my boss and the owners of our subcontractors. (i work for a small home builder). I can't go out and start a construction company because I have a non-compete signed with my current company. I know there are ways around it but I find that very unethical as my boss has been great to me. Or do I lack that killer instinct that business owners need to succeed?
I don't want to be rich to buy things. I want to change my family tree. I want to break the cycle of working for someone else. My dad is in his 60's and is a great man but has no outlook on retirement anytime soon. I don't want to be him. I don't want to be in my 60's as a tire salesman still working for someone else.
Where do I start? What do I look for? I've been scouring craigslists' business section and have come across a few businesses for sale but I have no capitol, no experience in valuing a business and I'm too chicken to make the jump.
Business owners how did you do it? what motivated you? Was it a hobby? A skill? Where did you get your money to start? How many times did you fail?
I'm married with a child. Mortgage and a car note that need to be paid.
I buy and sell things for some spare cash every now and then and I have flipped a few houses for small profits but it seems like the people with the most security in their future are my boss and the owners of our subcontractors. (i work for a small home builder). I can't go out and start a construction company because I have a non-compete signed with my current company. I know there are ways around it but I find that very unethical as my boss has been great to me. Or do I lack that killer instinct that business owners need to succeed?
13
Posted on 10/10/13 at 2:45 pm to lsaltee
What about becoming one of these subs you are talking about. Maybe one of the subs could be doing a better job for your boss. I have personally seen construction co's start that way.
This post was edited on 10/10/13 at 2:45 pm
Posted on 10/10/13 at 2:48 pm to jmtigers
I have thought about that in the past. Maybe time to revisit it. 2 of my superintendents left to start their own companies but both came from framing labor backgrounds and do most of the work themselves. I am middle management with a degree and little hands on experience as far as labor goes.
My other issue is that I would need to get more than just my bosses business to succeed. something i would have to look into.
My other issue is that I would need to get more than just my bosses business to succeed. something i would have to look into.
Posted on 10/10/13 at 2:48 pm to lsaltee
A manager works for his employees. A salesman works for his customers. A CEO works for his board.
Posted on 10/10/13 at 2:54 pm to lsaltee
quote:
I'm too chicken to make the jump.
This prettt much sums it up. Your boss probably has balls.
You don't get ahead in life playing safe
Posted on 10/10/13 at 2:57 pm to I Love Bama
quote:
I Love Bama
how did you make the jump to being your own boss?
Posted on 10/10/13 at 3:09 pm to lsu711
quote:
A manager works for his employees. A salesman works for his customers. A CEO works for his board.
A small business owner works for everyone
Posted on 10/10/13 at 3:14 pm to yellowfin
Interested...
Posted on 10/10/13 at 3:52 pm to yellowfin
quote:
A small business owner works for everyone
This is definitely true. But there's something about the freedom and pride in something you've built that would make all the difference.
I feel very much like the OP.
Posted on 10/10/13 at 3:58 pm to lsaltee
I am in the beginning stages right now of getting started with a business. I was able to find something in my day job, more or less, a better process to do something that I believe would benefit the masses. I am trying to take that and basically make a business out of it. There is no guarantee that any of this will work but the thought of not trying it and wondering the rest of my life what would have been killed me so I am just making the jump.
Posted on 10/10/13 at 3:58 pm to lsaltee
quote:
how did you make the jump to being your own boss?
By saving up enough that I could live at least 2 years without ever being paid. Then I jumped.
Posted on 10/10/13 at 4:24 pm to lsaltee
quote:
how did you make the jump to being your own boss?
I'm currently not my own boss. Mt R.E. business grows every year and I fully expect it to be full time in 10 years.
Posted on 10/10/13 at 4:47 pm to I Love Bama
First step is to change your attitude and be optimistic. Develop a killer instinct and go out and kick some arse.
Posted on 10/10/13 at 6:45 pm to lsaltee
quote:
I want to change my family tree.
Very noble.
I have no good advice for you other than to save money so you have some buffer it you do make the leap. Most small business fail, or struggle, so be sure you are doing something you can at least make a decent living doing.
It's really too late for me, but I have paid off my house and cars and am saving money so that I can retire early, and then hopefully find something I want to do to make a little money and then it might be fun. I've been in the workforce for 31 years now and I need about 6 more to get where my goal is.
Good luck to you!
Posted on 10/10/13 at 7:01 pm to lsaltee
You're always working for someone. If you're the owner you're working twice as hard, minimum.
Posted on 10/10/13 at 7:17 pm to lsaltee
Tomorrow is my last day at my current job. Start a new one Monday which puts me in a position to go out on my own in two years.
I'm very similar to you. My Dad has a really good job and just hit 35 years with his company. He's 56 and still gets up 5 days a week and drives into BR traffic and is there til 5 on Friday. I want the freedom moreso than the wealth (although that's a nice perk).
I'm very similar to you. My Dad has a really good job and just hit 35 years with his company. He's 56 and still gets up 5 days a week and drives into BR traffic and is there til 5 on Friday. I want the freedom moreso than the wealth (although that's a nice perk).
Posted on 10/10/13 at 8:08 pm to foshizzle
Hard work is not what I have a problem with. I get that most small business owners sacrifice large amounts of time but the reward is much sweeter if you can make it work.
Posted on 10/10/13 at 9:45 pm to lsaltee
If you are licensed do your own work on the side. You can charge less and make a lot more. Just stay way of his clientele.
Posted on 10/10/13 at 9:59 pm to lsaltee
I have several family members who have businesses. They range from single person consultant to 500 employee contractor. One of them told me to just go do something you like. If you work hard and never tell people no, it will evolve into a niche where you are meeting unmet needs even if totally different from where you started.
This post was edited on 10/10/13 at 10:00 pm
Posted on 10/11/13 at 9:08 am to lsaltee
Believe me when I say that owning your own business is not the utopia some make it out to be. Especially if it is labor intensive.
A large portion of the general workforce sucks and decent, dependable employees are few and far between.
When you are an employee, you answer to the boss.
when you are the owner, you answer to the bank and/or business partners, you answer to the customer, and you answer to the employee. Your business depends heavily on these groups and they know it. And all can be very demanding.
Employees have a lot of options that business owners don't. Most small and medium business owners are married to the job. You can never get away from it.
Sounds like you already have a decent gig working. Does your boss have a succession plan for the business? Maybe he would be interested in cutting you in. You might be surprised at what he has to say.
A large portion of the general workforce sucks and decent, dependable employees are few and far between.
When you are an employee, you answer to the boss.
when you are the owner, you answer to the bank and/or business partners, you answer to the customer, and you answer to the employee. Your business depends heavily on these groups and they know it. And all can be very demanding.
Employees have a lot of options that business owners don't. Most small and medium business owners are married to the job. You can never get away from it.
Sounds like you already have a decent gig working. Does your boss have a succession plan for the business? Maybe he would be interested in cutting you in. You might be surprised at what he has to say.
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