- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Small business owners
Posted on 3/27/24 at 9:00 pm
Posted on 3/27/24 at 9:00 pm
Anyone here who quit their corporate job to start a business? Would be interesting to hear some experiences. I have some ideas of what I could do but I know it’s a grind to get it off the ground
13
Posted on 3/27/24 at 9:02 pm to foosball
this is the only country on planet earth where you can rise from the bottom class to the top in one lifetime without major tax restrictions - God Bless America
Posted on 3/27/24 at 9:10 pm to foosball
Have a financial cushion because that not getting paid every two weeks thing can be a bitch sometimes. Other than that, working for myself is a lot nicer than working for someone else.
And find a small business oriented cpa.
Private Health insurance for your family is no joke. Hopefully, your wife can work a state or federal job and get those sweet benefits.
And find a small business oriented cpa.
Private Health insurance for your family is no joke. Hopefully, your wife can work a state or federal job and get those sweet benefits.
This post was edited on 3/27/24 at 9:13 pm
Posted on 3/27/24 at 9:11 pm to foosball
It’s great if you make money. Sucks if you don’t.
Posted on 3/27/24 at 9:12 pm to foosball
Sometimes, I just wanna be a ditch digger.
Posted on 3/27/24 at 9:12 pm to foosball
Few recommendations:
-build up a nice nest egg if possible beforehand, income will likely be lower than your current job for a 6-24mos
-a working spouse helps tremendously to provide income and stability for your family
-IMO the benefits outweigh the risks, if it goes south you can always go back to employment
-timing is important: family, upcoming promotions, young kids, etc
It’s not for everyone, but I truly think everyone should try at some point. Even if it doesn’t work out, there is always the fallback of going back to your old field. Probably won’t make you a million bucks, but the freedom (and stress at times) are incredible for your work-life balance.
-build up a nice nest egg if possible beforehand, income will likely be lower than your current job for a 6-24mos
-a working spouse helps tremendously to provide income and stability for your family
-IMO the benefits outweigh the risks, if it goes south you can always go back to employment
-timing is important: family, upcoming promotions, young kids, etc
It’s not for everyone, but I truly think everyone should try at some point. Even if it doesn’t work out, there is always the fallback of going back to your old field. Probably won’t make you a million bucks, but the freedom (and stress at times) are incredible for your work-life balance.
Posted on 3/27/24 at 10:08 pm to foosball
did it 25 yrs ago and never looked back
Posted on 3/27/24 at 10:11 pm to foosball
Whatever you do, do not take out merchant cash advances.
Posted on 3/27/24 at 10:25 pm to foosball
Jumped 6 years ago after a bonus check cleared. Bought a start up business in something I was interested in, skyrocketed during Covid but grew outside my comfort zone. Sold and bought another business that is more my speed. Income is a bit lower than I want but a year or two of effort through quality growth strategies and it’s solid.
Buying a business/job/revenue stream was easier for my second business than the first given the experience.
Buying a business/job/revenue stream was easier for my second business than the first given the experience.
Posted on 3/28/24 at 12:16 am to foosball
I had an engineering background and worked in production, development and management. A supplier recruited me into tech sales and I did that for a while before starting my own company. Looking back I think learning every aspect of my job helped me later when I went on my own. I had saved a nice stash to get started but still, those first 4 years were slow growing even though I made much more than with a corp. I was off and rolling by year 5 and never looked back. Start small and don’t get in over your head financially.
Posted on 3/28/24 at 3:53 am to foosball
I’ve done it twice. One is still thriving and successful. The other is still around but we sold our stake in it quickly after opening due to disagreements with partners.
I’m currently 10 months in on a new business. Much better partner this time around. Still haven’t paid myself yet.
I’m currently 10 months in on a new business. Much better partner this time around. Still haven’t paid myself yet.
Posted on 3/28/24 at 6:30 am to foosball
quote:
Anyone here who quit their corporate job to start a business? Would be interesting to hear some experiences. I have some ideas of what I could do but I know it’s a grind to get it off the ground
The grass is not always greener. Lot of long hours and hard work especially to start.
Let me also say, I joke with college age kids now to “go to college so you can get a job working with college graduates”. I own a small business that employees mostly non college graduates, and dealing with people that have no life ambitions but have to show up just to pay their bills week to week is never enjoyable. The job market is heavily in employees favor right now so plan on that if need be.
But, one of the best parts about being a business owner is still making money when you are off work.
This post was edited on 3/28/24 at 6:31 am
Posted on 3/28/24 at 6:53 am to foosball
Learn how to live lean, make sacrifices, and make sure you’re comfortable having tough conversations and firing people because managing people is the toughest part. But it’s overly rewarding when it works out.
Posted on 3/28/24 at 7:31 am to foosball
quote:
Would be interesting to hear some experiences.
There’s a lot to unpack there.
What exactly would you like to know?
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News