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Message
About to take my second step to independance
Posted on 5/21/13 at 12:41 pm
Posted on 5/21/13 at 12:41 pm
So my wife and I have built a small home service business that is now grossing around 30k a month. We have 3 employees and we are to the point where the business needs my attention full time. The problem is that we never felt like it was right for me to take the salary that I am comfortable with out of the company. We feel like we are killing out business by having me come aboard because we'd drain our funds to expand.
Well I figured out a way to solve it. I will be taking a graveyard shift making half of what my normal yearly salary is but it will allow me to do 2 things. 1. Ensure that all of our bills are paid (and I still have health benefits) and 2. Allow me to focus on my business during the day, full-time. I'll be working around 80 hours a week but I feel like this is the next step in my companies growth and is worth it.
Our company needs me to push it forward and I'm super excited about the next phase of our life and business.
For those that have taken the steps or similar steps do you guys have any thoughts?
Well I figured out a way to solve it. I will be taking a graveyard shift making half of what my normal yearly salary is but it will allow me to do 2 things. 1. Ensure that all of our bills are paid (and I still have health benefits) and 2. Allow me to focus on my business during the day, full-time. I'll be working around 80 hours a week but I feel like this is the next step in my companies growth and is worth it.
Our company needs me to push it forward and I'm super excited about the next phase of our life and business.
For those that have taken the steps or similar steps do you guys have any thoughts?
7
Posted on 5/21/13 at 12:46 pm to lsufanintexas
I have no advice, but best of luck! 
Seems you have the mindset and drive to really make this thing work!
Seems you have the mindset and drive to really make this thing work!
Posted on 5/21/13 at 12:49 pm to lsufanintexas
Sounds like a conservative plan, keeping a full time job until you see if the business grows. I’ve worked 80 hours in a week and it takes its toll. Does your wife take a salary out of the business? It seems like one of you should be able to.
Posted on 5/21/13 at 12:59 pm to lsufanintexas
quote:
I'll be working around 80 hours a week but I feel like this is the next step in my companies growth and is worth it.
I worked 70ish a few times at a previous job. That experience taught me that I never want to do that crap again, so I have tons of respect for folks like you who are willing to bust their asses to become financially independent. Good luck!
ETA: there are several posters here who work for themselves, so you'll get some good advice over the next couple of days.
This post was edited on 5/21/13 at 1:00 pm
Posted on 5/21/13 at 1:09 pm to ZereauxSum
So let me be clear. The full-time position will only be my safety net.
Right now I've figured that I will be working in the field with my employees 15 days out of the month, the rest of the month I can spend either a. relaxing(not an option), b. getting new business, or c. optimizing our processes.
I will probably do a combo of all 3. So right now it looks like initially I'll be working 80 hours but over the next 3 months once I start, I'll reduce that down to 50-60 hours total working a week.
We are doing pretty well but I want to make sure our bills are paid first and secondly that I'm not affecting the company negatively.
And yes my wife takes a small salary from the company each month. About $1600 for administrative and inside sales work.
Right now I've figured that I will be working in the field with my employees 15 days out of the month, the rest of the month I can spend either a. relaxing(not an option), b. getting new business, or c. optimizing our processes.
I will probably do a combo of all 3. So right now it looks like initially I'll be working 80 hours but over the next 3 months once I start, I'll reduce that down to 50-60 hours total working a week.
We are doing pretty well but I want to make sure our bills are paid first and secondly that I'm not affecting the company negatively.
And yes my wife takes a small salary from the company each month. About $1600 for administrative and inside sales work.
Posted on 5/21/13 at 1:21 pm to lsufanintexas
Good luck!
You like a handy man or something?
You like a handy man or something?
Posted on 5/21/13 at 1:33 pm to lsufanintexas
quote:
lsufanintexas
Posted on 5/21/13 at 1:50 pm to lsufanintexas
quote:
small home service business
What is that - what service do you provide?
Posted on 5/21/13 at 1:51 pm to wegotdatwood
or something, we are normally booked out 3 months in advanced so we have a little cushion.
I'm scared shitless though. I'm also super excited because I know I can deliver.
I'm scared shitless though. I'm also super excited because I know I can deliver.
This post was edited on 5/21/13 at 2:03 pm
Posted on 5/21/13 at 2:07 pm to lsufanintexas
Good Luck to you
Posted on 5/21/13 at 3:04 pm to lsufanintexas
Pay yourself as little as possible from your business as long as you possibly can. I didn't take a dime for the first 6 months after I was in it full time and gave myself gradual raises as the business grew to the level to support me.
Posted on 5/21/13 at 3:54 pm to ZereauxSum
quote:
I worked 70ish a few times at a previous job.
walk in the park. i used to do 98.
Posted on 5/21/13 at 4:52 pm to Fat Bastard
quote:
walk in the park. i used to do 98.
14 hour days, 7 days a week? I'm going to avoid that park thanks
Working for one's self is different, but I've never been a fan of sitting in the office for all of my waking hours just to impress people and put in face time.
Not saying that's what you were doing, but in my experience that's what it usually amounted to.
Posted on 5/21/13 at 5:32 pm to ZereauxSum
quote:
Working for one's self is different, but I've never been a fan of sitting in the office for all of my waking hours just to impress people and put in face time.
This is my situation now but won't be for much longer.
Posted on 5/21/13 at 9:41 pm to lsufanintexas
quote:
This is my situation now but won't be for much longer.
Yeah it's for the birds. It's been one of my priorities ever since to avoid situations like that for the rest of my career. Congrats on taking the steps to get away from that
Maybe after the kids move out I'll have the guts to strike out on my own
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