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Message
Starting a business versus working for someone else
Posted on 11/11/20 at 7:59 am
Posted on 11/11/20 at 7:59 am
How many of y’all have started your own business to get away from working for someone else?
I’m at that point where I’m gauging the security of being employed versus the upside of being the owner and want to hear some stories, anecdotes, tips. I would not be starting from zero, but it would be pretty close and I’m looking at a lean couple of years. Wife and I have put away a decent cushion, but having school aged children definitely makes the thought of giving up security a little tougher.
ETA: To add, some of this is brought on by an earlier thread I started about how much is enough to retire with and how to gauge that quality of life decision in how you save. This is just another leg of that in that I’m wondering if the freedom, flexibility, and upside in owning the business of successful was worth it to some versus chugging along for the next 20-30 years being a part of the machine, albeit comfortable.
I’m at that point where I’m gauging the security of being employed versus the upside of being the owner and want to hear some stories, anecdotes, tips. I would not be starting from zero, but it would be pretty close and I’m looking at a lean couple of years. Wife and I have put away a decent cushion, but having school aged children definitely makes the thought of giving up security a little tougher.
ETA: To add, some of this is brought on by an earlier thread I started about how much is enough to retire with and how to gauge that quality of life decision in how you save. This is just another leg of that in that I’m wondering if the freedom, flexibility, and upside in owning the business of successful was worth it to some versus chugging along for the next 20-30 years being a part of the machine, albeit comfortable.
This post was edited on 11/11/20 at 8:03 am
12
Posted on 11/11/20 at 8:10 am to TigerGrad2011
So many people jump to starting their own business bc they can't deal with their shitty boss. If that's the case for you, find a new company, don't start a new company
Now if you have reason to believe you'd be successful running your own business (more efficiencies, better product, unique in some way that will make money), then go for it. But starting your own business solely due to bad experiences with bosses is not the reason to do it
Now if you have reason to believe you'd be successful running your own business (more efficiencies, better product, unique in some way that will make money), then go for it. But starting your own business solely due to bad experiences with bosses is not the reason to do it
Posted on 11/11/20 at 8:34 am to Upperdecker
It’s a combination of both shitty bosses and a unique skill/industry knowledge and opportunity to do it better.
Posted on 11/11/20 at 8:40 am to TigerGrad2011
If your wife has the benefits through her employer you can piggy back on then why not. Missing out of company sponsored HSA, 401k match and health insurance sucks. I would consult with a financial advisor before making the jump.
Posted on 11/11/20 at 8:54 am to TigerGrad2011
I was in a similar situation and got fired after 20 years.
I wrote a book: How to go from Grief to Relief in 3 short Days.
It worked out well. Looking back I probably got let go because my mind was already out the door.
I wrote a book: How to go from Grief to Relief in 3 short Days.
It worked out well. Looking back I probably got let go because my mind was already out the door.
This post was edited on 11/11/20 at 12:17 pm
Posted on 11/11/20 at 8:54 am to TigerGrad2011
id say make sure you understand what you are getting into.
there is so much more to owning a business than just the day to day shite.
there is so much more to owning a business than just the day to day shite.
Posted on 11/11/20 at 9:12 am to diat150
quote:
id say make sure you understand what you are getting into.
there is so much more to owning a business than just the day to day shite.
This.
Not only do you have to run the day to day shite you also have to run the behind the scenes shite. Taxes, forms, reporting, HR, insurance, so on and so forth. Its not for everyone...yes it has its perks but it definitely has its pitfalls and stressors.
Be prepared to work more than you are currently. Give thought to how nice it might be to leave work on a Friday at 5 and not have to think about work till Monday because its not your baby.
This post was edited on 11/11/20 at 9:15 am
Posted on 11/11/20 at 10:27 am to NOLAGT
I love how everyones response is it must be nice being your own boss. I always tell them no, now the customer becomes my boss. maybe a retail business is different but industrial is a whole different beast.
Posted on 11/11/20 at 10:40 am to TigerGrad2011
Are you the type that works long hours and weekends? If yes, start your own business. If no, you enjoy your life more outside of work, like having your weekends to yourself, then you may not be built for starting your own business.
This is not a moral/value judgement, we're all built differently. Some people work to live and others live to work. You need to figure out who you are.
This is not a moral/value judgement, we're all built differently. Some people work to live and others live to work. You need to figure out who you are.
Posted on 11/11/20 at 11:10 am to TigerGrad2011
How would your industry/company handle the current COVID/Political climate. If the economy is shutdown for 3 months in 2021, how would that affect your new small business?
Posted on 11/11/20 at 11:23 am to Weekend Warrior79
quote:
How would your industry/company handle the current COVID/Political climate. If the economy is shutdown for 3 months in 2021, how would that affect your new small business?
It would actually be fine although possibly a little stunted because of others tightened purse strings. The work is more on me doing my job and it’s not necessarily a face to face job and I don’t need outside supplies that could be disrupted.
Posted on 11/11/20 at 11:27 am to NOLAGT
quote:
Not only do you have to run the day to day shite you also have to run the behind the scenes shite. Taxes, forms, reporting, HR, insurance, so on and so forth. Its not for everyone...yes it has its perks but it definitely has its pitfalls and stressors.
I pretty much have been doing all of that work in my current situation. The difference is I would have a higher volume of it versus my old set up which could lead to an increase work load.
quote:
Be prepared to work more than you are currently. Give thought to how nice it might be to leave work on a Friday at 5 and not have to think about work till Monday because its not your baby.
Part of my thinking is that after the kids go to bed we just watch tv and play on our phones. I have a couple hours a night I feel like I could use to my advantage on a number of the business functions. The weekends and being to leave it behind might be a little rough, but I’ve had to pull a lot of weekend and after hour duty as is. I’ve been extremely flexible in my schedule, and would have to regiment myself a little more which would be an adjustment.
No more messing around with you guys on TD at lunch.
Posted on 11/11/20 at 11:36 am to TigerGrad2011
I work for a family owned company and own a side gig with a family member. I too stay up later than the family by several hours and use that time for extra work...after work. Trust me when I say it can/will get old 
Every situation is different and it may be the right thing for you...but getting burnt out is a real thing when you work all day...and then some at night...and then some over the weekend. I am never truly "off the clock" weather is family vacation or just the weekend.
Perks are great too...for instance I can fuk around on TD during the day if I want because there is no IT department looking at me.
Also conceder if it doesn't work out...will you be able to get back into a position that you are in now making the same kind of $ or will you have to start over someplace.
Every situation is different and it may be the right thing for you...but getting burnt out is a real thing when you work all day...and then some at night...and then some over the weekend. I am never truly "off the clock" weather is family vacation or just the weekend.
Perks are great too...for instance I can fuk around on TD during the day if I want because there is no IT department looking at me.
Also conceder if it doesn't work out...will you be able to get back into a position that you are in now making the same kind of $ or will you have to start over someplace.
This post was edited on 11/11/20 at 11:39 am
Posted on 11/11/20 at 11:52 am to TigerGrad2011
If you can manage your own business then you are much better off with your own business.
I would rather own a snowball stand than work as a VP in some corporate office.
I have owned my own for 30+ years. Some things from my experience you should be ready to do:
1) live cheap---the first 10 or 15 years of my business I would have made much more money working for the man than what I was able to pay myself in the business. The first five years there were months I did not take a salary. More than one year where my wages were less than $25K for the year.
2) be honest with the business---every thing must pay for itself. Don't take money out just because it is there.
3) make sure the family lives within the means too---go with the mindset you will not be able to keep up with Jones whoever the Jones may be in your social circle
4) start a business that has good margins and some barrier to entry---
5) build your own brand---don't for decades promoting some brand somebody else owns (no franchises for example---there are people that make good money with fanchises but there are many more that throw their money into the pockets of the brand owner.)
6) rep businesses are not bad businesses if you have the contacts---your competitive advantage in such business is the contacts you have. Rep business require little capital and can be very rewarding. Your manufacturers will have leverage on you
7) there is a lot of risk in working for somebody else. Ask the people getting laid off in the oil business
I would rather starve working for myself than take big checks working for the man.
I now own a successful branded company and every day I run it like somebody is going to put it out of business.
I would rather own a snowball stand than work as a VP in some corporate office.
I have owned my own for 30+ years. Some things from my experience you should be ready to do:
1) live cheap---the first 10 or 15 years of my business I would have made much more money working for the man than what I was able to pay myself in the business. The first five years there were months I did not take a salary. More than one year where my wages were less than $25K for the year.
2) be honest with the business---every thing must pay for itself. Don't take money out just because it is there.
3) make sure the family lives within the means too---go with the mindset you will not be able to keep up with Jones whoever the Jones may be in your social circle
4) start a business that has good margins and some barrier to entry---
5) build your own brand---don't for decades promoting some brand somebody else owns (no franchises for example---there are people that make good money with fanchises but there are many more that throw their money into the pockets of the brand owner.)
6) rep businesses are not bad businesses if you have the contacts---your competitive advantage in such business is the contacts you have. Rep business require little capital and can be very rewarding. Your manufacturers will have leverage on you
7) there is a lot of risk in working for somebody else. Ask the people getting laid off in the oil business
I would rather starve working for myself than take big checks working for the man.
I now own a successful branded company and every day I run it like somebody is going to put it out of business.
Posted on 11/11/20 at 12:27 pm to JDGTiger
If possible, start it as a sideline while still at your job.
Start it small, test the waters....at some point you'll know whether to jump ship.
Start it small, test the waters....at some point you'll know whether to jump ship.
Posted on 11/11/20 at 1:00 pm to TigerGrad2011
quote:
Part of my thinking is that after the kids go to bed we just watch tv and play on our phones.
This doesn't sound like a business problem, it sounds like a life problem. You could be doing all sorts of things, from skills building in your professional/work area (learning whatever will make you better at your job, or learning what you need for the next great job), taking up a hobby that brings you personal satisfaction, learning a new sport/working out, reading, learning to code, finding a new hobby that your spouse also enjoys, blah blah blah.
There should be more to your life & identity & relationships than work & TV. Think hard about what is truly missing.
Posted on 11/11/20 at 1:05 pm to TigerGrad2011
My advice from someone who has done it before:
1. Don't start a business as an escape from having your income and time tied to the opinions and demands of a boss/company. All you are doing when you start your own business is replacing one boss for another. Your new boss will be 10x more demanding, unreasonable, and will fire you without any even a slight hesitation. It is call the client/customer.
2. Do start a business if you feel that you have an idea, passion, or skill set that gives you 110% confidence that this is your life's destiny. What I mean by that is your new business has to literally be your first born child. It is inseparable from you. You can never, ever, have the possibility of giving up on it anywhere in the back of your mind. Something like a pandemic that nearly shuts it down for a year shouldn't shake your confidence that you are doing the right thing by fighting for it with everything you have. There can be no backup plan once you have fully committed to it.
3. My best advice by far would be to keep your current job and slowly build your new company in your free time. If you say that is not possible because you don't have any free time, then you should abandon this idea entirely. Starting the business on your nights and weekends is how you prove to yourself that you are starting it with commitment and passion and not to make your life easier. Make the early years the hardest part and then you will be set up for success later knowing you are past the hardest part.
1. Don't start a business as an escape from having your income and time tied to the opinions and demands of a boss/company. All you are doing when you start your own business is replacing one boss for another. Your new boss will be 10x more demanding, unreasonable, and will fire you without any even a slight hesitation. It is call the client/customer.
2. Do start a business if you feel that you have an idea, passion, or skill set that gives you 110% confidence that this is your life's destiny. What I mean by that is your new business has to literally be your first born child. It is inseparable from you. You can never, ever, have the possibility of giving up on it anywhere in the back of your mind. Something like a pandemic that nearly shuts it down for a year shouldn't shake your confidence that you are doing the right thing by fighting for it with everything you have. There can be no backup plan once you have fully committed to it.
3. My best advice by far would be to keep your current job and slowly build your new company in your free time. If you say that is not possible because you don't have any free time, then you should abandon this idea entirely. Starting the business on your nights and weekends is how you prove to yourself that you are starting it with commitment and passion and not to make your life easier. Make the early years the hardest part and then you will be set up for success later knowing you are past the hardest part.
Posted on 11/11/20 at 1:39 pm to TigerGrad2011
One of the biggest mistakes is the meaning of being your own boss. It does not mean you can do what you want when you want. It only means you make all the business decisions. The business of you are successful will determine what you do and when you do things.
Posted on 11/11/20 at 7:45 pm to MillerLiteTime
quote:
3. My best advice by far would be to keep your current job and slowly build your new company in your free time.
This is kind of the direction I would move in at first.
Posted on 11/11/20 at 8:03 pm to agdoctor
Sage advice right there. Being the boss is not fun. Running a business is a lot easier when your employees don't drag their crap along with them
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