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re: Who here has started their own business?
Posted on 5/8/18 at 9:47 am to Mingo Was His NameO
Posted on 5/8/18 at 9:47 am to Mingo Was His NameO
quote:
You work 24/365? You will for the first decade of being a business owner
I’m an exception as my business is my side job but I work about 20 hours a week, I wouldn’t work more than 36-40 if I did it full time and I’d make enough to live happily. Mine’s a service job so maybe that has something to do with it, plus I’m the only employee. I do well and don’t take it that serious, other than making a screen name on TD from it. I know quite a few business owners that live well and don’t let it affect (effect?) their family life or anything. If it’s a 24/365 type thing than it’s simply not worth it.
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Posted on 5/8/18 at 9:51 am to VABuckeye
quote:
They fail because of inexperience managing a company and its finances or because they're under capitalized primarily.
I agree that is one of many reasons your business can fail. Start an amazing restaurant in the wrong area or wrong market and it will fail. You might have a great product, but be a lousy salesman or vice versa. Lots of successful business owners can overcome those shortcomings and make it work. But even if you have a run of success, the market can change.
Some industries are more difficult to be a small businessman in. A buddy of mine is a fantastic civil engineer with a great product, but he is going up against large corporations with their three piece suits and national expertise. These other firms often have someone with a seat at the table shaping the RFPs to keep smaller fish out of the mix. He is making it work, but the first five years he made less than an entry level engineer. Even now when business is better, he probably makes less than I do, and I don't have any of the headaches or stress that he does. Ten years from now, it might be a different story.
I grew up in a family run business, and its not for everyone. 80-90% of the population is just not cut out for it. I have a side interest that I hope to turn into a fully sustaining business one day, but its still a couple years from fruition.
If you hear all of the downsides and you still want to jump in, you are either an idiot or you are cut out for starting your own business... or both.
Posted on 5/8/18 at 9:51 am to BamaCoaster
quote:
Have fun. There is a reason you're going on your own. Make time to enjoy life.
Best advice yet
Also, don't forget to advertise, having a building with a sign up isn't gonna be enough. You need to advertise, radio, internet, whatever. Get your business name in front of people as much as you can. Restaurants are the worst, I realize it's a tough business, but just popping up a building with a big sign simply only sustains them for so long, especially if they are new. Advertise as much as you can afford to
This post was edited on 5/8/18 at 9:54 am
Posted on 5/8/18 at 10:16 am to windshieldman
quote:
windshieldman
quote:
Also, don't forget to advertise, having a building with a sign up isn't gonna be enough. You need to advertise, radio, internet, whatever. Get your business name in front of people as much as you can. Restaurants are the worst, I realize it's a tough business, but just popping up a building with a big sign simply only sustains them for so long, especially if they are new. Advertise as much as you can afford to
Not sure this advice is applicable just yet without knowing more about what industry or business he wants to get into or start.
My total advertising budget through <24 months: $20
No business cards. No website. No print. No electronic media.
Just a FB page & an Instagram Account. The former is essentially dormant. The latter of which is 70/30 personal/business.
Posted on 5/8/18 at 10:24 am to GFunk
Well that is true, does depend on the type of business
Posted on 5/8/18 at 10:42 am to Retrograde
I lost my job last year and started my own business, primarily consulting. Took a while for it to get going but am now making more $$ than I did while working.
Although one of my clients is pushing to hire me full time. They are pre-IPO and looking for an exit event in the next 2-3 years. The potential $$ might be too much to ignore.
They also built the job just for me.
Although one of my clients is pushing to hire me full time. They are pre-IPO and looking for an exit event in the next 2-3 years. The potential $$ might be too much to ignore.
They also built the job just for me.
Posted on 5/8/18 at 12:04 pm to brian_wilson
That is a route I would love to take but I am just unsure about finding clients
Posted on 5/8/18 at 12:32 pm to OceanMan
I cold called and it worked. I started a blog a while ago and just called peole and pimped my blog. it worked too! resulted in 2 clients.
Posted on 5/8/18 at 12:41 pm to brian_wilson
Our marketing and advertising budget is near zero. I didn't have business cards until two years ago and we're in year 8. It's amazing how much business you can get by getting out there and meeting people and doing what you say you're going to do when you say you're going to do it. Right now we're at 96.1% of last years gross sales and our margins are up.
Know you numbers. Know them inside and out and always be aware of the companies current financial standing.
Know you numbers. Know them inside and out and always be aware of the companies current financial standing.
Posted on 5/8/18 at 12:41 pm to brian_wilson
What line of work you in? My background is accounting, working in public again and know it isn’t where I want to be
Posted on 5/8/18 at 3:49 pm to OceanMan
digital marketing.
Posted on 5/8/18 at 9:06 pm to brian_wilson
Started my side gig a little over a year ago. Due to some unforeseen circumstances it became my full time gig shortly after. Towards the end of last year I bought an existing business that fit into mine and things have been going well so far.
Still working on the marketing strategy. Word of mouth has been the most successful for me so far as I'm sure it is with most service based businesses.
Similar to Ocean I've made enough so far this year (a part of my business is very seasonal) to cover personal and general business expenses but not enough yet to start sinking money back into the business for growth.
Still working on the marketing strategy. Word of mouth has been the most successful for me so far as I'm sure it is with most service based businesses.
Similar to Ocean I've made enough so far this year (a part of my business is very seasonal) to cover personal and general business expenses but not enough yet to start sinking money back into the business for growth.
Posted on 5/9/18 at 5:16 am to SLafourche07
A little ways through year 7 for me. Best decision I could have made for what I do for a living. But it has been a rollercoaster for sure. I only “work” about 35 hours a week “in” the business, but def work at least that much “on” the business as well. It’s funny bc the primary reason I started my own business was to work less. That’s laughable now.
Posted on 5/9/18 at 5:52 am to gsvar2004
quote:
It’s funny bc the primary reason I started my own business was to work less.
No offense but that's just about the worst possible reason to start a business. As you've learned you get out of it what you put in.
Posted on 5/9/18 at 6:49 am to VABuckeye
quote:
the primary reason I started my own business was to work less.
quote:
No offense but that's just about the worst possible reason to start a business.
If his goal was to make a living and spend more time with his family, how is that the worst?
Posted on 5/9/18 at 12:08 pm to ATLdawg25
Because it just doesn’t work like that if you want to have a successful business. You need to be driven.
Posted on 5/9/18 at 2:08 pm to VABuckeye
quote:
No offense but that's just about the worst possible reason to start a business. As you've learned you get out of it what you put in.
no offense but you know nothing about my situation and what i quit to do what i do now.
Posted on 5/9/18 at 2:27 pm to gsvar2004
I know how to run a business and I know what it takes to be successful.
You said the reason was to work less. I merely pointed out that among the list of reasons to start a business that reason ranks pretty low on the list. But what do I know? I've only been a business owner for 19 years.
You said the reason was to work less. I merely pointed out that among the list of reasons to start a business that reason ranks pretty low on the list. But what do I know? I've only been a business owner for 19 years.
Posted on 5/9/18 at 2:55 pm to Retrograde
The answer to this is to continue to slave away and make money for someone else. Just make sure it is for someone with a small business of their own and with an interest in transitioning the company to you when he retires. This route takes patience, humility, and more work, but is a good way to mitigate short term risk and learn what you are in for.
Posted on 5/9/18 at 3:16 pm to VABuckeye
quote:
You said the reason was to work less. I merely pointed out that among the list of reasons to start a business that reason ranks pretty low on the list. But what do I know? I've only been a business owner for 19 years.
Not every business is the same. For instance, I am paid for my expertise. I make more money now and work less than I did when I was a wage slave due to the expertise.
This post was edited on 5/9/18 at 3:16 pm
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