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re: Questions For Those Of You Who Run Their Own Business
Posted on 2/19/18 at 10:33 am to OweO
Posted on 2/19/18 at 10:33 am to OweO
quote:
Did you start off with three? Or did you start with one and work up to three?
Started with one. Purchased an existing unit that was under-performing and worked 16 hour days, 7 days a week for almost 2 solid years. Once I got it turned around and saw I could make a decent living at it, I built a second location in another state. And then another.
The key is to always work harder than your employees. It sets an example. Plus, your presence means a lot to customers and vendors. The poorly managed restaurants we discuss almost weekly on here, are poorly run likely because they have absentee owners. Nobody will look after your business as well as you will.
This post was edited on 2/19/18 at 10:35 am
0
Posted on 2/19/18 at 10:36 am to OweO
It is good to have enough savings, and income from spouse, to cover yourself for about a year.
Most of the time, you will know within 6-8 months if what you have started will work.
Good Luck.
Most of the time, you will know within 6-8 months if what you have started will work.
Good Luck.
Posted on 2/19/18 at 10:36 am to OweO
Two examples:
I bought into a franchise in '08. My thought was following along a proven business plan would be easier than forging my own way. Initial investment of 45k and a small percentage of sales. My downfall was the franchise I bought into was a niche(which is good), but was considered a luxury(bad). By EOY '09 and the economic downturn, I was forced to find another job - oh, and I was in the middle of a divorce. I managed to make my investment back, but it was crawling and scraping.
My brother owns a company. He was locked up at 20 for 7 years in prison for a couple drug charges. He used that time to learn a trade. Once he was out he put his head down and worked, worked more, then worked even more. He had major hurdles to jump at every turn. He started his company about 7 years ago. In that time, he's grown his company to 6 crews and north of 3 mil in sales.
The difference to me: I knew I had a "parachute". I could go find another well paying job because I was educated, experienced, and in demand. He did not have that parachute. He had the stigma of being an ex-con and if he was going to make a good living he was going to have to make his plan work - no option for failure.
I bought into a franchise in '08. My thought was following along a proven business plan would be easier than forging my own way. Initial investment of 45k and a small percentage of sales. My downfall was the franchise I bought into was a niche(which is good), but was considered a luxury(bad). By EOY '09 and the economic downturn, I was forced to find another job - oh, and I was in the middle of a divorce. I managed to make my investment back, but it was crawling and scraping.
My brother owns a company. He was locked up at 20 for 7 years in prison for a couple drug charges. He used that time to learn a trade. Once he was out he put his head down and worked, worked more, then worked even more. He had major hurdles to jump at every turn. He started his company about 7 years ago. In that time, he's grown his company to 6 crews and north of 3 mil in sales.
The difference to me: I knew I had a "parachute". I could go find another well paying job because I was educated, experienced, and in demand. He did not have that parachute. He had the stigma of being an ex-con and if he was going to make a good living he was going to have to make his plan work - no option for failure.
Posted on 2/19/18 at 10:38 am to OweO
I like filling cracks
It's funny b/c I fill cracks on windshields, hahahaha
It's funny b/c I fill cracks on windshields, hahahaha
This post was edited on 2/19/18 at 10:57 am
Posted on 2/19/18 at 10:47 am to OweO
OweO
We give you a lot of shite on here but most of think you’re alright
We give you a lot of shite on here but most of think you’re alright
Posted on 2/19/18 at 10:47 am to OweO
quote:Check,
- My threads suck.
- I suck.
- The fact I put run in my title is crazy funny.
- I am an attention whore.
Check,
Check,
and Check
The OP actually got better at the end Chris.
As in wheely better, you were rollin’!
Posted on 2/19/18 at 10:49 am to OweO
Build a start up within your means. Don't take loans out to get a jump start. A new business can not absorb the overhead.
Don't let the wife know what the business is making. She will spend accordingly, and chew your profits away.
Test market what you want to do as a side gig, first. See if you have enough connections to sustain full time. If not, there is nothing wrong with a small business to supplement the grind.
I am in this phase, after having my own business, previously. Built up a few other successful business for employers, and wondering why mine did not take off the first time. Building contacts is very important, especially if you have relocated to an area that you did not grow up. Here in Houston, it is hard to get contracts if you did not go to grade school with someone, screw their sister, kids play sports together, or whatever. There has to be a connection beyond just being good at what you do.
Don't let the wife know what the business is making. She will spend accordingly, and chew your profits away.
Test market what you want to do as a side gig, first. See if you have enough connections to sustain full time. If not, there is nothing wrong with a small business to supplement the grind.
I am in this phase, after having my own business, previously. Built up a few other successful business for employers, and wondering why mine did not take off the first time. Building contacts is very important, especially if you have relocated to an area that you did not grow up. Here in Houston, it is hard to get contracts if you did not go to grade school with someone, screw their sister, kids play sports together, or whatever. There has to be a connection beyond just being good at what you do.
Posted on 2/19/18 at 10:50 am to OweO
I’m just here to upvote your OP.
Posted on 2/19/18 at 10:51 am to FlyinTiger93
quote:
I am in this phase, after having my own business, previously. Built up a few other successful business for employers, and wondering why mine did not take off the first time. Building contacts is very important, especially if you have relocated to an area that you did not grow up. Here in Houston, it is hard to get contracts if you did not go to grade school with someone, screw their sister, kids play sports together, or whatever. There has to be a connection beyond just being good at what you do.
Well...get on it!
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