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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 3/27/24 at 10:27 pm to biglego
MCA sharks can die in a fire. Sleaziest people of all time selling the worst short term cash deals. During covid I had a handful of clients go that route to plug cash flow issues and are barely making it 3 years later. They are brutal repayment programs.
Posted on 3/27/24 at 11:38 pm to Rendevoustavern
“We’ll give you $150k now (minus a $5k closing fee) and you’ll pay us back $175k in daily payments of $1900 over the next 90 days.” But it’s totally not a loan!
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 6:47 am to halleburton
I don’t know what you guys pushing freedom are talking about. Maybe you’re all a bunch of independent sales reps that hit your monthly numbers early and take a vacation, but everyone I know that has their own business is beholden to it. Sure maybe they can juggle their schedule in ways they couldn’t if they weren’t the boss, but the obligations are much greater than if they were working for someone else.
I'm not saying the trade offs aren’t worth it, most seem to love it. But when I hear people talk about “freedom” I hear “free time” which is not something any small business owner I know often has unless their business is fairly established.
I'm not saying the trade offs aren’t worth it, most seem to love it. But when I hear people talk about “freedom” I hear “free time” which is not something any small business owner I know often has unless their business is fairly established.
This post was edited on 3/28/24 at 6:49 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?
Posted on 3/28/24 at 9:54 am to RummelTiger
quote:
What exactly would you like to know?
Issues getting it off the ground, scaling it up, things you could’ve done differently, etc
Posted on 3/28/24 at 10:01 am to TigerMonkey
I did it in 2016. I never worked harder in my life. Constant calls, trying to come up with advertising strategies and marketing solutions. I was answering emails for hours. I had to do most of the actual work, because I couldn't find competent help. When I would train someone, they would quit a few days later. I wasn't able to pay myself for 3 years.
However, it was very successful. Covid and government restrictions killed us, and we were forced to close last year.
However, it was very successful. Covid and government restrictions killed us, and we were forced to close last year.
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