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Posted on 8/8/24 at 2:08 pm to North Dallas Tiger
quote:
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
Every country in the world is more free than us
Posted on 9/30/24 at 2:00 pm to TigerinATL
quote:
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.
This is true. My wife runs her own business. She is generally up by 5AM doing something social media related for the business. She works a lot of Saturdays due to being retail and not being able to find good people recently.
The flipside to all of this is the amazing opportunities she has to personally impact people. No parent has EVER paid for funeral clothes. Once the girls find out, that parent doesn't pay. Period. There are lots of hugs and crying when that happens.
We've been in business long enough for our employees to become customers. It's really rewarding to see a little high school girl work for us, go to college, and then come in with their big girl job, husband, and kids.
I don't get an opportunity to do that in my cubicle job.........
Posted on 9/30/24 at 2:06 pm to Bettylawrences
quote:
Running a small business can feel like riding a rollercoaster. There are days when everything goes smoothly, and then there are those crazy times when it feels like you're juggling flaming torches.
This sums it up. Electrical contractor for over 10 years. Clients don't pay, or an employee gets hurt on the job. I've had an employee cause a 3-car accident that totaled all 3 vehicles with multiple injuries. I've had employees fall through ceilings. Now you're losing money on little service calls/projects or breaking even, at best.
Then you have a nice contract for a 10k sq ft house that goes flawlessly and you get a fat paycheck.
I'd agree with both the "freedom" and the "married to it" aspects. I have tremendous flexibility in my schedule. Go golfing, shoot some clays, hit happy hour with some friends. I can take multiple vacations a year, but I'm never truly on vacation. My phone is still always ringing, and I always have to take a computer. Some days I can leave the office by 10:30, meet my wife(no pics) for lunch, and head home by noon. I've got a ton of dove flying over my ranch, so there have been several days I haven't even left the house till 10:30. Other days, I'm at the office for 16 hours and don't get home until after midnight.
I doubt I would ever be able to go back to a typical 8-5 M-F job, even if it meant a secure paycheck with no risk.
Posted on 9/30/24 at 3:09 pm to TigerinATL
quote:
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.
Even owners of fairly established businesses can struggle with free time. The business I own and run is 68 years old and I have 50ish employees. 50 hour work weeks for me are the norm. That doesn't mean I can't duck out and "play a round," (I don't play golf) but I am on the clock 24/7.
Lots of pros and lots of cons to owning your own business. The pros, for me, far outweigh the cons, but that doesn't mean it's not fricking hard. It is very hard. It takes balls. You don't really know stress until work dries up and you have to figure out how to make payroll next week. I have 50 families that rely on me to do my job, and do my job well. I can't let them down. That is a heavy burden that most W2 guys don't understand. I did not understand it until I took the reins.
Posted on 9/30/24 at 3:12 pm to foosball
Go find a business to buy. Starting from scratch is very difficult and you already know the likelihood of success.
This post was edited on 9/30/24 at 3:14 pm
Posted on 9/30/24 at 3:13 pm to BottomlandBrew
This x10000
Posted on 9/30/24 at 3:23 pm to CalcasieuTiger
find a cpa that you trust and also an insurance guy that will explain the risks well and help you navigate what coverages you need while you get off the ground.
Posted on 9/30/24 at 3:28 pm to foosball
Yes. Best decision I’ve ever made. I live and die by my own decisions. They’re not always right or the best decisions, but sleep well at night knowing I control my future.
People are the hardest part. Managing people and expecting them to think like you can be overly frustrating, but it’s rewarding when it works out.
Have a good plan. Ask for input. Run it by people in similar situations. Manage expenses with a fine-tooth comb in the beginning.
People are the hardest part. Managing people and expecting them to think like you can be overly frustrating, but it’s rewarding when it works out.
Have a good plan. Ask for input. Run it by people in similar situations. Manage expenses with a fine-tooth comb in the beginning.
Posted on 9/30/24 at 3:35 pm to foosball
Not many will get this
Posted on 9/30/24 at 3:43 pm to BottomlandBrew
quote:
You don't really know stress until work dries up and you have to figure out how to make payroll next week
This. This and This.
I would also add that sometimes I feel like it is extremely difficult to establish hard line with customers. They know you're small. They know your livelihood depends on them, and they always take advantage.
Posted on 9/30/24 at 3:54 pm to TigerinATL
quote:it greatly depends on the business. i went from corporate hospitality/hotels where you are on call 24/7/365 and start at 5am/end at 11pm on good days...to construction where its M-Th 8ish to 4ish and i take off any time i want. i hust got back from a week in colorado for example.
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.
so, it is different for everyone
to the OP, its great when business is good and its not so great when it isnt. make sure you are choosing a business that is in demand, or that you have something personally worth selling to your customers. you have to have an advantage
Posted on 9/30/24 at 4:01 pm to foosball
Started mine 25 years ago. I still rarely get vacation time. I feel like I'm married to this bitch but she pays me well and treats me right.
Posted on 9/30/24 at 4:02 pm to foosball
quote:
Anyone here who quit their corporate job to start a business?
I did. But the business never started. It helped contribute to my divorce as it reinforced to my wife that this was another bad decision. Whether right or not, this was her perception, and this is what she believed.
My unsolicited advice. If you are married, and you care and want to be married, include your wife and ask for her perspective. Listen to her. Get her blessing.
Don't do it on your own, or without her consent. If you do, I can guarantee you one of two things. Your business may thrive, but your marriage won't. Or your business may fail, and likely your marriage will as well.
Anger, resentment, and disrespect are things you want to avoid in a marriage. Don't invite them in by doing something selfish.
Have a solid business plan. And be able to adjust. Quickly, but logically.
This post was edited on 9/30/24 at 4:04 pm
Posted on 9/30/24 at 4:17 pm to Chad504boy
quote:pretty much this
It’s great if you make money. Sucks if you don’t.
Posted on 9/30/24 at 4:19 pm to Will Cover
For the business owners in this thread , how did you fund the business initially to get it off the ground?
Posted on 9/30/24 at 4:24 pm to foosball
Take in laundry before you take in partners.
Posted on 9/30/24 at 4:25 pm to Howyouluhdat
Savings.
We had 7 months' living expenses.
In 1997.
We had 7 months' living expenses.
In 1997.
Posted on 9/30/24 at 4:27 pm to foosball
24 years ago I left a chemical plant job I had been at for 9 yrs. Everyone thought I was crazy and so did my wife. Here I sit today with 26 employees, my only debt is the mortgage on the building where the business is in, and it should be paid off in 3-5 yrs.
It was an absolute GRIND to get here, and the wife and I put in many hours to get it to where it is. The last 10-12 yrs have been easy. by comparison. to the first 10-12 and the last 3 have been awesome. Financial freedom and spend more time fishing and golfing than working! My wife is my one and only business partner.
I actually left the plant to start a different business than what I've been doing for the last 20 yrs. But when I had my first business it showed me there was a need for something different, so I sold the first business after 4 years and started the business I've had for the last 20 yrs.
It was an absolute GRIND to get here, and the wife and I put in many hours to get it to where it is. The last 10-12 yrs have been easy. by comparison. to the first 10-12 and the last 3 have been awesome. Financial freedom and spend more time fishing and golfing than working! My wife is my one and only business partner.
I actually left the plant to start a different business than what I've been doing for the last 20 yrs. But when I had my first business it showed me there was a need for something different, so I sold the first business after 4 years and started the business I've had for the last 20 yrs.
Posted on 9/30/24 at 4:38 pm to Howyouluhdat
quote:
For the business owners in this thread , how did you fund the business initially to get it off the ground?
What are you trying to fund? The only guaranteed success is to start very small and work hard on the nights and weekends until you can leave your day job.
If the business requires serious up front money, why? You should reconsider that unless you have significant experience. With social media and the internet there’s so many ways to start a side hustle now that’s nights and weekends to work out some kinks and gain knowledge and experience on how to make money.
There’s tons of successful businesses that have one small slip up and go bankrupt. You have to have the ability to overcome financial issues and unexpected expenses and the best way to do that is to start small and keep a healthy amount of savings.
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