How many here own their own business?

[sledhead_2002]

I put 3 to 5% of there pay into a 401K, I do health ins...Up again this year between 12 and 18% per person, Lots of overtime if they want it, X-mas bonius and Mid year bonous somtimes, Very layed back place to work...More like a Country club...cores they proly don't see it that way
.

RLG, How do you determine bonus? just based on your book and profit? how do you divy it up? I will have a bonus system in place shortly but am looking for ideas on what works for both. What cash amount are your bonus and Xmas bonus? We too are a happy place to work, maybe not country club but not far behind you. A great feeling when the boys tell you what a great boss you are and they enjoy working for ya!

 

[mrh]

For me bonuses are up to a months salary and I start subtracting by how hard I feel you work. How much time you spend on internet, emailing, personal phone calls, coming in late or taking that extra 15 to 20 min on your lunch. I try to be easy going but if it is obvious to me that you are marking down hours that you aren't working than I just take it out of your bonus.

On the flip side I occasionally give more than a months salary for people make me extra money by performing their job better than I expect.

 

[racingpit]

Thanks for the replies guys. Please continue to post your experiences.

I have a 2 online businesses.

You can see the links in my signature.

One brand that I came out with this Spring is Powederriversports.com
I make the Snobunje holder under that brand, as well as the water resistant tool bags. I am working on learning Carbon Fiber techniques so that I can eventually sell some Carbon Fiber parts.

Hoseplugs.com - this is a tool that my friend invented. I sell them for him online. I opened a eBay store under the name hoseplugs.com, and I sell all sorts of snowmobile related items. My business is very small, and I don't have a brick and mortar store. I am a college student right now, so I just run this out of my house. I have had a hard time getting suppliers to let me sell their products in my eBay store so they can protect their dealers- I respect that. However, I do wish I could add some products to my store so I can attract more customers. I am looking for something to sell during the summer, does anyone have any ideas?
http://stores.ebay.com/Hoseplugs

Business is always something that has been interesting to me. I have enjoyed running my business, and love serving my customers.

 

[switchback]

Own an automotive repair facility and 2 rental properties.

http://www.rumriverauto.com

http://www.northwoodsescapemn.com

 

[GODEEP]

Agree with you guys 100%, employee retention is a major issue these days and keepinghte good guys canbe tough. I buy a lunch once a month if we have good attendance, and no issues for the month. the team is strong and solid, I work with them in the plant, bagging, or doing whatever and that is a good thing, letting them see the boss working side by side doing the jobs that they do! Really helps with the team idea when u walk in their shoes!.. As for the free lunch, so far this yr, im 4 lunchs in, about 350.00, and a happy team! what else are you guys doing for employee benifets?

One thing I did that has been awesome for me and my guys is, for the hourly guys. I will just pay them from when they show up till they get off. there has never been a guy to complain about getting their full lunch break or anything, as well as no fighting over the stuip differences in times. saved alot of grief.

Offer health ins. pay 75%
vacation for salary guys
bonus's durring christmas
fun sleddin trips and atv trips
plus I am always owed money from all the damn loans to help guys out. not something I would reccomend.

 

[Wyoming T/A]

VE and i own a auto repair/bodyshop

 

[Motley Doo]

Dad owns a plumbing buisness, made it through 2 years so far and the future looks bright!(knock on wood)

 

[sledneck84]

Put up a building & opened a bodyshop when i was 19, 23 now, married my wife who was starting a graphic design & sign business. She moved in and we both work out of the shop. Been great so far, be better when paid off. Check it out. kinda proud of it.

www.alanspaintandbody.com

 

[bullfrog123]

Nice work sledneck84, like the pics on your site. Also another "exteremely brave man" to work with the wife day to day Keep up the good work. bullfrog.

 

[snow_knight]

Have been around business all of my life.. with family.. and ran my own sprinkler installation busienss in the summers since I was 14..

Have a major in entrepreneurship, finance, and marketing
Sold paintball gear online all the way through college on forums

Took over the family business of making headstones.. and help run our bar in spearfish,sd..

Start my own laser etching business last year.... when i have time

Also have my own skinny contract business.. skin deer, antelope, elk, buffalo, sheep etc.. just during wild game season.. (great money)

Have also invested as a silent partner in a couple local ventures..


ohh.. and i gunsmith on the side ..

 

[Gimpster]

I am opening a Powersports business In around a month. Secured a location today.

----- Gimpster -----

 

[sledhead_2002]

One thing I did that has been awesome for me and my guys is, for the hourly guys. I will just pay them from when they show up till they get off. there has never been a guy to complain about getting their full lunch break or anything, as well as no fighting over the stuip differences in times. saved alot of grief.

Offer health ins. pay 75%
vacation for salary guys
bonus's durring christmas
fun sleddin trips and atv trips
plus I am always owed money from all the damn loans to help guys out. not something I would reccomend.

Good ideas, i have a bunch on hr also so i can related, u run a punch clock or time sheets? I do the time sheet and feel its working ok. ATV & Sled trips, already doing it with customers and employees. How are you guys figuring out Xmas Bonus tho, just a gift or is it a yr end bonus, my yr end is june 30.

 

[kssnow987]

Ditch digger all my life, on my own the last 14 years, started with $ 0.00, proud to say I made it all myself$$$$$$$$$$$$$$$$

 

[redlineguy]

RLG, How do you determine bonus? just based on your book and profit? how do you divy it up? I will have a bonus system in place shortly but am looking for ideas on what works for both. What cash amount are your bonus and Xmas bonus? We too are a happy place to work, maybe not country club but not far behind you. A great feeling when the boys tell you what a great boss you are and they enjoy working for ya!

Last year was down from 06 and were from $1500 to $3500 at X-mas. The top one was for the Guy that runs my Production dept, The others there are less skilled jobs so they get less. In the Tool Room the guy who got the most is a young guy, 25 but he is very good gives the extra effert and when I give him a stack of prints or tell him how to do something I only need to tell him one time and it gets done some of the other guys complane and ask way to many question for someone who has been here 14years..(does not care as much) so there Bonus reflects that. The mid year ones are for the production guys if we are bussy the know it and when we are not that know that too. I started doing this because how much can you pay them?? Everyone always wants a rase but evey job has a limit. If I pay them more Per HR I will be more likly to lay them off when it gets a little slow but know I can try to keep them all thru the slow times and reword them when we are busy. It seems to be working so far ( 3 years ). The mid year bonus was $1,300 top guy and down to $750 last summer. Pluse they all get 2 weeks payed Vaca. 2 guys get 3 weeks. Bad thing is we shut down for 2 weeks in July so they cant take it when that want.







.

 

[sortastock]

I've got a business on the side rebuilding snowmobile and ATV shocks. Pays for the trips each winter! It's called AVID Suspensions

 

[sledhead_2002]

RLG, in the same boat we shut down for 2 weeks in first of July, holidays are rotated around that and a few straglers float out side of that but basically in shut down is when holidays are. Good bonus pd out! Was there understanding with the employees when less cashola was given to them with the down yr? We are having a Bang freakin on year, the euro is high and we are doing alright and i will be giving some bonus out, but want to be careful so they know it was a good year and not to expect this yearly. Any other ideas on how to keep the crew happy? This is a gooder of a thread, i must say.

 

[sledhead_2002]

I am opening a Powersports business In around a month. Secured a location today.

----- Gimpster -----

CONGRATS!! tell more.....

 

[team2]

Own team2powersports.com As mentioned, expect long hours but if you love what you are doing, it is not really work. One of the best descisions I have ever made! It is pretty hard to get me away from work as I love it! Would also love to have a partner but that means more headaches. Sometimes...

 

[Gimpster]

CONGRATS!! tell more.....

The building is on the strip between Bismarck and Mandan ND
Focusing on used Utility ATVs, road bike, sport bike sales and service.
Performance wise, we will be building high output 4 stroke engines for extreme competition use in Mini-Sprints, Dwarfs etc..., rebuild custom bikes on our coffee breaks--- hehehe

----- Gimpster -----

 

[GODEEP]

Good ideas, i have a bunch on hr also so i can related, u run a punch clock or time sheets? I do the time sheet and feel its working ok. ATV & Sled trips, already doing it with customers and employees. How are you guys figuring out Xmas Bonus tho, just a gift or is it a yr end bonus, my yr end is june 30.

I usually do 5% of their yearly salary. basically if you make 30K, I cut ya a check for $1500.

Timesheets, and I put the trust in them to fill them out. new guys, I track as much as possible to make sure they know im watching them. Raise hell about there hours for a few months just for fun. even the guys that have been working hourly for a while still think im writing their times down.. but I dont. I trust them now. I can tell when someones pullin a fast one on me..