I want out!

[polaris dude]

Really? Honestly, I thought the time was ripe now to start a business. My thought process was currently there are not enough jobs in the economy so wages are going down due to a high demand for jobs so employers could fill positions at lower wages.

I figured/am hoping in the next couple years we will see a trend in more people working for small businesses.

 

[line8]

I can see both sides as current timing on start up or business purchase. A start up is never easy and quick anyway. A purchase would allow the possibility of a great purchase price given our times of economic fear. Depending on the type of business and determination will certainly have a huge factor. My wife just shut down her business a few months ago. She purchased it a couple years after I started mine but it wasn't something that she has wanted to do for years and years. It was something she just wanted to do and had an opportunity to do it and she jumped on it. After 3 years or so when things got challenging, the love wasn't there to buckle down on it. For me, when I feel the challenge or pressure, because I don't see it as a job, it is actually fun for me, I am able to put my head down and charge ahead with whatever the challenge is. That isn't a personality type, it's more of love for what you do. I think if you have a good plan, there is a demand, you have a determination and a strong stomach the fear of the current and looming future challenges can be minimized. As far as employees go, that is a whole other topic in my opinion. For the last 2 years, I've had the lowest grade employees I've had in all my years of employing people.

 

[AZ800]

I have a good friend who's a residential contractor. He is VERY successful (Chicago area) but the guy never stops working. Of course neither do I, avg 60+hrs a week, BUT, I can put in for vacation and leave it all behind for a week or 2. This guy used to go on trips/vacations with us and our other friends. Now, the more successful he is, the more busy he is, hasn't gone on a trip in 3? years. Maybe he's just OCD about his business, dunno.
I was very close to doing the exact same thing as him out of college, actually had a pretty good start in the biz already by being self employed during the summers, work was booming and made crazy money (for a 21 year old kid with a hammer, saw and nail gun) and for yrs thought I made a mistake by working for the man.
Well now, I wouldn't risk it with a family, great benefits, namely awesome health insurance and a wife who's had $1M in medical bills in the last several years.
I still run the #'s and I'd have to do VERY good at my own business to be where I'm at now financially.
That said, everyone's stiuation is different and I still contemplate it regularly. Namely, buying forclosures and flipping them. I saw how well the guy that bought our most recent house did on it, selling it to us, and we got a deal, comparatively speaking, and this guy was/is an old lazy POS. WHereas I have teh knowledge, tools, cash to get started and a strong enough back to still do my own work. I feel I could do well, but that business won't be as lucrative once the economy turns around. Of course if the economy straighten up Icould get into building instaed of flipping I spose.

Here's an idea. You have 2 weeks a month free time. Why not find a business to start that you could do part time on your time off? Not sure what that is??, but you'd keep the security of your current job and if it wasn't successful you'd have your job to fall back on. If it was successful, you just figured out how to make money working part time and could drop your job and still have 2wks a month off doing what you like.

 

[crashnbash]

Here's an idea. You have 2 weeks a month free time. Why not find a business to start that you could do part time on your time off? Not sure what that is??, but you'd keep the security of your current job and if it wasn't successful you'd have your job to fall back on. If it was successful, you just figured out how to make money working part time and could drop your job and still have 2wks a month off doing what you like.

That is probably the best advice given so far. Think about how much money it takes to pay your bills now, then add in your expected business operating costs. It may be some time before the new business can generate enough money to pay its own operating costs let alone pay you enough to pay your own bills.

 

[polaris dude]

And if it was chemistry those first couple years would be the activation energy necessary to overcome the bonds of the molecules/your money.

 

[CANNONMAN]

Are you motivated? I started for a cntractor when I was 9 years old sweeping floors and cleaning the shop. Natural progressionhad me buying a ****hole of a house at 17 and being a junior in high school and flipping it. All with my bosses help of course. Kept doing that for a few years. It was a lot of work and the homes were the worst you could find. Have now been self-employed since 21 and can say it is the best decision I have ever made. You need to be able to adapt. For instance we were building very high end Homes and when that started to dry up in WI we needed to switch to remodeling which is doing fantastic. All the homes we built in the last 25 yrs now need some type of work. Being flexible and watching trends is key along with being able to put in a lot of hours. There really are no shortcuts and you will get out of it what you put in. Some days I see buddies who have regular jobs and envy them, but there is no way I could ever work for anyone. The money has been more than my wildest dreams could have imagined for a high school graduate. The flexibility for me is the greatest thing. For example, I am always looking for something new and different. Just yesterday I bought a 53' sailboat in NC and am going there next week. Being able to just up and do something like that is worth a ton to me and would be very hard to do working for someone. I bought this lodge the same way. Honey, it followed me home, can I keep it! Just my way, neither right or wrong but I already know what I have in mind is going to be succesful. Nearly everyone I know that is self-employed would not have it any other way. It will be a lot of work and if you only work 14 days a month now, that may be tough to give up, but the benefits can be very desireable. Now employees thats another matter!!!!!!!!!!!!!!! lol Oh, just a thought, have you ever thought about buying a lodge?

 

[Jaynelson]

My whole adult working career I've either been self employed or on 100% commission.

I owned my own business for just over 5 years. Bought it just out of college with a combination of loans I scrounged up (Credit Union, other bank, Dad, aunt, random people off the street, etc). It was a franchise gas station, so you kind of got the worst of both worlds....all the perils of being self employed, but still have to report to territory managers lol. Paid back my loan in the first couple years working 6-7 days a week. I had minimum staff and whenever someone got sick, needed vacation, etc, it's on you to cover it. There's no such thing as a sick day without coming up with a creative solution. I stayed after hours figuring out accounting, reports and mechanical problems that would have otherwise been out of my comfort zone. I wouldn't say it was easy, but it taught me just how much sh!t you can cram into 1 day if you HAVE to. The last couple years I owned it, I ran with a bit more staff and started my current job on the side. I was making really good cash for my age and area.

I kinda snapped out of it a couple years ago, sold the business and just kept my day job. I realized that I'd gone 5 years of my mid-20's without spending more than 2 consecutive nights "on vacation," and I wanted to get out a little more before marriage, kids, etc, etc.

My current job is still 100% commission....so a lot of the downs are still there....start every month with no money made, crappy vacation, all days off are unpaid, no OT, etc, etc. BUT I don't feel bad taking vacation, calling in sick is a possibility, etc. After a couple years of working for the man tho....I just don't get out of it what I did working for myself. I'm in the same boat....trying to figure out what else I can start up.

If nothing else, you need to understand that with working for yourself (same as commission); the highs can be REALLY high and the lows potentially REALLY low. If you've always worked on a salary/hourly system, that might be hard to wrap your head around.

The key is finding the right business that YOU enjoy. If you enjoy it and can appreciate the end outcome, the work just happens. I had/have no idea how many hours I put into the business in a week. Never bothered to add it up or worry about it. You work until it's done and then start again the next day!

 

[TS Drag Racer]

A few years ago I'd say go for it, but this day and age starting a new business isn't what it used to be. I own a construction company, we do everything from building custom homes, to mainly exterior remodeling, which consists of primarily seamless steel siding, windows, doors, roofing, seamless gutters. The costs of materials, fuel, freight, insurances, advertising, work comp, you name it have gone through the roof! Luckily for me I've always kept my name very good and in these tuff economic times I've been relying on lots of referrals. With being in business for over 20yrs and building up a huge clientele list, it's saved my @ss the last couple years. Outfits with even pretty good names are dropping like flys I've noticed, especially over the last year in a half or so.

I would say this, if you're going to step out on your own, do some serious homework on the business you have in mind. Plan accordingly far as start up costs, put together balance sheets, have at least six months of reserve cash on hand in anticipation of slow months, that may loom ahead. If and when you decide what that business is and get it off the ground, treat your customers like gold! News paper adds, bill board ads, none of it means squat if you drag your name through the mud. I've always had a saying "One happy customer will bring you another, piss one off and they'll cost you twenty." Happy customers are your #1 source of future prospects hands down. I've done very well with my business, but I've honestly thought and wondered to myself if I could build it to where it's at right now, starting in todays tuff economic times. Without the huge referral base I've built up over the past 22 years, I think it would be really tuff. I'm not saying it's impossible, just much harder than it would have been say 6yrs ago. I was extremely driven, I would eat, breathe, and sleep my business and that's what it takes to make one fly.

While my employess were at home with their families, I would still be out making bids, then coming home figuring out the bids, taxes, payrolls, you name it. Then you have all the responsibilities of keeping the customer happy, making sure every thing from your employees, equipment, etc is running smoothly. It takes a special person to make a successful business fly. If you are extremely driven you can do it, but if you go into it just half throttle forget about it, especially in this day and age of what it costs to do business. Hopefully I've been able to shed some insite for you, and if you have any questions just shoot me a Pm, I'll be happy to answer any for ya. Good luck......... Mike

 

[NapaMatt]

Hmm.. Some Very Great INFO here!!


Sounds like you have it very well off!

X2.. use your days off to build and or start your "Side Biz".... Knowing this your not going to open up a retail store.. and only be open 14 days a month.. But maybe a HVAC Gig!

But i will say.. Dont make your "Hobbie" your BIZ!

I love what i do, and who i am around all day..

Side info. Self Employeed going on 7 years, Always wanted to become a TECH, after wreching all day i didn't want to come home and wrench on my own toys. Light bulb came on.. Well working For NAPA.. Why Dont i just Stay on the "Clean" side of the counter, i love what i do and i always talking Cars and trucks and toys! That came after working for napa for 7 Years!!!

I worked seven days a week, up till 2 years ago. No down to 6 days a week.. 75 Hrs a week.. i work!

Yes, Employees..... make a New thread on that one, i have too many bad stories in that Dept. Now.. i do it all my self.. NO employees!! Only one why to do it right, i'll do it MY self!

Make sure you never sell ur Sled, or ur Four wheeler.... Cause you will need a Stress Reliver!! For the not so good days!

No Bad days here.

Just some are better then others!!

Think Positive!! Dream BIG!!!

Good Luck! Matt