TheSamba.com :: View topic - Who Has Started their Own Business and what to expect?

Mon Jun 09, 2008 2:03 pm

looking for advice and stories.

Mon Jun 09, 2008 2:48 pm

We only have to work half a day, and it doesn't matter which twelve hours it is.

Mon Jun 09, 2008 7:07 pm

Its very hard to find someone to the work,they don't want to work.
You will hear more excuses and some you never heard possible.
Such as "My alarm clock fell out the window". This was the best one I heard.
And if pay day is on Friday they will start to ask what time will the check be ready on Thursday.

Mon Jun 09, 2008 7:22 pm

As a sole proprietor...long, long hours. Minimal, if any pay since most of it goes back into the business and pays the bills. Your a slave to your clients if you want to make a decent income. Your hobbies will suffer when you get busy; during down times you'll wish you were busy to pay the bills that pile up.

The upside? You're the only boss you have to answer to. You work the hours that you want, so long as you remain available to your customers.

R

Mon Jun 09, 2008 7:22 pm

popason wrote:
And if pay day is on Friday they will start to ask what time will the check be ready on Thursday.

Try monday......... :roll: :lol:

Mon Jun 09, 2008 7:26 pm

My advise , hit you self in the crotch with a hammer, that is more fun than than being self imployed at times. :lol:

No joke try to find something you need no employees. Cause they are your biggest PROBLEM! I keep a steady rotation of employees. Like stated before they dont want to work they just need to make a few hundred bucks . :wink: :lol:

Mon Jun 09, 2008 7:28 pm

Don't smoke the profits.

Mon Jun 09, 2008 7:40 pm

I've been thinking of making that move myself. Just doing a few side jobs at first till I determine if I can get enough steady income; however, I'm expecting that to take years.

As for tips I've picked up from other company owners..

Don't hire friends/family unless you have worked full-time with them in the past. Only then will you know what you might can expect from them.

Avoid internet and newspaper ads when hiring. It is the first place that the lazy people go to look when they need a job.

Consider hiring a service to handle your employee bookkeeping. You will be amazed at how much stress that will relieve.

Finally, while you may have to work 12 hours a day, take a full hour, sit down lunch away from the business to refresh yourself.

Mon Jun 09, 2008 7:41 pm

Self employment, no enjoyment!! That sums it up. It sucks when your busy, and you worry if your not. But I wouldn't trade it for anything. Worst case, you go back and make someone else rich with YOUR hard work.

Mon Jun 09, 2008 7:41 pm

You will have lots of income and whatever is left over is yours. What is leftover is usually more bills :D
You will never go on a vacation again!
Like they guys above said you will work 20 hours per day wether you have work or not.....

But it can be rewarding too.
Skip the employees if you can....

If you have them, always withold the paycheck for 2 weeks. That way they will come to work :D If you pay them on Monday, they wont show on tuesday. Always seem to get sick...... Unless you owe them money! Then they are there every day. :D

Mon Jun 09, 2008 7:43 pm

volkswagenut wrote: My advise , hit you self in the crotch with a hammer, that is more fun than than being self imployed at times. :lol:

No joke try to find something you need no employees. Cause they are your biggest PROBLEM! I keep a steady rotation of employees. Like stated before they dont want to work they just need to make a few hundred bucks . :wink: :lol:

X1000 :lol:
Make sure it is something you can do yourself so that during the slow times you have room to save money by doing lay offs, its sucks, but like said above most workers aren't worth keeping anyhow.

What kind of business is it?

Mon Jun 09, 2008 8:28 pm

420GOAT wrote: looking for advice and stories.

I worked for a company that had a pretty simplistic business. I thought of starting my own company doing the same thing. I spent most of 2007 researching it. I've been working on everything to get it up and running since last November. If I can break even through the rest of the year, I will consider it a success.

Here's my .02 since you asked.....

Make sure it's something you enjoy doing and be in it for the long haul.

Do your homework before jumping in.

Save all your money.

I'm by no means an expert and I'm still getting my feet wet. I'm hoping in a few years, I will be where I envisioned.

Good Luck.

Mon Jun 09, 2008 9:03 pm

Work smarter not harder.

What type of business? We had Art Galleries and we found ourselves being somewhat of a Captive Audience to crazy, needy Artist and Designers. And we had to be nice to them.

We also got taxed coming and going as well as quarterly and the end of the year. Taxes are way out of control. It's time for a new Boston Tea Party. :wink:

I'm a bit jaded.

Mon Jun 09, 2008 9:34 pm

notchback wrote: Don't smoke the profits.
Slingin weed ain't really a business, is it?

Mon Jun 09, 2008 10:27 pm

5 years with a S corp. You know the old saying "the grass is allways greener on the other side"
Don't get me wrong, being self employed has it's advantages, but it also has many disadvantages, like EMPLOYEES, and TAXES :evil:

I gave it up last week. Started an electrical division in a large successful company. Security, benefits, resources, and not half as much BS.

It was a great experience though, and if I could go back I wouldn't change a thing..............except.........maybe.........my boss dying on me 5 years ago. :shock: :wink:

Tue Jun 10, 2008 3:29 am

I've had an S-Corp for several years now and my best recommendation is serious self-analysis. You want to try something that doesn't require huge up-front overhead, one where most expenses only apply when you are busy. You want to ask youirself why the big boys are doing well and why you think you can play that game.
In management school great use is made of a SWOT analysis, Strengths, Weaknesses. Opportunities, Threats. If you sit down and examine each of these elements you will reach a better understanding of the issues at hand.
Many local non-profit organizations help small businesses with consultations with retired executives, business plan analysis etc.
Another thing to remember is that it's easier to start small and grow over time than to start to big and thus have to scramble to cover expenses in the short-term.
And sometimes, simple nonglamorous ideas are better than trying to reinvent the wheel.

Tue Jun 10, 2008 3:35 am

I seriously thought about opening a liquor store here in Oklahoma this year. New retail space strip mall built in a very desirable location. No other liquor store within 10 miles, $350,000 neighborhoods plus college student apartment complexes. $2000 per month for 4000 square feet. 1st, last, deposit = $5000 and they will finish the inside of the space for you. Liquor license = $905 with an extensive background check. No problem but was told to get a Lawyer if I wanted to speed up the process. Attorney fees = $2500. Retail computer system that comes with a retail terminal, software to track inventory, maintain books, credit card processing, security camera monitoring etc., = $12,000 AND you get one month of free training and 1 year of service! Liquor distributors all recommended that I start with $50,000 worth of whole sale inventory, payable upon delivery. The only way I could get a lender to qualify me for a SBA loan was to put up the house and that is not happening. I know that it takes money to make money but........ I do not know what type of business you are considering but do a thorough job of researching and write down every cost that you can think of and then add some more to that. Good luck!

Tue Jun 10, 2008 4:25 am

Van-go108 wrote: Work smarter not harder.

What type of business? We had Art Galleries and we found ourselves being somewhat of a Captive Audience to crazy, needy Artist and Designers. And we had to be nice to them.

X2- nothing like catering to a bunch of primadonas..

Tue Jun 10, 2008 6:59 am

This may be obvious: Take good care of your customers but also make sure you get paid.

Tue Jun 10, 2008 7:56 am

joe h. wrote: You know the old saying "the grass is allways greener on the other side"

The grass is always greener on the other side, until you find out it's artificial turf. That's the way the FULL saying goes.

I've started two businesses. My take away on it is that if I'd wanted a low-paying job, I should have taken one with regular hours and no hassle beyond going to and from work.

That being said, I can never go back to working for someone else. The freedom to schedule my own life around kids, car repairs, etc. is nice.

Have a real business plan. Spend a lot of time on it. The process will make you think about things and confront them in advance and force you to solve problems before they come up and your ass is hanging in a cold, cold wind. Use the Small Business Administration, even if you don't need a loan. They have lots of free services available, including counselors who have run their own businesses and can give you advice on things with the benefit of having "been there done that" on many, many topics. I think they're called "SCORE counselors" or something like that.

It's a great ride and will make you more independent, but won't necessarily make you wealthy. You'll work harder for yourself than at any other job you've ever had, say "buh bye" to vacations, etc.

Good luck!