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

Sat Jun 14, 2008 11:08 pm

Vanhag wrote: I work harder as a business owner than I ever did as an employee. I put in more hours and I also have the "worry". I worry about income all the time, which is weird because I'm sure I have the only business on here that is garunteed customers until the judgement day.

I've got 2 side jobs that I do in my "spare" time for extra $$. One is a self employed type job that is fun but a lot of paper work. The second is working some shifts for a friend in his business. After killing yourself at the office dealing with everything that comes with being an owner sometimes its nice to just turn your brain off and go punch a register or stock shelves for someone else.

If I ever get wealthy enough not to work I think my dream job would be flipping burgers in a diner just to have fun.

Good point! I actually enjoy helping friends with grunt work around houses and the such. It's nice to "get out" occasionally, still get something done, yet not think or worry.

I've done work for a friend's VW shop as well in exchange for work being done on my Bug. Enjoy the fire out of it!

Sat Jun 14, 2008 11:26 pm

Icy wrote: BigHerc wrote: I would wait till the economy gets a little better, I own a well known cabinet shop thats been around 50 years and am able to keep steady work coming in, but its not crazy like it should be at this time of year, and I see a lot of businesses struggling and going under in our area, I'm having to downsize myself, its a very scary time to own a business. Unless its something that people really NEED and not a luxary item you are selling, I would get all your ducks in order and wait till the economy picks up, whenever that might be :roll:, and then go for it US business history is rife with examples of companies that have started during "down times" and have flourished. Maybe you're in a crappy area, but where I am, businesses are going strong.

I heard a lot of that. 'wait' , 'don't do it now' , 'start when the economy is better' , etc, etc, etc. I didn't see the point of 'waiting'. Although, most customers I deal with are well off (which are a PITA). :lol:

Sun Jun 15, 2008 7:20 am

Lee. wrote: Icy wrote: BigHerc wrote: I would wait till the economy gets a little better, I own a well known cabinet shop thats been around 50 years and am able to keep steady work coming in, but its not crazy like it should be at this time of year, and I see a lot of businesses struggling and going under in our area, I'm having to downsize myself, its a very scary time to own a business. Unless its something that people really NEED and not a luxary item you are selling, I would get all your ducks in order and wait till the economy picks up, whenever that might be :roll:, and then go for it US business history is rife with examples of companies that have started during "down times" and have flourished. Maybe you're in a crappy area, but where I am, businesses are going strong.

I heard a lot of that. 'wait' , 'don't do it now' , 'start when the economy is better' , etc, etc, etc. I didn't see the point of 'waiting'. Although, most customers I deal with are well off (which are a PITA). :lol:

Its fine if you are selling something that the people who are well of are buying, because the people who have money will always have money and the hard times don't bother them, but he's talking about selling a very limited variaty of bus parts, and I just don't know how great the demand for these parts would be for people who have money to buy them. I'm sure there is some demand for them but how much? What class of people would most likely be interested in them? Will this class be able to afford them on a regular enough basis to keep a business going? I dunno, these are just things he should be thinking about. All I'm saying is really do your homework and take calculated risks, and keep you steady paying job till it is well off the ground.

Thu Jun 19, 2008 10:29 am

There's an indescribable feeling when you own your business. You'll work harder, but almost everyone I know feels a bit of jealousy and admiration for small business owners. One piece of advice---try to develop a business that will do well even without you there. That makes it a better business for someone to buy. If all your clients want only you to be there, you'll have a tough time selling to someone. Good Luck

Thu Jun 19, 2008 2:28 pm

BigHerc wrote: Lee. wrote: Icy wrote: BigHerc wrote: I would wait till the economy gets a little better, I own a well known cabinet shop thats been around 50 years and am able to keep steady work coming in, but its not crazy like it should be at this time of year, and I see a lot of businesses struggling and going under in our area, I'm having to downsize myself, its a very scary time to own a business. Unless its something that people really NEED and not a luxary item you are selling, I would get all your ducks in order and wait till the economy picks up, whenever that might be :roll:, and then go for it US business history is rife with examples of companies that have started during "down times" and have flourished. Maybe you're in a crappy area, but where I am, businesses are going strong.

I heard a lot of that. 'wait' , 'don't do it now' , 'start when the economy is better' , etc, etc, etc. I didn't see the point of 'waiting'. Although, most customers I deal with are well off (which are a PITA). :lol:

Its fine if you are selling something that the people who are well of are buying, because the people who have money will always have money and the hard times don't bother them, but he's talking about selling a very limited variaty of bus parts, and I just don't know how great the demand for these parts would be for people who have money to buy them. I'm sure there is some demand for them but how much? What class of people would most likely be interested in them? Will this class be able to afford them on a regular enough basis to keep a business going? I dunno, these are just things he should be thinking about. All I'm saying is really do your homework and take calculated risks, and keep you steady paying job till it is well off the ground.

Agreed.

He should be able to start with a few, do it on the side and keep a regular job. I wouldn't quit my job, jump in to repopping a few bus parts and hope I could pay the bills. :lol:

Thu Jun 19, 2008 2:54 pm

Advice is simple - if you want to make a ton of money right away - go work for someone else. But here is the simple "can you do it" check list.

1 Are you prepared to live it for at least 5 years. You will miss kids growing up, many family functions.

2. Do you have a great credit rating. You wil need it because you may have to bankroll the operation for a couple years. If you go to a bank for money, they want tangible assets - are you willing you put up your house?

3. You have a good product or service and a good market.

4. Do you have the full support from your significant other and they realize that there will be HUGE sacrifices made by them.

From what I read earlier, you have a niche product in a shrinking market. Look at the number of VW part manufacturers and parts houses. Looks to me like there are fewer and fewer each year. Nothing personal, but you would be nuts to do this. And I loved the "I'm smarter than my boss" line. Maybe you are, but there is a LOT to running a business that employees don't see.

Thu Jun 19, 2008 2:56 pm

notchback wrote: Don't smoke the profits.

Yet another winning piece of advice from someone unemployed for, what was it, nine years? :lol:

Thu Jun 19, 2008 3:30 pm

bugnut68 wrote: notchback wrote: Don't smoke the profits.

Yet another winning piece of advice from someone unemployed for, what was it, nine years? :lol:
Yet still, I envy his E-Bay prowess. Internet sales count as employment, no?
Power Seller he be. :shock:

Thu Jun 19, 2008 11:15 pm

andk5591 wrote: Advice is simple - if you want to make a ton of money right away - go work for someone else. But here is the simple "can you do it" check list.

1 Are you prepared to live it for at least 5 years. You will miss kids growing up, many family functions.

2. Do you have a great credit rating. You wil need it because you may have to bankroll the operation for a couple years. If you go to a bank for money, they want tangible assets - are you willing you put up your house?

3. You have a good product or service and a good market.

4. Do you have the full support from your significant other and they realize that there will be HUGE sacrifices made by them.

From what I read earlier, you have a niche product in a shrinking market. Look at the number of VW part manufacturers and parts houses. Looks to me like there are fewer and fewer each year. Nothing personal, but you would be nuts to do this. And I loved the "I'm smarter than my boss" line. Maybe you are, but there is a LOT to running a business that employees don't see.

well said sir, sounds like the voice of experience talking to me

Fri Jun 20, 2008 4:41 am

Quote: well said sir, sounds like the voice of experience talking to me

LOL - yeah - been there done that. FINALLY after about 14 years in it, all the ass busting has paid off. I am 51 and pretty much retired. I may pop in a couple hours a week, but otherwise I am at home wrenching....

Kids crack me up when they think it's so easy - there's only a handful of folks that made it fast and easy (but then again, there are all those infomercials that say you can do it in a couple days...I wish I was smart emough to have done that LOL)

Fri Jun 20, 2008 10:20 am

ive got the right person to help me at home.....he has 15 years of experience...i am keeping my regular job since this is where i track the industry.

Fri Jun 20, 2008 11:06 am

I never mean to discourage someone - just like to give a reality check. Good luck, work your ass off and I hope it does well for you.

Fri Jun 20, 2008 12:00 pm

THANK YOU.

Sun Jun 22, 2008 3:19 pm

My wife opened her own restaurant the year before we got married.
www.shaktisfinedining.com
We were friends before and I helped her with some of the handyman/remodel she spent $60k on (in SOMEONE ELSE's building).
At first it went relatively like she expected with no real profits, but bills got paid- it was all new and interesting.
Then the taxes, if your state is like washington state and/or you live in the USA, then you'll be taxed to within an inch of your death.
They don't want you out of business right away, they want every penny you can make for a few years- then they tax you out of business.
If you need commercial space, if its nice or has a good location on earth then it's hard to afford.
And prepared to get accused of all kinds of outlandish behavior the first time an employee is in a bad mood. They'll accuse you of ANYTHING to get a free ride = unemployment.
After a couple years it just turns into WORK (and alot of it)and you're the only one who can't call in sick, and YOU'RE the one who everyone bitches to, or about.
There is something to be said about being clever and motivated enough to make a small business succeed and I'm AMAZED so many people do it now that I know what it takes.
My take is: unless you have a patentable product/idea that you can sell, a service that NOBODY else can provide you'll likely work much harder for less than minimum wage.
We're buying the building she now leases and that investment will be the only REAL return we ever get from the life of work we put into the business- and it'll likely be much less than a decent 401k or IRA.