Taps said:
So tell me:
What do you do? How did you get into that field? Did you start from scratch, or buy/partner with an existing business? What prompted you to start working for yourself? What’s the biggest challenge you’ve faced? Has your income increased or decreased? Most importantly, is being self-employed something you enjoy?
I know a few posters are business owners (Velvett, HumorMe and Skywalker come to mind), but I’d appreciate hearing form anyone who’s planning on starting a business or has been self-employed in the past.
I just want to get a general impression from people who’ve been there.
Thanks
PM me and I'll tell you. It's a service business if that helps.
Back in 1979, I read a Fortune magazine article that stated that in the early 80's - 90's, services were going to be the top rated businesses to start. It gave a lot of reasons but the one that stuck with me is that more people would have more disposable income therefore they would more than likely hire things out than do-it-yourself. I majored in business in college and I never learned the hands on touch you learn in the real business world.
I stated from scratch in 1981 between summers from college. Once college was done, I got into fulltime. So in essence, I never really worked for anybody else. I borrowed $2500 from the bank for 18 months and paid it off in 5 months. I did a lot of the work myself and only hired parttimers as I needed them.
The only thing that prompted me to start a business was my willingness to learn everything firsthand and the challenge of succeeding on my own.
The biggest challenge is outgrowing your cashflow and hired help. Many a heartaches were had in those departments. I had to keep convincing myself that things would get better and they did. Trying to keep the bank out of the picture as you grow is very hard. Having a line of credit saved me numerous times but I absolutely dispised using it although it became a necessary evil. Hired help is something I battle daily. Everyone and I mean everyone think they are worth way more than I do. A lot of trial and error by hiring and firing. Good people are out there but very hard to find.
Income has increased considerably since 1981. Personal income has increased too although I find myself taking less because of personal taxes. In my business, I spend about $4800 a year for my CPA. He does a lot for me. I'm all about a write off if I can get one.
I wouldn't consider anything except being self-employed. My days off from work I can enjoy doing a lot of the things I missed early in my career. I go fishing, golfing, hunting, etc. I have a lot employees and several supervisors and they take the majority of the work off of me. I still have to manage them but it gives me the opportunity to spend more time with my family which is very important to me.
The worse thing you can do when going into business for yourself is not knowing your market and undercapitalizing. The one thing people do not realize when opening a business is that just becasue you throw up a sign and unlock the front door, people will not just show up and give you their money. A lot of harder work is involved convincing people to give you their money for a job that they could do themselves. You have to sell yourself every day. You have to create yourself an income every single day. Once you lose that ambition of succeeding and taking your customers for granted, the downward spiral will begin.
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