Has anyone ever started or considered starting a business?
I shan't go into my work sob story (really, don't get me started), but in my continuing quest to ESCAPE, I feel a constant desire to be my own boss. Has anyone here ever tried it, or thought of trying it?
my BIL owns his own construction company and him and his wife have been pretty successful with it....I know he is busy from sun up til sundown and his wife has a ton of paperwork that goes along with it....but they must enjoy it because they've been doing it for several years now....however his wife found another job also in order for their family to have affordable health insurance and dependable income
I also did my own summer business for several years, doing childcare at my home...it wasn't the best income but it allowed me to stay home during summer with my kids...you also have to claim it on your taxes so that was a surprise bite for me lol
I've thought of it but haven't given it a go yet. I was somewhat discouraged when I took a Business class and learned how to write a business plan. Was not my cup of tea. However, that is only really necessary if you are seeking investors. One previous student talked to our class and said he disagreed with the notion of needing a business plan, though. I think it's dependent upon the situation, personally.
It's also dependent upon whether you even need money to start a company. For example, I've thought of beginning a web/communications/marketing company with my roommate where we'd do all of the work ourselves from website design and development to content generation to even the marketing end of things. We wouldn't need investors, just computers - which we obviously already have - and a few other things.
It's not that glamorous though, believe me. It's a lot of late nights and wondering if you'll fail and, if so, how you'll move on. Most new businesses fail or never really get that far off the ground. Some people just have a knack for creating companies and selling them off. It's kind of cool, I used to work in a business incubator and watching it all go on was interesting. But yeah, the first thing a startup owner told me was that it's not all that glamorous so that's something to keep in mind.
I co-owned a small business for three years that we closed when our lease ended. Unfortunately we had NO idea what we were doing and it was a business that was on every corner (day spa).
I own a business now that is also a bit of a luxury business (in the horse industry). I have very low overhead, but it's a bit up and down. Horses are expensive, so it's tough sometimes. However, it's something I love and I will be able to do this for a very long time and I imagine I will slowly build up a clientele and maybe someday make a living at it. I still have a day job, but I love it, so it's not painful.
If you decide to do it, make sure it's something you love because it's long hours, lots of stress and like lovedancelive said, It's not glamorous. Do a lot of research and make sure you use any resources available to you, like the Small Business Administration. My bank offers monthly seminars about how to utilize Facebook, Twitter, blogs etc. to benefit your business.
My husband now owns his own business, in addition to his day job. I have also owned a business (as a spinner and dyer), and both my father and stepfather own their own businesses.
It's incredibly hard - the hours are long and the investment in both energy and money can be significant. But it is also incredibly rewarding, especially if it is something you love. If you're just looking to be your own boss and aren't passionate about something particular, I'd have to recommend freelance work as a potentially better fit than something like a restaurant or other service related company. Getting your transcription license, real estate certs, or becoming an insurance agent - all potentially good fits with less investment and risk than a storefront (generally speaking, this is definitely not always the case). Oh, and be prepared to take epic amounts of flack from people who *think* they understand running a successful small business, but have never done so themselves. You'll never look at topics like liability/medical insurance or 'fair wages' quite the same way again
It's doable, but be prepared for it to take more than one shot. Many folks have several failed businesses before their long term successful ventures. Research the heck out of it and have a PLAN. An extremely detailed one. With all the back end (like payroll and insurances) figured out. Realize that it can take 1-3 years to really turn a profit, depending on your outlay for startup. And while you may get to the point you can take long vacations or breaks, most small business owners work long hours without time off, and it stays that way for a decade or two. It just depends. My husband, for example, basically works 6:30 am - 7 pm six days a week. My stepfather and father also do six day weeks and the former uses Sundays to catch up on paperwork. They can't come visit me or my kids because they cannot afford the time away. And self insuring for medical in this day and age is bad enough, but with the ACA requirements in place having employees is financially nightmarish, especially for a startup.
I'm not trying to discourage you, just attempting to be realistic. It can be so awesome to have a successful business, but it's easy to idealize the positives and downplay or just plain ignore the negatives. You have to be grit determined and committed to the end to do it, with a vision and the drive to make it happen. That's a tall order for most of the population, who are better as employees than executives (myself included! I can be a sole proprietor over my fiber arts business, but outside of that I really am more comfortable and skilled at being directed than self directing, especially when it comes to taxes, payroll, and bills).
I used to run a candle making business and am currently working on starting up a cottage law home bakery since I can't get funding for a food truck or a cafe (my ultimate goal). As others here have said it's a lot of hard work with some long hours but if it's something you enjoy doing I think it's totally worth being your own boss. One thing I definitely recommend is research research research! So many times a business goes under because the owners don't know enough to avoid pitfalls or don't know how to reach their demographic or even what their demographic is. If you're serious about starting your own business I highly recommend seeing if your county or local small business administration is holding any workshops and sign up. You can get a wealth of information that cover even the tiniest things that can be taken for granted. Knowledge and drive are the most important things to keep a business afloat
If you're feeling serious about it, and you plan to actually open up a business instead of just some sort of freelance work, I would definitely suggest talking to your local Small Business Development Center. It's probably based at one of your local colleges/community colleges, and it is a free service provided by the government.
I've worked in one for the past three summers helping write business plans, and the lady that runs our branch is a top-notch lady. She really knows what she's doing, and it is ridiculous the amount of people she's helped in our area. It's crazy how many businesses in my community came out of her office. It's also a little sad how many hearts she has to break in a day. There are a lot of people that come in here with very high expectations, very bad ideas, and no feasible financial plan. She doesn't come right out and say that the business idea is bad, but she does clear people's vision quite a bit about the obstacles they will face. To open a business, you need a very clear plan - not just some impassioned whim.
Anyway, just thought I'd give a heads-up. The director of the program around there might be able to help you do some more research and give you a clearer path. Their main focus is to help with business plans for the procurement of loans or grants (for non-profits), but we help a lot of people who are not in search of a loan as well.
Last edited by Song of Surly; 06-19-2013 at 08:18 AM.
Once was a business for roofing- primarily shingle repair or all new shingle roofs. My boyfriend and I did it together. It was a side-income business that we did outside of our regular jobs.
The second one I did for several years and was an independent contractor for industrial sales. But basically it was like having a real job (set hours, set location) but without the benefits and I had to pay more in social security taxes.
Upside to having your own business- you are your own boss. You set your own hours. You decide how big or how little you want your business to be.
Downside- You are usually the only employee, to start, so all the work falls to you. It's easy to get out of discipline on your hours and you can run your business into the ground by not being there enough. You need to be self-disciplined. Taxes are higher on small businesses.
I just started a business with my sister. It is a lot of hard work but I just keep reminding myself that we are building something for our future instead of working for someone else and securing their future. The business we started has almost no overhead and took almost nothing to start.
I would say if you have an entrepreneurial spirit go ahead and start something for yourself. Just know that it is not a quick process and you will often work many, many hours for no pay in the beginning.
I agree 100% with Artic. I still have my day job, but I also have a bakery as a side business. I HAVE to have both, else things would be tough. Granted, my bakery is new, like less than 6 months in. Where as I make profit with the bakery, I don't make a lot of profit. If I keep at the rate I am going and consider taxes, I'd say I likely will be bringing in $18K in profit this first year. Not a lot. I know that it might never pick up...then again it might. I know currently, I sometimes get no more than 3 hours of sleep to keep my commitments with both jobs. It is tough. But it is doable. And if I don't make it, at least I still have my day job. It is dog eat dog world out there. Always have a plan B.
Has anyone ever started or considered starting a business?
