Owning your own business
- Thread starter Erle385
- Start date
I think about a part time fab business cuz I do seasonal work. I wouldn't have to be to successful, it would be more of a write off. But then I've been reading about the guy on the hamb that went full on professional but was to cheap to buy the business insurance. Now he burned his shop down and is fighting a losing battle with is insurance co. So I'll have to talk to my accountant to make sure how to cover everything.
HotRodKush
Well-known member
- Joined
- Dec 12, 2009
- Messages
- 403
Have you done it?
Yes!
Do you like it?
On good days, it's REALLY good. On bad or stressful days, it can get REALLY bad. Overall I love the freedom I have to create my own destiny - my success is dependent only on myself and my ability to run my business. At the same time, the stress and uncertainty of what exactly that destiny will entail, and the weight of that responsibility can be paralyzing at times - especially in the beginning. Overall, I love it.
was it worth it?
Absolutely - seeing something that you spend 24 hours a day on for a year or more finally start to come to life is a huge morale boost. Take advantage of those moments, because that success is the reason to push through the hard days.
What was your specialty?
I own a custom screen printing and sign business.
How many people worked for you?
I have one full-time employee and one part-time employee. I've been in business for two years and do everything from paperwork to billing to customer service to printing. My employees also do customer service, printing and graphic design for the business.
How big was your shop?
I started alone, in my mother's basement. I then moved to a 400 sq/ft. studio space, and am currently in a 1500 sq/ft. self-standing building.
Any other things you would like to add about this topic.
Unless you have a business plan that involves hiring people at the start AND you have tons of capital to keep the business moving for 6 months to a year without profit, be prepared to work your *** off almost 24 hours a day for a while. And PLEASE make sure the business is something you LOVE, because you'll see it more than your significant other for a while. In the beginning stages you'll question why you ever got yourself involved with something so all-consuming, but when it starts to pay off you'll be the happiest you've ever been. There's nothing like the satisfaction of making a living on your terms, on your decisions and your guts.
Yes!
Do you like it?
On good days, it's REALLY good. On bad or stressful days, it can get REALLY bad. Overall I love the freedom I have to create my own destiny - my success is dependent only on myself and my ability to run my business. At the same time, the stress and uncertainty of what exactly that destiny will entail, and the weight of that responsibility can be paralyzing at times - especially in the beginning. Overall, I love it.
was it worth it?
Absolutely - seeing something that you spend 24 hours a day on for a year or more finally start to come to life is a huge morale boost. Take advantage of those moments, because that success is the reason to push through the hard days.
What was your specialty?
I own a custom screen printing and sign business.
How many people worked for you?
I have one full-time employee and one part-time employee. I've been in business for two years and do everything from paperwork to billing to customer service to printing. My employees also do customer service, printing and graphic design for the business.
How big was your shop?
I started alone, in my mother's basement. I then moved to a 400 sq/ft. studio space, and am currently in a 1500 sq/ft. self-standing building.
Any other things you would like to add about this topic.
Unless you have a business plan that involves hiring people at the start AND you have tons of capital to keep the business moving for 6 months to a year without profit, be prepared to work your *** off almost 24 hours a day for a while. And PLEASE make sure the business is something you LOVE, because you'll see it more than your significant other for a while. In the beginning stages you'll question why you ever got yourself involved with something so all-consuming, but when it starts to pay off you'll be the happiest you've ever been. There's nothing like the satisfaction of making a living on your terms, on your decisions and your guts.
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jeepnut24
Well-known member
My dad has run his own for many years, almost 40 now. Only way he made it that long was he LOVES what he does. He has too because it has been a TON of work over the years with little rewards at times.
Ign
Well-known member
I just started on my own in July '09, machining and metalworking.
It's just me, and my wife is free labor as needed. It's nice not having to worry about employees, but easy to get overloaded as a one man operation. It's either feast or famine, which is not unusual I don't think.
Before doing this I planned for months and tried to get my finances in order. I refinanced and consolidated debt. Now I basically just have a mortgage payment. Multiple bills piling up can kill you.
If you need to, re-fi now. Once you work for yourself you won't be able to show any appreciable income for quite awhile.
On the plus side, all the tools I'd usually buy for myself anyhow are now write-offs. But the headache of having to deal with more government, more paperwork, and insurance offsets that and then some.
It's just me, and my wife is free labor as needed. It's nice not having to worry about employees, but easy to get overloaded as a one man operation. It's either feast or famine, which is not unusual I don't think.
Before doing this I planned for months and tried to get my finances in order. I refinanced and consolidated debt. Now I basically just have a mortgage payment. Multiple bills piling up can kill you.
If you need to, re-fi now. Once you work for yourself you won't be able to show any appreciable income for quite awhile.
On the plus side, all the tools I'd usually buy for myself anyhow are now write-offs. But the headache of having to deal with more government, more paperwork, and insurance offsets that and then some.
HOTFR8
Banned
Have you done it?
Yes
Do you like it?
Yes
was it worth it?
Some times it has it down falls. You put in what you get back so the hours can be long but then you can also shut the door when you want and if yoo need to when working for your self
What was your specialty?
Mostly Hot Rod parts some I do (make) myself but then I am always looking for things that others do not sell. An open mind to expand into new areas is always a god thing. Knowing what you sell and how it works from hands on experience also helps.
How many people worked for you?
Just me but I am lucky to get help from my family when needed.
How big was your shop?
Never big enough
Any other things you would like to add about this topic.
Why Erle385 do you ask these ???'s Do you plan to go into business for yourself ? If so have you researched your market ? Looked at similar business places ?
Yes
Do you like it?
Yes
was it worth it?
Some times it has it down falls. You put in what you get back so the hours can be long but then you can also shut the door when you want and if yoo need to when working for your self
What was your specialty?
Mostly Hot Rod parts some I do (make) myself but then I am always looking for things that others do not sell. An open mind to expand into new areas is always a god thing. Knowing what you sell and how it works from hands on experience also helps.
How many people worked for you?
Just me but I am lucky to get help from my family when needed.
How big was your shop?
Never big enough
Any other things you would like to add about this topic.
Why Erle385 do you ask these ???'s Do you plan to go into business for yourself ? If so have you researched your market ? Looked at similar business places ?
UncleJoe
Well-known member
I have owned and sold a couple of successful businesses and one that went bad due to circumstances beyond my control.(a war broke out)
I have a few general rules of thumb for anyone starting any business.
1. You should already work in the field. ( I am shocked how many people leave something like being a banker to start a putt putt golf course)
2. If you have not climbed to the level of management in your current field have a long, long, hard talk with yourself and ask why. If someone that runs a business already does not think you are ready to manage one then are you really ready?????
3. Be ready to work harder than you have ever worked before, most likely for less money than you are making now. At least for a while.
4. Write down a 5 and 10 year plan of what would happen if you stayed where you were and worked like you owned the place. Think about it. If you put in the effort at your current job you might excel to a higher salary, better vacation and have better security than being out on your own. Just take a day or two to let that all stew in your brain.
5. What do you know about running the business you are interested? You may be the worlds best fabricator but do you know how the jobs come in? How does your current job generate business? How do they handle the slow times? How does cash flow work? Do you know what cash flow is?
6. Let's say for example you are a fabricator and you work in a fabrication shop and you are one of the managers and you want to open a fabrication business. Consider the cost of renting a one bedroom flat in the next town over and go to that town and work in the best fabrication shop in town for 6 months even if the job is cleanup guy. This will give you another point of view on how another successful operation is run. Don't laugh this off. Howard Hughes, when he was the president of TWA airlines would go to another city and get a job as a baggage handler at Pan Am to see how they did things then he would fly to another city and get a job as a mechanic at United. He took what he learned to make his company better. Are you willing to invest 6 months in your dream business?
I love being self employed but it is not for everyone. If it is for you then go for it and keep us informed. I will be rooting for you.
I have a few general rules of thumb for anyone starting any business.
1. You should already work in the field. ( I am shocked how many people leave something like being a banker to start a putt putt golf course)
2. If you have not climbed to the level of management in your current field have a long, long, hard talk with yourself and ask why. If someone that runs a business already does not think you are ready to manage one then are you really ready?????
3. Be ready to work harder than you have ever worked before, most likely for less money than you are making now. At least for a while.
4. Write down a 5 and 10 year plan of what would happen if you stayed where you were and worked like you owned the place. Think about it. If you put in the effort at your current job you might excel to a higher salary, better vacation and have better security than being out on your own. Just take a day or two to let that all stew in your brain.
5. What do you know about running the business you are interested? You may be the worlds best fabricator but do you know how the jobs come in? How does your current job generate business? How do they handle the slow times? How does cash flow work? Do you know what cash flow is?
6. Let's say for example you are a fabricator and you work in a fabrication shop and you are one of the managers and you want to open a fabrication business. Consider the cost of renting a one bedroom flat in the next town over and go to that town and work in the best fabrication shop in town for 6 months even if the job is cleanup guy. This will give you another point of view on how another successful operation is run. Don't laugh this off. Howard Hughes, when he was the president of TWA airlines would go to another city and get a job as a baggage handler at Pan Am to see how they did things then he would fly to another city and get a job as a mechanic at United. He took what he learned to make his company better. Are you willing to invest 6 months in your dream business?
I love being self employed but it is not for everyone. If it is for you then go for it and keep us informed. I will be rooting for you.
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nolatoolguy
Banned
Have you done it?-are family owns a family farm with a little over 1000 acres and we also tennant farm another 3200 acres
Do you like it?
its a family thing its in my blood and no matter what the econmy is i work hard and in the end i love doing it
was it worth it?
yes
How many people worked for you?
its a family operation then some including a mechinic, vet and 3 other farmhands
How big was your shop?
multiple barns
Any other things you would like to add about this topic.
anyone can own there own bussnies its all about how bad they want to do it theres times i have to work through the night and day and not sleep for 30 hours its rare to do that but i work hard and do what it takes the average day is about 19 hours including school
Do you like it?
its a family thing its in my blood and no matter what the econmy is i work hard and in the end i love doing it
was it worth it?
yes
How many people worked for you?
its a family operation then some including a mechinic, vet and 3 other farmhands
How big was your shop?
multiple barns
Any other things you would like to add about this topic.
anyone can own there own bussnies its all about how bad they want to do it theres times i have to work through the night and day and not sleep for 30 hours its rare to do that but i work hard and do what it takes the average day is about 19 hours including school
NJHandyGuy
Well-known member
Why Erle385 do you ask these ???'s Do you plan to go into business for yourself ? If so have you researched your market ? Looked at similar business places ?[/QUOTE]
yes i want to eventually own the family repair shop. its my dad, mechanic. my mom, bookkepper. and im only a part time mechanic. we do everything. from school buses to full size dump trucks to cars. im only 16 and im trying to figure out what way i want to go. i know i want to be a mechanic for sure. and i dont mind hard work. i wasnt sure if i want to go to the dealer or work for my self. i've been learning the trade for three years now and i enjoy it.
yes i want to eventually own the family repair shop. its my dad, mechanic. my mom, bookkepper. and im only a part time mechanic. we do everything. from school buses to full size dump trucks to cars. im only 16 and im trying to figure out what way i want to go. i know i want to be a mechanic for sure. and i dont mind hard work. i wasnt sure if i want to go to the dealer or work for my self. i've been learning the trade for three years now and i enjoy it.
I owned my own buiss for 6yrs before getting out. Lots of the comments above are true and bring back lots of memories.
I had a welding and fabrication business. Made good money, worked long hours and enjoyed what I did for a while.
Then I got tired of being on call 24-7. Couldn't even go out and eat a nice meal at a restaurant with my family without my cell phone ringing. What are you going to tell a good customer who has spent $10000 for your services in the last 2 months when he calls and says he's down and needs a welder as soon as I can get there? I'll tell you what you tell him, "I'm on my way"
I'm also type one diabetic so the medical bills and supplies (on a pump) are not cheap.
Once I went and got a job, the stress level went down, I make decent money and have insurance.
I still get calls every now and then people wanting me to do some work for them but I have no desire. When I leave work now, I'm on my time!
I had a welding and fabrication business. Made good money, worked long hours and enjoyed what I did for a while.
Then I got tired of being on call 24-7. Couldn't even go out and eat a nice meal at a restaurant with my family without my cell phone ringing. What are you going to tell a good customer who has spent $10000 for your services in the last 2 months when he calls and says he's down and needs a welder as soon as I can get there? I'll tell you what you tell him, "I'm on my way"
I'm also type one diabetic so the medical bills and supplies (on a pump) are not cheap.
Once I went and got a job, the stress level went down, I make decent money and have insurance.
I still get calls every now and then people wanting me to do some work for them but I have no desire. When I leave work now, I'm on my time!
RbrtAWhyt
Well-known member
Sounds like you have a great future install for you dad is laying down the leg work and you can learn alot from him. one thing i will say you have to be able to talk to people!!!!!!!!!!! the gift of gab goes along way,,trust me i know ive been self employed since 1989, theres nothing like the freedom of being your own boss, times will get tough save your money for the winter, and rack it in in the summer, you might wanna get some schooling at a tech school, my dad knows all but hes sorta out of the loop in the new stuff, couldnt hurt. good luck with what ever you deceide.
6768rogues
Banned
I was self employed as a contractor for 21 years with several employees at some times. I liked the work and had a good time, making more than adequate money. You have to enjoy your work because it will probably consume lots of your time. If you enjoy it, it is not like work. I changed to another line of work because I wanted another challenge and doing construction work does not get easier as the body ages. I think my experience benefited me in my current position where I manage a department of over 60 people. The downside of being an employee is that my wages are controlled by someone else and not a direct result of finding efficiencies and working smart.
tcianci
Well-known member
This is the coolest thread!
I have been in the construction and remodeling business for over 30 years. It all came out of being exposed to the business as a kid and then taking on side jobs as an adult to getting licensed, etc. I did a lot of that while working for a large corporation where I wore a shirt and tie. Then one day the large corporation was no more so like it or not, I was in business for myself. Although I left the corp with a handsome severance package, and I was blessed to be licensed and established before hand, I found out that I loved construction but I hated business. When you're on your own, unfortunately you can't separate the two. That all happened 12 years ago, I did a stint as a facilities engineer for another large corporation till they shipped the whole show to China and I was back out on the truck.
One of my first observations about working for myself as opposed to a big company:
In a big company (or as an employee of anyone), you can work hard, make things happen, have other folks come through for you and on Friday you get a paycheck. Conversely, you can work hard, and nothing happens, other folks don't come through for you and on Friday, you get a paycheck. Hold that thought.
Now, you work for yourself...you are no longer insulated from the day to day things that turn to **** and the situation on Friday can be painfully different. You need to be prepared for that.
All in all, it has been a success, but as I write this I'm also polishing up my resume because I have an opportunity to work as a facilities engineer again hopefully in about 10 months. I like the prospect of the stability, more indoor work, a 401k, paid vacation and maybe even leaving the job behind me when I go home at night.
That's my experience, stir it in with everyone else here and you will come up with your plan. It's not for everyone but it could be perfect for you.
I have been in the construction and remodeling business for over 30 years. It all came out of being exposed to the business as a kid and then taking on side jobs as an adult to getting licensed, etc. I did a lot of that while working for a large corporation where I wore a shirt and tie. Then one day the large corporation was no more so like it or not, I was in business for myself. Although I left the corp with a handsome severance package, and I was blessed to be licensed and established before hand, I found out that I loved construction but I hated business. When you're on your own, unfortunately you can't separate the two. That all happened 12 years ago, I did a stint as a facilities engineer for another large corporation till they shipped the whole show to China and I was back out on the truck.
One of my first observations about working for myself as opposed to a big company:
In a big company (or as an employee of anyone), you can work hard, make things happen, have other folks come through for you and on Friday you get a paycheck. Conversely, you can work hard, and nothing happens, other folks don't come through for you and on Friday, you get a paycheck. Hold that thought.
Now, you work for yourself...you are no longer insulated from the day to day things that turn to **** and the situation on Friday can be painfully different. You need to be prepared for that.
All in all, it has been a success, but as I write this I'm also polishing up my resume because I have an opportunity to work as a facilities engineer again hopefully in about 10 months. I like the prospect of the stability, more indoor work, a 401k, paid vacation and maybe even leaving the job behind me when I go home at night.
That's my experience, stir it in with everyone else here and you will come up with your plan. It's not for everyone but it could be perfect for you.
Danimal
Active member
Some great advice in this thread. I'd work for any of you guys!
-Dan
-Dan
trade-n-games
Member
- Joined
- Feb 20, 2010
- Messages
- 19
no reason other than my accountants had me read this going into my business and I loved this book. Its called " The E myth" http://www.amazon.com/E-Myth-Revisited-Small-Businesses-About/dp/0887307280
Lots of hard work! Just make a plan and what you want is a business that works for you not you for it. Or then it would just be another job with a boss "you" that you hate that never pays you enough.
Lots of hard work! Just make a plan and what you want is a business that works for you not you for it. Or then it would just be another job with a boss "you" that you hate that never pays you enough.
bimmer1980
Well-known member
Erle385--at your age, the best things you can do is to learn as much as you can from your family and at school. When I went to high school, they had both welding, mechanics as well as business classes. I wish I would have taken more of the business classes. After I went to college, I did get a minor in business along with my engineering degree. One of our business projects was to write a paper on a business plan. Do some research on a business plan. You need to understand the business side of the place in order to make it work and to continue to make it work.
You have the advantage that the business is already established. The entry of a new business is one of the toughest things. You would need to focus on keeping the current customers as well as obtaining new customers after you take it over.
Here's a couple more things to think about:
-Continue to work for your family until you are out of high school.
-After graduating, go to school--trades school or a 4 yr college
-Take some business courses as well as your mechanics classes.
-Continue to work so you don't have college loans
-Spend a summer working for a large or medium sized dealer ship ( you want to find out how other business work)
-Spend another summer either working for the same dealership or a different one, but see if you can work on the business side of things.
-Spend a summer working with the family business, but focus on learning what your shop does the best and what it struggles with--now you know what you need to do to fix it.
-Find a girlfriend that is either an accountant or a business major while you are in college. She needs to be onboard with whatever you do.... if she ends up being your wife, she needs to be supportive of you.
-Get involved with your local small business association
-last but not least--cash flow, debt management and keep the business separate from your personal finances.
Eventually, you may want the business to be set up as a LLC or small corp and put your house, etc in your "wife's" name......
Also, if you can, one of the projects that a business class sometimes has you do is interview other small business owners. it can be an eye opener. Ask a lot of questions, you will learn a lot.
Best of luck!
You have the advantage that the business is already established. The entry of a new business is one of the toughest things. You would need to focus on keeping the current customers as well as obtaining new customers after you take it over.
Here's a couple more things to think about:
-Continue to work for your family until you are out of high school.
-After graduating, go to school--trades school or a 4 yr college
-Take some business courses as well as your mechanics classes.
-Continue to work so you don't have college loans
-Spend a summer working for a large or medium sized dealer ship ( you want to find out how other business work)
-Spend another summer either working for the same dealership or a different one, but see if you can work on the business side of things.
-Spend a summer working with the family business, but focus on learning what your shop does the best and what it struggles with--now you know what you need to do to fix it.
-Find a girlfriend that is either an accountant or a business major while you are in college. She needs to be onboard with whatever you do.... if she ends up being your wife, she needs to be supportive of you.
-Get involved with your local small business association
-last but not least--cash flow, debt management and keep the business separate from your personal finances.
Eventually, you may want the business to be set up as a LLC or small corp and put your house, etc in your "wife's" name......
Also, if you can, one of the projects that a business class sometimes has you do is interview other small business owners. it can be an eye opener. Ask a lot of questions, you will learn a lot.
Best of luck!
Az Scooter
Well-known member
- Joined
- Dec 30, 2009
- Messages
- 1,500
And that is the way it is for me.
HOTFR8
Banned
At 16 you should take some more time to learn the other aspects of the business. Book keeping etc. You could do a lot of this a night school and take your time as there are many things you can do.
GOOD LUCK. 
However much $ you budget to get the business off the ground,you will need at least twice that amount .
Cashflow
Keep on top of your accounts.This will make or break you.
Starting my own business was one of the scariest things i have done,but i would find it very difficult to go back to being an employee.
at 16 i started a tackle manufacturing company, through the wonderful power i gained from my dad that i can talk to anyone even if i hate them. i was in over a dozen tackle shops up and down the mississippe river. for a highschooler i thought it was great at that age i was making about 600 a month average. sold it to my buddy when i graduated and he flopped it. because he couldnt talk with dumb people. now i do work on farms as a part time gig. i love it. i have a set hourly rate and the farmers see i work my **** off so they never question the price in the end. if they want a rock solid quote i will give them one. its hard work, crappy work but its fun. its a new challenge every job and its always fun to sit down to lunch at the local diner with and old farmer.
oh and dont let me forget PEOPLE SKILLS
oh and dont let me forget PEOPLE SKILLS
c5golfguy
Well-known member
Have you done it?
Yep, since I was 20 years old, 34 now
Do you like it?
I would have a hard time working for someone else, all though that nightmare is in the process of becoming true. At least for a copule years
Was it worth it?
I wouldn't change it for the world. There was so much you learn when you work for yourself. You learn to do EVERYONES job, you bust your *** every single day, day in and day out. The issues of the company is left up to you to figure out and if you don't, you affect others lives pretty quickly and that bring a bit of truth to the situation very fast.
What was your specialty?
The mortgage industry. My last company was also a family owned business. Parents, myself and younger sister. Sister left the biz 3 years before we sold it, but she still let us know her opinions on major decisions. The business was an online school that did CEU credits and mortgage industry training. It was fun, and with technology, things changed EVERY day it seemed.
How many people worked for you?
At one point, we had about 8 folks. As technology got better, we were able to downsize and let things run themselves. Thats the hardest part about owning the company, having to make the decisions that effects others in the worst way possible. You have to remember its business!
How big was your shop?
Small office with about 1200sqft.
Any other things you would like to add about this topic.
There is tons of great advice in this thread. Just stay on top of things if/when you get your shop/biz open. The best key to being successful when your self employed is doing something no one else can or doing something that others are doing but doing it better. Doing it better could be price, customer service, choice of products, and etc. Being self employed leaves you having to stay on top of the changes in your industry at all times. You NEED to stay one step ahead at all times. The minute you get lax and think that you got things set is when your business could be in jeopardy. Stay ahead of your competition and you will do just fine.
Another thing, I highly recommend this software to get started on. It will help you understand how planning, planning, and more planning will really be beneficial in starting your business and after your business is up and running. Your planning should never stop when your self employed. Either planning on adding employees, marketing budgets, another location, or hell..it could be anything. http://www.businessplanpro.com/ I've used it and continue to use it. Go ahead and spring for the premier. I will be a great investment when it comes time to open up shop.
Best of luck to you. Self employed businesses is what this great country of ours was founded on.
Yep, since I was 20 years old, 34 now
Do you like it?
I would have a hard time working for someone else, all though that nightmare is in the process of becoming true. At least for a copule years
Was it worth it?
I wouldn't change it for the world. There was so much you learn when you work for yourself. You learn to do EVERYONES job, you bust your *** every single day, day in and day out. The issues of the company is left up to you to figure out and if you don't, you affect others lives pretty quickly and that bring a bit of truth to the situation very fast.
What was your specialty?
The mortgage industry. My last company was also a family owned business. Parents, myself and younger sister. Sister left the biz 3 years before we sold it, but she still let us know her opinions on major decisions. The business was an online school that did CEU credits and mortgage industry training. It was fun, and with technology, things changed EVERY day it seemed.
How many people worked for you?
At one point, we had about 8 folks. As technology got better, we were able to downsize and let things run themselves. Thats the hardest part about owning the company, having to make the decisions that effects others in the worst way possible. You have to remember its business!
How big was your shop?
Small office with about 1200sqft.
Any other things you would like to add about this topic.
There is tons of great advice in this thread. Just stay on top of things if/when you get your shop/biz open. The best key to being successful when your self employed is doing something no one else can or doing something that others are doing but doing it better. Doing it better could be price, customer service, choice of products, and etc. Being self employed leaves you having to stay on top of the changes in your industry at all times. You NEED to stay one step ahead at all times. The minute you get lax and think that you got things set is when your business could be in jeopardy. Stay ahead of your competition and you will do just fine.
Another thing, I highly recommend this software to get started on. It will help you understand how planning, planning, and more planning will really be beneficial in starting your business and after your business is up and running. Your planning should never stop when your self employed. Either planning on adding employees, marketing budgets, another location, or hell..it could be anything. http://www.businessplanpro.com/ I've used it and continue to use it. Go ahead and spring for the premier. I will be a great investment when it comes time to open up shop.
Best of luck to you. Self employed businesses is what this great country of ours was founded on.
little johnny hotrod
New member
- Joined
- Apr 4, 2010
- Messages
- 1
Have you done it?
Doing it
Do you like it?
love it, its lonely and you have to worry about distractions. and i might take a weekend off ever 3-8 months
was it worth it?
all good things come in time. most people dont bother to try
What was your specialty?
Artist, oil painting, metal sculptures, pinstriping, and a line of t shirts
How many people worked for you?
just me, myself, and i
How big was your shop?
my shop is 24x26, half studio half hot rod shop
Any other things you would like to add about this topic.
you have to love it, you have to know what your doing, learn from mistakes, confidence, people person, and roll with the punches
Doing it
Do you like it?
love it, its lonely and you have to worry about distractions. and i might take a weekend off ever 3-8 months
was it worth it?
all good things come in time. most people dont bother to try
What was your specialty?
Artist, oil painting, metal sculptures, pinstriping, and a line of t shirts
How many people worked for you?
just me, myself, and i
How big was your shop?
my shop is 24x26, half studio half hot rod shop
Any other things you would like to add about this topic.
you have to love it, you have to know what your doing, learn from mistakes, confidence, people person, and roll with the punches
Have you done it?
I have had my own real estate appraisal business in Los Angeles for the last 18 years. I don't think I could ever work a real job. When I did, I always thought all my bosses were A-holes. It took starting my own business to prove that fact.
Do you like it?
I absolutely love what I do. Part of the time I am out inspecting homes (including the occasional cool mansion or movie star home). The rest of the time I am at my desk writing up the reports with HBO on in the background.
was it worth it?
Absolutely. It's not impossible, but it is very hard to get rich working for someone else. Life without a W-2 is a beautiful thing.
How many people worked for you?
During the heydays of 2000 - 2005 I had a few sub-appraisers to do my overflow work. It was a 60-40 split and they were independent contractors, so no employee garbage to deal with.
How big was your shop?
I have an office in my home and a mailing address set up at a nearby office building executive suite for $ 100/month to keep up appearances.
Any other things you would like to add about this topic.
Watch your overhead, it will kill you the quickest. Also, watch your collections. As I like to say, if you don't get paid, it's a hobby not a business. Sounds like you have a great start...Good Luck!
Mike
I have had my own real estate appraisal business in Los Angeles for the last 18 years. I don't think I could ever work a real job. When I did, I always thought all my bosses were A-holes. It took starting my own business to prove that fact.
Do you like it?
I absolutely love what I do. Part of the time I am out inspecting homes (including the occasional cool mansion or movie star home). The rest of the time I am at my desk writing up the reports with HBO on in the background.
was it worth it?
Absolutely. It's not impossible, but it is very hard to get rich working for someone else. Life without a W-2 is a beautiful thing.
How many people worked for you?
During the heydays of 2000 - 2005 I had a few sub-appraisers to do my overflow work. It was a 60-40 split and they were independent contractors, so no employee garbage to deal with.
How big was your shop?
I have an office in my home and a mailing address set up at a nearby office building executive suite for $ 100/month to keep up appearances.
Any other things you would like to add about this topic.
Watch your overhead, it will kill you the quickest. Also, watch your collections. As I like to say, if you don't get paid, it's a hobby not a business. Sounds like you have a great start...Good Luck!
Mike
you might wanna get some schooling at a tech school, my dad knows all but hes sorta out of the loop in the new stuff, couldnt hurt. good luck with what ever you deceide.[/QUOTE]
i've thought about tech school but opted against it. my dad has been teaching me alot. we do work on lots of different vehicles. so there is large of variety. i go to a public school with a automotive program. all we are learning are how to do oil changes. i've started doing oil changes at age 11. at age 12 i was doing brakes and tune ups. then at age 13 i was removing engines and trannys. the first engine i pulled was out of a chevy 2500 diesel. and the first ****** i pulled was ot of a international 3800. i honestly think that my dad could teach me more than tech school. he can also tech me the books and talking with customers. the only thing is i will have to get certified after.
i've thought about tech school but opted against it. my dad has been teaching me alot. we do work on lots of different vehicles. so there is large of variety. i go to a public school with a automotive program. all we are learning are how to do oil changes. i've started doing oil changes at age 11. at age 12 i was doing brakes and tune ups. then at age 13 i was removing engines and trannys. the first engine i pulled was out of a chevy 2500 diesel. and the first ****** i pulled was ot of a international 3800. i honestly think that my dad could teach me more than tech school. he can also tech me the books and talking with customers. the only thing is i will have to get certified after.
c5golfguy
Well-known member
Don't sell yourself short that you can't learn anything in school. As you get older and more mature, you will always learn something. I wish I never screwed around with school and took it more seriously when I had the chance, and that means higher education classes too. You may know everything there is to know, but you could ask 10 folks on how to rebuild a motor and you could get 10 different responses arriving at the same outcome. One way could be faster then yours, which in your case with running a shop, saving time means making money. Like I said earlier, one the keys to a long term business ownership is doing something better then your competition. Higher education could help you do just that, may not mean you learn something, but it just gives you that much more credibility and experience.
bigblue02hd
Well-known member
Have you done it?
Currently... and for the past 6 yrs. on my own.
Do you like it?
Yes. The freedom is my biggest plus....
was it worth it?
Yes. I've made better money than I could have working under someone else and I've been able to choose what/when/where I want to be.
What was your specialty?
Self- employed General Contractor
How many people worked for you?
None... My buddy and I work together everyday and have on our own for the last 6 yrs. But, we are seperate sole-proprietorships. We've worked together in the construction field for the last 12yrs.
How big was your shop?
I've got my own garage/workshop at the house here to do small projects. But mostly all of our work is done on site. I have a 6'x12' enclosed trailer for tools/materials that I pull daily.
Any other things you would like to add about this topic.
At times it can be stressful being self-employed. Especially when economic times are tough and work is slow. But, it seems just when I've thought that we're gonna be slow something comes along.
Currently... and for the past 6 yrs. on my own.
Do you like it?
Yes. The freedom is my biggest plus....
was it worth it?
Yes. I've made better money than I could have working under someone else and I've been able to choose what/when/where I want to be.
What was your specialty?
Self- employed General Contractor
How many people worked for you?
None... My buddy and I work together everyday and have on our own for the last 6 yrs. But, we are seperate sole-proprietorships. We've worked together in the construction field for the last 12yrs.
How big was your shop?
I've got my own garage/workshop at the house here to do small projects. But mostly all of our work is done on site. I have a 6'x12' enclosed trailer for tools/materials that I pull daily.
Any other things you would like to add about this topic.
At times it can be stressful being self-employed. Especially when economic times are tough and work is slow. But, it seems just when I've thought that we're gonna be slow something comes along.
Have you done it?
Yes. Twice.
Do you like it?
The first time, yes and no.
The second time, definitely yes.
was it worth it?
Ego-wise, yes. Financially, not really. There were many times I went without a paycheck so that my employees got theirs. Cashflow is a wicked thing.
What was your specialty?
The first business was a design and engineering company that supported the automotive industry. We did CAD/CAE.
The second business is a farm.
How many people worked for you?
The design business employed 25 people, all degreed professionals except for the office assistant. The farm is just me, but I hire part time help from time to time.
How big was your shop?
We had two design offices, plus on-location sites in Detroit. About 8000sf total. We had over $800,000 in computer equipment and software alone. We grossed about $3MM/year.
Any other things you would like to add about this topic.
Other posters have said it, and it's true. Owning your own business requires long hard hours. You often become the head salesman, project leader, supervisor, accountant, and janitor all at the same time. Having a business plan is nice, but it's pretty difficult when you don't know when your next job will land. We had a line of credit to get us through the tough cashflow periods, but when you owe $500,000 on the LOC, $27,000 of salaries need to be paid this week, and your customers typically are in a 120 day pay schedule, it can be pucker time. Especially when your house and everything you own is on the line. There were a lot of sleepless nights. After 5 years, I went back to work for someone else. Lots less stress, and in the end, I actually made more money.
I have "retired" and now am self employed as a farmer. There's not much money in it, but it sure is fun and a lot less stressful. It's nice not having any debt, partners, or employees to worry about. I can plan my day at breakfast, and the commute to work is less than 1 minute.
It is a good idea to like what you do, whether you work for yourself or someone else. But in the end, no matter how much you like it, if it becomes your livelihood it will eventually become a grind. The more money you want to make, the more work it will become. If you add partners or employees, make sure they are someone you can trust with your life, because in many respects, you are trusting them with your business reputation. You will often learn things the hard way, like the need for liability insurance, setting up payroll and taxes, keeping good records, and following up with your customers accounts payable department.
Yes. Twice.
Do you like it?
The first time, yes and no.
The second time, definitely yes.
was it worth it?
Ego-wise, yes. Financially, not really. There were many times I went without a paycheck so that my employees got theirs. Cashflow is a wicked thing.
What was your specialty?
The first business was a design and engineering company that supported the automotive industry. We did CAD/CAE.
The second business is a farm.
How many people worked for you?
The design business employed 25 people, all degreed professionals except for the office assistant. The farm is just me, but I hire part time help from time to time.
How big was your shop?
We had two design offices, plus on-location sites in Detroit. About 8000sf total. We had over $800,000 in computer equipment and software alone. We grossed about $3MM/year.
Any other things you would like to add about this topic.
Other posters have said it, and it's true. Owning your own business requires long hard hours. You often become the head salesman, project leader, supervisor, accountant, and janitor all at the same time. Having a business plan is nice, but it's pretty difficult when you don't know when your next job will land. We had a line of credit to get us through the tough cashflow periods, but when you owe $500,000 on the LOC, $27,000 of salaries need to be paid this week, and your customers typically are in a 120 day pay schedule, it can be pucker time. Especially when your house and everything you own is on the line. There were a lot of sleepless nights. After 5 years, I went back to work for someone else. Lots less stress, and in the end, I actually made more money.
I have "retired" and now am self employed as a farmer. There's not much money in it, but it sure is fun and a lot less stressful. It's nice not having any debt, partners, or employees to worry about. I can plan my day at breakfast, and the commute to work is less than 1 minute.
It is a good idea to like what you do, whether you work for yourself or someone else. But in the end, no matter how much you like it, if it becomes your livelihood it will eventually become a grind. The more money you want to make, the more work it will become. If you add partners or employees, make sure they are someone you can trust with your life, because in many respects, you are trusting them with your business reputation. You will often learn things the hard way, like the need for liability insurance, setting up payroll and taxes, keeping good records, and following up with your customers accounts payable department.
Falcon67
Well-known member
Your tech skills are the last thing to worry about, really. If you know accounting, you'll spend a lot fo time keeping the books straight. If you don't you have to hire someone. And if that someone screws up, it's your ****. If it's a screwup like maybe employee payroll taxes, it could be the end of your business. Just one example of 100 things that can start a business train wreck. You'll need to know all the things that can impact your business - environmental laws, financial issues, taxes and licensing - all of that. That's the stuff that will "kill" you, not your ability to tweak an Chevy diesel. If you run the business, it's very likely you'll be doing very little of that.
venom50svt
Well-known member
I have owned a business back in the 90s. I owned a business with offices in 2 major cities in NY central and western NY..
It developed from a business that I worked for that went bankrupt due to the owner putting to much white powder up his nose.
Well 2 of us just took over the business. We worked it for 6 yrs and all was good till we saw a trend that the services we provided were slowing down in the industry. We closed before it was to late. It was rewarding, and now that I have worked for other companies only to be with out a job at this time.
I feel the only way to make a living is to take all my experience and start a NEW. I am tired of not being in control of my destiny. Employers just take care of themselves and milk the workers dry.
So, I am formulating a game plan to start over. I'm researching things to manufacture on a small scale for autos. I'm reading threads and hear what people wish they had but not available.
I'm not out to make a killing, just subsidize monthly income, who knows?
And yes, it is in the same field I have been in for 35yrs just with a twist..................
It developed from a business that I worked for that went bankrupt due to the owner putting to much white powder up his nose.
Well 2 of us just took over the business. We worked it for 6 yrs and all was good till we saw a trend that the services we provided were slowing down in the industry. We closed before it was to late. It was rewarding, and now that I have worked for other companies only to be with out a job at this time.
I feel the only way to make a living is to take all my experience and start a NEW. I am tired of not being in control of my destiny. Employers just take care of themselves and milk the workers dry.
So, I am formulating a game plan to start over. I'm researching things to manufacture on a small scale for autos. I'm reading threads and hear what people wish they had but not available.
I'm not out to make a killing, just subsidize monthly income, who knows?
And yes, it is in the same field I have been in for 35yrs just with a twist..................
azotto
Well-known member
I owned an ornamental iron fab shop for about 2 1/2 years. It was something I had done successfully for several years on the side and thought going full time would be a snap.
I was capitalized pretty good and already owned most all of the equipment I would need. Started out great and was starting to make inroads to the commercial side of things but when housing crashed, so did commercial.
The biggest reasons I didn't succeed were 1. The housing market dump. The Phoenix area took a big hit on that one. 2. The south of the border manufacturing. Certain unlicensed contractors could build/install cheaper than I could buy materials. 3. The state changed the "Handyman Exemption" from $750. to $1000. which took away a significant segment of the business.
Hopefully I will do it again someday in the future. It was a rewarding experience.
I was capitalized pretty good and already owned most all of the equipment I would need. Started out great and was starting to make inroads to the commercial side of things but when housing crashed, so did commercial.
The biggest reasons I didn't succeed were 1. The housing market dump. The Phoenix area took a big hit on that one. 2. The south of the border manufacturing. Certain unlicensed contractors could build/install cheaper than I could buy materials. 3. The state changed the "Handyman Exemption" from $750. to $1000. which took away a significant segment of the business.
Hopefully I will do it again someday in the future. It was a rewarding experience.
GarageEnvy
Well-known member
Have you done it? Yes, started when I was 21 and a Junior in college
Do you like it? Not really at this point. Long story I'll tell you more if interested
Was it worth it? Until last year I'd say probably. Over the last 19 years I've made very good money (150k+) for a couple of years and OK money (60k to 80k) most years and awful money (40k and less) the first 5. It probably averages out to what a 9 to 5 guy makes over the same period.
Specialty: Real estate appraisal
How many worked for you: Shared office and a secretary and at one point had two trainees. That's actually pretty big for my industry
How big was the shop? My business doesn't require much more space than a computer and desk.
Anything else to add: I'll say this... I chose the profession nearly 20 years ago because it was low overhead and I believed the economy was headed toward service based rather than manufacturing. All that remains true. However, government intervention such as HVCC has destroyed all profitability and stripped the profession of any satisfaction. There's no retirement plan, no benefits, vacation time is nearly impossible and self-insuring a family of 5 w/private (Blue Cross your fingers) insurance is terribly expensive. My major miscalculation was the increased role of government intervention in my industry. It was minimal when I started and is now stifling. For primarily that reason I would highly recommend choosing an industry with the least amount of governmental regulation. Good luck with that BTW. I still think the service sector is better than manufacturing and ag is becoming nearly impossible as environmentalists hoard water to save the worthless Delta smelt.
I think if I had it to do over, college professor, upper level government work, police, fire, or even (can't believe I'm saying it) IRS worker would be best for stability.
Do you like it? Not really at this point. Long story I'll tell you more if interested
Was it worth it? Until last year I'd say probably. Over the last 19 years I've made very good money (150k+) for a couple of years and OK money (60k to 80k) most years and awful money (40k and less) the first 5. It probably averages out to what a 9 to 5 guy makes over the same period.
Specialty: Real estate appraisal
How many worked for you: Shared office and a secretary and at one point had two trainees. That's actually pretty big for my industry
How big was the shop? My business doesn't require much more space than a computer and desk.
Anything else to add: I'll say this... I chose the profession nearly 20 years ago because it was low overhead and I believed the economy was headed toward service based rather than manufacturing. All that remains true. However, government intervention such as HVCC has destroyed all profitability and stripped the profession of any satisfaction. There's no retirement plan, no benefits, vacation time is nearly impossible and self-insuring a family of 5 w/private (Blue Cross your fingers) insurance is terribly expensive. My major miscalculation was the increased role of government intervention in my industry. It was minimal when I started and is now stifling. For primarily that reason I would highly recommend choosing an industry with the least amount of governmental regulation. Good luck with that BTW. I still think the service sector is better than manufacturing and ag is becoming nearly impossible as environmentalists hoard water to save the worthless Delta smelt.
I think if I had it to do over, college professor, upper level government work, police, fire, or even (can't believe I'm saying it) IRS worker would be best for stability.
tj2
Banned
Have you done it?
Yes, it will be 7 years in August of this year.
Do you like it?
Depends on the day you are asking. As others have noted, owning your own business is a study in mood swings. The highs are higher, and the lows are lower. When payday is in two days and you've got about 20 bucks in the account, it's pretty stressful. The worst of it is that you have other people depending on you to pay them.
On the other hand, there's not much better than landing a big deal, or pulling off something that others have told your customer can't be done. And when business is good, you have a lot of flexibility. Sometimes I'll spend the afternoon doing something around the house, and make up for it later when I'm doing the books at night or something like that. You can also make more money working for yourself, although it's not guaranteed that you will.
was it worth it?
I'd have to say yes. Financially it's been good overall, even though the business has lost money for the last three years. This year is finally shaping up better, as my industry is on an "up" part of the business cycle. Which brings up a good point: when times are good, sock that money away for the bad times. Don't blow it all on toys, or on needless expansion. I leased an office a couple of years ago that was bigger than we needed, because I expected business to grow. Instead things tanked, and I was recently able to move to a smaller office. The old office cost a lot of money and never paid off.
From a professional growth standpoint, it's a real learning experience. I never understood how a business could be killed by too much business, but I sure do now. The term "cash flow crunch" makes me break out in hives now.
But I've learned a ton about practical accounting, invoicing, insurance, benefits, etc. If nothing else, you'll get a new appreciation as to what being the boss is really like. And a lot of people respect someone who took a swing at running their own shop, no matter how well it worked out.
What was your specialty?
We do database systems for telephone companies. There's a class of large software systems called OSS, for Operational Support Systems (not to be confused with Open Source Software, which uses the same acronym). We work on those, installing them, loading data, supplying people to assist the customer's staff, etc. We also do custom software development around these systems, deliver training, and have a small line of branded software that we sell.
How many people worked for you?
It varies a bit, depending on the number of projects we have going. Some of the people working for me are employees, the rest are independent contractors. Right now we're getting up close to 30, which is about as many as I've ever had.
How big was your shop?
Our new office is two medium-sized rooms. One has desks, the other has servers. We're pretty virtual, because people are all over the country working on various projects. I've had people that have worked for me for over 2 years before I ever actually met them face-to-face. :
We have a hosted mail system, and a big server in the office that handles our accounting system, file server, Sharepoint system, etc. A web host handles our web site. We've also got a number of Solaris servers there (Solaris is a variant of Unix from Sun Microsystems), that allow us to duplicate our customer's environments. There's a lot of variables between systems, so it's easier for us to help them if we have a duplicate setup to test with.
I live 1,000 miles from the office, and only get there once every month or two. The office is there because most of the senior staff live there, and the vendor of the system we focus on primarily is located there as well.
Any other things you would like to add about this topic.
Running a business is a great thing to try, but it's not for everyone. I'd encourage anyone that wants to to give it a try. You may find that you love it. You may also find that you hate it. I know a couple of guys who are very good at what they do, and tried being their own boss. They were both successful in that they made a living at it, but they hated it. They both have regular jobs now, and are much happier. Not liking it isn't some sort of failing, you either do or you don't. Even if you don't like it, you'll stop wondering.
Even if your business eventually fails, it's a great thing to have under your belt. Just make sure that the business failing doesn't take you down with it. Be sure to incorporate or form an LLC. Whatever you are doing, you should insulate your private finances from your business. It's cheap to form a Chapter S corporation or LLC, a couple of hundred bucks. If you can't afford that, you shouldn't be getting into business at all.
I have quite a few people working for me, but that's the nature of my business. There's a lot to be said for running a one-man show, or hiring help only when you need it. I started off with just me and one other guy. An HVAC contractor I know said a wise thing: "Keep it small, and keep it all.". When it's only you, you've got little overhead, so it's much easier to make money. And with no employees, you get to keep all the profits. A lot of times you only need to grow if you want to make a *lot* of money. I've had years where I made a bunch o' money. I've also had years where I lost a bunch o' money. Also, when you make a lot, you'll be amazed at the size of the checks you'll write to the IRS. It's downright depressing.
When you start a business of any sort, keep good books. I use Quickbooks Enterprise, but started with basic Quickbooks. There are several similar packages out there. Get one, and find a bookkeeper to help you set it up. I had a bookkeeper teach me, then went by every month for the first six months so she could see what I was doing, and correct my mistakes. It's cheap tuition, you'll learn a lot, and you'll stay out of trouble. Without accurate books, you'll never know just how well or how poorly you are doing.
WATCH YOUR CASH! A business that runs out of cash is dead. Having a big accounts receivable amount is great, but your business runs on cash. Few things are worse than knowing you could pay all of your bills if your customers would just pay some of those overdue invoices.
Be prepared, some days will simply ****, and whining to the boss is a lot less satisfying when you have to go find a mirror to do it.
Go into a business you know something about, if you plan to make a living at it. It's nice if you love it, but it *must* be something you are good enough at that other people will pay you to do it. My first attempt at a business was a "side" business manufacturing wooden chairs, and it failed miserably because I didn't really work at it. I started my current business because I got laid off during a downturn in telecom. It's amazing how focused you get on a business when it's what you are counting on to pay the mortgage.
I noted above to save money when times are good. There will come down times, and everyone will be in trouble. If you have saved enough, when the good times come back the weaker shops, or those with poorer management, will have dropped off the map. With the herd thinned, you'll be in a good position to pick up more work. And when times are bad, cut costs as soon as possible. During the last downturn, I waited too long, keeping some people on even when I didn't have enough work for them, because I kept thinking "it'll get better any day now". Always strive to take a realistic view of things, neither too rosy nor too dim, and act accordingly. If you have to make cuts, do it and don't hesitate. Running a business has it's down sides, and letting people go is part of that. I hate it, but I've had to do it sometimes, and it just goes with the territory.
Be ready to work a full day doing the work, and another full day's worth paying bills, printing invoices, planning your advertising/marketing, etc. It's a busy life sometimes, but it can be a hoot. The best part is that you've put together this big, complicated toy you call a business, and there's no end to the tinkering your can (and must) do to it.
Man, I'm long-winded!
Yes, it will be 7 years in August of this year.
Do you like it?
Depends on the day you are asking. As others have noted, owning your own business is a study in mood swings. The highs are higher, and the lows are lower. When payday is in two days and you've got about 20 bucks in the account, it's pretty stressful. The worst of it is that you have other people depending on you to pay them.
On the other hand, there's not much better than landing a big deal, or pulling off something that others have told your customer can't be done. And when business is good, you have a lot of flexibility. Sometimes I'll spend the afternoon doing something around the house, and make up for it later when I'm doing the books at night or something like that. You can also make more money working for yourself, although it's not guaranteed that you will.
was it worth it?
I'd have to say yes. Financially it's been good overall, even though the business has lost money for the last three years. This year is finally shaping up better, as my industry is on an "up" part of the business cycle. Which brings up a good point: when times are good, sock that money away for the bad times. Don't blow it all on toys, or on needless expansion. I leased an office a couple of years ago that was bigger than we needed, because I expected business to grow. Instead things tanked, and I was recently able to move to a smaller office. The old office cost a lot of money and never paid off.
From a professional growth standpoint, it's a real learning experience. I never understood how a business could be killed by too much business, but I sure do now. The term "cash flow crunch" makes me break out in hives now.
But I've learned a ton about practical accounting, invoicing, insurance, benefits, etc. If nothing else, you'll get a new appreciation as to what being the boss is really like. And a lot of people respect someone who took a swing at running their own shop, no matter how well it worked out.
What was your specialty?
We do database systems for telephone companies. There's a class of large software systems called OSS, for Operational Support Systems (not to be confused with Open Source Software, which uses the same acronym). We work on those, installing them, loading data, supplying people to assist the customer's staff, etc. We also do custom software development around these systems, deliver training, and have a small line of branded software that we sell.
How many people worked for you?
It varies a bit, depending on the number of projects we have going. Some of the people working for me are employees, the rest are independent contractors. Right now we're getting up close to 30, which is about as many as I've ever had.
How big was your shop?
Our new office is two medium-sized rooms. One has desks, the other has servers. We're pretty virtual, because people are all over the country working on various projects. I've had people that have worked for me for over 2 years before I ever actually met them face-to-face. :
We have a hosted mail system, and a big server in the office that handles our accounting system, file server, Sharepoint system, etc. A web host handles our web site. We've also got a number of Solaris servers there (Solaris is a variant of Unix from Sun Microsystems), that allow us to duplicate our customer's environments. There's a lot of variables between systems, so it's easier for us to help them if we have a duplicate setup to test with.
I live 1,000 miles from the office, and only get there once every month or two. The office is there because most of the senior staff live there, and the vendor of the system we focus on primarily is located there as well.
Any other things you would like to add about this topic.
Running a business is a great thing to try, but it's not for everyone. I'd encourage anyone that wants to to give it a try. You may find that you love it. You may also find that you hate it. I know a couple of guys who are very good at what they do, and tried being their own boss. They were both successful in that they made a living at it, but they hated it. They both have regular jobs now, and are much happier. Not liking it isn't some sort of failing, you either do or you don't. Even if you don't like it, you'll stop wondering.
Even if your business eventually fails, it's a great thing to have under your belt. Just make sure that the business failing doesn't take you down with it. Be sure to incorporate or form an LLC. Whatever you are doing, you should insulate your private finances from your business. It's cheap to form a Chapter S corporation or LLC, a couple of hundred bucks. If you can't afford that, you shouldn't be getting into business at all.
I have quite a few people working for me, but that's the nature of my business. There's a lot to be said for running a one-man show, or hiring help only when you need it. I started off with just me and one other guy. An HVAC contractor I know said a wise thing: "Keep it small, and keep it all.". When it's only you, you've got little overhead, so it's much easier to make money. And with no employees, you get to keep all the profits. A lot of times you only need to grow if you want to make a *lot* of money. I've had years where I made a bunch o' money. I've also had years where I lost a bunch o' money. Also, when you make a lot, you'll be amazed at the size of the checks you'll write to the IRS. It's downright depressing.
When you start a business of any sort, keep good books. I use Quickbooks Enterprise, but started with basic Quickbooks. There are several similar packages out there. Get one, and find a bookkeeper to help you set it up. I had a bookkeeper teach me, then went by every month for the first six months so she could see what I was doing, and correct my mistakes. It's cheap tuition, you'll learn a lot, and you'll stay out of trouble. Without accurate books, you'll never know just how well or how poorly you are doing.
WATCH YOUR CASH! A business that runs out of cash is dead. Having a big accounts receivable amount is great, but your business runs on cash. Few things are worse than knowing you could pay all of your bills if your customers would just pay some of those overdue invoices.
Be prepared, some days will simply ****, and whining to the boss is a lot less satisfying when you have to go find a mirror to do it.
Go into a business you know something about, if you plan to make a living at it. It's nice if you love it, but it *must* be something you are good enough at that other people will pay you to do it. My first attempt at a business was a "side" business manufacturing wooden chairs, and it failed miserably because I didn't really work at it. I started my current business because I got laid off during a downturn in telecom. It's amazing how focused you get on a business when it's what you are counting on to pay the mortgage.
I noted above to save money when times are good. There will come down times, and everyone will be in trouble. If you have saved enough, when the good times come back the weaker shops, or those with poorer management, will have dropped off the map. With the herd thinned, you'll be in a good position to pick up more work. And when times are bad, cut costs as soon as possible. During the last downturn, I waited too long, keeping some people on even when I didn't have enough work for them, because I kept thinking "it'll get better any day now". Always strive to take a realistic view of things, neither too rosy nor too dim, and act accordingly. If you have to make cuts, do it and don't hesitate. Running a business has it's down sides, and letting people go is part of that. I hate it, but I've had to do it sometimes, and it just goes with the territory.
Be ready to work a full day doing the work, and another full day's worth paying bills, printing invoices, planning your advertising/marketing, etc. It's a busy life sometimes, but it can be a hoot. The best part is that you've put together this big, complicated toy you call a business, and there's no end to the tinkering your can (and must) do to it.
Man, I'm long-winded!