The plan on being your own boss!!

[Nealcrenshaw]

I was wondering if anyone had any plans on becoming their own boss? My Plan is 10 years from now, by the time i'm 40. I figure if i could save roughly
$5200 or more for the next ten years that would amount to about $50,000+.

Frankly i'm a little tired of working for someone else,taking orders, have to plead for time off or family issues that come up, it's not any good having to know everyday that you have do the samething over and over and over.

I figure that with the money i save i could get my garage built,make money from that buy a box truck do some hauling,Scraping,truck for hire type of setup even some landscaping as long as i decide how and whn to work.

I not afraid of failing, as this usually stops most people from even trying their hand at it. So i the plan is to take some more headaches of being an employee for the next 10 years, THEN I'M GONE
. I've got more ideas but i'm wondering if you all had any similar ambitions? Or if you're already there how did you do it?


P.S No financing, i want to it all by cash. I've learn my lesson about borrowing money!!!

 

[WSMC633]

I finally started my own business about 2 months ago. I worked from home for a couple years on the side while preparing for it. We've started everything pretty much with cash, and some pretty manageable Credit card bills. It takes a lot of work and discipline but It's totally worth it. Now I own my own Motorcycle shop, it's pretty much breaking even. I still work my 9-5 so I'm exhausted from doing both, but it's allowed me to do it without really borrowing.

Feel free to hit me with any questions, I'll do my best to answer them.

 

[ddawg16]

50% of small businesses fail in the first 5 years. One of the biggest reasons is that the owner underestimates the amount of effort it takes. Contrary to what you see on TV, the 'get rich quick' is a rare case.

Start off small....develope a customer base 'before' you pack in the full time job.

Avoiding credit is a good idea....

Plan on having enough cash to survive at least 3 months with no income.

Make sure you take into account health insurance.

Avoid employees as long as you can. Consider part time employee's only for awhile.

Good luck....and don't give up on that dream.

 

[kbs2244]

I am with WSMC on this.
Get started with “side jobs” while you are working for someone else.
This when you build up a reputation as a “go to” guy.
Do not go into any kind of debt during this period.
Not even a new couch or TV.
Buy everything cash. Tools, cars, everything.
The time will come, maybe sooner than you plan maybe later, when “going to work” will get in the way of a better paying project.
When this has happened 2 or 3 times, you can cut the strings and jump.
This is when having no debt will make you a free man.
BTW you never stop taking orders from someone.
The “someone” just becomes a customer instead of a boss.
I know. I got tired of working 50 and 60 hours for someone else.
Now I work 80 for myself.

 

[rickairmedic]

I agree with KBS and WSMC and will add put at least six months worth of living expense money away if not 1 years worth before jumping ship . My other half and I have been at it for a year now on our own we opened an HVAC company . I have been in the industry for about 20 years and have watched and learned from others mistakes. I will add we picked a BAD year to jump out on our own the economy is in the toilet and our winter here didnt really happen 70* in late Jan./Feb. is not normal by any means in Louisville but it was so not alot of furnace sales this winter and service wasnt much better .We managed to scrape through winter with help from Familly but didnt go into debt doing it . I write checks at all my suppliers and refuse to open a line of credit with any of them . I may squeek from time to time trying to buy equipment get it installed and get the customers money in the bank before the supply houses check hits but so far we have managed . I will also say you will always have a Boss only diff. is when working for yourself you have many bosses instead of the same schmuck day in and day out .I will also say I turned 41 in June and if all goes well I will be semi retired by 45.


Rick


Rick

 

[jimvannoy]

I did it about 10 or 12 years ago. Was working as Manager of Networking and Telecommunications for a local College. Been there for 10 years. Very boring job! I started buying slot cars on eBay for my collection in the mid 90's. Started seeing stuff sell that I had or knew where to get. Started selling while still working at the College. Quickly started making more selling on eBay than my salary with the College. Turned in my resignation came home and sold full time for a long time. 4 or 5 years ago started doing more and more old car work (been doing it as a hobby for about 30 years) Now I do more car restorations and custom car building in my home shop and less eBay selling although I still sell several hundred items a month. Sure is great to get up when you want, wear what you want, do nothing for the day if you want, not worry about rush hour traffic or what time it is. Heck most of the time I don't even know what day of the week it is!

 

[SC-Eric]

Why wait?

So many times in life we are waiting for the perfect time to do something that will make us happy. If I would have waited until the perfect time I would have never had ANY kids! I started Wolverine Coatings during a recession in 2001... right before 911. I didn't take out the big loan either... I knew it would be a rock around my neck in the future. SO, we started with an office in an upstairs bedroom and a 12x24 building in the back yard! It's all great memories for me now... we just turned 7 years old.

Dude... I hope you find your course and do great! Just remember, sometimes something NOW is better than the perfect thing... never.

GOOD LUCK!!!

 

[Nealcrenshaw]

Good point!! I definitely will keep these points in mind! You never know what the next day will bring.

 

[fireguy]

I started my business part-time in 1978. In 1990, I went full-time. I had no choice, the City Mgr eliminated my position at the Fire Department. I have been working for myself for so long I am not fit to work for anyone else. I now have 3 full time techs and a part time bookeeper. I work at least 50 hours a week, usually 60 & more. I would not work this hard for anyone else. we just got back from 2 weeks in Thailand. I left my lead tech in charge. When I got back he told me he did not know how much I did in a week, nor did he know how I got it all done. He also told me there was no way he wanted to try to fill in for me again.

Being self employeed is the best job I ever had, adn the most difficult.

 

[Kevin54]

I was wondering if anyone had any plans on becoming their own boss? My Plan is 10 years from now, by the time i'm 40. I figure if i could save roughly
$5200 or more for the next ten years that would amount to about $50,000+.

10 years from now that $50,000.00 will equal about the same as the $5200.00 now that you are trying to save. The idea is good, but in reality it won't happen unless you have an idea (solid idea) as to what you exactly want to do. Then either jump in with both feet or really bust your tail to get there earlier. 10 years is a long time out of your life and many life changes come along in that amount of time. I wanted to do the same thing. Being in business for myself. That was almost 30 years ago and it still hasn't happened and probably won't now. It always seemed the time wasn't right, I didn't want to borrow that much money, etc, etc. Now when you get over the hump in age and then health problems arise, and insurance is needed...................well you know.

 

[RickP330]

Being your own boss is one of the great things about living in this country. I think it's the desire of just about us all. I've fooled with a few things, but from what I've read and learned is that 9 out of 10 attemtps to get your own thing started will fail, just becuase of statisics alone (not due to your own effort). With that in mind you need to include an exit stratigy with your business plan, Just incase the inevitable happens. I wouldn't be so relectant to borrow, Just remember your exit plan, and by all means try to get as much help as you can (employees) You will want to work hard to get things going, but not for the rest of your life....
RickP

 

[logical]

It was said earlier that most small businesses fail because of an underestimation of the work involved. Maybe...but I don't think that's the case...lot's of people are willing to work very hard and long hours. From what I've read, the leading cause is not understanding your cash flow. In other words, will the money come in at a fast enough rate to service any debt, make payroll, pay you a salary, make tax payments and cover operating expenses. Too many people look at the flow after everything is up and running and miss that those first 3-10 months are when expenses are highest and revenue is maybe not there yet. $50,000 may seem like a lot but is you take even a few months to get some income going, that could be wiped out. YTou may not have a mortgage or employees but you still have to pay taxes, eat and pay the light bill.

 

[rsanter]

if you start a buisness from scratch you can count on loosing money for the first 1-2 years while you are building a reputation and a clientel. if you do a bad job of building that reputation and client base then you will go out of buisness....simple as that

get started on the side and build a reputation now. let the buisness build itself. keep the money from the buisness seperate and let that money grow to use as funds to buy equipment and such. over time build up the money in that account and use that money to go full out with the buisness when the time comes.

the money you are saving now should get saved for you future (retirement, etc) and the building of the buisness should be bases on lots of effort from you and little (relativly) money

bob

 

[Kevin54]

One other thing to think about also, is that if just one negative reply on here makes you think twice about starting your own business, then you are not even close to doing it. You have to be 100% committed in your own mind to do it.

 

[Jaguar Fan]

It was said earlier that most small businesses fail because of an underestimation of the work involved. Maybe...but I don't think that's the case...lot's of people are willing to work very hard and long hours. From what I've read, the leading cause is not understanding your cash flow. In other words, will the money come in at a fast enough rate to service any debt, make payroll, pay you a salary, make tax payments and cover operating expenses. Too many people look at the flow after everything is up and running and miss that those first 3-10 months are when expenses are highest and revenue is maybe not there yet. $50,000 may seem like a lot but is you take even a few months to get some income going, that could be wiped out. YTou may not have a mortgage or employees but you still have to pay taxes, eat and pay the light bill.

I agree. Cash flow kills companies (especially small companies). Remember an airline back in the 1980s called "PeopleExpress"? It never lost money (on a P&L statement) but went belly-up because of cash flow.

So... if it were me... I would write a really good business plan, review it with knowldegable people... as an adendum, do a cash flow analysis... you don't need an MBA to do this (although it helps); you can start on paper or an excel spreadsheet and do it month by month: starting cash, cash out the door, cash coming in the door... etc. At some point you'll probably need an accountant who can do all this for you.

Oh... one thing: get some advice from an attorney on how to protect your personal assets if everything goes to hell. You'll learn about LLCs, about subchapter S corporations, etc. Buy an hour of an attorney's time, and tell him what you're thinking of doing, and ask how he can help protect your family from bad things happening.

Good luck!

 

[goodfellow]

Owning your own small business is actually a paradox. If you're good at doing something, then it's natural to want to capitalize on your skills and go the independent route. However, most folks who actually were successful in doing this found out that eventually they were forced into the role of business manager, rather than doing the work that they loved, or were trained to do.

Any small business owner will tell you that as the business grew, they spent more time in the office managing the buisness (taxes, sales, payroll, customer service, vendors, contracting, etc.) than actually getting their hands dirty in the shop. So the irony is that the successful business owner winds up spending most of his time as a desk jockey.

One more thing, I know a few highly motivated guys who worked full time in their shops and tried to do the office paper work in the evenings -- some went out of business, a few had heart attacks.

Be sure you understand the value of the business management side --cash flow and customer service is everything.

 

[warrent]

I figure that with the money i save i could get my garage built,make money from that buy a box truck do some hauling,Scraping,truck for hire type of setup even some landscaping as long as i decide how and whn to work.

Well first off sometimes it is nice to dream. From your statement I do not see a real income opportunity. What are you going to do in the garage? Where are going to get the money for the truck....permits, etc.

$50K 10 years from now will be just above minimum wage for one year. (note remove the insurance, social security, FICA and the rest that must pay when self employed).

Also $5200 a year for 10 years would be $52K but are you going to invest and earn some interest? How?

I am my own boss 16 hrs a day and that is enough. Sometimes you have to **** up for the other 8. Think of family and their future too. A good attitude with a good employer might make you happier than having to depend on if you want to wake up in the morning and take the day off and not have food to eat.

Big choice to make and a lot of self discipline if you want to make it work.

 

[Nealcrenshaw]

All Excellent points!!! I have come to expect honesty from this forum!

I realize that starting a business is
1.hardwork
2.Risky
3.Etc.

I have been thinking about this for a while now i'll say probably in my teenage years.(currently30) I have talked it over with my wife who in her opinion feel thats it's best that i just keep being an employee,she loves working for someone else,everytime i bring it up she say"no stop dreaming you just need a regular job." I respect her opinion as my wife, but it doesn't discourage me in the least bit amount. we talk about it from time to time.

I have been working for the past 16 years, i have seen many people come to work and at the end of the day the employer called my Co-worker in the backroom or sometimes right in front and said "We're sorry, but we no longer need your services",No 2 weeks, No anything, i've seen lay offs(but they expect you to put in 2 weeks notice.) Show me the "job security" in that. If you read the paper watch the news there is no job security,never was.

I'm at the point now where no words can stop me,just as sure as i'm a man in this room typing this on my keyboard i wiil become my own boss.

So i guess if someone likes to be talked to any old kind way, have their dignity taken from them, be completely bored everyday, hope for the chance to get a .50 cent raise this year,plead for a day off to take your family member to the doctor or wherever you need to go(and i have seen all these things to lesser or worse degree) then "employment" is for you. I will become my own boss even if i have to sell oranges by the freeway.

There is no failure.

 

[WSMC633]

Owning your own small business is actually a paradox. If you're good at doing something, then it's natural to want to capitalize on your skills and go the independent route. However, most folks who actually were successful in doing this found out that eventually they were forced into the role of business manager, rather than doing the work that they loved, or were trained to do.

Any small business owner will tell you that as the business grew, they spent more time in the office managing the buisness (taxes, sales, payroll, customer service, vendors, contracting, etc.) than actually getting their hands dirty in the shop. So the irony is that the successful business owner winds up spending most of his time as a desk jockey.

One more thing, I know a few highly motivated guys who worked full time in their shops and tried to do the office paper work in the evenings -- some went out of business, a few had heart attacks.

Be sure you understand the value of the business management side --cash flow and customer service is everything.

The exact reason i went into business with a partner. I know doing paperwork and dealing with the books is not my strong suit. I Build things that go fast My business partner is not so good with the spanners so he handles the business aspect. Of course our roles cross paths now and again, but it's been a great agreement. I do however spend a lot of my time marketing since I'm more tied to the local scene than he is. But, I'm not complaining....... yet!

 

[LoneGunman]

"I am my own boss 16 hrs a day and that is enough. Sometimes you have to **** up for the other 8. Think of family and their future too. A good attitude with a good employer might make you happier than having to depend on if you want to wake up in the morning and take the day off and not have food to eat.

Big choice to make and a lot of self discipline if you want to make it work."

That's fine if you are happy but thank God there are exceptions to the 98% of the people who have the "9 to 5 put in 25 years mentality". This country was built by risk takers, if everyone was happy being their own boss for 16 hours we'd be in a lot worse shape than we are in.

"I have been working for the past 16 years, i have seen many people come to work and at the end of the day the employer called my Co-worker in the backroom or sometimes right in front and said "We're sorry we no need your services" that same day,No 2 weeks No anything, i've seen lay offs(but they expect you to put in 2 weeks notice.) Show me the "job security" in that. If you read the paper watch the news there is no job security,never was."

Job security is such a joke, I don't know how many times I've heard someone brag about how secure their job is to later hear they were canned. In my opinion the ONLY secure job is law enforcement and maybe a few other state, local government jobs. In the private sector everyones fair game for the pink slip.

I no longer give two weeks notice, why should I? An employee doesn't get notice when they are fired. I have in the past always gave notice, for what, to get stuck with all the **** jobs or to get told don't bother with the two weeks, leave now. I have never been fired from a job and have owned my own business so it's not like I havent seen it from both sides.

As for your wife,I mean no disrespect but you are in for a rough time. Her "I think it's best to be an employee" now will turn into "I told you so's" whenever you have a business problem. It's going to be tough with a wife who is not supportive.

 

[WSMC633]

As for your wife,I mean no disrespect but you are in for a rough time. Her "I think it's best to be an employee" now will turn into "I told you so's" whenever you have a business problem. It's going to be tough with a wife who is not supportive.

I agree. I'm very lucky to have an extremely supportive "other half". It would be sooooo much harder if it weren't for her support. I'm not the only one dealing with long hours. She ends up eating dinner alone, going to bed alone, and missing out on alot of the fun things we used to do just because I'm so busy now. Nevermind the financial tightness that we experience now.

I wish you the best of luck if your wife doesn't support your ambitions.

 

[FunfDreisig]

Behind every successful self-employed business man is a wife with a real job.

Seriously, the key is the have at least ONE of you with a secure job with HEALTH INSURANCE. It would be nice to have that job pay enough that you can "get by" on that one salary though hard times. But the real issue is lowering your risk of financial failure due to health costs. The older you get the more important this is.

Funf Dreisig

 

[fourfeathers]

Dude, it sounds like you need to find a good job!

If you have health benefits now, you had better price them out in the "real world". For the 2 boys and me, I pay almost $400 a month with a $1000 deductible. That is NOT getting cheaper. My folks in there late 50's pay Damn near $1000.

I'd make sure the wife had at least a part-time job at Wal Mart, HyVee, etc to get insurance.
Don't forget Social Security, no work comp, major business insurance differences, etc.
A straight truck or dumper will cost $8000-30,000 +++ and you better have a spare if you are going to make that your business. Plates will kill you at least here in IL. Unsurance is killer. Diesel @ $4.99. Labor rate of $70-95. An oil change is 5 gallons or more @ $8-10 a gallon + filter adds $12-35. etc etc etc.

 

[LoneGunman]

"Behind every successful self-employed business man is a wife with a real job."

Yup, I'm looking to do something on my own again, the first time I lost my *** but I'm back for more. The big advantage we have now that we didn't have the first time is that my wife has a very good job with great bennies, I don't even use my bennies I get from work because hers are so much better.

This business venture I'll keep my day job and will not go 100% out on my own until I replace my fulltime income with the part time business for at least 6 months straight. I figure if I can do that there is no reason I should not make it. I'm also buying equipment with cash, no credit.

 

[goodfellow]

The exact reason i went into business with a partner. I know doing paperwork and dealing with the books is not my strong suit. I Build things that go fast My business partner is not so good with the spanners so he handles the business aspect. Of course our roles cross paths now and again, but it's been a great agreement. I do however spend a lot of my time marketing since I'm more tied to the local scene than he is. But, I'm not complaining....... yet!

Excellent move on your part -- having a partner that's business savvy is a very smart decision.

Just make sure you have the book audited by an outside accounting firm every year -- no kidding!!!

 

[WSMC633]

Excellent move on your part -- having a partner that's business savvy is a very smart decision.

Just make sure you have the book audited by an outside accounting firm every year -- no kidding!!!

Thanks! Already have an outside accountant all set up!

 

[FunfDreisig]

"Behind every successful self-employed business man is a wife with a real job."

Yup, I'm looking to do something on my own again, the first time I lost my *** but I'm back for more. The big advantage we have now that we didn't have the first time is that my wife has a very good job with great bennies,...

That's the key! Risk reduction by one spouse with good health insurance, etc.. And risk taking by the other spouse to maximize income growth potential.

In our case my spouse was self employed and I was the "working stiff". But when I retired the Net Present Value of the health insurance provided by my former employer was in excess of $250K as compared to buying the same heath insurance on my own. The thing to remember is... in most large companies health benefits are the same for the high end execs and the mail boy!

Funf Dreisig

 

[jay50]

Excellent move on your part -- having a partner that's business savvy is a very smart decision.

Just make sure you have the book audited by an outside accounting firm every year -- no kidding!!!

In self employment; there are always two sets of accounting books; one is the real book; the other is the funny book...

 

[Nealcrenshaw]

I guess having a years worth of living expenses would help.In my case i figure about $15,000.I'm definitely going to put this plan in overdrive and get there in half the time or less!!

By the way i do have afew clients that might call me about twice a week, i currently work doing mobile auto repair where i go to the customers house and work on there car where ever they are. I had some business cards made up but word of mouth is pretty good, i've had people call me who i had least expected.

This isn't something i just thought about yesterday, i've been thinking about this since i was in high school, the thought runs in my head at least once a day, now, i'm just trying to reduce my risk.
But i will do it.

 

[rancherbill]

Are you going to start

• a Job, or
• a Business?

To start your own job is easier than starting a business. With your part time work right now it seems like you are well on the way to being self employed (job).

What is your ultimate goal? Working alone or opening a shop and have others work with you?

Frankly I'm a little tired of working for someone else, taking orders, have to plead for time off or family issues that come up, it's not any good having to know everyday that you have do the same thing over and over and over.

Hello - tap tap tap

Having a business or being self employed is not going to make this problem go away. It is going to make it worse. Instead of dealing with an idiot boss you will be dealing with an idiot customer that has to have it done right away even though you have a really bad cold. You'll do it because there a mortgage payment coming and the customer wants MORE work done next month.

I'd talk to buddies or local shop owners to get a reality check. I started my own business and LOVED IT. Reality was much different than when I started, but, to repeat myself, I loved it.

 

[Nealcrenshaw]

My goal is to work for myself, I don't mind hustling. But i'm just tired of taking orders.At least with a customer if they piss me off i can tell them to take a hike.

 

[gsport]

a very interesting thread.. i was a teamster for 25 years and retired last year at age 54.. i now have a pension, a new corvette, a jeep, chevy duramax, 32' 5th wheel, 06 monte carlo, live in the country on an acre with two shops and i did it all on just a high school education... the thing about being in a union you do have rights.. and the money is usually pretty darn good too.... but, i do also have a great wife that is still working...
good luck on whatever you decide..... jim

 

[Kevin54]

I'm not the only one dealing with long hours. She ends up eating dinner alone, going to bed alone, and missing out on alot of the fun things we used to do just because I'm so busy now.

As far as you know j/k You are one of the lucky ones. Quite a few would not put up with that lifestyle. My nephew and his business is the same way. He's a diesel mechanic, has his own business, starts at 8:00 and sometimes his day does not end until midnight. When the farming season starts he gets swamped with work. Tractors, combines, semis. They won't wait. A farmer needs his equipment turned around pronto. I have seen him many times get ready to close shop just to have a combine come in when they were in the middle of a 1000 acre harvest. Then he would work all night on it. Planting season is the same way. And with Ohio weather, the farmers only have a certain window where the weather is right for planting. This year has been doubly hectic for him because it seems there is no idle ground like in past years. What the government used to pay to have it idle is all planted in crops.

Frankly I'm a little tired of working for someone else, taking orders, have to plead for time off or family issues that come up, it's not any good having to know everyday that you have do the same thing over and over and over.

Wait until you start working for some crabass customers that are never satisfied no matter what you do or how far you bend for them. Then you'll start giving a little credit hear and there and next thing you know, you're in court trying to get your money. Or a check bounces and you are out. So whatever you decide to do....get money for materials up front and money for labor after the job. And if it is more than selling oranges on the side of the road, make sure you have a contract of some sorts. Not having a signed contract will not go in your favor one bit in court. ALWAYS have a signed contract.

 

[dps]

Based on your writing, I'd definitely say you have the right temperament; there are a lot of folks who are really better off being an employee. It would help A LOT to have your wife on board with the idea; her support is really a lifesaver when things are tough.

While you are saving, I might recommend that you use the time to come up with a business plan that would work for you. It sounds like you have a pretty good idea of what you want to do, could it pay enough? How much per day would you have to earn/ how many hours would that be/ how many days per week or month, etc.

As a suggestion that's worked for me over the years; decide just what you will and won't do, and stick with it. For example, I guy I knew many years ago worked at a car dealership and ONLY did automatic transmission work. He knew it well and could make good money because he specialized. He got all the work because no one else wanted it because they didn't know it well enough to make $ (they were a flat rate shop). He came and left as he wished with no static from the dealership. In various lines of work, I've done the same thing; figured where my interest laid and where I could make decent money and just said no to work that didn't fall within my parameters.

Also, once you have enough work, start firing the bottom 10% of your work each year, whether it's known trouble maker customers or the type of work that no longer suits you or no longer is profitable. You can usually do this in a nice way, or actually have a little self-employed empowerment fun when getting rid of an @sshole. This opens your schedule up to either more profits with better work or a better schedule or a better clientele. For example, there's an earlier poster talking about the guy doing diesel work overnight for farmers during harvest season. The guy he's talking about is probably not doing things at all correctly. He's letting the job run him instead of the other way 'round. I had one steady customer like that for years; they'd drop a project off that was two weeks late to my shop and want it back at 5 the next morning. I'd do it, but at 3-4 times the original quote. They knew it in advance and paid, and I built my vacation funds and time off with it. Remember the old "a crisis on your part does not constitute a crisis on my part"!

If you do good work, and are RELIABLE, people will pay you more. Especially if you present yourself well; are clean and courteous. People like doing business with nice guys, especially in a field where there are a lot of questionable practitioners and/or where the customer has to trust the person they're hiring more than usual. Look/act/be knowledgeable, interested, and concerned and folks will gladly hand you $100 when they would begrudge a lesser person $50.

Work for the upper half of whatever population you decide to serve. Then decide how much time you will donate for pro bono work for the poor when your business is rolling. If you work for the poor it's very tough to get ahead yourself.

While you're saving up some money, use the time to add some outside skills that will be handy later. Maybe it's reading or writing or bookkeeping or Dale Carnegie-type stuff or organizational skills (needin' to work on that one myself!) including time management or any aspect that will help you when you're on your own. You won't have time to add it later, at least for awhile.

And of course most importantly, remember to have fun!

 

[Mr. Welsh]

Bootstrap while you still have an income.

 

[sctattooer]

I cant believe how many people on this forum are locked into a false sense of security. No disrespect meant, but anyone who believes in himself enough will make it, bottom line. I almost cant count the number of times I've gotten fed up with the rat race in my life, packed up a truck, and headed for another state that I've never been to before.
Granted, I'm 47 now, with limited savings and no retirement to look forward to, but I'm a strong believer that when you're in your 70's, sitting on the front porch, all you have left is the memories of all the cool stuff you did in your life. So I say do it. Whatever it is that your heart tells you to do, do it. And do it now, before you cant.
So what if your business doesn't make it 5 years, at least you gave it your best shot. Then it's time to regroup and try something else. Nothing in life is guaranteed, and only you can make it happen. Good luck!!

 

[draken96]

Ive been working on cars for the last 20 years, 15 of them are just on saabs. I built a garage last year behind my house. Since then, I have been working in my garage on weekend and nights, opened up an online store also. I buy used or broken down saabs, I either fix them or sell them off as parts. It has been working out great, At the same time I am offering my service to fix customer cars. My online store is doing great and my customers are building up. At the same time I still work at a shop during the day, over time I plan on going full time with my bussiness.

Draken96

 

[FunfDreisig]

I cant believe how many people on this forum are locked into a false sense of security. ....Granted, I'm 47 now, with limited savings and no retirement to look forward to, but I'm a strong believer that when you're in your 70's, sitting on the front porch, all you have left is the memories of all the cool stuff you did in your life.....

Au contraire some of us "worked for the man" for 25-30 years and now have the financial security to do anything we want for the rest of our lives and it ain't "sitting on the front porch" looking back

For example, I recently built the cabin we live in now. I'm currently building a 3 bay garage so I can restore a couple of cars I've collected over the years. Next will be the main house.

BTW If you run out of "cool stuff" to do, drop me a PM. I promise you''ll work your a$$ off just keeping up this old retired geezer

Funf Dreisig

 

[Nealcrenshaw]

But anyone who believes in himself enough will make it, bottom line

I second this motion!!!!


Like the old adage "Whether you think you can or you can't,You're right"

 

[Printer Mike]

In 1978, I started my printing company in my 12x24 home garage. I did not get rich, and the company is still very small, with just three employees, but it pays the modest bills and allows the wife and I to enjoy life some.

I did not have a "plan"..... just the desire to make it on my on. I has been hard work, a lot of sacrafice, and a little luck.

One thing that helped me succeed was the ability to do most of my own repairs on my used and abused equipment.

If you have a dream to be self-employed, go for it. Just be prepared to work harder than you ever have, and never give up when the going gets tough.