Would you like to have your own business?

Discussion in 'Community Board' started by Tai-San, Jan 5, 2019.

  1. Tai-San

    Tai-San Earning My Ears

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    Is it very hard to become successful in it? What do you think?
     
  2. BadPinkTink

    BadPinkTink DIS Veteran

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    I do have my own business. I became self employed in 2014.

    Some things I say to people thinking about starting a business

    1. Do market research. Just because you have an idea and thing it would be a great business, it wont work unless people have a need for whatever you are offering and are willing to pay for whatever you are offering. You need to look at other business ie your competitors and do a complete analysis of everything they are doing. That way you can take the best bits of what they do and adapt them to your business. You need to have an Unique Selling Point, something that will make YOU stand out from your competitors.

    2. Have a proper business plan.
    You need to look at every aspect, from how you will fund the start up costs, what are the start up costs, what legal papers need to be filed, how you will do your accounts, and so much more.

    3. Have a proper marketing plan
    Once you set up your business you need to work out how you will market and promote it, how will your customers find you. You will need a marketing budget, as these days a website is an essential part of any business. If you dont have a digital footprint for your business you are invisible. You will need to plan and work out the costs of setting up and maintaining a website and social media presence for your business.

    4. You will need to have funding for the first 6 months or you will need a guaranteed income for the first 6 months.

    5. Supply, chain distribution, how you will manufacture a product etc etc

    6. Is it an industry you are currently working in or are you changing industries? If it is is your current industry, then your skills, experience and qualifications will be asset. If you are changing industries, you may need to retrain and get up to date new qualifications.
     
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  4. tvguy

    tvguy Question anything the facts don't support.

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    No first hand experience but based on friends experiences, you need to HAVE money to make money. @BadPinkTink has the best point on funding, but I think on friends experiences, six months is pretty conservative. Most of my friends felt having enough cash on hand to cover the first two years of operations was the minimum. Of course, it also depends on what your startup costs are.
    A former co-worker is now making his living going to thrift stores and garage sales, buying stuff, then re-selling on E-Bay for 4 times what he paid for it. His start up costs were $500 for a laptop, $60 for Internet service, and $1,000 for inventory. He made back his initial investment the first month.
     
  5. BadPinkTink

    BadPinkTink DIS Veteran

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    @tvguy
    exactly, people underestimate the fact that you have start up costs AND you need to support yourself while you are starting up. I was lucky, my startup costs were low and I had a guaranteed income. My situation was unique, as I transitioned from an intern straight to self employed with my intern host. I knew 3 months before the end of my internship I would be self employed at the end, so I just had to have the business set up by the end date of my internship. I signed off my internship on a Friday and the following Monday went back in as self employed, with my intern host becoming my first client.

    I knew from the start that there was a need for my business and people would be willing to pay for the service I offer. I saw a gap in the market and made it work.

    HOWEVER

    The 3 months before I became self employed I did a huge amount of work. Everything from creating basic book keeping to creating a logo, setting up social media accounts, registering my business name and registering with revenue.

    I would advise anyone thinking of starting a business to go on Start Your Business course and get professional advice and help.
     
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  6. superme80

    superme80 DIS Veteran

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    Oh HECK NO!!!! I have several friends who bust their butts being self employed. I have major respect for them. I have no desire to go in that venture. I will happily work for someone else. I do not want my butt on the line.
     
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  7. DVC-Don

    DVC-Don DIS Veteran

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    My wife started her own insurance agency back in 1987. She lost money about the first 5 years (basically did not take anything home after expenses and payroll), made a little for 5 more years (made about the same as her highest paid employee) and after 10 years it took off.
     
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  8. tileman

    tileman DIS Veteran

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    Been in business for myself since 1990
    We do commercial flooring. Do a lot of schools and jails and manufacturing buildings and theme parks.

    Lot of work yes but it’s nice and I love it.
    It’s made me a very blessed life style.

    Ron
     
  9. tcufrog

    tcufrog DIS Veteran

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    My dh has co-owned many oil and gas businesses. He currently co-owns two. The mindset for a successful entrepreneur is very different from that of someone who works for someone else.
     
  10. dish rag

    dish rag DIS Veteran

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    Have owned one for 30 years and just sold it. It will sure make you look at the world and people in a different way.
     
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  11. lifesavacation

    lifesavacation DIS Veteran

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    Truth!
     
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  12. BlueStarryHat

    BlueStarryHat DIS Veteran

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    I was a freelance illustrator and designer for many years, until my mental illness made it impossible to continue. I don't know if I would ever go back to that-when it was good I enjoyed the work and the money, but then I remember the bad stuff, like clients who think they've bought you as well as your services and doing work only to be paid late. And I have no head for math, so I had to pay a bookkeeper. Mm. No, I don't think I'd go back.
     
  13. usnuzuloose

    usnuzuloose Loosing Boo Boo

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    We own a business. We have had it since 2001. It all depends on the type of business. We have a carpet business, so we had to purchase the van. We had to get finger printed , put an ad in the paper. Then file for the permits, gather 2 different ins. one is a million dollar policy and then the insurance for van. Then we had to set up with a tax person to pay our quarterly taxes. We also work as sub contractors so we get a 1099. So paying our own taxes can be a struggle. So figure in all the things you can use as a write off. Need to find out from the tax guy.
    So it can take a good amount of work to get started.


    Other things to think about if you have employees you will need to carry stuff for them as well. Payroll, and all the things you have to put out for them as well. Unless you plan to give them a 1099.

    Best thing to do, if you can find someone who has the same kind of business and find out from them what you need to get started.
     
  14. usnuzuloose

    usnuzuloose Loosing Boo Boo

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    I enjoyed being a manager at a gas station. Just not thrilled with the company. It takes a bit of work for it.
     
  15. usnuzuloose

    usnuzuloose Loosing Boo Boo

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    I sell in a antique mall for a second side. I enjoy doing it. Some months are really good.
     
  16. Cubbiecakes

    Cubbiecakes Mr. Cakes

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    No. I like to actually go on vacations and have health insurance.
     
  17. Radiowave

    Radiowave Earning My Ears

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    I dream about my own business sometimes but I don't think that I'm that 'right' type of person for developing it. Besides making any company successful isn't an easy thing at all, you need really to love what you're going to do, be very patient, organized and hardworking, especially considering that no company becomes successful and very profitable fast.
    Finding the best sphere for you is really important, as also having good knowledge about it and business methods in general, you need to find an original and competitive idea for your startup. The other necessary things are advertising, creating a qualified work team, providing an effective management system and workplace security like in case of safe water system https://www.americanbackflowprevention.com/service-backflow-testing.php and fire prevention, using various tech innovations https://www.infusionsoft.com/busine...ools/best-tech-innovations-for-small-business for improving the general functioning of your company, finding your clients and business partners and so on...
    So it seems really difficult for me, besides there's a need for start capital too and I don't have it. Maybe I'll change my opinion later but at the current time I'm ok with the thought of being just a part of the company, not managing it.
     
    Last edited: Jan 8, 2019
  18. dish rag

    dish rag DIS Veteran

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    Business people who don't have insurance and don't vacation aren't good business people.
     
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  19. Happyinwonerland

    Happyinwonerland DIS Veteran

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    I owned a small photography business in my 20's, before I went to nursing school. I enjoyed it but wanted a more guaranteed income. Sometimes I think i'd like to go back to it, but there are so many amazing photogs out there, I worry I couldn't compete.
    I'd like to start a couple of side businesses in the next couple of years. I am currently developing them, but I work and am studying for my master's degree, so it is slow going.
     
  20. okeydokey

    okeydokey Frosty the Snowman scared me as a child.

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    No way. I enjoy my job, and I enjoy my time off from my job.
     
  21. Gumbo4x4

    Gumbo4x4 Note to the ladies who forgot to

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    No, don’t want to be responsible for so many other peoples’ lives.
     

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