Discussion in 'Community Board' started by Tai-San, Jan 5, 2019.
Yes but not if it was the sole way of supporting my family.
um I have my own business, I go on vacation every year to Disneyland and I have health insurance.
Yes and no. I’d like to be able to make my own hours and all that, but i don’t want to take the time to build it. Like I’d rather wake up one day and be successful. Which doesn’t happen I know.
We are heading in to our 16th year of owning our own business. It's more than a business...it's a way of life. We love it.
We own DVC (will be taking 4 trips to WDW this year) and have health insurance.
I work for a corporation and I'm in a new role. I'm currently adjusting to how difficult it is to understand their ways of doing things, questioning how to do things, wondering if I'm doing it right, etc. I daydream about how nice it would be to have my own business where I could make my own rules, and not have to struggle with coming up to speed and second-guessing everything.
BUT, I know how much of a time, energy, and financial investment it is and I'm not blind to the amount of work that goes into it. One aspect of corporate life that I do like, which you don't get a business owner, is that I can truly step away on nights, weekends, and vacations. At this point, I value work/life balance too much to take on the responsibility of a business owner.
My Wife has had her own business for 14 years and I work for her. We're very lucky, it's all internet sales, no face-to-face, no phone calls, work out of the house. All I have to do is fill orders and make sure we don't run out of anything. We have health insurance and travel a lot!
DH is self-employed. I resisted it for a while, but it's definitely been a good thing. It made money from the start, except for his very first payment getting delivered to the neighbor's mailbox who held on to it for several days before bringing it to me . He has also had 100% collection rate other than one guy taking a full year to get his bills paid. Very grateful for that as I see my boss' business have a horrible collection rate on our billing.
He does not have employees. I know how to do all the paperwork for that, I do it at work for clients. I do not want to do it for ourselves. Not to mention there are days he doesn't have jobs and goes to work for a friend so I wouldn't want to subject an employee to random days of no work.
Stinks making tax estimates and paying for health insurance, but still worth it.
My DH started his own small business 8 years ago (I don't work). It has been the biggest blessing! His business is very specialized though, so he doesn't have a lot of the problems other businesses have. His clients are other businesses, so he doesn't have to deal with the general public. His employees are all highly educated and professional, and he has no turnover. When he used to work for a major corporation, I was always aware that he could walk into work on any given day and be downsized. I'm so grateful that is no longer a concern. In fact, about 6 months after he left to start his own company, his entire department was eliminated. Because he works in a specialized field, he would have been able to find another job easily, but we likely would have had to move. Now, he works from home and can control his schedule to a great degree. We would never be doing as well as we are financially if he had stayed in the corporate environment. It was a scary leap, but I'm so glad that we took it!
Been there, done that. Not again.
My mom and I went into business together and had a daycare. It was successful. But the nature of that business is such that it takes a lot of time and energy. Things have to be done on the weekends. Rarely would either of us have the whole two days off of a weekend.
We both went on vacations and we both had insurance. Even went on vacations together. But it took having the right people in place to do so and a lot of work getting ready to be gone.
My parents and my grandparents before them, had several businesses. Small grocery stores with meat markets, a restaurant, a gas station, 2 laundry mats. The day care was, by far, the most stressful and the most work. The grocery stores had the longest daily hours probably but when it was closed, it was closed and they didn't have to go over and do extra stuff.
When he first started out we paid for his insurance. I got insurance from work. Currently I’m a SAHM and we get insurance from his business. When the oil industry is awful we’ve paid for it ourselves.
When he first started out we didn’t have kids and my DH worked long hours and would get emergency calls at all hours and would sometimes be called out in the middle of the night to an oil rig in the middle of nowhere. The worst was when he had to suddenly fly out to remote Canada. If you’ve seen the “Ice Road Truckers” show you know what I mean.
His business is very successful now and he keeps regular hours. He has employees who are on call and go out to the rigs. He very rarely travels for work and it’s always planned. This summer he took a month off and we took the kids to the UK. Most of our friends who work for others can’t do that.
This is right now one of the hardest parts of the job. My DH and his partner treat their employees well and employee satisfaction is high. Employees need to fired though when they screw up. They recently had to fire a field guy who totalled his company truck. The standard policy is an immediate drug test and the guy had drugs in his system.
The hardest is lay-offs. My dh and his partner do what they can to avoid them including cutting benefits and going without their own salary but they’ve had to do it to keep the doors open.
We have done it twice. The first time we were very successful and sold it to a major conglomerate. The second time was horrible. After five years we threw in the towel. You need capital and a willingness to live on a roller coaster!
For us, the easier business was business to business versus business to customer. Dealing with the general public and as someone mentioned earlier the turnover is rough.
I ran a daycare for 16 years. It was successful, I made an income from the first week (and I had insurance and took vacations. lol. If that's the measure of success we're using here. lol) But it wasn't easy, and I couldn't "just take off" any time I wanted. In a nutshell I got tired. Tired of being in charge of everything; and, I wanted to pursue other dreams. I closed my day care and went back to school, and now am working in a traditional career for someone else.
There are pros and cons to both situations.
All I can say about owning your own business is to make sure you have your ducks in a row, have all safety nets in place, and be prepared for hard work (but that's the same for any job, so...)
Not sure if it's quite the same thing, but ever since I was little, I always wanted to open an animal sanctuary. I know there's zero money in it really, but I would love to be able to make a difference in the lives of critters. I am off in the summers and volunteer at the local Humane Society (I make my daughter do it as well, because it helps the animals' chances of adoption if they have experience with kids), but I just would love to do more.
Yeah, I tell people that want to open a day care--its a very different kind of business. Working for my parents and grandparents growing up, I saw what went into running all kinds of businesses but day care is just different.
The care of all those babies can weigh heavy on the owner. Plus, in this state at least, you have soo many governing bodies! Licensing agents, the health department, department of human services, etc. All having to come through and make sure something is correct.
For us, Mom retired and I ran it by myself for several years; when dd was going to Kindergarten, I realized that it was going to suddenly get really hard. Having a baby/toddler/preschooler there with you or someone to switch out with when I needed to be off was very different than a kid in school and working 12 hour days; so we made the decision to close. I haven't regretted it even once.
First of all you have to figure out for yourself what success is. Maybe for you success is making a few bucks here and there. Maybe for you nothing less than building the next microsoft is success. Obviously it's harder to do the latter than the former.
Second, you have to figure out what the business you want to get into is like.
If you're opening a restaurant, it's tough to break in there. If you're just selling a quilts you and your friends make from time to time, much easier. ]
Any brick and mortar is probably going to be harder to be successful than just a personal side thing. And you have to figure out how expensive it is to get in in the first place. For some businesses, it's going to be cost prohibitive for you.
And above all, don't fall for Amway or any of those MLM schemes. I don't want to receive any pms about how you have the best face cream for me......
But your butt is on the line even as an employee. That business decides you're expendable, you're gone. That business falls on hard times, you're gone. They go out of business, so are you. Often times, your butt is on the line more than the board that runs it. You get nothing. They get a golden parachute.
My best advice is that you have to know *business* as well (or better) as you know your field of expertise. DH had his own company for years, and was excellent at the actual work, but expected me to run the business end of it, which caused a lot of stress on our marriage. Since then, I've noted many friends who have been wonderful at what they do, but lousy business people, so they go out of business. As has been mentioned above, it was 24/7 in terms of always thinking about it, worrying, going to the nth degree to meet customers demands, etc. Now DH punches a clock, and, as much as he complains about no longer being his own boss, he sure loves leaving his job behind when he drives away from work.
True. But the headache of running a business is not for me. I am not a "take charge" kind of person. I am totally fine with that. It is my personality. Give me work, and I will be a success. Tell me to do everything myself, I don't care or want to. It is just my personality. Currently I am a stay at home mom, so I got a lot going on anyways. I am proud of all of my friends who have made successful or tried to make successful business. That is what works for them.
What kind of business is it?
It's called Molly's Herbals if you'd like to look it up. She used to raise dairy goats and she developed a line of herbal dietary supplements for de-worming and several other things. She started with a tea that cured her asthma. She wrote a blog chronicling her trials and tribulations and her readers started asking "Where can I get this stuff?" So she started an online store and it has grown into a full time business.
Separate names with a comma.