Who out there is self employed or a business owner? I have always wanted to own a business but I never have a direction to go in ... I don't know what I wanna do when I grow up! My question is how did you get started and how did you reach the conclusion that you would do what you are doing?
Business Owners?
- Thread starter steve_dub
- Start date
I have my own business. The main reason is I don't like working for someone even tho I'm in a situation where I have to take a job now because I'm blowing through savings at a record pace. Thanks to my new obsession of cigars lol. I made the majority of my money in real estate buying and flipping houses. That allowed me to get small pieces of other things that allow some revenue stream but not enough for that island yet. The best advice I can give whatever you decide to do research it and remember the money is in something few people are doing as opposed to what everybody is doing unless it's tech it seems to money for everybody there.
"Eating and sleeping are the only activities that should be allowed to interrupt a man's enjoyment of his cigar."
"Eating and sleeping are the only activities that should be allowed to interrupt a man's enjoyment of his cigar."
Good advice Tony. I am planning on opening a cigar bar
I've been thinking about it in my area we have some good places, but they never seem to have the full package. Some have great lounges no bar some with a bar are high. Then we have the ones in the downtown area that weren't doing as well as the owners thought they should and they chose to add hookah and turn into some type of hybrid that I don't like.
"Eating and sleeping are the only activities that should be allowed to interrupt a man's enjoyment of his cigar."
I ran a small business as a sideline endeavor for several years.. grew it to the point I had to make a decision to either quit my "real" job in order to have time to run the business full time... or sell it off...
I chose to sell to a larger competitor in 2005... I had become a pretty good thorn in their side in both the local and regional market space.. had out bid them on some substantial work.. was horning in on some of their customer base.. etc.. so they were happy to throw some money my way and make me disappear... and I was happy to take their money and focus on other opportunities for a while
Im in the process of forming a new business now (a non profit).. that will be very different from the company I owned/ran previously (security consulting/risk management).. like the first time around.. I intend on this being a sideline activity for a while.. it will not replace my full time employment with another company... Its more of a "giving back" gesture on my part than an attempt to make money (I wont be paying myself anything).. I'm just taking advantage of some unique opportunities, and my global contact base.. and trying provide some help to people that need it...
I chose to sell to a larger competitor in 2005... I had become a pretty good thorn in their side in both the local and regional market space.. had out bid them on some substantial work.. was horning in on some of their customer base.. etc.. so they were happy to throw some money my way and make me disappear... and I was happy to take their money and focus on other opportunities for a while
Im in the process of forming a new business now (a non profit).. that will be very different from the company I owned/ran previously (security consulting/risk management).. like the first time around.. I intend on this being a sideline activity for a while.. it will not replace my full time employment with another company... Its more of a "giving back" gesture on my part than an attempt to make money (I wont be paying myself anything).. I'm just taking advantage of some unique opportunities, and my global contact base.. and trying provide some help to people that need it...
sounds like you have a solid mind MD. I am looking at the Savannah market. There is about 4-6 places you can buy a stick, but absolutely no lounges. You would think with Sav being a tourist and college town there would be a place you could sit and enjoy a stick...but nope. I intend to remedy that problem.
Isn't your other company shut down right now Dave looooolI ran a small business as a sideline endeavor for several years.. grew it to the point I had to make a decision to either quit my "real" job in order to have time to run the business full time... or sell it off...
I chose to sell to a larger competitor in 2005... I had become a pretty good thorn in their side in both the local and regional market space.. had out bid them on some substantial work.. was horning in on some of their customer base.. etc.. so they were happy to throw some money my way and make me disappear... and I was happy to take their money and focus on other opportunities for a while
Im in the process of forming a new business now (a non profit).. that will be very different from the company I owned/ran previously (security consulting/risk management).. like the first time around.. I intend on this being a sideline activity for a while.. it will not replace my full time employment with another company... Its more of a "giving back" gesture on my part than an attempt to make money (I wont be paying myself anything).. I'm just taking advantage of some unique opportunities, and my global contact base.. and trying provide some help to people that need it...
I'll be keeping a close eye on this thread.
My whole life, I've wanted to own my own business, and it's probably the only thing I truly WANT as a job. But, I'm at a point in my life where I have to decide if that's a route I want to take or not.
Looking forward to the insight from those who have already traveled down that path.
My whole life, I've wanted to own my own business, and it's probably the only thing I truly WANT as a job. But, I'm at a point in my life where I have to decide if that's a route I want to take or not.
Looking forward to the insight from those who have already traveled down that path.
just realized I didnt really answer your two questions....
how did I get started? very slowly... I worked from my home, part time.. and invested money into the company as I had it to invest.. I continued to work full time (as a cop).. which helped to pay the bills while I got things up and running... and gave me some credibility in the line of work I was pursuing (security consulting/advisory work).. for the first couple of years, every penny I made was re-invested in the company.. either in the form of equipment, materials, supplies, advertising, etc.. I didnt pay myself a nickel until after we had been in business for close to 2 years, had moved into some office space, had a couple of employees, etc..
how did I decide what type of work to get into?... very simple for me.. I had been a cop and a soldier previously.. and had already been doing the same type of work as a "consultant" for other companies for a few years.. I woke up one morning and asked myself "why are you doing this for other people when you can do it better, more efficiently, more profitably, etc.. for yourself?"..... less than 30 days later, I was in business..
how did I get started? very slowly... I worked from my home, part time.. and invested money into the company as I had it to invest.. I continued to work full time (as a cop).. which helped to pay the bills while I got things up and running... and gave me some credibility in the line of work I was pursuing (security consulting/advisory work).. for the first couple of years, every penny I made was re-invested in the company.. either in the form of equipment, materials, supplies, advertising, etc.. I didnt pay myself a nickel until after we had been in business for close to 2 years, had moved into some office space, had a couple of employees, etc..
how did I decide what type of work to get into?... very simple for me.. I had been a cop and a soldier previously.. and had already been doing the same type of work as a "consultant" for other companies for a few years.. I woke up one morning and asked myself "why are you doing this for other people when you can do it better, more efficiently, more profitably, etc.. for yourself?"..... less than 30 days later, I was in business..
We're actually busier than ever
when the government shuts down... they rely on guys like us pick up all the broken pieces.. and keep pressing on (just with less support, advisement, or assistance from them... )
I always wanted to own a business, too. But I never kwew what direction to go. Thus, at age 51, I am neither self-employed, nor a business owner.
I have looked at developing ideas and business plans, but without a passion about a particular enterprise, I have always decided that I'm not accepting of the risk. I believe that if you strike out on your own and are not passionate about a business, you will struggle mightily.... unless you get extraordinarily lucky.
Good luck.
rev.b
Master of Mayhem * BoM 1/14
Make sure you enjoy it and are passionate about it and the money will come and you will grow. If there is no passion or pride in what you do you will just fade out. That's how I've treated my tattoo shop for 20 yes now.
It's funny I had thought about doing the same thing that you are doing at one point in time. Do you do most of the work yourself or do manage the projects and contract out the work?
"Eating and sleeping are the only activities that should be allowed to interrupt a man's enjoyment of his cigar."[/QUOTE]
Manage most times simply because I have more than one going at a time. I do love demo tho. My area it's not the short term money it was at all. So now I'm just grabbing stuff for the cheap and going to wait on a rise. Another thing I would suggest is getting a mentor that's done it before. It can help you miss some pitfalls that usually happens. My biggest mistake was spending to much money on fun cars, toys, trips. Then when the market slowed not wanting to give up the lifestyle out of pride. Nobody wants to seem like they failed. So I held on to things that I should have gotten rid of at the first sign of a downward turn.
"Eating and sleeping are the only activities that should be allowed to interrupt a man's enjoyment of his cigar."
"Eating and sleeping are the only activities that should be allowed to interrupt a man's enjoyment of his cigar."
Thank you everyone for the feed back, this is something that I feel I have the drive an determination to do. I also feel the same way about working for someone else's dream ... I'd rather work for my own dreams. At this point I'm sure it will be a long journey but I cant wait to get started and become an entrepreneur.
I've been working in my family's business for the past 9 years. We are in the process of selling it. After a lot of soul searching I made the decision that I need to be in business for myself. Being a financial and operational type and not particularly creative or strong at selling I made the conclusion that buying an established business that suits my strengths is the way to go. I'm currently working through buyer's due diligence and the SBA loan process for the business purchase and hope to close in about two months. This approach isn't for everyone and a lot of people think buying a business is risky (well I suppose statistically it is) but in my opinion if you perform very thorough due diligence, know what you are getting into and are skilled at managing risk and financial modeling it isn't as risky as starting a new business. The only way to go for me. Just my $0.02.
Good luck with whatever you decide.
Good luck with whatever you decide.
I own my own business. Its actually in my signature below. For me I have always known I wanted my own business. One day I was in the gym with my partner and we were discussing it and we decided we should go for it. We did. It is too new to know how well it will catch on or when it will take off but it is a great feeling. I also have a day job so my days are pretty long to say the least. I know once the company gets into the black it will all be worth it. Be persistent and no matter what, do NOT listen to the people around you that will try to talk you out of it or talk down on your excursion. The closest people you thought you could trust will be the first to either start doubting you or their jealousy will make them act very strange. The like minded and your very true friends will stick around though.
TravelingJ
Banned
- Joined
- May 23, 2010
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Just using the signature line for something productive.
Funny how you think anything I do on the forums my true friends even give a shit about. Haha they only hope for my success and they spread the word by mouth which is much more effective. I only put this on here in case someone was curious. I dont see an issue with that but if you have any insight, please let me hear it.
d-boy
Zach Emerson DeBoy
I'm self employed and own a percentage of the company my dad, one other person, and myself created. I've always had entrepreneurial traits like flipping stuff on eBay when I was in high school to the point of becoming a top rated and power seller in 2 months. I've never worked for someone else, like where they are my boss and pay me to carry out they're business model. I don't mean to sound harsh or anything but I personally think you just have the entrepreneurial trait or you don't. There isn't anything wrong with not having it. Just my $0.02