Business Owners, how did you start?

[Tony_SS]

Originally Posted by Vegas69

I don't agree with that. I've met a bunch of lower income people that are happy as a pig in **** and rich people that would pull the trigger with a gun in their hand.

I'm with you on this one. I made killer money at my old corporate job - but I was miserable. Why? Because it sucked ass. Period. The work sucked slightly less then all the coworkers. But hey, I made killer money, so I should just be 'happy'. Nope.

Same thing goes with my brother. He makes good dough, but he hates his job and his redneck clients. But he's pulling good money so he should be happy, right? Not exactly.

Don't get caught up in that 'if you make $ you'll be happy myth'.

You can start your own business, but if its a suck job, its a suck job. No two ways about it. Pick something you love to do, but not your favorite hobby, because after all, the old cliches are true, money can't buy you happiness and when a hobby turns into a job, it stops being fun.

[strtcar]

I made an appt with SCORE counselor to see what they are all about. They offer free business advice.

[Tony_SS]

Originally Posted by strtcar

I made an appt with SCORE counselor to see what they are all about. They offer free business advice.

You get what you pay for.. lol jk. Good luck, hopefully they offer some good advice.

[ErikLS2]

Originally Posted by strtcar

I made an appt with SCORE counselor to see what they are all about. They offer free business advice.

Do this for sure, I did this when I was thinking about buying an auto repair business and the advice I got was awesome. Talked to a really old guy who wrote a business column for the newspaper and had worked as a business broker for a long time. I know it's free but there are people there that really care about giving back and you should be able to get some great help.

[out2kayak]

Originally Posted by ErikLS2

Do this for sure, I did this when I was thinking about buying an auto repair business and the advice I got was awesome. Talked to a really old guy who wrote a business column for the newspaper and had worked as a business broker for a long time. I know it's free but there are people there that really care about giving back and you should be able to get some great help.

SCORE hold classes walking through various different services available through the community as well walking through a business plan, etc. I went through the classes (they were free for Veterans) and got a lot out of them.

http://www.score.org/

http://vetsfastlaunch.org/

Highly recommended.

[Flash68]

Originally Posted by ErikLS2

Do this for sure, I did this when I was thinking about buying an auto repair business and the advice I got was awesome. Talked to a really old guy who wrote a business column for the newspaper and had worked as a business broker for a long time. I know it's free but there are people there that really care about giving back and you should be able to get some great help.

Did that business broker even own a business? Some car salesmen know very little about cars.

I've dealt with some business brokers before and boy oh boy....

[Vegas69]

Some race car drivers around here don't know **** about cars either but they still talk a big game. Not singling anybody out.

[Flash68]

Originally Posted by Vegas69

Some race car drivers around here don't know **** about cars either but they still talk a big game. Not singling anybody out.

Hey quit following me in these threads.

I'll come show you how to drive that car of yours any day you want since you ask every other Tom, Dick and Harry to show and teach you how to drive it.

[Vegas69]

[GregWeld]

Good one Todd!


Seriously -- business isn't really that hard. I'm living proof.


I owned a wholesale import business with 29 employees - and a 50,000 sq ft warehouse - and had independent representatives as road salesmen.

My motto was --- SELL IT --- SHIP IT --- GET PAID FOR IT.


It's usually just that simple -- sadly -- all manor of other stuff seems to get in the way during the day.

It's the more complicated details that trip people up. Accounting.... as in accounts payable and accounts receivable.... Answering the phones and emails.... Getting statements in the mail so they arrive prior to the end of the month (surprisingly - this small fact can really mess with your aging).

In the end -- you'll find RELATIONSHIPS to be most valuable. Relationships with bankers - accountants - customers - sales staff - and office staff. Screw this up and find yourself fighting an uphill battle.


Nothing happens until you make a sale.... once you've done that - now the work begins. Trust me -- making a sale is the hardest part. Inventory management is what will break you. Cash management is what people spend the most time on -- because they're not making enough sales - or their inventory is out of whack... Then they start jerking their customers off with slow shipping times etc. That's the death spiral.

Most people don't understand simple business terms such as INVENTORY TURN.... Or aged accounts receivable.... or OVERHEAD.

Run a business with low inventory turn - you need to have a higher markup/margin --- higher turnover you can operate on less markup/margin - but finding the balance is the hard part. Too little of one or the other... you're done.

Sales per square foot is another thing people overlook. Particularly in retail. You can have great sales - but your square footage is killing you. And you have a long term lease... Great if you don't mind working for the landlord. A start up rarely will get this equation right. How could you know? This is where experience comes into play -- and a business plan that IS NOT ridiculously overly exuberant. It's easier to go to the landlord and rent MORE space --- he'll love you then -- but try asking him to cut you back....