Business Owners, how did you start? - Lateral-g Forums

strtcar · #1 04-18-2012, 09:55 PM

Looking for some success, failure, advice stories from people who have started their own business. Doesn't have to be auto related. I've had this feeling of wanting to start my own business for the last 10years or so, but have never moved forward with it. I have a decent job, stable, in tech field, but I want more out of a career than what I have. Maybe getting a new job would fill that need, but I often go back to wanting to start my own business. I'd like to hear from guys/gals who started their own business. How/why did you do it? How did you pick the type, etc..... Anything you can offer would be appreciated.

1984 camaro · #2 04-18-2012, 10:46 PM

Quote:

Originally Posted by strtcar

Looking for some success, failure, advice stories from people who have started their own business. Doesn't have to be auto related. I've had this feeling of wanting to start my own business for the last 10years or so, but have never moved forward with it. I have a decent job, stable, in tech field, but I want more out of a career than what I have. Maybe getting a new job would fill that need, but I often go back to wanting to start my own business. I'd like to hear from guys/gals who started their own business. How/why did you do it? How did you pick the type, etc..... Anything you can offer would be appreciated.

Hope you like long hours and working weekends The first years I work 80 -100 hrs a week the most was 120 hr week, after three years I burned out. Made good money. The fouth year I went to 70-80 hrs Then found myself working for my men. I was up to 8 workers. In 2005 cut back sold off a bunch of equipment and went down to 2 men. Now starting to get back into the green. I never had to work for someone. I has been self employeed since 18, now 44. I would do it again. Keep in mind you will pay 100 percent of your medical insurance. Also the loan payments come every month.

**John510** · #3 04-18-2012, 10:46 PM

I have 2 businesses myself. Pizza restaurants. Bought an already established one 6 years ago. Put about 150K into it after spending 500 on it. Yeah it was a gamble to try and drum up more business. Well it worked. I advertised like crazy and hired great staff.

2 years after that one I saved enough to open a second location. At the time a lot of Hollywood Video stores were closing and found one in a perfect location. I took a huge gamble and opened another restaurant in a dead economy (2009). I took what I learned from the first one and made this one better. Found all of the school accounts, sports teams, etc. A year after I opened I was able to put the competition out of business.

I work my butt off and it is stressful but its worth it. Business ownership is not for the faint of heart. It takes someone who is willing to work MANY hours and try new things constantly until you find something that works. And remember.... your customers are your paycheck. Keep them happy and you will continue to get paid.

youthpastor · #4 04-19-2012, 12:56 AM

so worth it! Check out Dan Miller at 48days.net he taught me how to transition from a job to self-employment

Did you know that 70%+ of millionares in this country are business owners? also intersting is the fact that 1/3 of them are first generation imigrants.

this is off of old stats from a book called "The Millionare Next Door"

It IS hard work and stressful, but worth it

**Tony_SS** · #5 04-19-2012, 10:16 AM

I had a corporate job that was unfulfilling. I came home and worked nights for about a year for extra money, then one day, the boss screwed me over. He promised me health insurance for the wife and my newborn instead of a raise. That's what I asked for and he agreed. He changed his mind after my son was born. Got po'd and quit. Now I had a wife and a newborn with no job. She was working part time. I locked myself in the home office and worked my tail off drawing cars and making t-shirts to make ends meet. It all worked out thank God. We are blessed. Work smart and hard enough and you can be your own boss.

**John510** · #6 04-19-2012, 04:54 PM

By the way what type of business are you starting?

strtcar · #7 04-19-2012, 05:43 PM

Quote:

Originally Posted by John510

By the way what type of business are you starting?

Part of my problem, I can't settle on anything....I know IT, but I don't love it, do it all day everyday...

Vegas69 · #8 04-19-2012, 05:51 PM

There are different personality types and some just don't fit into the entrepeneur role. If you can't motivate yourself to get out of bed everyday and make work for yourself, it's not a smart decision. I've seen it in my business all to often. I work for myself, screw it, I'm going to the lake, bar, golfing,

If you are doing something you don't like, it will be even worse.

Now, I am a firm believer in one door must close before another will open. If your life is dominated by your job, when do you have time to figure out a new direction?

strtcar · #9 04-19-2012, 05:55 PM

Quote:

Originally Posted by Vegas69

Now, I am a firm believer in one door must close before another will open. If your life is dominated by your job, when do you have time to figure out a new direction?

Part of the reason why I don't think i've ever started anything. I've always had "good" jobs and hobbies (kids) keeping me busy.

**Flash68** · #10 04-19-2012, 05:56 PM

Don't fall for the trap of doing what you love, or turning a hobby into your career. Many hobbies have been ruined that way.

You don't have to LOVE what you do everyday (sure, it helps) but it is far better to just like it and be DAMN good at it, or better than the competition at least.

And not every new business requires insane hours to start up and be profitable.

Think: Work smarter - not harder.

Find your niche.