Self Employed & Small Biz Owners: A Few Q's... - Chicagoland Sportbikes
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post #1 of 18 (permalink) Old 08-29-2011, 11:23 AM Thread Starter
Go big or go home!!
 
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Self Employed & Small Biz Owners: A Few Q's...

What motivated you to take the leap?

Do you regret it?

If you had to do it all over again would you change anything?

You cannot help the poor by destroying the rich.
You cannot strengthen the weak by weakening the strong.
You cannot bring about prosperity by discouraging thrift.
You cannot lift the wage earner up by pulling the wage payer down.
You cannot further the brotherhood of man by inciting class hatred.
You cannot build character and courage by taking away people's initiative and independence.
You cannot help people permanently by doing for them, what they could and should do for themselves.

....Abraham Lincoln
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post #2 of 18 (permalink) Old 08-29-2011, 11:34 AM
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I was tired of working for idiots. If somebody was going to screw up my life, I wanted it to be me. Nope, don't regret it. Yes, I would change what I do for a living.
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post #3 of 18 (permalink) Old 08-29-2011, 11:35 AM Thread Starter
Go big or go home!!
 
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Let me add another question: How did you start it?

CP, thanks for the reply!! Your first two sentences describe my frustrations verbatim!!

You cannot help the poor by destroying the rich.
You cannot strengthen the weak by weakening the strong.
You cannot bring about prosperity by discouraging thrift.
You cannot lift the wage earner up by pulling the wage payer down.
You cannot further the brotherhood of man by inciting class hatred.
You cannot build character and courage by taking away people's initiative and independence.
You cannot help people permanently by doing for them, what they could and should do for themselves.

....Abraham Lincoln
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post #4 of 18 (permalink) Old 08-29-2011, 11:42 AM
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You will have frustrations no matter what you do working for somebody else, or working for yourself. To quote an acrimonious prick from another forum, "If it was easy we'd all be rich". At least you are relying on yourself to make things happen, and not just a pawn in the whole game. If you want to work hard, you should profit, and if not, you fail. The way it should be.
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post #5 of 18 (permalink) Old 08-29-2011, 11:44 AM
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The frustrations used to be your employer...now its your customers-who are essentially your employer!

Mike

When the tailgate drops..the bullshit stops
Hunt ethically - Hunt with a trained Retriever !
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post #6 of 18 (permalink) Old 08-29-2011, 11:45 AM

 
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Quote:
Originally Posted by JPKII View Post
What motivated you to take the leap?

Self motivated to be in control of my income, how hard I work, what my lifestyle both at home and in the office will be, and the fact that I'm the boss and things get done my way.

Do you regret it?

Absolutely not (and this is coming from a person who's in their first year of business and taking home no income).

If you had to do it all over again would you change anything?
Well, I would change only some things/lessons that I've learned, but otherwise could not have learned without actually doing it...so I could not have changed up front. But, if I was to do it over again, I would use those lessons learned and change a few things.

Peter Katowicz
State Farm® - Agent
108 E Lake St. Unit 2
Bloomingdale, IL 60108
Office: (630) 980-9809
Fax: (630) 980-9858
[email protected]
www.PeterIsMyAgent.com

Benjamin Franklin - “It is a strange anomaly that men should be careful to insure their houses, their ships, and their merchandise, and yet neglect to insure their lives”.
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post #7 of 18 (permalink) Old 08-29-2011, 11:47 AM

 
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Quote:
Originally Posted by JPKII View Post
Let me add another question: How did you start it?


CP, thanks for the reply!! Your first two sentences describe my frustrations verbatim!!
I determined it was the career I wanted, started working for another agent (I guess you could say at the bottom (though even the most basic position in an agents office can't be called the bottom as it's far too important)), and worked to achieve my goal...which I did.

Peter Katowicz
State Farm® - Agent
108 E Lake St. Unit 2
Bloomingdale, IL 60108
Office: (630) 980-9809
Fax: (630) 980-9858
[email protected]
www.PeterIsMyAgent.com

Benjamin Franklin - “It is a strange anomaly that men should be careful to insure their houses, their ships, and their merchandise, and yet neglect to insure their lives”.
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post #8 of 18 (permalink) Old 08-29-2011, 11:58 AM
YO MAMA
 
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<~~did it for 15 years. A real rewarding ride with major hurdles. I Recently said fuck all the unsecured issues with being self employed and threw myself into a very narrow highly needed job field. Full benefits provided, no need to worry about IRS or tax with holdings, payroll and all that good stuff etc.

Now they and I want to further my education in this field by becoming a NACE engineer. Everything paid for.

Pretty soon 6figure Dave won't have nothing on me!!

Lol



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post #9 of 18 (permalink) Old 08-29-2011, 12:00 PM

 
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CP is spot on, working for idiots moved me to take an early retirement.
No regrets at all, other than I wish I had done it much earlier in life.
Now going on 3 years, I would have done it a lot different. I started as a hobby. How foolish that was. Research would have been far more intense had I a do-over. Setting up proper accounting, proper contact methods, proper supply chain relationships, a dedicated shop space, and defined hours of business. And a lot more!!!!!

CCS race official
sold the track bike
too slow to ride

"Repairs end December 31. 2011."

OK, it was a tough day.....back open again!!!
Bring me your broken down machines.

Butch @ 630-777-0273

Ytrap #819, forever in my prayers.
Arch, this Bud is for you..
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post #10 of 18 (permalink) Old 08-29-2011, 12:03 PM
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I worked in a coporate environment for 10 years before I started my own business 4 years ago. It's the best thing I've done ever! I went from a construction project manager to a private ninja for hire. I kill muffuckas for a living now and my clients don't ever fuck with me.

<---- Useless Mufugga
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post #11 of 18 (permalink) Old 08-29-2011, 12:19 PM
YO MAMA
 
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^ lol



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post #12 of 18 (permalink) Old 08-31-2011, 10:06 PM
Pretty Sure I'm a Lesbian
 
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For me, it happened many years ago when I got fired by an ignorant mouth-breather who was making money in spite of his incompetence. Best thing that ever happened to me. Since then, I've started and sold a number of successful businesses, and I'm just starting another one (at the age of 60).

If you're going to do it, here's just a few thoughts worth considering:

1. Do your homework. Starting a business is easy - running it profitably year after year is hard. Take a basic accounting class so you understand why you're making or losing money.
2. Don't make your avocation your vocation. I tried it once and had my ass handed to me.
3. Be careful of partnerships. A business partnership is WAY harder than a marriage. If you're going to go into a partnership, make sure both partners can leave their egos at the door each morning.
4. If you think bosses are a pain in the ass - strap yourself in for having EMPLOYEES! It's not easy...and hiring good people who want to work hard is way harder today than it was even 10 years ago.
5. Cash is king. Business goes up an business goes down. Cherish cash...it's way better to have than debt when business sucks.
6. Be prepared to lose some sleep. Your employees and their familes will depend on you doing the right thing. When times get tough (and at some point in time, they might), that's a lot more pressure that getting a report done on time for some asshat boss.

All that said - if you're gut tells you to do it - do it. Being the owner/boss has way more benefits than than being an employee - but there's no free lunch.

Best of luck.
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post #13 of 18 (permalink) Old 08-31-2011, 10:21 PM
Old Squid on a Blade
 
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Pfft, easy question.

Who the fuck else would put up with me!?

Corporate America got sick of me and the feeling was mutual.

There is nothing firm, nothing balanced, nothing durable in all the universe. Nothing remains in its original state, each day, each hour, each moment, there is change. Change is the essence of life. Embrace change as you do life. To fight change is to live in the past.
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post #14 of 18 (permalink) Old 08-31-2011, 11:10 PM
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Bamboo brought up some really good points....

Do as much research as you can.

Plan on working ton of hours, making a lot less money for awhile but also being able to pilot your own ship. Success and failure hinges on your...just like CP said and that's the way it should be.

Put off hiring employees for as long as possible....huge pain in the butt...even good employees and there is a flatline point there as well for awhile...more employees, way more headaches and no more money that you were making before because of what they cost.

It's always fun when they tear your stuff up and FULLY understand it's just a J.O.B. to them and won't treat it like their own business.

Otherwise...hugely rewarding with an enormous learning curve....you won't listen to what people have to tell you and you will have to learn the hard way several times thru your pocketbook but that's part of the journey.

Go for it as long as you can handle stress, working a lot of hours and making less money for awhile.

DO NOT, DO NOT do anything in the motorcycle industry though...seriously...you would have to be a complete moron to do that right now.

Kevin Hanson
Safety First Racing
Louisville, KY
[email protected]
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post #15 of 18 (permalink) Old 09-01-2011, 11:07 AM
Ride Naked
 
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legally incorporating is not a huge deal but the tax law can be a pita and it changes every year. work with a good CPA.

Everything will cost twice as much as you think/estimate.

Quote:
Oh he can drive. He can drive beyond the limits of the tires, the engine, the car or anything else.
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post #16 of 18 (permalink) Old 09-01-2011, 12:03 PM Thread Starter
Go big or go home!!
 
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Thanks again for all the insight. This is exactly the type of feedback I was looking for.

My current plan does not involve hiring employees. I would be a one-man rodeo. I have several direct reports now and do not want to deal with that BS as I am trying to start this up.

This would be an off-shoot of what I currently do. Staying in the same industry. I work tons of hours, deal with the customer's bull shit, billing, etc, etc. I'd rather do it for myself than making someone else rich.

You cannot help the poor by destroying the rich.
You cannot strengthen the weak by weakening the strong.
You cannot bring about prosperity by discouraging thrift.
You cannot lift the wage earner up by pulling the wage payer down.
You cannot further the brotherhood of man by inciting class hatred.
You cannot build character and courage by taking away people's initiative and independence.
You cannot help people permanently by doing for them, what they could and should do for themselves.

....Abraham Lincoln
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post #17 of 18 (permalink) Old 09-01-2011, 01:07 PM
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If you have the means to get it started, I highly recommend it. Also grab a box of advil pm and a big bottle of your favorite booze. It will help you sleep at night.

Many a night I've laid there with a million things running through my head.

Like others have said, make damn sure your Corp paperwork is in order and your insurance is taken care of. Like Kevin said, don't hire anyone fo as long as you can, low overhead and no work comp issues is a good thing and will get you to profitability sooner.

Depending on what exactly your doing sometimes it's better to sub out a few jobs if you get too much work, you'll make less profit on the job, but you will save money on employee costs in the long run especially when things slow back down. I have my lawyer drawing up general contractor agreements just for this purpose as we speak. Just make sure why ever you do, your ass is covered and your customer thinks you walk on water. Life will be good.




HDTony.... Damn glad to meet you!

Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

- Ronald Reagan

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post #18 of 18 (permalink) Old 09-01-2011, 01:28 PM
YO MAMA
 
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^ ahh you better be paying into tour own workmens comp. Godforbid dude.



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