Poll
Question:
Would you stay with the safe money or jump?
Option 1: Yes
votes: 14
Option 2: No
votes: 10
Option 3: Depends, leave your opinion
votes: 8
Discuss.
I need a push.
i've been battling with this very question for years...
i too... need a push :-\
Um, I don't know what job you're in or what business you're contemplating, but depending on the business and the scale of it, I wouldn't let the state of the economy stop you from doing your own thing.
People get caught up with what the whole market is doing and what the whole economy is doing, but if you're a small player in a general field, it shouldn't really make too much of a difference. Your target market is so small starting out anyway, that you shouldn't really notice. There are always people shopping for goods and services. Things don't shut down completely (by any stretch). If you've got any point of difference, you'll attract enough people to do well regardless.
I'm a stockmarket investor, and I really see the changes in attitude around the economy as an emotional overcompensation. I have had success in just focusing on my own thing, and forgetting about what everybody else says is going on. Just respond to your personal situation based on your personal judgement, and you'll do well. [thumbsup]
I started my own business 8 years ago.
It's tough to take that first step. Scary as hell.
What if it doesn't work out? How will I support my wife and kid(s)? How do I find customers? How do I take care of taxes/licensing/insurance/employees?
It is NOT for everyone. I work a lot harder now than I did when I was just picking up a paycheck. I get up, do the job, come home to the office, and do all the paperwork.
Sometimes, theres a slack period, and I worry about how to pay my employees and my bills.
Right now, I'm trying to refinance my house, and I'm having trouble because I'm self-employed, and need to do a stated income loan.
Would I go back to working for someone else? Yes, but only if I had absolutely no other choice but to starve.
Just do it...
You'll find the longer you wait the more expensive it is...
and you're not getting any younger. ;D
I wouldn't do the bike thing again if I had to do it over...
the market is too limited.
edit....
I forgot to mention.
There is a distinct probability when you leave your job your standard of living will go down...
that doesn't mean you're not succeeding...
the freedom alone makes it wort it.
I started my own business, but as a personal trainer, its easy to do, and cheap! I now work 2 to 3 hours a day for 4 days a week. However, I would like more clients, anybody?
A
i just, um.......left my job.
not starting a business, although it has crossed my mind.
dont have anything else lined up either.
feel free to kick me in the head for being a dumb ass
Depends what the business is I guess. But, if you've done your research and have a solid business plan you probably know the answer.
If you have an idea go for it,because if you dont you will always ask youself what if?
I think BW Clark started this thread off well. I can't see the economy as a reason to hold off making the jump. I'm thinking a good hard look at your local market conditions is much more important. Be honest with your business plan and then add 25% to your expenses and subtract 25% from your expected revenues. That will most likely be your true situation for the first three years.
I don't know what kind of business you are thinking of but a one-man band kind of business without a lot of financial outlay isn't too risky a thing to get started in. If it does go south after a few years at least you can step back gracefully. If it really catches on...well good for you!
I'm not trying to be negative but make sure that you can still see yourself doing the same thing 5...10...maybe 30 years from now. It has to be something you have a real passion for. Owning a business is like being married. It's hard work to keep it on the rails. After a few years the "romance" might be gone but you will probably have bigger and bigger financial committments the longer you stay in it. It's not like you can just pack up some day and quit. Being stuck in a business venture you no longer enjoy can go a long way towards ruining your marriage and your health.
Hmmmm.....Do I sound negative? Not really. I was a partner in a business for many years and it ended up doing me quite well financially. I managed to stay married and I'm still fairly healthy but I know I gave up a lot of "stuff" to make it succeed. I guess in life everything is a tradeoff.
Aww hell!! Go for it!! Just go in to it with your eyes wide open. [thumbsup]
if you do something that i can only call a sustainability study and seriously look at what the math says about the results, and you're happy with the results- go for it.
just be realistic and detail everything, knowing that in a down economy your customers would be conservative in spending. don't count on "a good month" or excitement or a holiday season, but pretend you're selling to people in the same financial situation as friends, family, current co-workers. could they afford buy, or would they window-shop, make wish-lists, but not buy. figure out your costs for a month and list what you would have to sell or the work you would have to do to make that much; break it down into weeks, how much work or how many items is that, can you realistically do the business? if you can afford to stay in business, and live, you're in, ja?
Quote from: BWClark on June 07, 2008, 06:42:12 PM
Um, I don't know what job you're in or what business you're contemplating, but depending on the business and the scale of it, I wouldn't let the state of the economy stop you from doing your own thing.
+1
Not all business sectors are sucking. Some are doing very well. Depending on your line of work, you could have a great opportunity.
I would say evaluate the business you want to create. If your confident it's a good plan, go for it. Don't over evaluate but don't go in blind either and try to put fear aside.
I am trying to become a landlord (hopefully not like the one in the "landlord" thread, but I have been mistaken as a whiny little girl) within a year and have partners lined up to buy a building. But for me finding the right deal for a multi family property depends on the market, and the more things go south the better deal I can get. I have been anticipating this market slump we're in and have been preparing for it.
Goodluck [thumbsup]
If the economy is so bad, why would you open up your own business? Being a salary man (given you dont have to worry about being laid off) is one of the most comfortable jobs in the world. You may not have the same potential future as you would if you ran your own business, but the flip side to that is that your not guaranteed to still have a job if you start your own(as in you can go out of business as well). Running your own business is really hard.
If you have done it before....i still say with the economy so bad, it may not be a good idea. Having a glut in the economy (basically what people would think of as a "good" economy) people with have "extra" funds around and more willing to buy a veriety of products. with people pinching their pennies, you may not get a piece of the consumer pie.
We need more info
+1 on more information needed.
Quote from: red baron on June 07, 2008, 06:19:00 PM
Discuss.
I need a push.
I'll give you a push. Paint my damn tank and I'll give you money.
depends..... on the job your leaving, the business you want to start, and your liquid income, and your required $ to sustain your desired level of living, yes the economy plays a role bt that depends on the job left and the one starting. Right now I would not start a restauraunt, a hotel, or open a gas station.
With the info you stated it's like making the following post.
Should I dump my girlfriend and start dating another girl?
depends...on a alot of variables.
This is a fundamental question we all ask our selves in our career from time to time. Rest asure you are not alone.
If you have a strong passion for what you do, then it don't matter what the industry is or its state. With the backing of your family and friends, by all means go for it and don't look back. Life is shorter then we all think. You don't want to look back tomorrow and be doing the would-have should-hove bit in your head until you're dead. Go for it! Besides... you can ALWAYS... ALWAYS... go back to the safe salary job if you fail. Remember failure is form of learning and growth. It is nothing to be scared of.
I was faced with the same questions 2 years ago. I just got worn-out working for the MAN day in day out. Him telling me when, what, why, how to work. He made million$ off off my designs while i was paid ONLY once. Anyway... back to the topic. I ended up jumping ship from a very secure 6 figure salary to start my own business which i won't go into details. Like others have already stated, today I too work much longer hours for the same or less money. Less money is short term. The business will grow. What really matters is that you get much more personal FREEDOM. To me this freedom boiled down to starting and finishing other personal projects I had always wanted to do. One of which deals with our beloved Monster and has brought me some additional income. You could say i enjoy my life more today coz i'm doing what i love at my own pace.
Today....
I don't have a BOSS! [thumbsup] This alone is priceless.
I choose my own hours.
I choose the jobs. I even turn down jobs i don't want deal with regardless of the money.
Quote from: silentbob on June 07, 2008, 10:37:52 PM
I'll give you a push. Paint my damn tank and I'll give you money.
[laugh]
on second thought....
stay right where you are.
How am I going to get my fix? ;D
Quote from: bulldogs2k on June 07, 2008, 07:19:14 PM
I started my own business, but as a personal trainer, its easy to do, and cheap! I now work 2 to 3 hours a day for 4 days a week. However, I would like more clients, anybody?
A
My wife and I will hire you, but with one catch. You have to move to Hawaii. ;)
Start small if you can.
Rent an area, get your equipment. Do it on the side for people who know you're doing it on the side. Build up a reputation and clientèle. Easssse out of where you're at, but I think you need out. You travel too much and work too hard for whatever they pay you.
That and I have no less than three automobiles that I've wanted you to paint for some time.
You already *have*customers lined up. That should tell you something.
Quote from: someguy on June 08, 2008, 10:08:15 AM
Start small if you can..........
......You already *have*customers lined up. That should tell you something.
Is it a full time body & paint shop you want to start? If that's your passion then GO FOR IT!
The nice thing about that type of business is you can let it grow at your own pace. You can be a one man shop or you could have 100,000 square feet of service area in 10 years.
I suppose one or two guys working together could do just fine doing repaints and custom work. That kind of work could be really rewarding. How big is your market and what do you want to specialize in? On the otherhand, if you want to get bigger in a small market you will have to get into collision work. That means more money invested, more employees, labor and environmental laws, dealing with cheap insurance companies. But the nice thing is that you get to decide which way you go.
Oh. And if it isn't a body shop you wanted to start...Just ignore this babbling idiot [cheeky]
Painting it is, but much more than bikes or cars. Think refrigerators, tables, anything that does not move long enough to be painted.
Quote from: someguy on June 08, 2008, 10:08:15 AM
Start small if you can.
Rent an area, get your equipment. Do it on the side for people who know you're doing it on the side. Build up a reputation and clientèle. Easssse out of where you're at, but I think you need out. You travel too much and work too hard for whatever they pay you.
That and I have no less than three automobiles that I've wanted you to paint for some time.
You already *have*customers lined up. That should tell you something.
+1 Collecting a paycheck and doing side work will help you to "tool up". I started a cabinet business just over 2 years ago, I can tell you, yer spinning wheels without the right equipment. Also, go for as long as possible without employees.
Good Luck!!!
Quote from: red baron on June 08, 2008, 11:11:47 AM
Painting it is, but much more than bikes or cars. Think refrigerators, tables, anything that does not move long enough to be painted.
The dogs are lazy here. Think you can put some racing stripes on 'em?
Quote from: someguy on June 08, 2008, 11:14:52 AM
The dogs are lazy here. Think you can put some racing stripes on 'em?
Who's gonna protect me from your lady, and when she's done mine???? ;D
I read somewhere that more successful businesses are started in "bad" times than good...
Make sure you have a good amount of savings, try doing it part-time while you collect a salary, and be realistic about what you expect to achieve (i.e. ramp us as needed)
BTW: The bit about a "steady job" being more reliable is so much BS. Modern companies tend to toss folks aside the moment things look rough.
I say go for it!
Quote from: red baron on June 07, 2008, 06:19:00 PM
I need a push.
Like I tell everyone -- it is always better to try (and possibly fail) then to have never tried at all. Even if you fail, you always learn an incredible amount about yourself and your business skills. And if you succeed with your biz -- your imagination is the only limit to what you can do.
Things to think about in creating a business: Is it scaleable? (how do you grow it bigger) Are you required to do everything? If the biz does become successful -- is it setup so you can take time away from it for a vacation or break or medical emergency? Do you have enough money in your pocket to float through "lean times"? How are you going to drive customers to become aware of what you are doing? (and thus get business) Are you doing something different than anyone else out there? (or are you doing a common biz and then fighting for margins?) Any business licenses, certificates, bonds or "liability insurance" required.
One thing about biz that most people don't realize is all the overhead expenses that occur each month. It's what kills a lot of creative business endeavours.
Also one tidbit of advice: "work smarter -- not harder". Anyone can do the latter part, it's the first part that actually generates recurring revenue streams.
Quote from: MotoCreations on June 08, 2008, 02:48:45 PM
One thing about biz that most people don't realize is all the overhead expenses that occur each month. It's what kills a lot of creative business endeavours.
+1
Also, to elaborate on this statement, don't buy brand new vehicles or buildings for company use. Those payments will strap you big-time when you don't need them. Use a trusty older vehicle with your sign on it and revamp an older structure yourself until you're well-off enough to get something better. Try to pay cash for anything you can. It sounds hard, but it can be done.
Be ready for lean times here and there. Even so, you'll find that you still love doing your own thing. :)
I think you should give it a try.
If you don't, you will always be wondering what would happened if you did.
If you go for it, even if it doesn't work out for you long term, you will have had the experience and I'm sure you will learn a lot. And it sounds like you have a lot of business waiting for you already. [thumbsup]
I'd be happy to supply you with a 2007 BMW that you could custom airbrush and keep, free of charge. [thumbsup]
Quote from: someguy on June 08, 2008, 09:39:39 PM
I'd be happy to supply you with a 2007 BMW that you could custom airbrush and keep, free of charge. [thumbsup]
>:( If he keeps it he'll have to drive the racing-stripe dogs to all their vet appointments, as it is the whippet-mobile.
Quote from: msincredible on June 08, 2008, 09:46:41 PM
>:( If he keeps it he'll have to drive the racing-stripe dogs to all their vet appointments, as it is the whippet-mobile.
Quote from: someguy on June 08, 2008, 09:39:39 PM
I'd be happy to supply you with a 2007 BMW that you could custom airbrush and keep, free of charge. [thumbsup]
Deal, when can I pick up all three? ;D
Quote from: red baron on June 08, 2008, 09:53:16 PM
Deal, when can I pick up all three? ;D
Apparently not soon-threats have been made upon my person.
Though I could actually loan you one of the classics. Paint it, put your name on it, use it for a few years, return it to me. It's good advertising. :)
I did the move 5 years ago, fortunately I had some customers lined up and were doing the sideline thing for 2 years before that.
I would never say that it was easy ( still damn hard some months [bang] ) but being your own boss is sometimes harder than working for one.
Biggest differance being I do what I like to do and any monetary problems I have are usually my own fault (must phone bookkeeper and follow up on outstanding payments.)
Do it, but make sure you have savings to fall back on during the slow months.
In 2 years time you will never regret it [thumbsup]
Quote from: Speedbag on June 08, 2008, 03:04:22 PM
Try to pay cash for anything you can. It sounds hard, but it can be done.
I have to disagree a little bit here. Paying cash is nice but dont make yourself cash poor in the process. Open a business line of credit thats there when you need it.
Ive been "tooling up" my cabinet shop with 80's vintage German manufactured machinery for the past two years. Paid for everything with cash. One day I was looking at outstanding bills, looking at how I was going to cover them all. Then I did the math. WOuld have made much more sense to use the banks money.
Of course, if all you need is a computer and a spray gun, pay cash.
I could see starting a business during 'slow' times could have its merits - lower rents, more available electricians / plumbers / drywallers to equip a shop, etc.
The problem would be clients - so are people who are feeling a little poorer or at risk now versus 2 years ago going to pay you for your product?
mitt
Quote from: rgramjet on June 09, 2008, 05:21:23 AM
I have to disagree a little bit here. Paying cash is nice but dont make yourself cash poor in the process. Open a business line of credit thats there when you need it.
Ive been "tooling up" my cabinet shop with 80's vintage German manufactured machinery for the past two years. Paid for everything with cash. One day I was looking at outstanding bills, looking at how I was going to cover them all. Then I did the math. WOuld have made much more sense to use the banks money.
Of course, if all you need is a computer and a spray gun, pay cash.
All depends on how the numbers work out. :)
The key is knowing what you can afford to spend out of the piggy bank and still float the boat.
The biggest investment would be 25-50k for a spraybooth. All the other equipment I already own.
#1 read the E myth revisited
#2 location location location (cost of living, potential customers and such)
#3 review all aspects of opening a business.... not just your love of doing what you like. materials cost, inventiories, location fees, taxes, advertising, etc etc
#4 You need to figure out (in realistic terms) how much you are worth, most forget that they are an employee and a busines owner at the same time. You need to get paid to keep the afterwork life going. The business need to not only feed your wallet, but it needs growth money as well.
#5 stop doing stuff for free ;)
Quote from: red baron on June 09, 2008, 04:19:54 PM
The biggest investment would be 25-50k for a spraybooth. All the other equipment I already own.
I just bought a used open face sparay booth by Binks, with fire suppression and 24" ducting for $1500 through ebay. Its 8' deep x 7' tall x 8'wide. Im going to build a room around it. What are you painting?
I've been pretty conservative, so I have no high interest credit card debt and a fair bit stashed in savings. I wouldn't really want to lose my job, but I'm not sure I'd cry if they gave me a package to leave.
Quote from: bobspapa on June 09, 2008, 04:30:13 PM
#1 read the E myth revisited
#2 location location location (cost of living, potential customers and such)
#3 review all aspects of opening a business.... not just your love of doing what you like. materials cost, inventiories, location fees, taxes, advertising, etc etc
#4 You need to figure out (in realistic terms) how much you are worth, most forget that they are an employee and a busines owner at the same time. You need to get paid to keep the afterwork life going. The business need to not only feed your wallet, but it needs growth money as well.
#5 stop doing stuff for free ;)
He's right.
Esp on #5.
Quote from: bobspapa on June 09, 2008, 04:30:13 PM
<snip>
#5 stop doing stuff for free ;)
Good luck on that.
Quote from: rgramjet on June 09, 2008, 05:01:24 PM
I just bought a used open face sparay booth by Binks, with fire suppression and 24" ducting for $1500 through ebay. Its 8' deep x 7' tall x 8'wide. Im going to build a room around it. What are you painting?
As I said, anything.
I've been a bit spoiled by the conditions I get to spray in (normally), and I've developed my style around that. Not that I can't change, but what I know about paint, and what's coming in the future, really does not leave a lot of options.
Quote from: bobspapa on June 09, 2008, 04:30:13 PM
#5 stop doing stuff for free ;)
Quote from: someguy on June 09, 2008, 06:58:30 PM
He's right.
Esp on #5.
Quote from: ducpainter on June 09, 2008, 07:02:36 PM
Good luck on that.
Very little gets done for free and what does will come back to me. Rest assured I pick those jobs and
people very carefully.
I plan on (long term) involving my wife. We work well together and she can deal with the people. I have fairly good teaching skills and no issues with training people and having them move on (I understand this is going to happen). I know what kind of qulity product I want to deliver and how to provide it.
The real issue is why not just jump in?
Look in the mirror and ask again.
I can hear a buffer off in the distance. ;D
Quote from: ducpainter on June 09, 2008, 07:32:50 PM
I can hear a buffer off in the distance. ;D
Noooooooooooooooooooooooooooooooo :'(
Quote from: ducpainter on June 09, 2008, 07:32:50 PM
I can hear a buffer off in the distance. ;D
That's nasty [clap]