Given the state of the economy would you leave your job for your own business?

[somegirl]

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.

[Popeye the Sailor]

I'd be happy to supply you with a 2007 BMW that you could custom airbrush and keep, free of charge. 

[somegirl]

I'd be happy to supply you with a 2007 BMW that you could custom airbrush and keep, free of charge. 

   If he keeps it he'll have to drive the racing-stripe dogs to all their vet appointments, as it is the whippet-mobile.

[red baron]

   If he keeps it he'll have to drive the racing-stripe dogs to all their vet appointments, as it is the whippet-mobile.

I'd be happy to supply you with a 2007 BMW that you could custom airbrush and keep, free of charge. 

Deal, when can I pick up all three?

[Popeye the Sailor]

Deal, when can I pick up all three?

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. 

[Big Troubled Bear]

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  ) 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

[rgramjet]

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.

[mitt]

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

[Speedbag]

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.

[red baron]

The biggest investment would be 25-50k for a spraybooth. All the other equipment I already own.

[Grampa]

#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 

[rgramjet]

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?

[superjohn]

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.

[Popeye the Sailor]

#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.

[ducpainter]

<snip>

#5 stop doing stuff for free 

Good luck on that.