A Question for Self-Made, Self-Employed members...
10-13-2007, 08:29 PM
#1
Registered User
Thread Starter
Join Date: Apr 2007
Posts: 79
Likes: 0
Received 0 Likes
on
0 Posts
A Question for Self-Made, Self-Employed members...
As life goes on day in and day out im starting to realize that I need to either A.) Work for myself on a business that I started or B.) Do something with the money that im currently making to pull a 180' and start making money for me. Hopefully realizing this at my ripe old age of 21 I can get a good head start on life. Really im just looking for idea's on what has worked for others or examples of things that just don't work, and judging by some of the trucks on here I can see that at least some people are doing pretty well!
. If you don't feel comfortable posting in here IM's are fine 
. Any advice or suggestions are much appreciated!! Thanks!
. If you don't feel comfortable posting in here IM's are fine . Any advice or suggestions are much appreciated!! Thanks!
10-13-2007, 08:48 PM
#2
Proprietor of Fiver's Inn and Hospitality Center
As life goes on day in and day out im starting to realize that I need to either A.) Work for myself on a business that I started or B.) Do something with the money that im currently making to pull a 180' and start making money for me. Hopefully realizing this at my ripe old age of 21 I can get a good head start on life. Really im just looking for idea's on what has worked for others or examples of things that just don't work, and judging by some of the trucks on here I can see that at least some people are doing pretty well!. If you don't feel comfortable posting in here IM's are fine . Any advice or suggestions are much appreciated!! Thanks!
. If you don't feel comfortable posting in here IM's are fine . Any advice or suggestions are much appreciated!! Thanks!Bob
10-13-2007, 08:59 PM
#3
Registered User
Join Date: Mar 2007
Location: Kamloops B.C Canada
Posts: 122
Likes: 0
Received 0 Likes
on
0 Posts
I work in the forest industry, I walk around the bush all day, no big boss or any one eles just me and the dog, I love it!! I work 4 on 4 off on my days off I have been importing trucks only dodge diesels and quads even a few street bikes up from the states to canada. Makes me a good penny, I still work at a job because I have been putting the money away from my imports for retirement shouldnt be very much longer now just a few more years then I am done.
03 Qcab sbox
03 Qcab sbox
10-14-2007, 06:35 AM
#4
Registered User
Join Date: Aug 2002
Location: Northern Virginia
Posts: 8,803
Likes: 0
Received 0 Likes
on
0 Posts
I have a pretty good paying job and have worked there for ten years now. People think I own the place because of my work ethic. I was set to leave about 4 years ago and start my own company doing the same thing. Well, they ended up offering me a lot of money to stay on because they knew a lot of customers were going to follow me. I ended up staying because there is no way I, with only a HS education, could ever make that much without owning my own business. There are a lot less headaches than owning your own business and my boss never comes around because I run my facility very well. In fact, the Vice President of the company just made the mistake of telling me that out of the 19 locations owned by my bosses, mine is the most profitable and has been for several years. My facility is nowhere near one of the largest so that's really saying something. I think it's time to re-negotiate my contract... 
In a nutshell though, what I started out to say was that I am getting more and more tired of making someone else rich with my talents. They pay me pretty well but I honestly think I could be wealthy by now had I continued on with my plans 4 years ago. I'm thinking about it more and more these days...
In a nutshell though, what I started out to say was that I am getting more and more tired of making someone else rich with my talents. They pay me pretty well but I honestly think I could be wealthy by now had I continued on with my plans 4 years ago. I'm thinking about it more and more these days...
10-14-2007, 11:02 AM
#5
Im just starting my own business, so i'll let u know in 5 years how it's turning out, lol. If u plan right and are focused on what u want to accomplish, I think u can take anything and make it successfull. I just knew I had to do somthing hands on and outdoors mostly so I chose landscape/excavating, and I plan to make it into somthing unique. Because if ur mad at going to work everyday, and it brings more stress into ur life than the good things u have, it's just not worth living ur whole life that way, theres ways around it.
10-14-2007, 11:10 AM
#6
Registered User
My experiences are: A - no partners, B- do it yourself and C- hold all the cards.
I think a lot of the young entrepreneurs are sucked into financing a lot more than they can chew later on. I made the experience that if there is more than one who "owns the company" there will always be the quarrel of who may have what and that cuts into productive time.
If it's possible in your line of work (eg excavators) buy a used one and restore it yourself while still in your normal job. You will know the thing inside out then and won't need to pay for a service tech if you have a small problem and it's gonna run you a lot cheaper than a new one. Only if you finance your business yourself you work for yourself. If not you just swapped your boss for a bank.
Just some € cents from
AlpineRAM
I think a lot of the young entrepreneurs are sucked into financing a lot more than they can chew later on. I made the experience that if there is more than one who "owns the company" there will always be the quarrel of who may have what and that cuts into productive time.
If it's possible in your line of work (eg excavators) buy a used one and restore it yourself while still in your normal job. You will know the thing inside out then and won't need to pay for a service tech if you have a small problem and it's gonna run you a lot cheaper than a new one. Only if you finance your business yourself you work for yourself. If not you just swapped your boss for a bank.
Just some € cents from
AlpineRAM
10-14-2007, 11:47 AM
#7
Registered User
Join Date: Mar 2005
Location: AZ
Posts: 652
Likes: 0
Received 0 Likes
on
0 Posts
Heres my negative-sided long winded post.
Over 90% self-started small businesses fail.
And a huge percentage of those that survive essential "bought themselves a job", like alpine ram said.
Being 21, im going to assume very little assetts to secure loans against, youll have a hard time coming up with funding (unless your family is ready to back you with the $) to do much of anything let alone ride out the financial hardships that come with starting a business.
Especially if you dont already know what you want to do and just are looking to do "something".
Youll need something you enjoy doing. Something you think there is a demand for. A passion for something. As of now, asking around for ideas, no offense but youre no where need the mentality needed to start a small business. You gotta have a drive bigger than money.
Now... hit the drawing board and come back and tell us what YOU want to do, what you like doing, what you wouldn't mind training on.
(kids day cares can be profitable.. you want to run a daycare? probably not..).
I can tell you now, alot of people that own small businesses that I know, have bought themselves a job, and if they were to work the hours they do at another job, theyd make more money.. they stick with the business for two reasons. 1) 'dreams' of big money. 2) they love doing it.
So... in summary... let us know what you love to do, what you wouldn't mind learning, training on.. if you want to run the business or work in the business as your only employee, etc.. and then we can come back with some more specific possibilities.
See, just had to get to the end for a positive tid-bit.
Over 90% self-started small businesses fail.
And a huge percentage of those that survive essential "bought themselves a job", like alpine ram said.
Being 21, im going to assume very little assetts to secure loans against, youll have a hard time coming up with funding (unless your family is ready to back you with the $) to do much of anything let alone ride out the financial hardships that come with starting a business.
Especially if you dont already know what you want to do and just are looking to do "something".
Youll need something you enjoy doing. Something you think there is a demand for. A passion for something. As of now, asking around for ideas, no offense but youre no where need the mentality needed to start a small business. You gotta have a drive bigger than money.
Now... hit the drawing board and come back and tell us what YOU want to do, what you like doing, what you wouldn't mind training on.
(kids day cares can be profitable.. you want to run a daycare? probably not..).
I can tell you now, alot of people that own small businesses that I know, have bought themselves a job, and if they were to work the hours they do at another job, theyd make more money.. they stick with the business for two reasons. 1) 'dreams' of big money. 2) they love doing it.
So... in summary... let us know what you love to do, what you wouldn't mind learning, training on.. if you want to run the business or work in the business as your only employee, etc.. and then we can come back with some more specific possibilities.
See, just had to get to the end for a positive tid-bit.
Trending Topics
10-14-2007, 01:25 PM
#8
Registered User
Timmay, excellent post. I am not sure I could add anything to it at all.
Being self unemployed, I can agree with doing something that you enjoy, and be prepared to work a lot of hours doing it. If it is in the service sector, charge a fair rate, and stick to it. No deals for buddies, friends of friends, etc. Do the job right the first time. if it goes wrong, back it up, don't leave a customer hanging. There is no such thing as "good enough" it is either done right, or don't do it, you are only as good as your last job.
Don't expect to get rich, if you think that you can 9-5 it and make more money than working for someone else. You are now working without a net. Paperwork is important, don't like paperwork, either hire someone to keep up on it, or just go work for someone else.
#1 reason paperwork is important, without it, you don't get paid. This is more than a time card now, this is the whole story.
Be prepared, upon initial start-up, to work 18 - 36 months without a break, sometimes 18 - 20 hours a day. You are starting with nothing, and you need to make something happen. If you have nothing but wits and a skill set to rely on, you do what you have to in order to make things work.
Don't expect to show a profit in business for 3 years. I know some people will argue, but three years is a good baseline for getting yourself set up and rolling. You will "lose" money in that time. Don't get discouraged, just realise what is happening and why. By year 4 you may recognize a small profit, and by year 5, possibly a modest profit, if you chosen field doesn't change too rapidly, requiring constant retooling.
Get your head straight around what you want to do, and don't deviate from that plan. Write down where you are going to be in 1,3,5 and 10 years from now. Then make it happen. Single biggest piece of advice I can give. Don't think about what you ARE doing, think about what you want to do. Always keep an eye on the "big picture". It is easy to get caught up in the small stuff, and lose focus. There will always be things that go sideways on you. how you handle it will determine whether you succeed or fail.
I could go on endlessly on this topic, better not to though.
Just food for thought
Being self unemployed, I can agree with doing something that you enjoy, and be prepared to work a lot of hours doing it. If it is in the service sector, charge a fair rate, and stick to it. No deals for buddies, friends of friends, etc. Do the job right the first time. if it goes wrong, back it up, don't leave a customer hanging. There is no such thing as "good enough" it is either done right, or don't do it, you are only as good as your last job.
Don't expect to get rich, if you think that you can 9-5 it and make more money than working for someone else. You are now working without a net. Paperwork is important, don't like paperwork, either hire someone to keep up on it, or just go work for someone else.
#1 reason paperwork is important, without it, you don't get paid. This is more than a time card now, this is the whole story.
Be prepared, upon initial start-up, to work 18 - 36 months without a break, sometimes 18 - 20 hours a day. You are starting with nothing, and you need to make something happen. If you have nothing but wits and a skill set to rely on, you do what you have to in order to make things work.
Don't expect to show a profit in business for 3 years. I know some people will argue, but three years is a good baseline for getting yourself set up and rolling. You will "lose" money in that time. Don't get discouraged, just realise what is happening and why. By year 4 you may recognize a small profit, and by year 5, possibly a modest profit, if you chosen field doesn't change too rapidly, requiring constant retooling.
Get your head straight around what you want to do, and don't deviate from that plan. Write down where you are going to be in 1,3,5 and 10 years from now. Then make it happen. Single biggest piece of advice I can give. Don't think about what you ARE doing, think about what you want to do. Always keep an eye on the "big picture". It is easy to get caught up in the small stuff, and lose focus. There will always be things that go sideways on you. how you handle it will determine whether you succeed or fail.
I could go on endlessly on this topic, better not to though.
Just food for thought
10-14-2007, 05:25 PM
#9
DTR's 'Wrench thrower...' And he aims for the gusto...
Join Date: Oct 2003
Location: Smith Valley, NV (sometimes Redwood City, CA)
Posts: 2,668
Likes: 0
Received 3 Likes
on
2 Posts
As life goes on day in and day out im starting to realize that I need to either A.) Work for myself on a business that I started or B.) Do something with the money that im currently making to pull a 180' and start making money for me. Hopefully realizing this at my ripe old age of 21 I can get a good head start on life. Really im just looking for idea's on what has worked for others or examples of things that just don't work, and judging by some of the trucks on here I can see that at least some people are doing pretty well!. If you don't feel comfortable posting in here IM's are fine . Any advice or suggestions are much appreciated!! Thanks!
. If you don't feel comfortable posting in here IM's are fine . Any advice or suggestions are much appreciated!! Thanks!It sounds like you are thinking in the right direction to me. There are a lot of advantages to being self employed. But you have to be willing to do what it takes to make it happen, to play by the rules of the game and keep trying till you're succesful.
The best advice I can offer is that it does not really matter what kind of business you start. It can be another McDonalds right next door to the existing one or it can be selling some new invention or whatever. The only thing that really matters is HOW you do it. Do it better than the rest and you'll be fine.
The next thing is do something you are passionate about. I started a solar business years ago because I was passionate about it and I did not like the hype that was being put out by other companies. It was easy to beat them in quality and performance and demonstrate how good solar energy could be. Because I was so interested in it I wanted to learn and I was willing to do the R&D and guarantee my work.
Don't set yourself up for failure by leaving a bad trail of poor workmanship, bad PR, excuses or shortcuts that will haunt you later. Word of mouth is your best advertisement or your worst enemy, use it to your advantage by being respectful, genuine, and honest.
Be flexible. You may decide to do one thing and an opportunity will present itself that is for something related but different. That new opportunity will spread to other customers and soon you'll be specializing in a field similar but not exactly where you imagined. That's a good thing. Follow success.
Keep your eyes open for a mentor. They come in many forms from unexpected places and really help.
Even if you are tired or unsure of yourself just show up. Showing up to do the job is a huge factor. Someone else may be more qualified or more experienced, but if they don't produce the bid or are too busy to show then it's you that gets the job. And you should! Show up.
There are other important things to remember too. But those come later with time and success. Things like taking care of yourself. Remembering why you are working (hopefully to live and not just to be working). And thinking about what the next chapter might look like so you can move in that direction.
Good luck!
John
10-14-2007, 05:37 PM
#10
DTR's 'Wrench thrower...' And he aims for the gusto...
Join Date: Oct 2003
Location: Smith Valley, NV (sometimes Redwood City, CA)
Posts: 2,668
Likes: 0
Received 3 Likes
on
2 Posts
A couple more points about this subject.
When I was getting ready to start my business I was advised that there was a lot of competition and it was not a good business for me to start. This came from an old and very succesful businessman. Refer to my earlier statement about doing it better than the competition to understand my response.
I had no money when I started. I was a student and a single parent living with relatives. Refer to my earlier statement about being passionate. There are plenty of nay sayers. People who say it can't be done. When I hear those statements I know what they are saying is THEY can't do it. But you can because you are passionate and determined. And you know they will not be your competition.
John
When I was getting ready to start my business I was advised that there was a lot of competition and it was not a good business for me to start. This came from an old and very succesful businessman. Refer to my earlier statement about doing it better than the competition to understand my response.
I had no money when I started. I was a student and a single parent living with relatives. Refer to my earlier statement about being passionate. There are plenty of nay sayers. People who say it can't be done. When I hear those statements I know what they are saying is THEY can't do it. But you can because you are passionate and determined. And you know they will not be your competition.
John
10-14-2007, 06:09 PM
#11
Registered User
Thread Starter
Join Date: Apr 2007
Posts: 79
Likes: 0
Received 0 Likes
on
0 Posts
Thanks for all the advice fellas! Little bit more about me is that now at my current job im looking to finish the year at just over 60k and next year its looking to be closer to 100k if the year goes like the past few have gone, But wile im making that, im making my company hundreds of thousands more off of me. My job is in repair and maintenance in the Power / Petro-Chemical industry. Its not that I hate my job, in fact most of the time I really enjoy what I do, but like Dodgezilla said best, Ive tired of making someone else rich off my talents and time. Id like to think that I have a good work ethic I work ultra hard, sometimes 100+ hours a week and its not all from the neck down; Ive got a somewhat solid head on my shoulders
and im no dummy (atleast I like to think that, some might say other wise).
Ive been seriously thinking this way for the past year or so in fact ive had these idea's in my head for quite awhile longer and even practiced some of the more common-sense advice ive read and heard (ie. bought my truck, financed it for 6 years and paid it off in just over 6 months , eliminated any unnecessary spending etc.) So now that im debt free again and starting to build my funds back up think im going to start with buying a rental property most likely a duplex and rent the 2 sides out and expand my base with real estate, yea I know what your thinkin, everyone does real estate, but in my mind it cant really fail
, there not making anymore of it. Plus its not a thing that I can dive head first into, so I wouldn't be leaving my current job for awhile and as long as I dont make any awful decisions with money (Truck and guns are excluded as bad decisions lol) I can ride out the bad times with rentals ie. no tenants, maint. etc. because ill have the liquid cash to handle it, but thats obv. not a ideal situation.
At this point ive sorta forgotten or gotten off track with what I was trying to say up there so im just going to stop here and say thanks again for the advice, hopefully some more will chime in so I can hear others experiences and tips
.
and im no dummy (atleast I like to think that, some might say other wise).Ive been seriously thinking this way for the past year or so in fact ive had these idea's in my head for quite awhile longer and even practiced some of the more common-sense advice ive read and heard (ie. bought my truck, financed it for 6 years and paid it off in just over 6 months , eliminated any unnecessary spending etc.) So now that im debt free again and starting to build my funds back up think im going to start with buying a rental property most likely a duplex and rent the 2 sides out and expand my base with real estate, yea I know what your thinkin, everyone does real estate, but in my mind it cant really fail
, there not making anymore of it. Plus its not a thing that I can dive head first into, so I wouldn't be leaving my current job for awhile and as long as I dont make any awful decisions with money (Truck and guns are excluded as bad decisions lol) I can ride out the bad times with rentals ie. no tenants, maint. etc. because ill have the liquid cash to handle it, but thats obv. not a ideal situation.At this point ive sorta forgotten or gotten off track with what I was trying to say up there so im just going to stop here and say thanks again for the advice, hopefully some more will chime in so I can hear others experiences and tips
.
10-14-2007, 06:26 PM
#12
Well, I think you are on the right track with considering real estate as a long term INVESTMENT. Depending on your market (I don't see your location listed), you could really have a nice nest egg 20-25 years from now soley from owning/renting properties. We have NEVER (and will probably never) make as much coin in as short of time frame as we did with buying/selling homes. Last one was just ridiculous, only owned it two years (100% occupancy) sold it to the only tenant we had in it for $52K more than we paid for it in 23 months.
As far as owning your own business??? If you are making anywhere near the loot you are claiming, I would stay put. 100K is nothing to sneeze at, being single that puts you right at "baller" status in my book. Consider that in the first (minimum) 2-5 years of your start up you are going to starve while you pump money into your new venture, at least that is what we have seen. Not that there aren't perks, but when times are tough, times are TOUGH.
I'm a Real Estate Appraiser, last week I made a whole $297.00 minus taxes, e&o insurance, MLS fees, licensing, fuel, etc, etc.
In 2003 I showed $115K on my tax returns, those days are OVER for the foreseeable future for this self employed fella........
As far as owning your own business??? If you are making anywhere near the loot you are claiming, I would stay put. 100K is nothing to sneeze at, being single that puts you right at "baller" status in my book. Consider that in the first (minimum) 2-5 years of your start up you are going to starve while you pump money into your new venture, at least that is what we have seen. Not that there aren't perks, but when times are tough, times are TOUGH.
I'm a Real Estate Appraiser, last week I made a whole $297.00 minus taxes, e&o insurance, MLS fees, licensing, fuel, etc, etc.
In 2003 I showed $115K on my tax returns, those days are OVER for the foreseeable future for this self employed fella........
10-14-2007, 06:48 PM
#13
Registered User
Thread Starter
Join Date: Apr 2007
Posts: 79
Likes: 0
Received 0 Likes
on
0 Posts
Baller, not even close haha...well not yet, thats the end goal! And im not at 100k a year yet, and even then it depends on the year 100% and the work thats available. And your 100% right about the money I make now isnt anything to sneeze at and I sorta wish I wouldn't of brought up what I make, since it could look like I was bragging and its the furthest from what I meant
.
But theres just so much cool **** in the world that I haven't seen or done and id really like to be able to just go and do! Im not hellbent on being bill gates although I wouldn't mind, really id like to get into something that could support a free lifestyle, another reason I favor real estate, since its someone else basically paying me to do what I want.
Maybe just me putting my thoughts into this post I might of realized what I can do to build wealth....
.But theres just so much cool **** in the world that I haven't seen or done and id really like to be able to just go and do! Im not hellbent on being bill gates although I wouldn't mind
, really id like to get into something that could support a free lifestyle, another reason I favor real estate, since its someone else basically paying me to do what I want. Maybe just me putting my thoughts into this post I might of realized what I can do to build wealth....
10-15-2007, 04:26 AM
#14
Registered User
Join Date: Aug 2002
Location: Northern Virginia
Posts: 8,803
Likes: 0
Received 0 Likes
on
0 Posts
I sell equipment to movers and warehouses. I had all my suppliers setup already since I had been dealing with them all for years. More importantly though, I had lots of customers lined up that only deal with my current company because of me. The kicker with starting a new company is in getting customers so no matter what line of work you are in, you HAVE to be a salesman first. I think that's one of the reasons so many businesses fail. The owner is not a good salesman and he/she can't convince potential customers to switch. I still have all those customers lined up and even have people begging to buy in and invest in my venture but I'm 100% with AlpineRam. NO PARTNERS!!! Plus the fact that my industry suffers when the housing market suffers so now is not a good time for me.......
