: Business Owners...



tru504187211
12-28-05, 11:07 AM
Is anyone here a business owner? Did you start the business or purchase an existing business? I guess I am asking because I have some followup questions for someone who purchased one...

mccombie_5
12-28-05, 11:25 AM
I started my own, its a hard thing to do as many others will tell you. The first year is make or break. For myself it was make, because I worked my balls off.

Next :p

Kev
12-28-05, 11:30 AM
My previous employer offered me his business for purchase but I declined for various reasons, not the least of which were lack of financing on my part and questionable dealings on his.

My solution to the problem was to start my own business 2 years later.

DBA-One
12-28-05, 11:44 AM
I started my own male prostitute business but it's a bust. I'm going to starve to death!

tru504187211
12-28-05, 12:31 PM
If you guys don't mind me asking, what type of businesses did you guys create?

DBA- hard work indeed...just gotta find the right old lady ~35-45. When you find that one steady customer, your set and never going to take a loss.

Randy_W
12-28-05, 12:38 PM
I own an interior design/upholstery/window treatment business. In 1977 we bought the remnants of an existing business, primarily for the equipment. The previous owner had pretty much ruined everything else.

mccombie_5
12-28-05, 12:41 PM
If you guys don't mind me asking, what type of businesses did you guys create?


I am an architect, so I set up my own business in that, starting alone, building up with more people and more work.

I now have several staff and a fleet of various BMWs for staff use paid for in cash, you can make it, I did.

Michael 514
12-28-05, 12:43 PM
I started my own business, and as a matter of fact, was just on TV this week, being interviewed on the topic of entrepreneurship!

I give workshops in the community on entrepreneurship and starting a business.

I love it!!

Most important advice:

Thrill your customers, respect your employees, keep your overhead low and your margins high!

End of story.

DBA-One
12-28-05, 01:02 PM
If you guys don't mind me asking, what type of businesses did you guys create?

DBA- hard work indeed...just gotta find the right old lady ~35-45. When you find that one steady customer, your set and never going to take a loss.

it truly is hard work. I even offer it up for free to the wife be even she isn't interested. If I can't give it away I'm going to have a hard time selling it!

DBA-One
12-28-05, 02:34 PM
Also, I don't own my own business but I work for a small software company. I'm very close to the owners and there are many pit falls. It is a very expensive business to be in, software. There are less than 12 of us but I bet pay roll is 30-40k every two weeks. Rent is 12k, insurance taxes, etc. Imagine what you have to bring in each month to cover all this!

There is also the matter of things begining and ending with you, and you only. As the owner of a small business, the buck stops with you. You have to always be "on", you have to overcome failure, you have to work log days, weekends, holidays, etc. You are 100% responsible 100% of the time. Take your eyes off the ball and it gets taken from you.

I'm not trying to talk you out of this but I'm trying to get across that it takes someone whom is deeply dedicated. You have to do something you know so much about. It's not enough to be a good programmer and think you can start your of software shop. The business end will kick your ass if you don't know what you are doing. Contracts and legal matters are big ones. Understanding tax incentives and drawbacks. The list goes on and on.

The rewards can be very sweet and the failure bitter. It takes a risk taker to do this and if you are not such a person think twice.

Michael 514
12-28-05, 03:44 PM
GREAT Advice!

I've always said, "The only time success comes before work is in the dictionary."

If you're going to do it, do it RIGHT!

Read some business books; talk to entrepreneurs; join a club; attend some workshops; take some basic accounting/marketing/leadership courses.

And try to have some fun!

FSU_Noles
12-28-05, 08:33 PM
started my own... Information Technology. Got a corporation so I do many things at once.

I, nor my partners, wanted to incur any small business loans so we financed on our own. Started out small and are working our way up.

Best advice - Incorporate, it protects your personal assets.

Swangin-&-Bangin
12-28-05, 10:54 PM
I have started & been a part of many businesses over the years.. My most recent venture is a womens fashion & accessory boutique named "Essentially Diva". I posted up on the forum when I first thought about it, and people here helped me name it.. Business has been good..
Here is a link to the thead about my boutique that I opened.
http://www.cadillacforums.com/forums/showthread.php?t=46339

As I look back over the years I think that my keys to success is having more than 1 iron in the fire.. I have been a part of so many things and everything has its season.. When one business picks up and start making money I immediately start thinking about the next thing I can do to start making money in a different way.. So at the end of the day I have money coming in from several different avenues.. Diversify!!

Florian
12-29-05, 12:01 AM
I bought a sales agency 14 years ago, and havent looked back. The paperwork had all been done, the location and the lines havent changed and the customer base is steady.
Life is good....but work hard, THEN play hard.

F