When I was in my late teens, I thought that I would be the owner of my own business by the time I hit 30. Well, I'm a bit past 30 and this dream hasn't happened yet. For those of you who are business owners/self-employed, how were you able to start your business? Did you have to quit your day job or were you able to work full time and start a business at the same time? I wish I had more control of my life, my schedule and my destiny and I want to put my talents to use to make myself rich instead of making everyone else rich.

I just don't think I'll be happy doing a same old 9-5 and living in a sleepy suburb until retirement and/or death. Someone help me escape the tyranny of mediocrity!!!

It is best to do it as a hobby on the side part-time while you have a real full time job. Most new business take at least 2 years to make it or not.

If you quit your real job then you have no income coming in to pay bills, eat, etc. etc.

Talk to your bank who will advise you how to go about making a business plan and other advice.

what would you like to do?

what luv4u said is spot on. It depends what your idea of self employment/owning a business (either one could be something that costs almost nothing on up to millions of dollars). Think about what you like to do as a hobby that could possibly be a business and start from there, on the side. You'll find out pretty quickly whether you enjoy managing the business aspect of things as well, when doing it on a small part-time scale.

...but DO it though! Don't let anyone dissuade you from THAT!!

Give us some idea of what it is you're going to do, i.e what is the subject matter of your business.....?

.....oh and I hear what you said about "sleepy suburb"....just keep doing what you're doing... but different than the day before....

First of all, forget about having more control of your life and your schedule. You'll work twice as many hours at your own business than you do at your current job. You'll have no outside life, and your schedule will consist of "Work. Sleep." Many times it will just consist of "Work."

Second, so many people don't understand this very important point - when you work for someone else, you leave all your problems at work. They don't go home with you. But when you work for yourself, your problems are with you everywhere you go. On those nights that you DO go home, your business problems will go with you. Problems like, can I make payroll? Can I pay my suppliers? How do I get some sales? You don't have to worry about those problems right now but if you start your own business, you will worry about those problems every single day of your life.

Third, if you decided to go into business for yourself, MAKE SURE YOU DON'T TURN A HOBBY INTO A BUSINESS. Because I guarantee you that no matter WHAT your hobby is, when it becomes a business it is no longer a hobby. Those are two very different things. Whatever your hobby is, if you turn it into a business, be prepared to not practice that hobby very much any more.

Business isn't about turning a hobby into a money-making venture. Business is about identifying, marketing and satisfying customers with a product that delivers a good experience and value for the price. What you want to be able to do is get excited about doing exactly what I just listed. Then, it won't matter what your product is. If you have a passion for satisfying customers, you can sell ANYTHING and be successful. But if you have a passion for your hobby, but not a passion for satisfying customers, you won't last very long.

Finally, if you do go into business for yourself, here is the most important thing I've learned - PAY YOURSELF FIRST. Sounds greedy, but my experience has shown that if you don't pay yourself first, you probably won't survive.

Whatever you do, good luck!

domainator2010 said:

...but DO it though! Don't let anyone dissuade you from THAT!!

Give us some idea of what it is you're going to do, i.e what is the subject matter of your business.....?

I have a lot of different interests but just not sure what I'd like to do. I'm looking into getting a life coach who could possibly help me think through things. It's weird....I have a very clear idea of what I DON'T want but the idea of what I DO want isn't as clear...it's frustrating sometimes.

SeventeenDayze said:

domainator2010 said:

...but DO it though! Don't let anyone dissuade you from THAT!!

Give us some idea of what it is you're going to do, i.e what is the subject matter of your business.....?

I have a lot of different interests but just not sure what I'd like to do. I'm looking into getting a life coach who could possibly help me think through things. It's weird....I have a very clear idea of what I DON'T want but the idea of what I DO want isn't as clear...it's frustrating sometimes.

I strongly advise you not make a move and leave your job until you know EXACTLY what you want, and that you are positive that what you want is a PASSION. Not an interest, hobby or wish. A PASSION. You'll know if it's a passion or not.

In my experience, that's what it takes to succeed in your own business. Good luck!

RodeoSchro said:

SeventeenDayze said:

I have a lot of different interests but just not sure what I'd like to do. I'm looking into getting a life coach who could possibly help me think through things. It's weird....I have a very clear idea of what I DON'T want but the idea of what I DO want isn't as clear...it's frustrating sometimes.

I strongly advise you not make a move and leave your job until you know EXACTLY what you want, and that you are positive that what you want is a PASSION. Not an interest, hobby or wish. A PASSION. You'll know if it's a passion or not.

In my experience, that's what it takes to succeed in your own business. Good luck!

Interesting advice. I'm curious, are you self-employed?

SeventeenDayze said:

RodeoSchro said:

I strongly advise you not make a move and leave your job until you know EXACTLY what you want, and that you are positive that what you want is a PASSION. Not an interest, hobby or wish. A PASSION. You'll know if it's a passion or not.

In my experience, that's what it takes to succeed in your own business. Good luck!

Interesting advice. I'm curious, are you self-employed?

Yep. Have been for almost my entire life. Everything I've learned has generally been because of mistakes made along the way.

RodeoSchro said:

RodeoSchro said:

SeventeenDayze said:

Interesting advice. I'm curious, are you self-employed?

Yep. Have been for almost my entire life. Everything I've learned has generally been because of mistakes made along the way.

Well, I can appreciate your perspective but I've been working for others my entire life and it's tiresome. I mean, without going into much detail due to confidentiality, etc. I have seen how it only takes a few days for the company to earn what it takes me a YEAR to earn (and that's pre-tax income). I think I'd rather be my own boss rather than deal with having someone else tell you when to show up, what to do, if the business folds you have nothing to show for it but they have insurance, etc. that will tide them over in tough times....

SeventeenDayze said:

V10LETBLUES said:

SeventeenDayze said:

Well, I can appreciate your perspective but I've been working for others my entire life and it's tiresome. I mean, without going into much detail due to confidentiality, etc. I have seen how it only takes a few days for the company to earn what it takes me a YEAR to earn (and that's pre-tax income). I think I'd rather be my own boss rather than deal with having someone else tell you when to show up, what to do, if the business folds you have nothing to show for it but they have insurance, etc. that will tide them over in tough times....

Until you change your attitude, you are not ready to start a business.

My attitude? Yeah okay...

SeventeenDayze said:

RodeoSchro said:

Yep. Have been for almost my entire life. Everything I've learned has generally been because of mistakes made along the way.

Well, I can appreciate your perspective but I've been working for others my entire life and it's tiresome. I mean, without going into much detail due to confidentiality, etc. I have seen how it only takes a few days for the company to earn what it takes me a YEAR to earn (and that's pre-tax income). I think I'd rather be my own boss rather than deal with having someone else tell you when to show up, what to do, if the business folds you have nothing to show for it but they have insurance, etc. that will tide them over in tough times....

Here is a way to fail: Come up with an idea for selling product X. Purchase 1000 product Xs from manufacturer at $3 each. Setup a website to sell product X at $10. Sit back and wait for the money to roll in.

Here is a way to succeed: Come up with an idea for selling product X. Approach buyers in the market and pitch product X. Quantify how many product Xs you can sell straight off the bat and at how much you can sell them for. If the market shows little interest, walk away. If there is market interest, approach manufacturer of product X and get best price for an order to fulfil your buyers requirements. Weigh up the profit margin after incorporating taxes, delivery charges, your salary etc. if the profit doesnt meet your requirements, walk away. If the profit margin meets or exceeds your requirements obtain an order from the buyer, go to the bank with the order and a business plan and get a loan. Take the loan to the manufaturer and purchase product X. Deliver product X to buyer and collect payment. Pay back the bank. Start again, go bigger.

A rather simple example, but the principles are there. Just make sure that whatever it is you want to do that you do the research, exhaustively so. Make sure there is a market otherwise it doesnt matter how great you think your idea is, if there is no market to sell to, it will fail. And market research does not mean relying on your friends and family telling you what a great idea it is. It means approaching the buyers/sellers/dealers within the market and getting hard evidence that what you have will be sold and how much it will be sold for. You also need to ensure that what you want to sell can be bought/hired/manufatured at a low enough cost to provide a good net profit.

And like Rodeo has said, it can be fucking hard work. Working a 9 to 5 for an employer is a peice of cake compared to running everything yourself. But the rewards can be so much better. Even if financially you find yourself little better off. I have been my own boss for many years, sometimes times are hard and sometimes youre rolling in cash. But I havent been told off for being late or told what to do for a long time now (except by the wife) and I wouldnt change it for the world. Now, where's my next $ coming from?

Rebeljuice said:

SeventeenDayze said:

Well, I can appreciate your perspective but I've been working for others my entire life and it's tiresome. I mean, without going into much detail due to confidentiality, etc. I have seen how it only takes a few days for the company to earn what it takes me a YEAR to earn (and that's pre-tax income). I think I'd rather be my own boss rather than deal with having someone else tell you when to show up, what to do, if the business folds you have nothing to show for it but they have insurance, etc. that will tide them over in tough times....

Here is a way to fail: Come up with an idea for selling product X. Purchase 1000 product Xs from manufacturer at $3 each. Setup a website to sell product X at $10. Sit back and wait for the money to roll in.

Here is a way to succeed: Come up with an idea for selling product X. Approach buyers in the market and pitch product X. Quantify how many product Xs you can sell straight off the bat and at how much you can sell them for. If the market shows little interest, walk away. If there is market interest, approach manufacturer of product X and get best price for an order to fulfil your buyers requirements. Weigh up the profit margin after incorporating taxes, delivery charges, your salary etc. if the profit doesnt meet your requirements, walk away. If the profit margin meets or exceeds your requirements obtain an order from the buyer, go to the bank with the order and a business plan and get a loan. Take the loan to the manufaturer and purchase product X. Deliver product X to buyer and collect payment. Pay back the bank. Start again, go bigger.

A rather simple example, but the principles are there. Just make sure that whatever it is you want to do that you do the research, exhaustively so. Make sure there is a market otherwise it doesnt matter how great you think your idea is, if there is no market to sell to, it will fail. And market research does not mean relying on your friends and family telling you what a great idea it is. It means approaching the buyers/sellers/dealers within the market and getting hard evidence that what you have will be sold and how much it will be sold for. You also need to ensure that what you want to sell can be bought/hired/manufatured at a low enough cost to provide a good net profit.

And like Rodeo has said, it can be fucking hard work. Working a 9 to 5 for an employer is a peice of cake compared to running everything yourself. But the rewards can be so much better. Even if financially you find yourself little better off. I have been my own boss for many years, sometimes times are hard and sometimes youre rolling in cash. But I havent been told off for being late or told what to do for a long time now (except by the wife) and I wouldnt change it for the world. Now, where's my next $ coming from?

Thanks for the food for thought. Today at work I was chewed out by a manger (who happens to be the Owner's daughter) about something that wasn't my fault as I did EXACTLY what I had been told to do. As I was getting chewed out, I felt like my "life" was flashing before my eyes....I envisioned myself standing in that same place, 10, 15, 20 years from now being much older, wiser and yet still micromanaged and scolded for doing as I was told. The turnover rate at my company is VERY high, only one person out of about 10-12 has been there longer than a year....

Living check to check and then dealing with someone else's bad mood as you help THEM make tons of money is depressing...

My hobby is my business - graphic art/design. When I got laid off in 2011 (after having been at my old job 18 years), all I could get was freelance work. In this current economy, companies are trying to save loot, so they're not hiring fulltime. It was up and down for a while, but freelance work has been steady the past year.

[Snip - luv4u]

uPtoWnNY said:

My hobby is my business - graphic art/design. When I got laid off in 2011 (after having been at my old job 18 years), all I could get was freelance work. In this current economy, companies are trying to save loot, so they're not hiring fulltime. It was up and down for a while, but freelance work has been steady the past year.

Yeah been there done that as well so I completely understand. Yes, companies are not really generous anymore, with a few exceptions.

SeventeenDayze said:

Horsefeathers said:

SeventeenDayze said:

Well, I can appreciate your perspective but I've been working for others my entire life and it's tiresome. I mean, without going into much detail due to confidentiality, etc. I have seen how it only takes a few days for the company to earn what it takes me a YEAR to earn (and that's pre-tax income). I think I'd rather be my own boss rather than deal with having someone else tell you when to show up, what to do, if the business folds you have nothing to show for it but they have insurance, etc. that will tide them over in tough times....

They also likely have lots and lots of expenses including paying half of some of your government benefits. My business, on paper, is pretty freaking awesome. It's practically raining money down on me. And then there are the expenses that go into keeping it running. Worth it to me because I like working for myself, but I don't get to punch a clock. My business is open 10 hours a day. I'm there hours before and hours after, and then when I get home, I'm still doing work stuff. Short version is that with the freedom to be one's own boss and make the rules comes a huge heaping pile of responsibility. It's up to individual perspective as to whether it's worth it. It has been for me. Most days. It has also been of great benefit to me to learn several skills that I can use either as a company drone or an entrepreneur. Not everything I've ever done has been a lifelong passion, but I can make a living just about anywhere even in a crappy economy.

Thanks, I prefer what you've described far more than living check to check making the company rich and then having nothing to show for it while always being worried about wearing a smile at the office and not expressing too many opinions for fear of being fired. Getting chewed out the other day by the owner's daughter about something that was not my fault, that was a result of doing what I was told really was the last straw. I'm just afraid of being trapped and not having the time, money or energy to start something of my own.

Those of you who are self-employed, I hope you see how fortunate you are despite the hardships but at least YOU aren't dealing with the fear/worry about losing your livelihood if you catch someone on a bad day.

Horsefeathers said:

Regarding opinions and wearing smiles on the job, social media can make or break a lot of small businesses, especially if it's a business in which you have a very public presence such as mine. Not just things like yelp and Google reviews, but just the overall way I carry myself in public which includes social media. I can't really use my Facebook page with my real name attached for political or religious rants. I maintain a fairly squeaky clean appearance in public just because I never know who's watching. It makes a difference that I am in a heavily conservative rural area and have a public presence. I guess a lot would depend on the nature and location of your business. Still, a lot of business owners can't get too comfortable in being boss and dismissing everyone else. Still worth it to me, though. I mean, I'm not especially sad that I can't post pictures of me in a bikini and sipping boozy drinks on my facebook (ha, and neither is anyone else), but there are times I'm nearly sitting on my hands to keep from arguing on some news sites or other pages. My image is more important to me now than it was before. By nature, I don't care much about what people think of me. The me who likes to eat and live indoors is very mindful of my public image. Just something to consider if it's really important to you to "be yourself."

Understood That's the beauty of message boards like this, you can be anonymous

I started doing freelance video/writing/motion graphics while I was working full time doing the same stuff for a company. This led to a portfolio of work samples, and a relationship with some clients.

Now i'm completely freelance, self employed, and registered my own LLC this year.

This is the first year where my self employed income may exceed my income when I was employed by a company. We'll have to see how I do next year. But I share living costs with my girlfriend, and I already paid off my little condo, so my lviing costs can be cheap. I can also work somewhere else if a good project comes up.

But then come the tax man....

SeventeenDayze said:

Horsefeathers said:

SeventeenDayze said: They also likely have lots and lots of expenses including paying half of some of your government benefits. My business, on paper, is pretty freaking awesome. It's practically raining money down on me. And then there are the expenses that go into keeping it running. Worth it to me because I like working for myself, but I don't get to punch a clock. My business is open 10 hours a day. I'm there hours before and hours after, and then when I get home, I'm still doing work stuff. Short version is that with the freedom to be one's own boss and make the rules comes a huge heaping pile of responsibility. It's up to individual perspective as to whether it's worth it. It has been for me. Most days. It has also been of great benefit to me to learn several skills that I can use either as a company drone or an entrepreneur. Not everything I've ever done has been a lifelong passion, but I can make a living just about anywhere even in a crappy economy.

Thanks, I prefer what you've described far more than living check to check making the company rich and then having nothing to show for it while always being worried about wearing a smile at the office and not expressing too many opinions for fear of being fired. Getting chewed out the other day by the owner's daughter about something that was not my fault, that was a result of doing what I was told really was the last straw. I'm just afraid of being trapped and not having the time, money or energy to start something of my own.

Those of you who are self-employed, I hope you see how fortunate you are despite the hardships but at least YOU aren't dealing with the fear/worry about losing your livelihood if you catch someone on a bad day.

Uhhhh...yeah, they are!

If you have a stank attitude as an employee, that doesn't suddenly go away when you own the business. Only this time, it's your customers (or potential customers) you risk offending.

ufoclub said:

I started doing freelance video/writing/motion graphics while I was working full time doing the same stuff for a company. This led to a portfolio of work samples, and a relationship with some clients.

Now i'm completely freelance, self employed, and registered my own LLC this year.

This is the first year where my self employed income may exceed my income when I was employed by a company. We'll have to see how I do next year. But I share living costs with my girlfriend, and I already paid off my little condo, so my lviing costs can be cheap. I can also work somewhere else if a good project comes up.

But then come the tax man....

So, I assume that the clients that you have were those that you find on your own and not the clients from the company you worked for? If not, then it sounds like they didn't have you sign a non-compete clause...

SeventeenDayze said:

ufoclub said:

I started doing freelance video/writing/motion graphics while I was working full time doing the same stuff for a company. This led to a portfolio of work samples, and a relationship with some clients.

Now i'm completely freelance, self employed, and registered my own LLC this year.

This is the first year where my self employed income may exceed my income when I was employed by a company. We'll have to see how I do next year. But I share living costs with my girlfriend, and I already paid off my little condo, so my lviing costs can be cheap. I can also work somewhere else if a good project comes up.

But then come the tax man....

So, I assume that the clients that you have were those that you find on your own and not the clients from the company you worked for? If not, then it sounds like they didn't have you sign a non-compete clause...

Completely different clients.

ufoclub said:

SeventeenDayze said:

So, I assume that the clients that you have were those that you find on your own and not the clients from the company you worked for? If not, then it sounds like they didn't have you sign a non-compete clause...

Completely different clients.

I figured

when you wish upon a dreams will take you very far. when you wish upon a dream life ain't always what it seems.

here is an additional idea for you to go over seventeendayze. i hope it helps. i know you can, i know you can, i know you can make it happen for you.

sometimes actual visualizing and posting ideas can on a large wall calender in a you space on the wall is a good beginning. (i perfer a calender that's a page by page - my friend likes a dry erase 1 page calender)

so anyway:

1. set small goals like >

-

a. mondey post ideas of things you like to do. maybe 1 thru 7

b. schedule wednesday (or convenient day) to look up monday's job ideas on line

c. schedule friday to post results of the 1 thru 7 search - gleen off what is not condusive to your visions

d. scheudle monday for most favorable job finds

then go on with a monday - wednesday- etc scehdule to continue your goal(s) list.

pretty soon you'll find your you job interest. [it takes consistency and determination]

(just remember to "set goals." )

each small goal met makes way for the larger goals. (remember don't let anyone discourage you.)