Business owners, your experiences wanted
Discussion
Fed up of the daily grind working in a factory on silly shifts with very little achievment or thanks. i have been thinking of taking the plunge into a business of some sort. So far the easiest way ive seen is to buy into an already running concern but with no experience of running anything i think i may end up going in too deep 
I have some friends and family all telling me i'm the right sort of person who would be a success in whatever i do.
So i would like to see how others have coped no matter how big or small your business is and are you glad to have done it? would you go back to 9-5 with a boss over your shoulder?
Also any advice would be welcome
Thanks
Mike
I have some friends and family all telling me i'm the right sort of person who would be a success in whatever i do.
So i would like to see how others have coped no matter how big or small your business is and are you glad to have done it? would you go back to 9-5 with a boss over your shoulder?
Also any advice would be welcome
Thanks
Mike
Mikey G said:
So i would like to see how others have coped no matter how big or small your business is and are you glad to have done it? Mike
Glad? yes.
Would I have made more money (short term at least) by staying in Dilbert-land - for sure.
Would I have got more (any!) holidays if I'd stayed in Dilbert-land - Oh yes!
Working for yourself isn't a job, it's a way of life. I wanted to get a report out so it landed on someone's desk on Monday so I was working Saturday night (instead of boozing
) to get it done. When you're in charge, you can choose to do things like that (and you will, because you understand that you need to get that invoice paid!) which is why I was driving round Bootle at 03:30 this morning looking for the one postbox that has a Sunday collection!!
Don't ever think that working for yourself will solve problems, all you do is swap one set of problems for another and exchange a git of a boss for a wunch of bankers.
But what it gives you is freedom - freedom to do it your way, freedom to work through the night & then take the next day off - without asking someone.
It ain't easy but be warned, after 6 months, you'll be considered unemployable - because you'll have developed your own unique style and a 'can do' 'must do' attitude.
Mikey G said:
Also any advice would be welcome
Cahflow, cashflow, cashflow.
Cash is king. It doesn't matter how profitable the jobs are on paper, if you can't get the money in the bank then you're a dead duck.
Do some forecasts... does it work?
If so, halve the forecast income and double the overheads - does it still work? If so then you stand a chance!
Never underestimate the power of luck, personal recommendations and sheer, bloody hard graft.
Good luck.
>> Edited by Pot Bellied Fool on Monday 13th December 01:34
*Edit: Why doesn't that 2nd quote work then? Off to bed anyhow!
Ahh... It does now. Strange, I blame the Gremlins & not the IPA
>> Edited by Pot Bellied Fool on Monday 13th December 01:36
I'd like to echo - Cashflow is king. If you don't have it you are sunk, you can be unprofitable for a while providing you have access to cash to pay your bills and for stock. Amazon ran for many years at a loss to try and build its business, but it had access to money, so now its able to make a profit.
More businesses go out of business due to cashflow problems than a lack of profitability.
More businesses go out of business due to cashflow problems than a lack of profitability.
What they said.
Whatever business you choose they way to make it work is to keep initial costs low. I mean zero if at all possible.
Work out of your home, your garage whatever so you don't need to pay office rent (a fortune).
Driving costs out of the business and starting it with some initial work in hand will get you going.
Be prepared to earn *no* money for six months to a year. If you don't have the personal reserves for this you should consider saving up for a period.
Oh. Once the business is paying then build up your personal reserves again a.s.a.p. You never know when the quiet patch will come along (9/11 anyone?) and you'll spend months with no work.
I'm making it sound tough. Which it is.
The benefit is that very shortly you will be (as said earlier) utterly unemployable...and you'll like it.
Whatever business you choose they way to make it work is to keep initial costs low. I mean zero if at all possible.
Work out of your home, your garage whatever so you don't need to pay office rent (a fortune).
Driving costs out of the business and starting it with some initial work in hand will get you going.
Be prepared to earn *no* money for six months to a year. If you don't have the personal reserves for this you should consider saving up for a period.
Oh. Once the business is paying then build up your personal reserves again a.s.a.p. You never know when the quiet patch will come along (9/11 anyone?) and you'll spend months with no work.
I'm making it sound tough. Which it is.
The benefit is that very shortly you will be (as said earlier) utterly unemployable...and you'll like it.
And when money starts to come in, just remember that alot of it is committed i.e., tax, VAT and other outgoings.
It's all too easy to look at the bank balance and go out and splash it on a car etc!
I recently took a guy on who had done this very thing -twice
- and he wondered where he'd gone wrong.
I much prefer being the boss than working for someone else.
It's all too easy to look at the bank balance and go out and splash it on a car etc!
I recently took a guy on who had done this very thing -twice
- and he wondered where he'd gone wrong.
I much prefer being the boss than working for someone else.
It sounds as though you are not quite sure what you want to do, so perhaps a franchise would be a good idea? It's your business, but you get all the training, manuals, back up etc, and you don't have to re-invent the wheel as many of us above have had to do.
I would also second, third etc what has been said above; once you have worked for yourself, you will find it very hard to ever work for anyone else ever again.
I would also second, third etc what has been said above; once you have worked for yourself, you will find it very hard to ever work for anyone else ever again.
My old Dad once told me a story about an old man who charged a large fee (30 shillings) for one directed blow with a lump hammer to remove a dent from the local gassometer. When the bill was questioned (after all he had done it in 30 seconds with a single blow) his resposne was:
"It was a shilling to come out, a shilling to hit it with the lump hammer, and 28 bob to know where to hit it and how hard to hit it".
I believe you should never do something anybody with a big hammer and £10,000 in redundancy money can do (so no franchise). Keep base costs as close to zero as possible (no fancy offices, mobile phones, rental of fancy kit and business servics), keep on top of debtors and be prepared to live the job for 2-3 years.
"It was a shilling to come out, a shilling to hit it with the lump hammer, and 28 bob to know where to hit it and how hard to hit it".
I believe you should never do something anybody with a big hammer and £10,000 in redundancy money can do (so no franchise). Keep base costs as close to zero as possible (no fancy offices, mobile phones, rental of fancy kit and business servics), keep on top of debtors and be prepared to live the job for 2-3 years.
I'm going through the motions (although slowly due to said company) of selling a small part of my business that makes logo'd bike stands for circuits and general promotions etc. Nice business that you don't even have to get your hands dirty with.
You can have the whole kit for £14K. In fact, we got an order on Friday worth £5K so it's still going strong!
A little enthusiasm would take it a long way.
You can have the whole kit for £14K. In fact, we got an order on Friday worth £5K so it's still going strong!
A little enthusiasm would take it a long way.
. Don't nbe conservative with your initial outlay figs. I was, and then had to find an extra 5K becuase I'd failed to take into account the fact that all those £100 and £200 payments all add up!
Otherwise, its the most enjoyable, satisfactory thing I've ever done. Also the most stressful!
Otherwise, its the most enjoyable, satisfactory thing I've ever done. Also the most stressful!
Don't forget to take your holidays! I'm now in my 25th year of being the boss and have only had five one week holidays away from home in that time,the last one on the Isle of Wight in 1998. Money is'nt everything you must have heard lots of times.Quality of life is whats it's all about. By all means have a go on your own but set your busines up so that it will run alright without you when you take that holiday! Good luck.
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