Those of you who have started your own business

[87hatchy]

Just have some questions for anyone that has started their own business. Not sure how many of you are on here, but figured id ask!

1. What kind of business is it?
2. How did you get started?
3. Did you quit a regular job to start? How was that experience?
4. When you started, did you already have experience in the type of work or was it all completely new?
5. Any regrets or things you would do differently?
6. Is it successful? How long did it take to become successful?
7. Advice for someone looking to pursue their own business?

 

[Mr. Mach-ete]

HVAC.
24 years ago, 14 on my own.
It was a leap of faith for sure.
10 years prior experience.
Save more money, fire people faster.
Still working on the success part.
Don't go into debt, live within your means. Do the right job one time.

 

[Gary Macomber]

I have and had minor success and some major failure, I had my dealers license and sold cars, did pretty well but kept my full time job and only did it in my spare time. I also bought my own gas station, that one I left my full time for and was a mistake because I went into business with the wrong person. I am still recovering from that one but am getting into something else now. This new one will start off as part time and we will see where it goes from there. With the dealers license and gas station I had prior experience, this new one I do not at all but my wife does and she will be helping me do the designs.

 

[Snake Pliskin]

I have and had minor success and some major failure, I had my dealers license and sold cars, did pretty well but kept my full time job and only did it in my spare time. I also bought my own gas station, that one I left my full time for and was a mistake because I went into business with the wrong person. I am still recovering from that one but am getting into something else now. This new one will start off as part time and we will see where it goes from there. With the dealers license and gas station I had prior experience, this new one I do not at all but my wife does and she will be helping me do the designs.

You didnt by chance curse at a pizza delivery guy last month did you?

 

[Gary Macomber]

You didnt by chance curse at a pizza delivery guy last month did you?

Nope, why?

 

[87hatchy]

I've always wanted to have my own business. I don't really have any big ideas yet or know what exactly I would do, but I think for me the hardest step would be making that big decision to leave my job and pursue it seriously, if that time ever came. Just something I've thought about recently.

 

[Machdup1]

Services

Built a business plan, had the plan reviewed by experienced business owners, executed the plan.

When you quit your day job, you are fully committed and success or failure is on you. If you fail, you dont eat, that motivates most of us.

15 years experience when i left my day job

Zero regrets, very successful. Took about five years to really get rolling, but I did alright from day one.

Debt=death, surround yourself with business advisors in disciplines you are not the expert, plan on working seven days a week, start reading, know your books, plan your cash flow, have a marketing plan, learn to sell, be honest, have ethics, never cheat the tax man, plan your growth, demand excellance, never be afraid to let someoe go.

 

[STREETREBEL]

Opened a Video store back in 1989. Had to max out my home mortgage.
And use every penny I had. Stayed in business for 10 years. Pay off my loan in 4 years!
Did great until Dish came to the area.

 

[jbs$]

Machdup get it. If you are starting a business, put his comments on the wall where you will read them every day.

 

[hey11101]

1. What kind of business is it?
Transportation long haul trucking ( I own 5 semi trucks/trailers)
2. How did you get started?
Been around it since 2004 my parents started in that business, I went to college ended up going to be a transportation broker for a while, then operations, I worked in dispatch for company that had 45trucks to learn the ropes how things work on a bigger scale, but not too big at the same time
3. Did you quit a regular job to start? How was that experience?
little nerve wrecking but it beats working for someone else and making other people money for the job that you do
4. When you started, did you already have experience in the type of work or was it all completely new?
had experience
5. Any regrets or things you would do differently?
Maybe expand to the point where other people do some of my job, right now I am doing everything myself and it is a 7 day job currently at the same time working from home is not bad and I don't have to pay extra person but it has to change at some point, can't do it forever
6. Is it successful? How long did it take to become successful?
Yes it is , started in 2012 took about 2 years to get "established"
7. Advice for someone looking to pursue their own business?
Its risky full of stress (atleast field I am in but probably all small business is otherwise everyone would do it) if it is done right though the risk can bring in nice money. My advice is if the field you are going in is already being done by somone that is not super large go in to work in that company for 6 months to see how everything is run and then hit the ground running with what u learned and put your own spin on things.

btw someone mention that debt is a killer to me that is a yes and no answer to that, for example if I pay off the truck and buy nothing the truck will break down more I will pay more for repairs and at the end of the year I have less assests to write off on my taxes so I loose on taxes also. What I do is if something is payed off I sell it get newer truck and pocket what I got and next year I have more to write off on taxes and less expenses typically on repairs on newer truck. Ofcourse debt sucks because if something is going wrong like you loose a driver and you have no one to replace it with you still have to pay for the truck regardless.