Would you start a new business....
- Thread starter Finemess
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gatoman39
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- Apr 29, 2011
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Yes. It's clear that going to college and getting a degree will no longer guarantee you a middle class existence. Corporate America increasingly looks at the labor force as a commodity. The government only excels at looking after special interests and wasting tax payers money. So ultimately it's back to the country's roots...fend for yourself.
FastZR1
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- Mar 11, 2010
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There are a lot of variables to the answer "yes" such as type of business, location, size, ect.
I would like to start my own business in about 6 years. I'm a real avid bicyclist and have dreams of opening my own bicycle shop but many stars half to line up before this thing will work. Dream big and shoot for the stars.
I would like to start my own business in about 6 years. I'm a real avid bicyclist and have dreams of opening my own bicycle shop but many stars half to line up before this thing will work. Dream big and shoot for the stars.
Flash Gordon
Well-known member
- Feb 6, 2010
- 11,450
- 460
You will need to have enough living expenses for 2 years and enough operating expenses for 1 year
BorisC
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- Mar 30, 2011
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Also make sure you run the business, not the other way around. You'd be surprised how that happens & you don't even know it. You wake up one day and realize you haven't had a day off in months, a vacation in years, & you pass these people in the hallway of your home that look familiar & think they might be related to you, maybe.
weavers
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- May 4, 2010
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Do a cost easy benefit analysis and research into your busisiness, see if its viable or makes sense for you. Also keep in mind how much you will make/charge. If its a small time detail it might not even be worth having a business licence. I have one, but I never charge clients more than 500 dollars. Most times its 20-100 bucks depending on service.
if your really serious then look into government programs and tax breaks.
if your really serious then look into government programs and tax breaks.
Garry Dean
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- Jun 16, 2009
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Kristopher1129
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- Jan 3, 2011
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Sure, why not? Great time to buy, or invest. If you're financially stable...this is prime time.
Dugdug
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- Oct 9, 2011
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It's what I'm trying to do right now... Kinda sucks that I started it right before winter, but by the time it's over, I should have no excuses to not be successful. For now, I have a regular job and do this on the side, building up my supplies, website, learning, asking questions, practicing, more learning... seems Like there's always something else to learn.
My goal by the end of next year, is to be doing this full time and making a living. I can do it so long as I keep at it. I'm sure you can too.
My goal by the end of next year, is to be doing this full time and making a living. I can do it so long as I keep at it. I'm sure you can too.
Tundra_10
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- Oct 30, 2011
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^^Been there, done that. Depending on how "hardcore" you want to go (i.e. this being your full-time gig or slowly work on it part time) make sure you have enough capital before you start. I figured 6 months before I was able to sustain a living off my income, I was SOOO wrong. I depleted all my savings, even cashed in a investment plan I had with a old company I used to work with. I still drained all my liquidity I had, thankfully it was all liquid though... no loans or debt.
^^ smart man, awesome Idea! Depending on the scope of work I would recommend business insurance though. No matter the business, if there is a chance of causing damage to something that does not belong to you, get it. Something can and will go wrong, no matter how careful you are.
I am a little biased so it is hard for me to say yay or nay. My business failed last year, but I had the wrong dream and went about it the wrong way. I bought into a franchise and I was ate alive. Not only was I busting my butt (as someone else mentioned) with my business, I also was working part time (my weeks easily averaged 80+ hrs) and believe it or not I still had to dip more and more into my savings because I was not making enough. The franchise made it almost non-profit because of the volume and my profit percentage. I was selling services to businesses (which sounds great), however they are trying to do the same thing you are, minimize costs and boost profits. If its a common business they will shop around and look around for rock bottom price, if that got them shoddy work (if they are a true business person) they will still be aiming for that low-dollar price and looking for better service (in this economy, they will find it). That means even if you have the best service and do the best work you still cannot charge more for "the difference". Just to give you a little insight on financial details for me, at the end of the month I was making about 10% profit. I made peanuts, my employees made peanuts, the franchisor made their royalties and all they did was sit back and collect a check. They were supposed to train and support, they did nothing and always referred me to the franchisee manual.
I say start a business if its not very common and you can see everyone needing it. I would make sure it appeals to a demographic that has and is willing to spend the money. The less someone can live without the service (product), the more lucrative and successful you will be. Also, you have to consider market trends and product ideas. Just going to shoot an idea out there to illustrate a point. People love their animals, I swear some people love their animals more then their family. That being said they are willing to spend whatever on them for food, supplies, grooming, etc. While the pet market is swarmed with people (heck there is a guy who makes a killing picking up dog crap in peoples yards) I just wanted to prove a point that successful businesses are developed under a need. It would be nice to be able to start a business in whatever you loved and then be successful, however you also need to cater to the customer.
Thats my .02, sorry if I sound like a cynic. It was my goal to give you a little insight from someone who opened a business recently and had to shut down. Its tough out there and I commend those who are successful. I would love to have my own business one day, however I am very leery and will be smarter about it the second time around.