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Small Business Owners/Self Employed

This is a discussion on Small Business Owners/Self Employed within the General Talk forums, part of the General Discussion category; A rule of thumb, keep your regular job until there is enough of cash flow to equal what your primary job supplies. There is a ...

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Thread: Small Business Owners/Self Employed

  1. #11
    Senior Member


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    A rule of thumb, keep your regular job until there is enough of cash flow to equal what your primary job supplies.
    There is a hump or transition point that you must get over, once over it continue for 6 months to a year before cutting out the regular job..
    I have seen a few that think once they go full time, they can make up the cash by the additional hours, most of the time it does not work in a sales environment.
    It works well in trade jobs like plumbers, electricians, if you are in a good location.
    I know a guy who has been in the home construction business for over 10 years, he cannot move ahead, just not enough work around here.
    That type of construction is seasonal around here, out of work for 5 winter months.
    I neglected to say in the previous post, all the monies from the part time gunsmithing work was salted away to be used in the startup sometime in the future.
    Last edited by SOCOM42; 05-01-2016 at 06:24 PM.
    txmarine6531 and just mike like this.

  2. #12
    Senior Member


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    Mar 2014
    Location
    Western PA
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    6,409
    1. Make sure you know your target market....

    2, Make sure you know how to reach them - advertise.. local, national, international

    3. make sure you have something better then your competition



    also

    check google to see what search words will costs you

    is the business economy proof.. if things go bad will people still NEED your product/service
    I was self employed selling for over 5 years until Mr. Obama killed the economy
    txmarine6531 likes this.
    Be a Berean

  3. #13
    Senior Member


    Join Date
    Dec 2015
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    154
    Definitely incorporate or just LLC....it usually doesn't cost a lot to incorporate.

    I have started and sold a small lawn care business myself, my wife runs her own business and so does my dad.

    What kind of business is it? If you wanna say that is.
    txmarine6531 likes this.

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  5. #14
    Senior Member


    Join Date
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    I have had my small business since June 1, 1997. Every business model is different. Find one that works for your personality. But as some have said, try to avoid the partner.

    So here is the best advice I can give you...

    When I came out of college, I absolutely knew everything there was to know about my chosen field. I KNEW it because the professors said I did. About 2 years into my career, I realized I was a complete and utter dumbass and knew nothing of the real world. That was when I started to really learn.

    Remember that feeling. If you go into business for yourself, it is a feeling that will be with you for the rest of your career.

    When I started my business, I did it so I would not have to do the stupid stuff my employer at the time was doing. It took about 2 years for me to realize there was a reason my former employer did things the way he did.
    txmarine6531, Slippy and chocks141 like this.
    "Oh good lord it's the stink bug again. Did you see new faces and drop by like a fag at a birthday party to stink up the place with your phony dihmi hogwash"

  6. #15
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    Aug 2013
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    Self Employed for twenty years, #1 piece of advice in three parts
    Keep all your receipts, hire a CPA to do your taxes, form a corporation.
    txmarine6531 and Slippy like this.
    {GM Consulting Service}
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  7. #16
    Senior Member


    Join Date
    Nov 2012
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    1,353
    I'm sorta in the same boat. A friend came to me needing help to wax a travel trailer. He was/is starting a mobile auto detail business.

    So, I grabbed an old trailer I had laying around gathering truck parts, put a 330 gallon water tote on it, bought a trailer tongue tool box, put some chrome 15's on it off my moms truck after getting her new rims and tires, bought a pressure washer, vacuum, hose reel, supplied a Goodyear black garden hose, and am using my truck to tow it around. All in all, what I've put into it is about $1300. But it's all mine. Even though we are partners, if the business failed, I paid for it all and get to keep it. If the business thrives, and we split to have 2 crews, I keep this setup and my partner get to buy nice new equipment. A friend did pay for the generator, but I'm looking for one myself so that we have no borrowed or paid for by someone else equipment. A pride thing I guess....

    So far we have had a couple jobs. Nothing major. A travel trailer, a mini van and a GMC Yukon (pictured). So far I've made about $120 after splitting everything.

    I've been told that the first year is the hardest. I've had a handyman/lawn care thing going on for about 5-6 years. It is not my main source of income, and I do not rely on it to survive, since there have been times that I've gone 2, 3, 4, 5, 6 months with no income from it.

    Best advice I can give is to not put all your eggs in one basket. I do lawn care, handyman, pet sitting, property management, and now mobile detail. I've even been known to grab a bag while going on a walk, and grabbing recyclables. Usually get about $3-$5 that goes into a change jar. Even have been known to collect recyclables while off-roading. I do whatever it takes to earn money legitimately so I don't have to go on welfare or hold a full time job if I don't want to. I'm not opposed to it, just I have always had to take care of my grandparents and a full time job was not doable. Now that my mom is taking care of my gramma, I have a bit more freedom.






    Here's my truck/trailer setup and the Yukon we claybarred and waxed.
    Small Business Owners/Self Employed-imageuploadedbytapatalk1462176211.927265.jpg

    Ok. Rambling over....

    Good luck with all your endeavors!




    Sent from my iPhone using Tapatalk
    Slippy and txmarine6531 like this.

  8. #17
    Member


    Join Date
    Nov 2015
    Location
    southern colorado
    Posts
    83
    my advice is pretty simple.

    start with a good business plan. It gives you a path to follow and sets goals. Later on if you look for investors or loans, you will have to have it anyway. Look at it every few months and update as needed.

    If you are not a CPA, hire one. A good CPA will save you more that they cost you. A trained CPA can do in an hour what it takes you 1/2 a day.

    Avoid debt as long as you can. I started my last business with $300 and went 5 years before getting a credit line at the bank. If things don't work out, you won't be making payments on a loan for years after.
    txmarine6531 likes this.

  9. #18
    Senior Member


    Join Date
    Nov 2015
    Location
    TX
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    Quote Originally Posted by kevincali View Post
    I'm sorta in the same boat. A friend came to me needing help to wax a travel trailer. He was/is starting a mobile auto detail business.

    So, I grabbed an old trailer I had laying around gathering truck parts, put a 330 gallon water tote on it, bought a trailer tongue tool box, put some chrome 15's on it off my moms truck after getting her new rims and tires, bought a pressure washer, vacuum, hose reel, supplied a Goodyear black garden hose, and am using my truck to tow it around. All in all, what I've put into it is about $1300. But it's all mine. Even though we are partners, if the business failed, I paid for it all and get to keep it. If the business thrives, and we split to have 2 crews, I keep this setup and my partner get to buy nice new equipment. A friend did pay for the generator, but I'm looking for one myself so that we have no borrowed or paid for by someone else equipment. A pride thing I guess....

    So far we have had a couple jobs. Nothing major. A travel trailer, a mini van and a GMC Yukon (pictured). So far I've made about $120 after splitting everything.

    I've been told that the first year is the hardest. I've had a handyman/lawn care thing going on for about 5-6 years. It is not my main source of income, and I do not rely on it to survive, since there have been times that I've gone 2, 3, 4, 5, 6 months with no income from it.

    Best advice I can give is to not put all your eggs in one basket. I do lawn care, handyman, pet sitting, property management, and now mobile detail. I've even been known to grab a bag while going on a walk, and grabbing recyclables. Usually get about $3-$5 that goes into a change jar. Even have been known to collect recyclables while off-roading. I do whatever it takes to earn money legitimately so I don't have to go on welfare or hold a full time job if I don't want to. I'm not opposed to it, just I have always had to take care of my grandparents and a full time job was not doable. Now that my mom is taking care of my gramma, I have a bit more freedom.






    Here's my truck/trailer setup and the Yukon we claybarred and waxed.
    Click image for larger version. 

Name:	ImageUploadedByTapatalk1462176211.927265.jpg 
Views:	46 
Size:	203.4 KB 
ID:	16028

    Ok. Rambling over....

    Good luck with all your endeavors!




    Sent from my iPhone using Tapatalk
    A friend and myself helped another friend get a oil/gas rig pressure washing business going in early '07. He used to work for Epoch as an electrician, noticed they needed people to wash the rigs before or after a move, and someone to drift and measure casing and drill stem. He bought a goose neck, and had a company in Cut and Shoot, TX (yes, it's a real town) build him a heated pressure washer with 3 hose reels. I was working construction at the time. Built houses all day, washed rigs and drift/measure pipe at night. I was tired. Took him about a year or so and was able to hire more people. He had crews all over Texas and Louisiana. Was trying to get into the Rocky Mountain District with all the work that was going on in Wyoming, Colorado and North Dakota. But, now he's about to get into logging. Oil industry is bust right now.

  10. #19
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    Join Date
    Nov 2015
    Location
    TX
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    1,353
    Several of you mentioned incorporating. Did y'all have bylaws, directors, meetings and all that? I was doing some reading on incorporating, the differences in that and LLC. If all goes according to plan (probably won't with my luck), there's a couple more things I'd like to do and those may be called by a different name. So wouldn't they be owned by the corporation?

 

 
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