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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; I'm in the process of starting my own business, along with a friend. I wondering if anyone here has done the same, and if there's ...

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Thread: Small Business Owners/Self Employed

  1. #1
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    Small Business Owners/Self Employed

    I'm in the process of starting my own business, along with a friend. I wondering if anyone here has done the same, and if there's any tips you could pass along. My business is going to be home based, part time until I can make enough to quit my current full time job. I'll be selling online as well as some people coming to the house. I've gotten info from the city as far as licensing and contact info goes. I plan on using QuickBooks for taxes and payroll, if it's overwhelming or if I can't figure it out, I'll hire a CPA. Just curious about other's experiences in this venture.

  2. #2
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    the quarterly taxes are a pain.... as a matter of fact.. as soon as I can, I plan on laying off both my employees because all my profits from the extra income go to taxes... not worth the headache to me anymore!
    AquaHull likes this.
    -IN OMNIA PARATUS

  3. #3
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    Sorry to hear that man, from what I've been told, it's tough starting out.

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  5. #4
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    Get rid of the friend. Usually it never works out.

    Otherwise don't over extend yourself until you feet are firmly on the ground. Quickest way to fall into bankruptcy, IMO.
    Camel923 likes this.

  6. #5
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    I have personally started and sold two businesses within the past 3 years.

    Tip 1 - Incorporate - More tax savings abilities, dividends vs salary, look it up.

    2: Don't ditch the friend. I had a partner the last business and it was helpful. Being in business with someone is like marriage, if you don't communicate, it WILL FAIL. Make sure you meet once a week to ensure you are both on the same page. Learn how each of you thinks (Many tests you can do to figure that out, I like the DISC assessment myself) so you know how each of you will react in a given situation.

    3: Don't focus on the all mighty dollar. Have fun. Being in business for yourself is a ton of fun, and affords many freedoms you otherwise would not get to enjoy being employed.

    4: You will fail. Learn from it, don't dwell on it. Pick up your socks, move on and don't make the same mistakes twice.

    5: The root of all frustration and disappointment is due to unrealized expectations.

    6: Choose your pain.

    7: Meet people. Lots of people.

    8: Never burn a bridge.

    9: Collect money owed.

    10: Pay money owed.

    11: Never ever say bad things about your competitors. They win when you do.

    12: Watch your competitors closely. Let them make the mistakes for you.

    13: Read. Read books, newspapers, articles, PF. Read read read.

    14: Shut your lips and learn.


    I am about to go back into business again for myself and I can't wait. So much fun.

    Good luck.
    Every decision has pain. The trick is to choose your pain wisely.

  7. #6
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    My friend and I have been discussing this for a few years now. I wish I had done it much sooner. He was born and raised here, so he knows the climate or whatever you want to call it better than I do. Neither of us are expecting to make tons of money, I'm pretty sure we won't even pay ourselves for a while. We will be keeping our regular jobs so we can pay the bills. I was planning on starting an LLC, but I'll give the other options a look too. If, and it's a big if, this business takes off one day and does well enough, there's another business I want to get into.

  8. #7
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    Hey,
    Well at least you have great confidence, but there are things you may miss from that full time job. Since you are your own employer you now contribute 2X for your soc security.
    This may not be the best pro business environment, depending on what you sell. Health care-unless you are doing great, get a check up before you leave your job, it may be a loong while till you see a doctor again.

    Keep the office at home if possible, keep overhead low. If possible steal clients from your old job, hey maybe they were there because they liked you. Be prepared to wait a long time to get payed, a 30 day term of payment can stretch to 90 days easy. Know your business, the laws, OSHA, get a good insurance guy, build relationships with clients, it is more than just business it is personal. Be trusted, even if it hurts you, once you can be relied on no matter what then people will rely on you.

    Depending on what your business is it can get very nasty, competitors may try to negatively impact you. Have fun when you can, much is not fun.

    FOCUS on the almighty dollar, there is no other reason for a business to exist. It is not about having fun. Try to find a business model that thrives in adversity, an acquaintance of mine opened a document shredding business just before they passed a new law in his state. All closing businesses had to shred documents, therefore the more businesses closed, the better he did. He has done quite well, but worked through his heart attack and whatever else came his way. It was not easy or fun, there was much screaming. Good luck.
    txmarine6531 likes this.

  9. #8
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    I have been an online seller for the past 10 years & quit my job to do it full-time 3 years ago. It can be a highly rewarding but intensely frustrating business especially when it comes to taxes. Good luck & if you have any specific questions feel free to shoot me a message.
    txmarine6531 likes this.
    Nothing In The World Can Take The Place Of Persistence. Talent Will Not: Not is more common than unsuccessful men with talent. Genius will not: Unrewarded genius is almost a proverb. Education will not: The world is full of educated derelicts. Persistence & Determination Alone Are Omnipotent.

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  10. #9
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    I was self employed from 1978 on full time until 2006, still operating part time.

    I could have bypassed the 80 hour weeks and stress, I could have just done full time gunsmithing, the part time from 1963 always paid well, still does.

    My brothers wife has an online sales operation, difficult to grow because of all the startups competing.
    She has been doing it for around 10 years.
    It can be done, the problem with sales is everyone can do it.
    To survive, your personal overhead has got to be at a minimum.
    Last edited by SOCOM42; 05-01-2016 at 06:38 PM.
    txmarine6531 likes this.

  11. #10
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    Sounds like you had a hell of an operation Socom. I appreciate everyone's input and advise. I'm expecting this to take a few years ,at least, to get going well, I know it's going to be hard at first. One of the biggest problems is lack of capital. Neither one of us has much money. There are some distributors that offer lines of credit and packages to purchase for start ups. There's still a lot of research to do.

 

 
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