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Owning one's own business

L

Le Jacquelope

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Apr 9, 2003
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Why don't more people do it?

Given the constant erosion of jobs through automation and outsourcing to foreign sweatshop/slave labor nations, it should be painfully obvious to many that the only way to make a buck now is to go into business for oneself.

Most of us have some skill we can get paid for - from lawn mowing to baby sitting to computer repair - so what keeps people from ditching their fickle and ruthless boss and going out on their own?

In my opinion it's marketing. I do a few things here and there on the side, but I hate getting in someone's face and saying "buy my product/service!"

If marketing were no problem, what business would you want to start?
 
I am actually trying to start my own bussiness now. Looking for a place right now. Hopefully I'll be able to open in Feb.
 
Every person I have ever known who ran their own business has made this same statement to me. "You don't own a business, the business owns you."

It takes a large investment of time and energy to run a successful business. Very large.
 
I always would like to own a comicbook store/toy store/ hobbystore (being rare impots from japan.)

I am just not in the position to do that right now i guess.....plus i would have to find a good market for it.....
 
Blackethorne said:
Every person I have ever known who ran their own business has made this same statement to me. "You don't own a business, the business owns you."

It takes a large investment of time and energy to run a successful business. Very large.
Click to expand...
Ayup, I agree.

But how much worse is that than working 50-60 hours a week (10-20 hours being unpaid) for a boss that might lay you off at any time?
 
LovingTongue said:
so what keeps people from ditching their fickle and ruthless boss and going out on their own?
Click to expand...

a) Most people don't have fickle and ruthless bosses.

b) Most people would rather keep the job they have than to risk the uncertainty of going into business for themselves.
 
plasmaball said:
I always would like to own a comicbook store/toy store/ hobbystore (being rare impots from japan.)

I am just not in the position to do that right now i guess.....plus i would have to find a good market for it.....
Click to expand...

I know two separate owners of such businesses. Be perpared to put in between 60 and 80 hours a week. Best of luck if you do start one up. :)
 
did that before i was twenty.

two things

1. no partners.

2. no family.
 
A case study done in Australia also shows that atleast 65% of all home-based businesses fail within their first to third year.
Whether it be bankruptcy, thinking too far ahead to estimate proper costs, probabilities of both negative and positive aspects, and generally keeping a tab on good business management.

Not to mention the fees for actually having your business registered, the insurance you've got to fork out (say in the more physiotherapeutic field of work), and other such sosts.

Lotsa moolah involved.
But even then, if your business is small, home based and run by yourself, there's still a fair bit of organizing, level headedness and balancing of funds to do, which can get pretty tight.

Though so long as someone's got a leve head, and a proper understanding of business upkeeping, it's all fine.
 
LovingTongue said:
Ayup, I agree.

But how much worse is that than working 50-60 hours a week (10-20 hours being unpaid) for a boss that might lay you off at any time?
Click to expand...

Possibly working 60 to 80 hours a week on a business that could go belly up and leave you in a bigger hole than ever. Starting your own business is not for the faint of heart. However I salute those who try.
 
Blackethorne said:
Possibly working 60 to 80 hours a week on a business that could go belly up and leave you in a bigger hole than ever. Starting your own business is not for the faint of heart. However I salute those who try.
Click to expand...
How about starting small and working up?
 
Well, goodness gracious.

I haven't worked for anyone but myself for niegh on 20 years LT.

I get to do the hiring and firing. I get to do all the tax stuff. I even get to contribute the other half of my withholding and medicarre tax.

I get to cover everyones ass when they're sick or hungover, because the cusotmer doesn't care.

I get to be the CEO, COO, CFO, and director of markieting and sales. AND because I have investors I get to kiss their ass on a quarterly basis as well. Try it, you'll learn.

Ishmael
 
Ishmael said:
Well, goodness gracious.

I haven't worked for anyone but myself for niegh on 20 years LT.
Click to expand...
I do odd jobs working on computers. If I had more business doing that I'd pretty much open my own shop and quit my job.

And I don't ever plan on having investors. My boss at my current job owns the company, and the shitty decisions he makes would be magnified to the absolutely horrifying if we had to answer to a bunch of nameless investors.. unlike some investors in a publicly held company, at least Our Personal Fuhrer[tm] tempers his decisions with some thought about the well being of his employees.....

Investors..ugh.. it's necessary in many cases when you need angel capital to get your business started, but if I could, I'd rather beg a loan from a bank...
 
Well over half of new businesses fail within a year of opening. It's a huge risk.
I bought my own business in 1989, worked it real hard (60 hour weeks) for five or six years, grew it from 4.5 employees to well over 30, paid overtime, paid health insurance, complied with OSHA, and finally sold it for more than eight times the purchase price last year.
I was seriously burned out.
 
LovingTongue said:
I do odd jobs working on computers. If I had more business doing that I'd pretty much open my own shop and quit my job.

And I don't ever plan on having investors. My boss at my current job owns the company, and the shitty decisions he makes would be magnified to the absolutely horrifying if we had to answer to a bunch of nameless investors.. unlike some investors in a publicly held company, at least Our Personal Fuhrer[tm] tempers his decisions with some thought about the well being of his employees.....

Investors..ugh.. it's necessary in many cases when you need angel capital to get your business started, but if I could, I'd rather beg a loan from a bank...
Click to expand...

\Boss?

Shitty decisions?

He owns the company?

You draw a check?

The Company is still in biz?

Yep, sounds like a looser to me.

Ishmael
 
Ishmael said:
\Boss?

Shitty decisions?

He owns the company?

You draw a check?

The Company is still in biz?

Yep, sounds like a looser to me.

Ishmael
Click to expand...
I'm not giving the company 6 more months. That's why I'm planning on going to college next year. I'm surprised they made it this far.
 
LovingTongue said:
I'm not giving the company 6 more months. That's why I'm planning on going to college next year. I'm surprised they made it this far.
Click to expand...

But you still take the money. Hmmmmm. K

Ishmael
 
I actually run my own business and doing way better than I ever expected. There are many doays where I wish I had a regular job though. Anything to get away fromt he kids and outta the house. There is a certain satisfaction and fullfillment in making it work though.
 
Bottom line: In many respects it's easier to work for someone else, do your job, and let that someone else worry about meeting payroll, paying taxes and providing insurance.
 
I built up two successful businesses over 10 years. My husband kept them and arguing over whether I'm entitled to any portion of them is what's keeping our divorce pending 3 yrs on. I could have started another business on my own. I still could. But after weighing the options, I decided to go back to administrative work for a large firm, get paid top money for what I do, have good benefits, all the overtime I want WHEN I want it, and paid holidays. No more 16-18 hour days, 7 days a week, especially at holiday time. It is so NICE to be able to relax during the holidays now!

Having your own business can be a lot of fun and very rewarding. It is also full of risk and pressure.
 
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