I think everyone DREAMS of having a business. However, it is incredibly difficult and will cost you money. You also need to be very very patient and prepare to dip into your savings because as most businesses go, ROI is about a year.
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I see this thread hasn't been active for several months but I'm new to the forum and what I call a "serial entrepreneur." I started my first "real" business when I was fourteen and have started, bought, participated in start-ups, sold and lost more than 25 businesses since then.
Currently, I own a handyman & remodeling business, a real estate investment company, a meeting solutions company, a disaster preparedness training & consulting company and a digital magazine. I'm looking at investing in a home technology company. I frequently speak on entrepreneurialism and have written a number of articles on topics related to being an entrepreneur.
If you're thinking about becoming an entrepreneur, plan on going broke ... at least twice.
Seems like a full plate, how are you doing finding good employees/ subcontracters?
I work for a company and have for a long time. In the 80's I started my own business and by 88 was out of business. I have worked for small businesses and large companies and 10 years with a state government. Now I am with a smaller business again and I started my own side business 14 years ago and that actually makes enough that IF I had no choice I believe I could survive with it as my sole income. I have expanded it from simple online sales to producing my own products and I am about to expand my product line more this fall). The one thing I will say is that no matter how you make your money (self employed or working for a company or government) SAVE! I wish I understood that as well as I do now in the 80's. I am catching up and I pack away almost 25% of my pay (and my current employer matches 15%).
Being able to produce your own product, is a great advantage when it comes to profit margin.
On the flip side working for another business requires a time commitment.
After 14 years of having your side business that has grown,it seems like a safe bet to invest all of your time into your already growing side business.
With the saving of cost of goods due to you manufacturing and supplying I assume to the end user,a small price increase could replace your income from your job.
As well being a manufacturer opens doors for wholesale distributing.
I have started and currently run a business. To start a business one must be willing to earn less per hour than minimum wage, be silent when others tell you how rich you are when you know you have less than they have , and be willing to forego security measures like unemployment insurance
Moving my side business into a full-time endeavor is not something that will happen anytime soon. Yes it has started to make enough that if needed could pay my needs and yes I produce some of my own products now, but….
The business is a boon or bust. I have had some years it made more money than my day job and some years it mad far less and not enough to live on for that year. I would need to hire some people to manage book keeping and some of the work I do and that would eat up all profits leaving me nothing to expand with or live on. In addition, my spouse is not supportive with the business at all and would not allow me to hire people and have them work in our shop (we have a 30x40 shop I use part of for the business), and that would mean I would need to rent a location for the business. I did not start the work with the thought of it becoming my full time work, it was started to help pay some bills, and after they were paid off I decided to use the profits for charities. I like to believe I make a small difference some of them.
No, for now I am most happy with my day job and occupation and doing my side business as simply that.
One thing I could use but do not know where to find.... Someone who sews (has a machine) and wants to make some of my new products. There is a nonprofit corporation here who is dedicated to serving individuals with disabilities by training them and using them to make things (under contract) : Helena Industries , but their sewers have a large government contract right now and cannot be used. I do not know where to look.
Good idea. Sadly after looking the closest Good Will with Job Support is in Idaho. I am in Helena MT and would need to be where they are to work with them. :/ I am getting close to buying a sewing machine and learning to use it, but that will kill my time doing the other things I do for my side business. I wonder if the Hutterites do this... Hmmmm.Check Goodwill Industries.
Good idea. Sadly after looking the closest Good Will with Job Support is in Idaho. I am in Helena MT and would need to be where they are to work with them. :/ I am getting close to buying a sewing machine and learning to use it, but that will kill my time doing the other things I do for my side business. I wonder if the Hutterites do this... Hmmmm.