Would you ever start a business?

Jan 25, 2015
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I know what you mean Adelyn, but we can always start small, right? I remember being a small time business-girl. We have a huge family, so would make bracelets and would sell them to my relatives. I "think" or I was "made to believe" that I was such a cute kid that they all bought from me. I use the money I earn to buy more materials for my bracelets. Eventually, though, I ran out of materials because I kept giving away bracelets to my "bestfriends." Does anyone remember doing anything like this when you are younger?

Anyway, a friend of mine started her business really small. She was a nurse and she would refer clients to nursing homes and that was how she made her capital. Now, she has her own agency for providing health care providers. In fact, I am helping her now look for a management software to monitor her healthcare professionals and we've been screening providers all week. I am in awe with how much her business has grown. I remember 2 years ago when she was just starting out and she would ask me for help every now and then and she would pay me with lunch or dinner. Now, she is able to offer me a fee for my time, I don't accept it, of course. :) I would love to be as successful as her - if only I can find that business that I would be really good at and interested in.
 
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Dante116

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I need to read up on starting one, but I'm thinking of registering one for the board game I've been working on with a friend, to associate the company name with the game rather than our personal names, and keep a better track of finances if it is released (publishing is unlikely to be part of it, mainly design).

It is unlikely to become a major source of income, but more for the virtual identity for the product to be associated with.
 
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now faith

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The ideal business is providing a product or service that fulfills a need that is not available for the most part to the general public.

Selling merchandise requires more up front investment,is highly competitive today with the influx of Chinese products.

Web sites like EBay have broadened the market on many items such as Antiques.

Service businesses require a big commitment of time for start up and your rates and fees must be profitable yet competitive.

There seems to be success in shoestring startups that sell food stuffs that are high quality and unique,beginning in your local area with expansion in mind.

As far as making big money fast?

You need to get in ahead of the curve with new technologies,often existing companies that have brought game changing products to the market are looking for outlets to show and sell their products.

If you can get in on the ground floor of a franchise that is going to grow rapidly,that is ideal.
 
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Mudinyeri

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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.
 
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now faith

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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?
 
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Mudinyeri

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Seems like a full plate, how are you doing finding good employees/ subcontracters?

Finding good employees is one of the biggest struggles. Fortunately, we've been blessed recently but I am almost always "hiring."
 
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rhawk

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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%).
 
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now faith

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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.

Your time is your most valuable asset,in growing your own business.
Your time could be spent on marketing ,and sales calls as well Web design to increase Internet sales.
Most small businesses go under within the first 5 years,two things to consider: how long has your current employer been in business?
Your side business has survived the bust in 08 and been working for 14 years now,it seems stable to me from what you have said.

It is a painful experience to go out of business,and it is understandable a stable job seems more secure after a failed plan before.

I believe with your experience you could find another job if needed, but waiting to expand full time in your own business could be a mistake.
Your own business has manufacturing demands and a host of other things needed to maintain it.
You could end up very stressed out if you did not plan for further expansion while working for someone else.

Take a assessment of your areas of inexperience, not of your product but basic business principles in general.
Focus on economic education in your grey areas to shore up your business,as well survey the marketplace for future trends or competition from larger companies.

The main goal of a business owner is to have systems in place that allow the business to run on its own for periods of time without you.
One fundamental is to own a business you are able to sell,if a business is healthy enough to sell then it is well run.

You could build a nest egg by selling at a high point before any unseen variables happen.

I hope this helps, God Bless
 
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grasping the after wind

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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
 
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rhawk

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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.

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. :)
 
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now faith

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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

Well ask yourself, do you own a business or a job.

If you want to own a business you need to delegate some tasks to others,otherwise you will burn out and lose sales due to being overworked.
 
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now faith

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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. :)

Life is about being happy and content,you can grow a monster that makes great money and stress as well.
 
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rhawk

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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.
 
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Mudinyeri

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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.

Check Goodwill Industries.
 
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rhawk

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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.
 
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Mudinyeri

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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.

You might also check into head injury rehab centers or try networking with occupational therapists. You could also post an ad on Craigslist.
 
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