Owning Your Own Business

[cressida_pimpin]

I'm thinking that in the future owning my own business may be something of interest. It may be a plumbing company, small store etc. From the business owners on this site, what are the pros and cons associated with being an entrepreneur?

[Dayclone]

The overhead is overwhelming depending if you have a lot of employees or not, but if you and 5 man crew work then it shouldn't be a big problem starting out is always a big problem because most business's fail within a year I believe.

My advice for plumbing is get contracts with condo complex's, businesses etc... and grow from there, but don't get too many and where you can't handle them all because you don't have the man power to back it up.

I personally don't own any businesses but I know from my fathers experiences, friends, family etc... you learn from successful people, and that's how you become successful.

Steve

[Lex350]

Originally posted by cressida_pimpin
I'm thinking that in the future owning my own business may be something of interest. It may be a plumbing company, small store etc. From the business owners on this site, what are the pros and cons associated with being an entrepreneur?

Owning your own business is the only way to go. One of the cons that most people don't consider is that you will end up working harder than you did working for someone else...but then again...its your business.

[tc3]

Expect 12-16 hour days!! For the first year at least!!
It's on your mind 7 days a week too, even if you're only open 5 days.
And don't give up, it's fricken hard sometimes.

[cressida_pimpin]

Originally posted by tc3
Expect 12-16 hour days!! For the first year at least!!
It's on your mind 7 days a week too, even if you're only open 5 days.
And don't give up, it's fricken hard sometimes.

Any PROS?

[tc3]

Freedom(kinda), Flexability.
You are working for yourself, a future.
Looks good on your resume, You do make yourself ALOT more sought after by companies, if you return to look for employment.
Tax write offs, Get a GOOD accountant!
18% tax bracket, compared to 33% I think?!?
Just off the top of my head!

[B20EF]

Originally posted by cressida_pimpin


Any PROS?

The potential for unlimited growth and wealth, and of course being your own boss is a huge plus.

When i had a landscaping compnay it felt like I was working 24/7, I was constantly taking customer calls at 6am or at 11pm on saturday while drinking with the buddies, it becomes your entire life for a while.

[Graham_A_M]

Originally posted by B20EF


The potential for unlimited growth and wealth, and of course being your own boss is a huge plus.

I think that IS the plus right there...'nuff said.

[Schwa]

The tax breaks only come if you register your company as a corporation. As a sole proprietorship or partnership what the company earns and what you earn is the same thing.

I own my own company too. Pros are your own hours, your own boss, you basically get out what you put in. So good money if you work your ass off.

Cons are, having to deal with bad clients/employees, long hours, and if you have to pay tax at tax time rather than get money back =(

[AsianCaucasian]

Risk is a huge factor as well. Once you start your own company, you are feeding yourself and you won't have a guaranteed income. Most startups don't break even during their first year.

My advice, don't be like a lot of other young entrepeneurs and get too cocky. Don't try to act baller and boast about how you determine your own hours and have "freedom."
Entrepeneurs are the hardest working people out there, and those that can afford to take tons of vacations, work 3 hours a day and drive fancy cars have earned their way into doing so by putting long hours during their starting years.

[Schwa]

Originally posted by AsianCaucasian
Risk is a huge factor as well. Once you start your own company, you are feeding yourself and you won't have a guaranteed income. Most startups don't break even during their first year.

My advice, don't be like a lot of other young entrepeneurs and get too cocky. Don't try to act baller and boast about how you determine your own hours and have "freedom."
Entrepeneurs are the hardest working people out there, and those that can afford to take tons of vacations, work 3 hours a day and drive fancy cars have earned their way into doing so by putting long hours during their starting years.

This is very true, most people who are entrepreneurs are also doing nothing more but buying themselves a job. Ie, if they stopped working they would go broke (me, at the moment). The ones that are really rich have already systemized their business and they hardly do anything to run it.

I would also recommend starting with a business plan and then getting a good accountant and lawyer to bounce ideas off of. If you have a good lawyer, they already would have seen a lot of start ups and would potentially know what works and what does not.

I would still say do it though if you have a good idea because working for yourself owns!

[max_boost]

Owning your own business will exceed all your expectations going in, both good and bad.

There's a really good textbook (can't remember the name) that was the required source for the SAIT entrepreneurship course that I recommend.

Good luck with things.

[HRD2PLZ]

I work for myself and I wouldn't trade it for the world. Of course, like others have mentioned, there is trade-offs. I work 7 days a week and am basically on call 24/7. I put my heart and soul into what I do. Ofcourse there is days when you get a call and you just don't want to do it... but, you put on a smiley face and go out and do your job. Because afterall, if you don't do it, who is going to do it for you?

[Hollywood]

I had my own company for a while too, I liked it alot. I miss it actually.

[cressida_pimpin]

Keep the good responses coming. What was the hardest during the starting years?

[AsianCaucasian]

Originally posted by cressida_pimpin
Keep the good responses coming. What was the hardest during the starting years?

I think the hardest part is managing the responsibility. The weight of an entire business' success on your shoulders can be pretty heavy at times.

Managing employees is a tough task as well. Although it may sound easy, knowing when to let people go was a difficult skill for me to learn. Having shitty people work for me nearly crippled my business and probably cost me around $20k + this year.

[zieg]

Yeah, writing shit off is sweet. 'company' cell phone, 'company' car, 'company' laptop, etc.

[jcrules99]

Originally posted by max_boost
Owning your own business will exceed all your expectations going in, both good and bad.

There's a really good textbook (can't remember the name) that was the required source for the SAIT entrepreneurship course that I recommend.

Good luck with things.

building a dream?

thats my text book for entr315

[HRD2PLZ]

Originally posted by cressida_pimpin
Keep the good responses coming. What was the hardest during the starting years?

I work for myself, and will soon be needing to add a member to my team. Which will be hard since there is such a high degree of faith and trust you have to put into an employee. That employee is representing you, your business and all of the hardwork you have poured into it. That is something I am currently struggling with. Do I hire someone or do I put in even more hours and continue on my own. I would say the hardest by far was the first year or so in business. I had enough saved up to get me through which was my saving grace. After I overcame the first year, and even part of the second I had a better idea about what to do and what not to do. The last year (3rd) was a fantastic year for me and this year thus far has proved to be phenomenol.

[Manhattan]

There seems to be a lot of great advice here. Just out of curiosity, I was wondering if the business owners could be more specific as to what type of businesses they run.