Small Business Owners--Your Words of Wisdom

buffettbride · Post by **buffettbride** » May 25, 2004 12:17 am

Hello!

The Mr. and I are strongly considering going into business for ourselves. We haven't quite figured out exactly what yet, but I want some insight from fellow BNrs that are in business for themselves...

What made you go into business for yourself?
What did you do before you owned your own business?
What has been the biggest struggle?
What has been the biggest success?
What would do differently?
What resources such as books, Web sites, etc...really helped you out?

I'm sure there's more that I just can't think of right now. Thanks for your help!

Mallory

Cubbie Bear · Post by **Cubbie Bear** » May 25, 2004 9:06 am

Have good Yellow Page representation

1. Be prepared to work constantly till you get it settled, what ever you decide to do. There is almost no such thing as good help anymore. I have had more clients robbed blind and out of business by "trusted workers", even family members.

2. There is no halfway, either you are in it or you are not, Jump in all the way

3. Seeing your name at the bottom line is about the most rewarding and frustrating thing there is. GOOD LUCK

phjrsaunt · Post by **phjrsaunt** » May 25, 2004 9:09 am

Girlie, you are just full of questions, ain't ya?

My hubby has his own business. Let me wake up a bit, and give your questions some thought.

buffettbride · Post by **buffettbride** » May 25, 2004 9:24 am

phjrsaunt wrote:Girlie, you are just full of questions, ain't ya? My hubby has his own business. Let me wake up a bit, and give your questions some thought.

Thanks! I'm probably not the sharpest tool in the shed for posting this last night after 10pm my time.

phjrsaunt · Post by **phjrsaunt** » May 25, 2004 9:52 am

Okay, I've had coffee now. Here are my pearls of wisdom, such as they are:
(Bear in mind, this all has to do w/ my husband who has a small contracting business)

What made you go into business for yourself? The main thing is that he is not the kind of person who likes to be anything but the boss.
What did you do before you owned your own business? Same line of work, but working for other people.
What has been the biggest struggle? Cashflow in general. The other BIGGIE is finding good people to work for you on a regular basis.
What has been the biggest success? Not money, for sure. But personal satisfaction that he has pleased his client (he does a lot of custom/creative stuff) and they are happy enough to refer him to other people.
What would do differently? He would have married me much sooner. OH WAIT! We're talking about business! OOPS! Sorry, can't answer this one for him.
What resources such as books, Web sites, etc...really helped you out? Quicken software, for bookkeeping purposes. Any trained monkey can use it.

Generally speaking: pay everyone else first. This will help keep good employees and help maintain good credit. Sucks when the electric bill has to be paid late, but you have to think of the big picture.

phwtb · Post by **phwtb** » May 25, 2004 3:58 pm

What made you go into business for yourself? Freedom to control my own future.
What did you do before you owned your own business? I worked for several companies to get a better understanding of how they work. Learning on someone elses dime, so to speak.
What has been the biggest struggle? Learning that looking back only makes you smack into a wall.
What has been the biggest success? Seeing it.
What would do differently? Haven't found anything I would change yet. I'm sure it's there, I just haven't found it yet.
What resources such as books, Web sites, etc...really helped you out? Well, this isn't a good question for me because I own more than one business. One of mine is a business that helps people set up and establish their business (more so than a consultant does). Another one no one else does, so this one was learned by trial and error. So I would have to say hire me... lol...

Seriously, sometimes the best information comes from your competitors, depending on what you are planning on doing. I would suggest at least talking to a consultant if you or your husband have never been in business before.

One of the golden rules of working for yourself: Never spend a dime that doesn't make you one, (and that really is easier than it sounds).
Another: Never put all your eggs in the same basket.

The best advice I ever got: "Find something you would do for free at every chance. Then make yourself good enough people will pay you to do it."

phjrsaunt · Post by **phjrsaunt** » May 25, 2004 5:07 pm

What phwtb said echoes something I've been meaning to come back and add all afternoon. He (she?) said to find something you would do for free. I was going to say much the same thing. For instance, if you enjoy making cookies and want to open a bake shop, make sure you LOVE to make cookies. You probably will be doing it almost for free for a while.

Another thing: the reason my husband has been able to pursue his independent career (or one thing that has made it much easier) is that I have a full time job w/ insurance and all the benefits of working for a big company. I guess you could say that I'm the stable one. Be sure you're willing to fly without a net-that could mean no affordable health insurance for you and the keets.

phwtb · Post by **phwtb** » May 25, 2004 5:11 pm

phjrsaunt wrote:What phwtb said echoes something I've been meaning to come back and add all afternoon. He (she?) said to find something you would do for free. I was going to say much the same thing. For instance, if you enjoy making cookies and want to open a bake shop, make sure you LOVE to make cookies. You probably will be doing it almost for free for a while.

Another thing: the reason my husband has been able to pursue his independent career (or one thing that has made it much easier) is that I have a full time job w/ insurance and all the benefits of working for a big company. I guess you could say that I'm the stable one. Be sure you're willing to fly without a net-that could mean no affordable health insurance for you and the keets.

I'm a she...

On the insurance thing, that can be taken care of rather easily too... for not much more than most pay working for someone...

phjrsaunt · Post by **phjrsaunt** » May 25, 2004 5:12 pm

I guess I've just been spoiled. I've only paid about $10 a month for me and not much more for hubby for years.

tommcat327 · Post by **tommcat327** » May 25, 2004 5:15 pm

trying to keep paperwork,bills,tax forms and all that stuff has been hell for me.my idea of organization is several different piles,each one with its own purpose.however the IRS doesnt really go for my type of record keeping

buffettbride · Post by **buffettbride** » May 25, 2004 5:16 pm

Thanks for all of your responses! Keep them coming! I might be in touch with you phwtb!!

phwtb · Post by **phwtb** » May 25, 2004 5:16 pm

phjrsaunt wrote:I guess I've just been spoiled. I've only paid about $10 a month for me and not much more for hubby for years.

i haven't seen those rates in a LLLL OOOO NNNN GGGG time...

phjrsaunt · Post by **phjrsaunt** » May 25, 2004 5:17 pm

phwtb wrote:
phjrsaunt wrote:I guess I've just been spoiled. I've only paid about $10 a month for me and not much more for hubby for years.
i haven't seen those rates in a LLLL OOOO NNNN GGGG time...

Time Warner takes very good care of its people.

buffettbride · Post by **buffettbride** » May 25, 2004 5:19 pm

phjrsaunt wrote:
phwtb wrote:
phjrsaunt wrote:I guess I've just been spoiled. I've only paid about $10 a month for me and not much more for hubby for years.
i haven't seen those rates in a LLLL OOOO NNNN GGGG time...
Time Warner takes very good care of its people.

We used to get ours for free before Qwest killed USWest.

phwtb · Post by **phwtb** » May 26, 2004 1:50 pm

Yeah... I remember those rates and the free ones too but it has been a long time since I have seen any company still offering them. I guess the last time I had coverage for my family free was when I worked for the State Department. When I lived in Dallas part of my benefits where insurance on the last plan I think (lol) that let you pick your own doctor. It was a very nice plan and my employer paid for all of that, but family was rather costly. It would have been something like $250 a month to add on a spouse and kids. Still not too bad. I have seen much worse rates.

AlbatrossFlyer · Post by **AlbatrossFlyer** » May 26, 2004 2:02 pm

call your local SBA office and set up an appointment with a SCORE volunteer. they have a wealth of information and resources to help get you pointed in the right direction.

http://www.sba.gov/

http://www.sba.gov/starting/aboutscore.html

you'll also need to good attorney and CPA to make sure you get off to a good start on the right footing...

buffettbride · Post by **buffettbride** » May 26, 2004 2:58 pm

Thanks AF. Great resources. This whole task is a little daunting. I woulda thought to get a CPA but not a lawyer.

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Small Business Owners--Your Words of Wisdom

Small Business Owners--Your Words of Wisdom

Re: Small Business Owners--Your Words of Wisdom