Who has their own business?

johngalt

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It would be nice to be my own boss at some point. I would love to get something going. I don't know if I could do it part time while in school and pull a profit with taxes, insurance, administrative costs, etc.

Just curious how many of you have your own thing going? I'd love to hear your stories of how you got started and what you went through and where you are at now. I would enjoy the work, I think I could generate the business. It's the legal administrative tasks that have me wondering. What is your experience with customers? Did you take on any customer? Do you choose your customers?

Let's hear some stories.
 

DaveP

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I'm now retired... but here's how it was / is

Being your own boss has advantages, apart from the fact that there is no guarantee of any pay at the end of the month,
and every one wants a slice of your pie before you have even earned it.

how you got started
Decided that after a few years working for a company, that the people telling me what to do from behind a desk didn't have a clue, so put the company car keys on the managers desk and caught a bus home.

what you went through and where you are at now
Grew a beard to increase customer trust levels, went grey, went bald... retired

It's the legal administrative tasks that have me wondering
Put receipts and invoices in a bag every month and then speak to an accountant.

What is your experience with customers?
Good.. its a bit like playing poker.

Did you take on any customer?
Nope...

Do you choose your customers?
In the early days you can't afford to be to choosy , lol

part time while in school and pull a profit
That's a great idea, but.... if you can manage the up front equipment /tools / transport / insurance and so on costs.

However, there's a 'bit' more to it than the easy bit of setting up a pc / dvr / nvr. House bashing (for want of a better word) & cabling (along with local regulations / requirements takes experience thats better learnt whilst working for a company.

Hope that helps.

P.S Forgot to mention the lan & network skills, health & safety / working at heights / risk assessments, and if you also qualify as an electrician (cos its related and very handy) then the list of regular updating and training / exams is almost endless.

P.P.S My piece of the pie got so small, I couldn't afford to go to work... hahahaha
 
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johngalt

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Appreciate it.

I was one of those contractors for Time Warner for several years, did electrical work, worked at a distributor, and am now third year student working on dual degrees in Electrical and Computer Engineering. I'm kinda of a tech geek and into photography. I sold all this stuff for 8 years. Everything from fiber optic fusion splicers, large Pelco systems, to utility poles, and 750mcm. The know how, dealing with customers, and generating business I can handle. My wife has a good job, the tools are on hand. I would probably get a more economical vehicle for this type work. It's all the government/finance/taxes/license/insurance crap that makes me hesitant of giving it a go. Dealing with every cities municipal requirements in a large metro area. I'm sure it gets even more complicated if you need a helper here and there.

We had a term called "trunk slammers" in the distribution business. Ever heard it?
 

DaveP

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My wife has a good job, the tools are on hand
Go for it :cool:

Speak to a local accountant that deals with small businesses, they will know all the answers.

even more complicated if you need a helper here and there
Don't get me going on that subject ... staff are sent by the devil to cause you grief and pain.

We had a term called "trunk slammers"
Every trade / profession has their version of them.
 

TechBill

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I had several business all successful. Two of my business was shutdown and others was sold because of an offer I couldn't refuse.

First was a hearing aid business where we manufactured hearing aids on site so customer doesn't have to wait weeks to get their hearing made and shipped back to their audiologist. They could get it in the same afternoon or next day. Two brothers started similar business in my town and several other towns so they made me an offer to buy out my store and equipment and I took the offer. My customers were mostly local senior citizens needing hearing aids and didn't want to wait weeks for it.

Second was a janitorial service for movie theaters. Because of my past experience of managing a movie theater and knowing manager's frustration coming to theater next day finding out that their overnight employees not do a good job even there was some days that they didn't bother to show up so I take that frustration out of the equation by offering contract service with some guarantee that the theater will be clean when they come in to open every day.

I had 5 movie theaters under my contract and employed 19 employees. I closed this business when 4 theater closed down because folks rather stay home now day and watch movie on their 50 inch screen. The last theater is still operating but they wanted me to cut my rate in half and I said no because the cost of insurance etc so I decided not to renew the contract with last one.

Next I started an antique restoration and reproduction business where I go travel and find old antique and restore them back to their former glory. Just like those two well know TV shows are doing today, one is finding antiques and second is restoring them. I did that back in the late 90's. And I also market reproductions to business that retain the oldie look or to bed and breakfast business etc. I would sell them in flea markets and antique store who would sell them for me for a percentage.

In early 2000, everybody and their cousins was getting into antique and reproduction/collectible scene. When I first started this business, it was easy to go to auctions and purchase trailer load of antiques needing to be restore but now days it folks fighting over antiques like dogs fighting over for a piece of bone. So I decide to get out while I had money and close it down. Around two years later, economy took a dive and collections values dropped like crazy. Folks sitting on collections bankrupted. Many antiques and reproduction stores shut down all over.

My aunt taught me how to make and market Root Beer so I went into that business next. I had a trailer that look like an old hillbilly shack and two wooden barrels on a counter top where folks can buy root beer in a bottle capped with a cork. I make the root beer inside the trailer to keep up with the sale of root beer. I would travel town to town attending their festival or craft shows etc. Sometime in the summer, I would travel along with the carnival to sell my root beer but I prefer festival or craft shows in Spring and Fall because there are more money made in those.

Then I added a second business to my root beer where I made and sell hot cinnamon roasted nuts. I purchase a machine from Germany that was designed for making cinnamon roasted nuts. Both root beer and hot cinnamon roasted nuts was my longest business which was over 12 years before I sold it. Someone made me a offer I couldn't refuse again. My customers were whoever come up to my counter and order a root beer or a bag of nuts.

Most business I had, I was the only person or I would hire helpers for that day. Like the root beer and antique business there are days I hired helpers but they were not employees. The cleaning contract business where I had employees but I had an local accountant doing all my payrolls and tax withholding etc. I did all the other accounting such as inventory myself using Quickbook program.

Now I am one of the oldest student in a local University finishing up my computer science degree which I will graduate next year and probably settle in some desk job until I retire but I have been thinking about getting into a business using drones. I am waiting on the result from FAA to see what are required to commercialize drones.

Typing this post really bring back memories and I do miss all the business I had, it was fun running all those business.

Bill
 
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