Calling all business owners

[mrracer98]

Hey everone, I know the economy is down right now, but for the last several years I have had an urge that gets stronger every month to own my own business. Not for monetary reasons, but more for freedom down the road, and to make a fair living lets say 50k/yr...

I was just wondering if we have any business owners here, and what kind of a business you own, and how you got into it? I am concerned about the main things i.e. start up capital if it flops, getting to the size of needing employees, having to quit my current job (I would like to start something that I can ease into and grow over time). Just looking for basic imput.

Very broad I know, just curious. Thanks!!!

 

[busastalker05]

what kind of business are you wanting to start?
i just started my own grounds maintenance company extremely slow start (aka no calls yet))

no overhead for me already owned everything

 

[mrracer98]

Well several things come to mind.

My brother owned a very sucessful DJ/production business for several years, which we are contemplating starting again, at a whole new level. Otherwise a Home care agency (I am a Registered Nurse). I have other good ideas that I would love, if it werent for about 250k+ startup loan I would need. And probably never get in this economy either... Though I do have good credit.

I have thought about a lawn care business also, but there are so many around here.

 

[shadetree57]

I'm an automotive mechanic an it's slow now so i'm turning my barn into a shop. Hopefully I'll get some bikes and small engines to work on. I may have to work on some vehicles but damn, I don't want to. I'm sick of working on them. We all are having to make changes and it aint easy but one thing you need to be thankfull for is if you have good health. Thank the lord if your healthy because you can overcome all other things. Think Positive.

 

[aussiekeeper]

Own my own. It isn't easy.My sales numbers are very good,100,000+ however, 20 grand net seems like a happy ending.

 

[F=MA]

I've owned a gas station / convenience store for the last five years, a rental property for six, a small photography business for a couple of years, and I'm not certain what I'll pursue a month from now once my voluntary layoff from my full time job starts...though the opportunities out there are nearly infinite.

You might consider starting with a look here to get some ideas for businesses you might have an interest in.

 

[Busacure]

Can be overrated. Can't get fired. Ask a firefighter what they do in there off time. I know a few and they all hustle on their off time. They also have the capital for start up cost due to their phat salaries. Remember that in this type of economy that those who can't find work and those that feel the end is near (their job) aren't going to be good little consumers and support the commerce machine. Good luck in what ever you do.

 

[SnowBeltChamp]

my boy just opened a pizza shop near a college and excepts their college meal cards as payment so hes doing really really well...

 

[GPW]

Do something you love to do...everything else will fall into place.

 

[V-Max 2 Busa]

You need more than a strong urge, you need a business plan.

 

[powderpusher]

I own a Powder Coating biz. I love being self employed, I never did play well with others. Be carefull what you step into, the economy is a Bastard right now. Make sure you have a market for your product, and twice as much start up money as you think you need. Good Luck.

 

[highestgrade]

i'm thinking about getting into something in florida...any ideas?

 

[HotFoot]

I started my biz with baby steps just in case it failed
started out of the back of my pickup changing oil
at your location
called it Underhood automotive and mobile repair
Now iam in a 4 bay shop
Its a tough go right now
Started in 1996

 

[Silent Shogun]

Can be overrated. Can't get fired. Ask a firefighter what they do in there off time. I know a few and they all hustle on their off time. They also have the capital for start up cost due to their phat salaries. Remember that in this type of economy that those who can't find work and those that feel the end is near (their job) aren't going to be good little consumers and support the commerce machine. Good luck in what ever you do.

Yea the time off makes it easy to start up a business which im looking into at some point. As far as the phat salaries?? ??? Id like to know where they work so i can get on... 27-39k is about average for ohio area it looks like even though i just got around here. im going back to school to get my medic too and hopefully find somewhere around 50 starting out...if im lucky... most likely 40k.

 

[skydivr]

Let me ask you some questions:

1. How are you captialized? Do you have any assets to put into it, or are you going to debt finance this venture? Bank Loan (get ready to get turned down)?; Credit Cards?

2. Do you have a business plan or marketable skill? What is your local competition and how are they doing in this environment?

3. Have you talked to an accountant? Fees/Taxes/Licenses?

4. What are you willing to risk in the worst case scenario? If you have a good job right now and some security, maybe you might consider SAVING for the investment.

Don't get me wrong, nothing would have been built if people weren't willing to take chances; but a lot more fail than succeed. Let me give you some broad statistics: Most business starts make it less than 2 years; and at 20 years those remaining is about 1-2%.

I have this 'talk' with every new credit person we get in our credit department to provide them some perspective. I tell them to look at the current A/R list of customers (about 2500); I tell them that maybe 2% of the people on here now will be here in 10 years, which means 98% of them will NOT, and the collection decisions made means the difference in our success and failure. I am fortunate enough to work for the company my dad started 50 years ago on 1 SEP....and I still worry EVERY DAY if we'll make it to 51, even though our debts are paid and we don't owe anyone....

 

[highestgrade]

i was thinking about the a/c business in florida