Who here owns their own business?

[lagstronaut]

I doubt many do since most people here are too young to open up a business, but do you own your own business? Do you know anybody who does?

I'm thinking this may be a path I should look into since post-sec. education courses aren't quite so appealing to me at the moment and especially since business expenses are at an all-time low with E-commerce and such. I've taken Entrepreneurship for 2 years now in High School too so I'm not completely new to some home-business concepts.

so for those who own their own business:

- what is your product or service?
- when did you start?
- what were your start-up costs?
- how long before you were maintaining a steady profit?


if you know any family/friends with businesses, how would the above questions apply to them?


i don't expect too many replies for this thread so any responses would be great!

lagstronaut Reviewed by lagstronaut on 01-07-2007. Who here owns their own business? I doubt many do since most people here are too young to open up a business, but do you own your own business? Do you know anybody who does? I'm thinking this may be a path I should look into since post-sec. education courses aren't quite so appealing to me at the moment and especially since business expenses are at an all-time low with E-commerce and such. I've taken Entrepreneurship for 2 years now in High School too so I'm not completely new to some home-business concepts. so for those Rating: 5

[Tokudai]

I sold my business last year cause I wanted a change, so I might could help a little.

I started a business building and tuning image and race cars and importing exotic car parts. I have always loved cars, speed, racing - you name it. In high school my house was the "rebuild" house and I had all the toys noone else had - engine lift, welder, bender, lathe, etc. I got the rep as the local car guy and fastest at the track. So with having the tools accumulate through the years, and all the contacts I had made - its hard to determine what start-up costs were.

In 1998 I bought a website and signed a lease to rent a place for a year at 650/mo. Went to the races, beat some people, and within 3 months had more business than I could deal with alone. I guess that is what really helped launch it, there was no shortage of initial business - I found a good niche at a good time.

Hired a couple of guys for the shop, a translator and someone to help me with the books - the WORST part about owning your own business is having to deal with paperwork and banking crap when all ya wanna do is be out there welding something, doing what you love that got you here in the first place- and went this route for a couple of years, until I offloaded all the "management" of the office to new employees. Changed location for a larger facility, invested more in the website and so on.

Finally, after 3+ years of 6am to 6pm boring ass days of learning about how to run a business, I can finally be in the shop and in the field and on the track again. Worked my dream job for about 3 more years, and then realized I was losing the love for my true passion - cars. It had turned into needing X number of clients a month to make X dollars and not at all what I had envisioned. Too much schmoozing and bench racing, not enough fabrication or hands-on.

So before I lost it completely, I sold my share to my partner, and relocated 1000 miles away to get a new start. Bought land instead of a house, and built my place how I wanted it. With my cost of living and overhead so decreased in many ways, and my creativity and desire flooded once again, I now get to work exactly how I want and my quality of life is 100X better now. No more stress, no more quotas or deadlines. Couple of steady customers, lots of track time and tuning, and my own hours. I'm not gonna get Bill Gates rich or anything, but I dont necessarily want or need that. I could quit today and retire if I chose, under 40, and maintain my current lifestyle. That is the real feeling of accomplishment.

Anyways, to stop the rambling, a couple of pieces of advice on starting your own business I would give are:

1. Be careful embarking upon a career that involves a hobby - when the two get intertwined, it causes much stress and you may lose the love for a true passion.
2. Find a trustworthy partner or associate interested in the same goals early, preferably one who has expertise in things you don't, and vice versa.
3. Be prepared to work hard, long hours doing things that you may not like when you start if you want to see end results.
4. NEVER invest/upgrade equipment,location,advertising until you absolutely have to. Many start-ups die because of overshooting what the needs are and overinvesting - too many computers,employees, too many sq/ft, superbowl ads etc etc

Timing can be everything - now there are so many "race shops" everywhere that it would be tough to start one up without considerable reputation or experience.

Sorry I couldn't answer your questions in the format you specified, but very few businesses could - there are many variables.

[ericwt]

I own seven businesses. Because I use my real name and you can find the area I live in I cannot go into detail of all of the things I do. I live in a small town and do not need the neighbors talking about me posting on a pot web site.

One of the businesses was a hobby I turned into a profession. With a little Internet research you could figure it out.

For the first business I put in about 7 years of total dedication and every dime I could find. I sacrificed friends faced dam near starvation and dealt with years of frustration. This is how I financed the other businesses.

I have three website businesses. These varied in cost from $200 to $2000 each. They are in areas that I am an expert in. If I knew HTML programing it would have been less.

The other businesses I own cost between $10,000 and $30,000. I do not have a store front for any of these as that would have brought the cost up big time. All my businesses are related to my original business in one way or another.

The first business is always the hardest. After you succeed in one it is easy to succeed in multiple businesses.

Whatever you do make sure you become an expert in it. Then you must understand who buys what you sell and why. Understanding sales and marketing is essential. If a web business understand how to write good copy and ask for the sale. Search engine marketing is important because if people do not know your site is there, they will not buy.

For non web business networking is vital. If people do not know who you are and what you do they cant give you their money.

Study accounting or hire someone. Always get a pro's help with taxes. Know your product.

If you want to ask other questions please do. Again I cannot go into details of all my businesses. But I do understand the world of business and will share what I know.

I am a 40 year old pot smoking guy. So I dont quallify as a kid.

[lagstronaut]

Thanks guys. I've been told multiple times now not to mix business and hobbies, so I guess that's a major peice of advice.

Tokudai --- sounds like you've had quite the business experience. I'd ask you more questions but you say you found your niche fast and at the right time, and that's my problem right now. I want to have a career dealing with music in some capacity but I don't want to deal with the overall bullshit that is the Music Industry (it's a load of crap, trust me). I just really cannot find a way to incorporate music into a self-made business that isn't being done by hundreds of people per city already (magazines, recording studios to name a few). It's killing me, college applications are due in 3 weeks and I have no idea if that is the route to take anymore.

Ericwt --- may I ask what your original business was dealing with? Not specifically if you don't want to answer, but the area you expertised in. Was it something you liked so you started it? Was the market ready for something like this so you took advantage? I'm not sure if I should try to incorporate something I like into my business to make it a passion or just find what the market is looking for right now and get on the gravy train. The problem with the gravy train though is, if it turns out to be a fad and ends, where does that leave me?

[partyguy420]

i dont own one yet... but some day, i plan on leaving mary jane behind for a while, going to school, going to a tech school, called universal technical institute, were i plan on learning about car motors, car transmissions, the interiors of cars, car breaks, and car drive lines... then im going to do some extra corses, and learn about how to repair frames on cars, and body repair... and then slowly but surely, i plan on building a cmpany from the ground up, called "rez boys auto repair"(its gonna be a split partnership, with my homie that i grew up with, and i will hopefuly hire 90% native americans to work in my shop) all the acounting and everything will be done by a close friend of mine...i basicaly have all the know how, on working on cars, and it would seam as though im already running a small shop out of the house, due to the fact, that people will come over, and be like hey billy, ill give you 20 bucks if you put this in my car...(so far, not mater how much labor i do, i only charge 20 bucks...)

[partyguy420]

Thanks guys. I've been told multiple times now not to mix business and hobbies, so I guess that's a major peice of advice.

Tokudai --- sounds like you've had quite the business experience. I'd ask you more questions but you say you found your niche fast and at the right time, and that's my problem right now. I want to have a career dealing with music in some capacity but I don't want to deal with the overall bullshit that is the Music Industry (it's a load of crap, trust me). I just really cannot find a way to incorporate music into a self-made business that isn't being done by hundreds of people per city already (magazines, recording studios to name a few). It's killing me, college applications are due in 3 weeks and I have no idea if that is the route to take anymore.

Ericwt --- may I ask what your original business was dealing with? Not specifically if you don't want to answer, but the area you expertised in. Was it something you liked so you started it? Was the market ready for something like this so you took advantage? I'm not sure if I should try to incorporate something I like into my business to make it a passion or just find what the market is looking for right now and get on the gravy train. The problem with the gravy train though is, if it turns out to be a fad and ends, where does that leave me?

(ok, i know im going to sound like mechanics is my life, and that i do nothing but smoke pot, work on cars, and sit on the internet... but it basicaly is my life)

but dude, auto mechanics, the gravy train, theres no end in the near futcher... i mean, if you own a car from 2000 or above, i want you to walk out their and tell me you can open the hood of that car, and fix anything that gose wrong with it... ive been around cars all of my life, and not even i can do that...theres to much electrical... plus, even with older cars, teens are buying them, and when they break down, they dont know shit about cars... so were do they bring their cars... a shop... ok, your moms driving down the road, and all of a sudden, her car starts making a funny noise, so she drives it home, and asks the man of the house to take a look at it... and opens the hood, and after mumbling about the wires, in new cars, and how crapy this jap car is, for dad ends up kicking it a half a million times, a neabhor calls the cops, and hes arrested for insurance fruad... so your mom brings the car to the closest garge... and they hook a coumputer up to the damn thing... and while thats running, they go out back, smoke a joint and then come back in, and everything wrong with the car, is displayed on a coumputer....then they get to work...

theres always gonna be some kool aid in the pitcher of car mechanics... cause the cars are just getting newer, smaller and to many damn wires for the average home mechanic to fix it...plus, someday, theres all those hybrid things, and bio diesel things comming out...

about the time that the last of the kool aid comes out of the pitcher, is when everyone is driving a hybrid... but come on... no were in the near futcher is that gonna happen, because theres people like me... american slobs, who love our smog producing cars...

(im thinking i may be a giant walking bilbord for car mechincs)

[ericwt]

My Business is Treasure Hunting. It was a hobby that turned into a lifestyle.

You could see how I could branch out into other areas. Antiques, Coins, Civil War artifacts, Gold and Silver buying and selling.

It was a passion and something I lived and breathed.

As for finding what the market wants and selling it. There is nothing wrong with this. However you best make yourself an expert in that product because you will not be the only one doing this.

If you find a fad and go with it realize that fads come and go quick. Get in fast, make money and get out before everyone else does. Then use the money to find your next new product. It is risky and not for the faint of heart.

If you go this route you will need to learn and study trends in the market.

Personally, although I have made money with trends and new products I am a believer in "Do what you love and the money will follow"

You are into music? Well I think I can think about 50 different ways to make serious money with music. The question I have to ask you is are you willing to pay the price, to succeed?

You see we can succeed in almost any area if we are willing to pay the price.

Only you can decide that.

Making it on you own is a big step with big risks. There will be no one there cheering you on. It will be you and your dream. Other people will not understand.

Why not go to school and start a business while you are there? If it takes off you can leave.

It is your decision and your life.

You can ask me anything and I will be brutally honest with you.

[ericwt]

i dont own one yet... but some day, i plan on leaving mary jane behind for a while, going to school, going to a tech school, called universal technical institute, were i plan on learning about car motors, car transmissions, the interiors of cars, car breaks, and car drive lines... then im going to do some extra corses, and learn about how to repair frames on cars, and body repair... and then slowly but surely, i plan on building a cmpany from the ground up, called "rez boys auto repair"(its gonna be a split partnership, with my homie that i grew up with, and i will hopefuly hire 90% native americans to work in my shop) all the acounting and everything will be done by a close friend of mine...i basicaly have all the know how, on working on cars, and it would seam as though im already running a small shop out of the house, due to the fact, that people will come over, and be like hey billy, ill give you 20 bucks if you put this in my car...(so far, not mater how much labor i do, i only charge 20 bucks...)

You can make a mint in the auto service industry. If you love doing it I know you will succeed.

[CityBoyGoneCountry]

I've been told multiple times now not to mix business and hobbies, so I guess that's a major peice of advice.

I disagree.

Developing a business from your hobby is frequently just a natural progression. I've always been told that if you want to be happy then you must have a job you love doing. So making a business out of your hobby (which you love doing) is better than making a business out of something you would rather not be doing.

I love gardening. I'm trying to start my own nursery business. There's nothing else I would rather be doing with my life, and to not be doing it would make me unhappy.

[kknight]

I don't own my own business- yet though I am working on two that will coincide to my taknig over both at nearly the same time.

One is a skating rink I have been DJ'in at for 7 years now and running parttime.

The other is a heating and air conditioning company that my father own's, which my grandfather owned prior to him.

I am currently in school working on my business degree and trying to pinpoint which real estate school I will be attending this semester as well. Accounting is another area I'm possible pursuing.


An interesting book that opened my eyes to the way money works and how to make money work for you is Robet T. Kiyosaki's Rich Dad, Poor Dad.