Anyone own their own business?

tylerpjtx

i'm starting my senior year of school. i'm a marketing major with what i'm proud to say is a FAIRLY impressive resume...i've worked pretty hard and joined lots and lots of organizations (ie american marketing association, sports marketing association, a fraternity, honors college, etc) and taken leadership positions. i did all that for networking, skill building stuff, and resume building. but the closer i get to the real world the more i realize i really dont want to work for a big corporation. i'm planning on investing in real estate and marketing it to college students because property value is about to explode where i am (denton, tx outside of dallas and dallas is growing this way)....i've talked to quite a few ppl about the plan and they all think its a great idea. SO, that being said...i'm thinkin i ought to start out working at an already established business to learn the ins and outs and do the investing on the side and eventually let that be a full time deal if i'm lucky enough for it to get big. but my question for business owners:
how did you get there?

Get_Right

start with a written business plan
save enough capital to go at least a year without profit
and then you just gotta take the leap

you can work for a company and get your business going at the same time.

Stone Is God

Live by this phrase if you can:

High margin, low overhead.

I work with my family in a business that is exactly the opposite and it can be a struggle at times.

BinFrog

Buy high, sell low

elvistheking44

Get_Right wrote:

start with a written business plan
save enough capital to go at least a year without profit
and then you just gotta take the leap

you can work for a company and get your business going at the same time.

Exactly, however, with todays economic situation I would try to save enough capital to go a year and a half with no profit.

NothinGBetteRPJMaN

BinFrog wrote:

Buy high, sell low

haha

I am a junior accounting major....maybe you can hire me someday? I also dont wanna work for a large firm

PJaddicted

My hubby owns his business. First he worked for his dad for 20 years and gained ALL his experience, and then bought the business with his cousin for something like 1.5 million. We aren't quite done paying it off...a few more years to go to finishing buying the buildings. The biggest mistake most people make going into business for themselves is to not have enough capital behind them. You need to keep a years worth of operating expenses in the bank at all times. It isn't easy to work for yourself, the stress can be a killer, but my hubby wouldn't trade it for anything.

oxc

Jason P

Get some years of experiance working for someone. Make your mistakes and then think about starting your own business.

JOEJOEJOE

I am a CPA, so I have been able to develop a small practice on the side while still working for a firm.

I specialize in music/entertainment, so I made a point to make as many contacts as possible at concerts (I usually have backstage access), even if they didn't need my services right away.

Instead of shoving my business card in peoples faces, I made a point to get to know people, and once they realized they needed my services, my name would come to mind.

Also, keep in mind that it is easier to cut your expenses by $1,000 then it is to bring in an addtl $1,000 in revenue.

Shawn Smith Collective

BinFrog wrote:

Buy high, sell low

Or you can just give things away for free. You'll be able to close your doors much sooner.

decides2dream

my parent's did, and my older sister took it over. like anything else, it has it's pros/cons. i agree with the have at least a years worth of operating expenses to keep the business afloat. the start-up years are probably the most difficult/challenging, and when most fold due to lack of capital. secondly, be prepared to work....a LOT. b/c it's all *you*....even with employees, it always comes down to you. depending on the nature of the business of course. good luck!

markymark550

Any of you self-employed folk need a web site? I'm available for hire


Eventually, I would like to go into business for myself, but without working under a contracting agency I think it might be difficult to find web development jobs. Although, if I could keep my current job and take on a few side projects, I would love that. Extra income plus the job stability that I have in my regular job right now....can't beat that...

Heineken Helen

markymark550 wrote:

Any of you self-employed folk need a web site? I'm available for hire


Eventually, I would like to go into business for myself, but without working under a contracting agency I think it might be difficult to find web development jobs. Although, if I could keep my current job and take on a few side projects, I would love that. Extra income plus the job stability that I have in my regular job right now....can't beat that...

How much does it cost to set up a decent web site?

markymark550

Heineken Helen wrote:

How much does it cost to set up a decent web site?

How much ya got


Really though, it depends on what you want your site to do. Also, it would depend on if you want the developer to perform maintenance and/or take care of the hosting for you.

lukin2006

PJaddicted wrote:

My hubby owns his business. First he worked for his dad for 20 years and gained ALL his experience, and then bought the business with his cousin for something like 1.5 million. We aren't quite done paying it off...a few more years to go to finishing buying the buildings. The biggest mistake most people make going into business for themselves is to not have enough capital behind them. You need to keep a years worth of operating expenses in the bank at all times. It isn't easy to work for yourself, the stress can be a killer, but my hubby wouldn't trade it for anything.

oxc

I admire anyone who takes the leap to operating their own business.

drivingrl

Good luck to you, Tyler!