Small business owners, get in here!

Plainview

Plainview

I am a sinner.
Sep 11, 2013
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Anybody here own a small business? If you do, did you start it from ground up? I’m seriously thinking of becoming my own boss and buying a small business. I haven’t decided in what industry yet, but there’s a lot out there. I have a vast array of interests and it can go in any direction. It’s all in the preliminary stages, meaning, I’m thinking about it, reading, getting feedback, talking to other small business owners.
 
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My father started an antiques website 15 years ago and im currently learning the ropes.

It was originally purely hobbyist and back when ebay starting blowing up in 2001.

He semi retired his main career in 2006 and managed to make £15,000 to £20,000 a year consistantly since.
 
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The only thing stopping me is a lack of funds and any real ambition or ideas, other than that I'm ready lol.
 
I've never owned a business, but have always worked at large companies who deal with retailers. Large and small retailers acts totally different, but each kind still adheres to general retailing strategies.

If yo are going to act as a supplier, I can help you out more since I've always worked for manufacturers. If you are looking to be an end user retailer, I can only do my best.

Ask away if you want here or PM me.

If you have the assets, you can always flip through franchising books and mags to see what's out there, costs, set up fees and such. However, most will also require experience running a business to begin with.

I bought this at the store just for the heck of it, since it looked cool flipping through the pages. I have no interest running a business, but I'm sure the US has something similar.

https://franchisecanada.cfa.ca/franchisecanada-directory/
 
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I once did a job as an independent contractor 1099 if that counts. It was a weird situation for accounting and taxes and a s***load of receipts to dump on the tax man lol.

I guess the first thing that comes to mind is workout your Health Insurance depending on which way the law is going or if ACA is actually repealed. Otherwise, I think having an accountant who understands your industry brings a lot of peace of mind.

Basically what I did was run Expedited Freight across the country in a cargo van. Often it was for parts needed to repair factory equipment or if there was a shortage of parts for manufacturing. It was a long ass bizarre road trip, but a way to see the country and get paid for it. But yeah I kept the receipts for every oil change or fuel stop. As a commercial driver, a Per Deim law applied to me for general food expenses.

Also, I did not start the business. I worked for a Fleet Owner who signed on his vans to Tri-State Expedited and I became one of his drivers and the profits earned by the van were split between us. If I stuck with this, I could have eventually bought my own van and became an Owner Operator taking all the income, but then being responsible for the vehicle maintenance and insurance.

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Been thinking about it, again, don’t wanna go through with what happen the first time I started, with some friends. I’ll throw them under the bus and say I got burnt.

Need to do some research and gather funds.
 
Small business are great. I hope I never work at a corporation again, it was the worst experience of my life. What I'm doing now is considered self employed and I love it, but things can always change with the economy.
 
Yup, started mine from scratch, while I was 125k in debt from school loans. Good times.

I love it most days, and hate it some days. It’s the paperwork/bookkeeping/taxes that are really time consuming and annoying.

Plus I don’t get paid days off, and I don’t take much vacation time. Overall it’s a pretty demanding schedule, but at least I work 4 days a week and have 3 day weekends every weekend.

And I do generally love it, and being your own boss is really nice most days.

Overall, if it’s going to be your full-time gig, it has to be something you really want, because intially it’s probably going to be more work than pay-off. I struggled for the first couple of years and almost quit a bunch of times, but eventually it all worked out.

If you have specific questions, just fire away.
 
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Rollins said:
Yup, started mine from scratch, while I was 125k in debt from school loans. Good times.

I love it most days, and hate it some days. It’s the paperwork/bookkeeping/taxes that are really time consuming and annoying.

Plus I don’t get paid days off, and I don’t take much vacation time. Overall it’s a pretty demanding schedule, but at least I work 4 days a week and have 3 day weekends every weekend.

And I do generally love it, and being your own boss is really nice most days.

Overall, if it’s going to be your full-time gig, it has to be something you really want, because intially it’s probably going to be more work than pay-off. I struggled for the first couple of years and almost quit a bunch of times, but eventually it all worked out.

If you have specific questions, just fire away.
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No question. I'm just sad you didn't post this to twitter then post the tweet.
 
Not really, but I have done some freelance app development on the side. I'm a Software Engineer by trade so it's more of a hobby for me anyway.
 
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dont ever get into franchise. They just f*** u over and dont care what damage they do.
 
Sorry, no. I am kicking around the idea of learning unity (very soon) and Unreal Engine 4 and just churning out super cheap phone games in my spare time. I won't be leaving my job any time soon so long as i can help it. pays too well, but there is a level of uncertainty.
 
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I have a family member that owns an Anytime Fitness. The premise is very hands off in terms of staffing - you basically sell key cards allowing member access around the clock. She has about 800 members so she is easily clearing six figures. She actually made so much off the business that she purchased the strip mall where it is located.
 
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Bruh, two years ago I decided to start a small business as an editor and ghost writer. I had a few productions I was credited as writer/asst producer in 2008, published a book in 2012.

It was super tough in the beginning. No money for advertising, website, nada! Eventually I had my first client. Made $600 as her editor for spec scripts. I felt like King Long on cocaine.

Now, I have two jobs as Director of Staff Writers for two production companies and still retain all my clients when things aren't super busy. There is NOTHING quite like being your own boss. Make your own hours, set your own deadline and it never gets boring as you're always learning. I'll never have to work in corporate America again.

If you can discipline yourself to work, even at home, you're half way there all ready. Good luck to you, bruv!
 
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If I did do this, it could be done a few ways. I can open up my own personal training studio, but they're really a dime a dozen. Most trainers suck, but I'd have to figure a way to differentiate from them. I could buy an existing small business in an industry that I like.

I'm brain storming. I really want to be my own boss and put work into something that benefits me. Meaning, the harder/better I work, I reap the rewards.
 
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Tmecha said:
dont ever get into franchise. They just f*** u over and dont care what damage they do.
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I've looked at McDonalds, Burger King, Wendy's, they're cash cows, and I know a lot about fast food, but the liquid assets you need are far outside my budget.
 
Pureshooter said:
I have a family member that owns an Anytime Fitness. The premise is very hands off in terms of staffing - you basically sell key cards allowing member access around the clock. She has about 800 members so she is easily clearing six figures. She actually made so much off the business that she purchased the strip mall where it is located.
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That's awesome. There's countless gyms around the area and getting a new one off the ground is nearly impossible. I've been hammering this idea for a few years. Had equipment all priced out a few times. Space rental is the biggest issue.
 
I've always wondered how the hack gyms stay in business? I mean they have hundreds machines that cost thousands of dollars... I assume they're leased but that must still be expensive and gym membership don't cost that much.
 
Digital Joker said:
I've always wondered how the hack gyms stay in business? I mean they have hundreds machines that cost thousands of dollars... I assume they're leased but that must still be expensive and gym membership don't cost that much.
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The s*** ones around here usually fail. Places like Planet Fitness usually have a lot of members that don't go. I still don't see how they're profitable at $10 a month. NYSC's are failing everywhere.
 
I worked for a small recycled plastic (business to business) trader for 15 years. Also started up various closed loop recycling programs around the country
When it became apparent that the owners were enriching themselves instead of paying my vendors, commission checks were bouncing and they were "borrowing" my 401k contributions(got that all back) I left and took some of my clients with me.
5 years ago I started my own LLC and its been great. My business works with tax free items(wholesale scrap) so I don't have to worry about that and just file state and fed estimated income taxes every 4 months. While I don't make as much as I used to(approx 75-80%), I am able to make my own hours, no commuting, can take care of the kids, pay my vendors when I say I am, not lose a client because ther payment bounced and not go beg and plead the boss for a vacation.
The only set back is that I have become kind of fat because my home 'office" is so close to the kitchen!

Videodrome you should start your own freight forwarder co. I use freight forwarders all the time since I really don't have time, now how or patience to hunt down an actual truck. I use CH Robinson and National Traffic now. Im sure you could do pretty well at this.

Plainview , I highly recommend you at least try. There is no harm in actually getting an LLC except maybe yearly state taxes on keeping it current. Start with somehting that is serviced based (little overheard) like home PC repair , concert ticket sales, elderly transport, mobile dog washing, sitting, walking etc
 
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started a certified 17025 inspection lab years ago. 99.9% of the work we do is for the automotive industry. Only advice I could give is stay away from automotive industry work in the quality field. Quality slows manufacturing down we're scums of the earth to some/most we deal with.
 
Since you know something about the fast food industry, how are the delivery services out there like, Door Dash, Uber Eats etc? In Washington these guys are making money hand over fist! You could buy get an app, hire drivers hustle clients.. Just spit balling, bruv..
 
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Mcmasters said:
Since you know something about the fast food industry, how are the delivery services out there like, Door Dash, Uber Eats etc? In Washington these guys are making money hand over fist! You could buy get an app, hire drivers hustle clients.. Just spit balling, bruv..
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They're used a lot. That is already owned by the current offerings. Impossible to try and enter that market.
 
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